Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | ALTABANCORP | ||
Entity Central Index Key | 0001636286 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Trading Symbol | ALTA | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 18,868,602 | ||
Entity Public Float | $ 270,352,838 | ||
Entity File Number | 001-37416 | ||
Entity Tax Identification Number | 87-0622021 | ||
Entity Address, Address Line One | 1 East Main Street | ||
Entity Address, City or Town | American Fork | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84003 | ||
City Area Code | 801 | ||
Local Phone Number | 642-3998 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | UT | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement relating to the Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be part of this report. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 39,312 | $ 38,987 |
Interest-bearing deposits | 197,769 | 171,955 |
Federal funds sold | 2,793 | 1,039 |
Total cash and cash equivalents | 239,874 | 211,981 |
Investment securities available for sale, at fair value | 1,320,393 | 405,995 |
Non-marketable equity securities | 2,890 | 2,623 |
Loans held for sale | 14,152 | 18,669 |
Loans: | ||
Loans held for investment | 1,695,496 | 1,680,918 |
Allowance for credit losses | (41,236) | (31,426) |
Total loans held for investment, net | 1,654,260 | 1,649,492 |
Premises and equipment, net | 37,380 | 39,474 |
Goodwill | 25,673 | 25,673 |
Bank-owned life insurance (BOLI) | 42,720 | 27,037 |
Deferred income tax assets, net | 7,389 | 9,716 |
Accrued interest receivable | 11,336 | 7,904 |
Other intangibles | 2,528 | 2,970 |
Other assets | 7,633 | 4,800 |
Total assets | 3,366,228 | 2,406,334 |
Deposits: | ||
Non-interest bearing deposits | 1,039,844 | 719,410 |
Interest bearing deposits | 1,876,464 | 1,336,957 |
Total deposits | 2,916,308 | 2,056,367 |
Short-term borrowings | 64,554 | |
Accrued interest payable | 616 | 546 |
Other liabilities | 13,612 | 17,059 |
Total liabilities | 2,995,090 | 2,073,972 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares, $0.01 par value: 3,000,000 shares authorized, no shares issued | ||
Common shares, $0.01 par value: 30,000,000 shares authorized; 18,828,522 and 18,870,498 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively | 188 | 189 |
Additional paid-in capital | 87,574 | 87,913 |
Retained earnings | 269,157 | 242,878 |
Accumulated other comprehensive income | 14,219 | 1,382 |
Total shareholders’ equity | 371,138 | 332,362 |
Total liabilities and shareholders’ equity | $ 3,366,228 | $ 2,406,334 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 3,000,000 | 3,000,000 |
Preferred shares, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 18,828,522 | 18,870,498 |
Common stock, shares outstanding | 18,828,522 | 18,870,498 |
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 | $ 95,565 | $ 108,530 | $ 108,498 |
Interest and dividends on investments | 15,179 | 10,519 | 6,854 |
Total interest income | 110,744 | 119,049 | 115,352 |
Interest expense | 7,026 | 9,131 | 7,174 |
Net interest income | 103,718 | 109,918 | 108,178 |
Provision for credit losses | 2,750 | 7,000 | 8,625 |
Net interest income after provision for credit losses | 100,968 | 102,918 | 99,553 |
Non-interest income | |||
Mortgage banking | 12,725 | 6,785 | 6,209 |
Card processing | 3,605 | 3,242 | 3,097 |
Service charges on deposit accounts | 3,211 | 2,807 | 2,840 |
Net gains/(losses) on sale of investment securities | 1,441 | (4) | 336 |
Other operating | 1,445 | 2,351 | 2,647 |
Total non-interest income | 22,427 | 15,181 | 15,129 |
Non-interest expense | |||
Salaries and employee benefits | 42,963 | 38,502 | 39,902 |
Occupancy, equipment and depreciation | 4,846 | 6,034 | 6,010 |
Data processing | 7,061 | 4,476 | 3,515 |
Marketing and advertising | 1,646 | 1,828 | 1,288 |
FDIC premiums | 569 | 249 | 1,019 |
Acquisition-related costs | 232 | ||
Other | 9,063 | 9,183 | 10,030 |
Total non-interest expense | 66,148 | 60,272 | 61,996 |
Income before income tax expense | 57,247 | 57,827 | 52,686 |
Income tax expense | 13,745 | 13,503 | 12,054 |
Net income | $ 43,502 | $ 44,324 | $ 40,632 |
Earnings per common share: | |||
Basic | $ 2.31 | $ 2.35 | $ 2.18 |
Diluted | $ 2.29 | $ 2.33 | $ 2.14 |
Weighted average common shares outstanding: | |||
Basic | 18,821,361 | 18,822,103 | 18,679,165 |
Diluted | 18,965,624 | 19,017,047 | 18,982,521 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 43,502 | $ 44,324 | $ 40,632 |
Other comprehensive income | |||
Unrealized holding gains/(losses) on securities available for sale | 18,557 | 7,320 | (2,342) |
Reclassification adjustment for (gains)/losses on available for sale securities | (1,441) | 4 | (336) |
Net unrealized holding gains/(losses) on securities available for sale | 17,116 | 7,324 | (2,678) |
Income tax (expense)/income | (4,279) | (1,830) | 669 |
Other comprehensive income/(loss), net of tax | 12,837 | 5,494 | (2,009) |
Total comprehensive income | $ 56,339 | $ 49,818 | $ 38,623 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) |
Balance, beginning at Dec. 31, 2017 | $ 257,418 | $ 185 | $ 84,532 | $ 174,804 | $ (2,103) |
Balance, beginning, Shares at Dec. 31, 2017 | 18,511,797 | ||||
Net income | 40,632 | 40,632 | |||
Other comprehensive income (loss), net of tax | (2,009) | (2,009) | |||
Cash dividends declared | (7,657) | (7,657) | |||
Share-based compensation | 891 | 891 | |||
Exercise of share options and vested restricted share units | 887 | $ 2 | 885 | ||
Exercise of share options and vested restricted share units, shares | 217,026 | ||||
Balance, ending at Dec. 31, 2018 | 290,162 | $ 187 | 86,308 | 207,779 | (4,112) |
Balance, ending, Shares at Dec. 31, 2018 | 18,728,823 | ||||
Net income | 44,324 | 44,324 | |||
Other comprehensive income (loss), net of tax | 5,494 | 5,494 | |||
Cash dividends declared | (9,225) | (9,225) | |||
Share-based compensation | 1,011 | 1,011 | |||
Exercise of share options and vested restricted share units | 596 | $ 2 | 594 | ||
Exercise of share options and vested restricted share units, shares | 141,675 | ||||
Balance, ending at Dec. 31, 2019 | $ 332,362 | $ 189 | 87,913 | 242,878 | 1,382 |
Balance, ending, Shares at Dec. 31, 2019 | 18,870,498 | 18,870,498 | |||
Reclass related to ASC 326 adoption (CECL) | ASU 2016-13 | $ (6,680) | (6,680) | |||
Net income | 43,502 | 43,502 | |||
Other comprehensive income (loss), net of tax | 12,837 | 12,837 | |||
Cash dividends declared | (10,543) | (10,543) | |||
Shares repurchased | (2,140) | $ (1) | (2,139) | ||
Shares repurchased, Shares | (120,906) | ||||
Share-based compensation | 1,389 | 1,389 | |||
Exercise of share options and vested restricted share units | 411 | 411 | |||
Exercise of share options and vested restricted share units, shares | 78,930 | ||||
Balance, ending at Dec. 31, 2020 | $ 371,138 | $ 188 | $ 87,574 | $ 269,157 | $ 14,219 |
Balance, ending, Shares at Dec. 31, 2020 | 18,828,522 | 18,828,522 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||
Cash dividends declared per share | $ 0.15 | $ 0.13 | $ 0.14 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.11 | $ 0.56 | $ 0.49 | $ 0.41 |
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: | |||
Net income | $ 43,502 | $ 44,324 | $ 40,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 2,750 | 7,000 | 8,625 |
Depreciation and amortization | 3,649 | 3,396 | 3,281 |
Loss on sale of other real estate owned | (63) | ||
Decrease/(increase) in deferred income taxes, net | 163 | (34) | (2,017) |
Net amortization of securities premiums and discounts | 7,102 | 2,363 | 2,628 |
(Gains) Losses on sale of securities available for sale | (1,441) | 4 | (336) |
Share-based compensation | 1,389 | 1,011 | 891 |
Increase in cash surrender value of BOLI | (842) | (604) | (617) |
Gain on sale of loans held for sale, net of capitalized servicing rights | (10,241) | (4,529) | (3,925) |
Originations of loans held for sale | (336,694) | (229,987) | (211,577) |
Proceeds from sale of loans held for sale | 351,452 | 226,114 | 216,106 |
Net changes in: | |||
Accrued interest receivable | (3,432) | 378 | (688) |
Other assets | (3,166) | 6,735 | (839) |
Accrued interest payable | 70 | 63 | 130 |
Other liabilities | (2,780) | (1,470) | 5,468 |
Net cash provided by operating activities | 51,418 | 54,764 | 57,762 |
Cash flows from investing activities: | |||
Net cash used in acquisition-related activities | 232 | ||
Net change in loans held for investment | (15,940) | (2,835) | (55,716) |
Purchase of available for sale securities | (1,257,622) | (152,054) | (66,262) |
Maturities/sales of available for sale securities | 354,679 | 96,072 | 44,146 |
Maturities of held to maturity securities | 1,370 | 8,430 | |
Purchase of bank-owned life insurance | (14,841) | (2,250) | |
Purchase of premises and equipment | (2,294) | (6,791) | (10,171) |
Proceeds from sale of assets | 58 | 2,297 | 783 |
Proceeds from sale of other real estate owned, net of improvements | 479 | 3,758 | |
Purchase of non-marketable equity securities | (267) | (4,032) | (25,955) |
Proceeds from sale of non-marketable equity securities | 3,960 | 27,110 | |
Net cash used in investing activities | (935,748) | (62,013) | (75,895) |
Cash flows from financing activities: | |||
Net increase in deposits | 859,941 | 179,312 | 62,423 |
Exercise of share options | 411 | 596 | 887 |
Net change in short-term borrowings | 64,554 | (40,000) | |
Net cash used in share repurchase program | (2,140) | ||
Cash dividends paid | (10,543) | (9,225) | (7,657) |
Net cash provided by financing activities | 912,223 | 170,683 | 15,653 |
Net change in cash and cash equivalents | 27,893 | 163,434 | (2,480) |
Cash and cash equivalents, beginning of year | 211,981 | 48,547 | 51,027 |
Cash and cash equivalents, end of year | 239,874 | 211,981 | 48,547 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 6,956 | 9,068 | 7,043 |
Income taxes paid | 16,055 | 12,560 | 13,830 |
Supplemental disclosures of non-cash transactions: | |||
Reclassifications from loans to other real estate owned | 416 | 3,320 | |
Unrealized gains/(losses) on securities available for sale | $ 17,116 | $ 7,324 | (2,678) |
Measurement period adjustment to goodwill | $ (335) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | ALTABANCORP AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 —Summary of Significant Accounting Policies Nature of Operations and basis of consolidation — Altabancorp TM TM TM TM TM TM TM TM TM Altabank TM TM TM TM TM The consolidated financial statements of the Company include the accounts of ALTA together with the Bank. All intercompany transactions and balances have been eliminated. Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), the determination of the fair value of certain financial instruments, the valuation of real estate acquired through foreclosure, deferred income tax assets, and share-based compensation. Reclassifications — Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. There was no impact on net income or retained earnings as a result of any reclassification. Business Combinations — Business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed, both tangible and intangible, and consideration exchanged are recorded at fair value on the acquisition date. The excess purchase consideration over fair value of net assets acquired is recorded as goodwill. Expenses incurred in connection with a business combination are expensed as incurred. Changes in deferred tax asset valuation allowances related to acquired tax uncertainties are recognized in net income after the measurement period. Note 1 —Summary of Significant Accounting Policies – Continued Cash and cash equivalents — Cash and cash equivalents consist of cash on hand, amounts due from banks, interest bearing deposits, and federal funds sold, all of which have original maturities of three months or less. The Company places its cash with high credit quality institutions. The amounts on deposit fluctuate and, at times, exceed the insured limit by the FDIC, which potentially subjects the Company to credit risk. Investment securities — Investment securities are classified as held to maturity (“HTM”) when the Company has the positive intent and ability to hold the securities to maturity. Investment securities are classified as available for sale (“AFS”) when the Company has the intent of holding the security for an indefinite period of time, but not necessarily to maturity. The Company determines the appropriate classification at the time of purchase, and periodically thereafter. Investment securities classified at HTM are carried at amortized cost. Investment securities classified at AFS are reported at fair value. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Debt securities classified as held to maturity are carried at cost, net of the allowance for credit losses - securities, adjusted for amortization of premiums and discounts to the earliest callable date. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses on debt securities classified as available for sale are excluded from earnings and are reported net of tax as accumulated other comprehensive income (AOCI), a component of shareholders’ equity, until realized. When AFS securities, specifically identified, are sold, the unrealized gain or loss is reclassified from AOCI to non-interest income. Debt securities classified as trading are also measured at fair value. Unrealized holding gains and losses on securities classified as trading are included in earnings. FASB ASC Subtopic 326-30, Financial Instruments—Credit Losses—Available for Sale Debt Securities - Describes the accounting for expected credit losses associated with available for sale debt securities. Credit losses for available for sale debt securities are evaluated as of each reporting date when the fair value is less than amortized cost. FASB ASC Subtopic 326-30 requires credit losses to be calculated individually, rather than collectively, using a discounted cash flow method, through which the Company’s management (“Management”) compares the present value of expected cash flows with the amortized cost basis of the security. An ACL is established, with a charge to the PCL, to reflect the credit loss component of the decline in fair value below amortized cost. If the fair value of the security increases over time, any ACL that has not been written off may be reversed through a credit to the PCL. The ACL for an available for sale debt security is limited by the amount that the fair value is less than the amortized cost, which is referred to as the fair value floor. If the Company intends to sell an available for sale debt security or will more likely than not be required to sell the security before recovery of the amortized cost basis, the security's ACL should be written off and the amortized cost basis of the security should be written down to its fair value at the reporting date with any incremental impairment reported in income. A change during the reporting period in the non-credit component of any decline in fair value below amortized cost on an available for sale debt security is reported in AOCI, net of applicable income taxes. The Company has excluded accrued interest receivable from the amortized cost of the debt securities and from the calculation of current expected credit losses. Note 1 —Summary of Significant Accounting Policies – Continued Each reporting period, Management reviews all debt securities available for sale. If the debt securities are guaranteed by a Federal government agency or Federal government sponsored agency, Management believes that any change in the fair value of such securities is only related to changes in interest rates and no ACL will be recorded. Management reviews the remaining debt securities by evaluating the credit rating provided by NRSRO. If the NRSRO credit rating is investment grade rated or higher, Management believes that any change in the fair value of such securities is related to changes in interest rates and no ACL will be recorded. If any remaining debt securities either have a NRSRO credit rating that is below investment grade or is unrated, Management will determine if an ACL should be recorded by comparing the net present value of expected cash flows with the amortized cost basis of the security with any difference recorded to ACL. Non-marketable equity securities — Non-marketable equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock. FHLB stock is restricted because such stock may only be sold to FHLB at its par value. Due to the restrictive terms, and the lack of a readily determinable market value, FHLB stock is carried at cost. The investments in FHLB stock are required investments related to the Bank’s borrowings from FHLB. FHLB obtains its funding primarily through issuance of consolidated obligations of the FHLB system. The U.S. government does not guarantee these obligations, and each of the regional FHLBs are jointly and severally liable for repayment of each other’s debt. Loans held for sale —Single-family residential mortgage loans originated with the intent to be sold in the secondary market are considered held for sale. Loans with best effort delivery commitments are carried at the lower of aggregate cost or estimated fair value. Loans under mandatory delivery commitments are carried at fair value in order to match changes in the value of the loans with the value of the economic hedges on the loans. Fair values for loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans. Net unrealized losses on loans held for sale that are carried at lower of cost or market are recognized through the valuation allowance by charges to income. Mortgage loans held for sale are generally sold with the mortgage servicing rights. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold. Substantially all of the residential mortgage loans originated are sold to larger financial institutions. Loans held for investment — Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for credit losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The Company has excluded accrued interest receivable from the amortized cost of loans held for investment and from the calculation of current expected credit losses. Loans are placed on non-accrual status when they become 90 days or more past due or at such earlier time as management determines timely recognition of interest to be in doubt. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions, collection efforts, and the borrower’s financial condition, that the borrower will be unable to make payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received, or payment is considered certain. Loans may be returned to accrual status when all delinquent interest and principal amounts contractually due are brought current and future payments are reasonably assured. Note 1 —Summary of Significant Accounting Policies – Continued Troubled debt restructuring – Expected credit losses on financial assets modified in troubled debt restructurings (“TDRs”) are estimated under the same CECL methodology that is applied to other financial assets measured at amortized cost. Expected credit losses can be evaluated either on a collective basis or on an individual basis if a TDR does not share similar risk characteristics with other financial assets. FASB ASC Topic 326 allows an institution to use any appropriate loss estimation method to estimate ACLs for TDRs. However, there are circumstances when specific measurement methods are required. If a TDR is collateral-dependent, the ACL is estimated using the fair value of collateral. In addition, the expected effect of the modification (e.g. term extension or interest rate concession) will be included in the estimate of the ACLs. Management will determine, support, and document how the Company identifies and estimates the effect of a reasonably expected TDR and how the Company estimates the related ACL. The Company may include the estimated effect of reasonably expected TDRs in its qualitative factor adjustments. The Coronavirus Aid, Relief, and Economic Security Act of 2020 (the CARES Act) and the Consolidated Appropriations Act 2021 (the CAA) provided guidance around the modification of loans as a result of the COVID-19 pandemic, including, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to COVID-19; (2) involve a loan that was not more than 30 days past due as of December 31, 2019; and (3) occur between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency by the President or (b) December 31, 2020. The CAA extended the relief offered under the CARES Act related to TDRs as a result of COVID-19 through the earlier of January 1, 2022 or 60 days after the end of the national emergency declared by the President. As a result, the Company has not recognized eligible CARES Act loan modifications as TDRs. Additionally, loans qualifying for these modifications are not required to be reported as delinquent, nonaccrual, impaired or criticized solely as a result of loan modification resulting from the economic effects of the COVID-19 pandemic. Modifications include deferral of payments and interest only periods. The Company accrues and recognizes interest income on loans under payment relief based on the original contractual interest rates. When payments resume at the end of the relief period, loans are generally re-amortized with an extended maturity date in order to keep the monthly payment similar to before the COVID deferral occurred. Purchased credit-deteriorated assets - ASC Topic 326 introduces the concept of purchased credit-deteriorated (PCD) assets. PCD assets are acquired financial assets that, at acquisition, have experienced more-than-insignificant deterioration in credit quality since origination. PCD assets are recorded at fair value at the time of acquisitions. Subsequently, the amount of expected credit losses as of the acquisition date is added to the carrying value of the PCD assets with an offsetting entry to ACL. Any difference between the unpaid principal balance of the PCD assets and the amortized cost basis of the assets as of the acquisition date is the non-credit discount or premium. The initial ACL and non-credit discount or premium determined on a collective basis at that acquisition date will be allocated to the individual PCD assets. Note 1 —Summary of Significant Accounting Policies – Continued To the extent that Management changes the Company’s estimate of expected credit losses on PCD assets, the Company’s ACL will be increased or decreased with a corresponding entry to PCL. The non-credit discount recorded at acquisition will be accreted into interest income over the remaining life of the PCD assets on a level-yield basis. Purchased assets not credit deteriorated - ASC Topic 326 provides guidance regarding purchased assets that are not credit deteriorated (“Non-PCD”). Non-PCD assets are also recorded at fair value at the time of acquisition, including estimates of current expected credit losses. However, ASB ASC Topic 326 does not allow for expected credit losses as of the acquisition date to be added to the purchase price of Non-PCD assets with an offsetting entry to ACL. Current expected credit losses for Non-PCD loans are to be set aside in ACL with an offsetting entry to PCL. Expected credit losses included in the fair value of a Non-PCD loan are accreted into interest income over the remaining life of a Non-PCD loan on a level-yield basis. Allowance for credit losses – Loans – On January 1, 2020, the Company adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU significantly changed the accounting for credit loss measurement on loans and debt securities. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The ACL is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increase or decrease of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. For loans and held to maturity debt securities, the ASU requires a current expected credit loss (“CECL”) measurement to estimate the ACL for the remaining estimated life of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. The ASU eliminated the existing guidance for Purchased Credit Impaired (“PCI”) loans but requires an allowance for purchased financial assets with more than an insignificant deterioration since origination, otherwise known as purchase credit deteriorated (“PCD”) assets. In addition, the ASU modified the other-than-temporary impairment model for available for sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on an improvement in credit. Both the Financial Accounting Standards Board (“FASB”) and the Federal Financial Institution Regulatory Agencies, along with the Securities and Exchange Commission, confirmed that smaller, less complex organizations are not required to implement complex models, developed by outside vendors to calculate current expected credit losses. The FASB noted, “There is no expectation that a less complex entity should have to implement a sophisticated model to satisfy the requirements of Update 2016-13. If an entity is using a loss rate-based method today, that entity may be able to continue with a comparable method, including the WARM method. However, compared with the method it uses today to estimate incurred losses, the entity’s assumptions and inputs will need to change to arrive at an estimate for expected credit losses that contemplates the contractual term of the financial assets adjusted for prepayments as well as reasonable and supportable forecasts.” Note 1 —Summary of Significant Accounting Policies – Continued Given the size of the organization, the Company has developed a CECL reserve model that uses the weighted average remaining maturity (“WARM”) methodology, adjusting for prepayments. The foundation of CECL modeling is the ability to estimate expected credit losses over the lifetime of a loan. The Company uses relevant available information about past events (e.g., historical losses) current conditions, and reasonable and supportable forecasts about future conditions. Historical losses serve as the starting point to estimate expected credit losses. The Company determined to use a “through-the-cycle” historical credit loss experience as its baseline for historical credit losses. The Company determined a representative period for a full credit cycle would be from 2008 to 2018 (ten-year credit cycle). The Company has collected historical loss information on its own loan portfolio as well as peer group information by seventeen loan segments over this time horizon. The Company calculated the WARM for seventeen loan segments by using its Asset/Liability Management (“ALM”) models, which has been certified by independent specialists. Management has identified the following loan portfolio segments to evaluate and measure the Company’s allowance for credit losses: Real estate term Construction and land development Commercial and industrial Residential and home equity Consumer and other The Company evaluates macroeconomic information as well as internal trends in credit performance on our loan portfolio to assist in determining current conditions and its economic forecast. The Company uses qualitative factors as defined by the Interagency Policy Statement on the Allowance for Loan and Lease Losses (the “Interagency Policy Statement”). The Interagency Policy Statement clearly defines how to appropriately utilize qualitative factors as follows: “After determining the appropriate historical loss rate for each group of loans with similar risk characteristics, management should consider those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the group’s historical loss experience. Institutions typically reflect the overall effect of these factors on a loan group as an adjustment that, as appropriate, increases or decreases the historical loss rate applied to the loan group. Alternatively, the effect of these factors may be reflected through separate standalone adjustments within the FAS 5 [superseded by ASC Topic 326] component of the ALLL. Both methods are consistent with GAAP provided the adjustments for qualitative or environmental factors are reasonably and consistently determined, are adequately documented, and represent estimated credit losses. For each group of loans, an institution should apply its adjusted historical loss rate, or its historical loss rate and separate standalone adjustments, to the recorded investment in the group when determining its estimated credit losses. Note 1 —Summary of Significant Accounting Policies – Continued Management must exercise significant judgment when evaluating the effect of qualitative factors on the amount of the ALLL because data may not be reasonably available or directly applicable for management to determine the precise impact of a factor on the collectability of the institution’s loan portfolio as of the evaluation date. Accordingly, institutions should support adjustments to historical loss rates and explain how the adjustments reflect current information, events, circumstances, and conditions in the loss measurements. Management should maintain reasonable documentation to support which factors affected the analysis and the impact of those factors on the loss measurement. Support and documentation include descriptions of each factor, management’s analysis of how each factor has changed over time, which loan groups’ loss rates have been adjusted, the amount by which loss estimates have been adjusted for changes in conditions, an explanation of how management estimated the impact, and other available data that supports the reasonableness of the adjustments. Examples of underlying supporting evidence could include, but are not limited to, relevant articles from newspapers and other publications that describe economic events affecting a particular geographic area, economic reports and data, and notes from discussions with borrowers.” The Company considers qualitative or environmental factors that are likely to cause estimated credit losses associated with our existing portfolio to differ from historical loss experience, as defined in the Interagency Guidance, including but not limited to: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. • Changes in the nature and volume of the portfolio and in the terms of loans. • Changes in the experience, ability, and depth of lending management and other relevant staff. • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution’s loan review system. • Changes in the value of underlying collateral for collateral-dependent loans. • The existence and effect of any concentrations of credit, and changes in the level of such concentrations. • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. Charge-offs of loans are generally processed by policy as well as by regulatory guidance. Secured consumer loans, including residential real estate loans, that are 120 days past due, are written down to the fair value of the collateral. Unsecured loans are charged-off once the loan is 120 days past due. Decisions on when to charge-off commercial loans and loans secured by commercial real estate are made on an individual basis rather than length of delinquency, though it is a factor in the decision. The financial resources of the borrower and/or guarantor and the nature and value of any collateral are other factors considered. Note 1 —Summary of Significant Accounting Policies – Continued Premises and equipment — Land is carried at cost. Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense is computed using the straight-line method based on the estimated useful lives of the related assets below: Building and building improvements 15 to 40 years Leasehold improvements 3 to 15 years Furniture and equipment 3 to 15 years Computers, software and equipment 3 to 5 years Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Bank-Owned Life Insurance (“BOLI”) — The Bank has purchased life insurance policies. These policies provide protection against the adverse financial effects that could result from the death of a key employee and provide tax-exempt income to offset expenses associated with the plans. It is the Bank’s intent to hold these policies as a long-term investment; however, there may be an income tax impact if the Bank chooses to surrender certain policies. Although the lives of individual current or former management-level employees are insured, the Bank is the owner and sole or partial beneficiary. BOLI is carried at the cash surrender value (“CSV”) of the underlying insurance contract. Changes in the CSV and any death benefits received in excess of the CSV are recognized as non-interest income. Goodwill — Goodwill represents the excess of the purchase considerations paid over the fair value of the assets acquired, net of the fair values of liabilities assumed in a business combination and is not amortized but is reviewed annually, or more frequently as current circumstances and conditions warrant, for impairment. An assessment of qualitative factors is completed to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative analysis concludes that further analysis is required, then a quantitative impairment test would be completed. The quantitative goodwill impairment compares the reporting unit's estimated fair values, including goodwill, to its carrying amount. If the carrying amount exceeds its reporting unit’s fair value, then an impairment loss would be recognized as a charge to earnings but is limited by the amount of goodwill allocated to that reporting unit. Other Intangible Assets — Other intangible assets consist primarily of core deposit intangibles (“CDI”), which are amounts recorded in business combinations or deposit purchase transactions related to the value of transaction-related deposits and the value of the client relationships associated with the deposits. Core deposit intangibles are amortized over the estimated useful life of such deposits. These assets are reviewed at least annually for events or circumstances that could affect their recoverability. These events could include loss of the underlying core deposits, increased competition or adverse changes in the economy. To the extent other identifiable intangible assets are deemed unrecoverable; impairment losses are recorded in other non-interest expense to reduce the carrying amount of the assets. Mortgage and Other Servicing Rights — Mortgage and other servicing rights are recognized as separate assets when rights are acquired through purchase of such rights or through the sale of loans. Generally, purchased servicing rights are capitalized at the cost to acquire the rights. For loans sold, the fair value of the servicing rights are estimated and capitalized. Fair value is based on market prices for comparable servicing rights contracts. Capitalized servicing rights are reported in other assets and are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Note 1 —Summary of Significant Accounting Policies – Continue d Other real estate owned — Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of the carrying amount of the foreclosed loan or the fair value of the foreclosed asset, less costs to sell, at the date of foreclosure. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value, less selling costs. Revenues and expenses from operations and changes in the valuation allowance are included in other real estate owned expense. Transfers of financial assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Income taxes — Deferred income tax assets and deferred income tax liabilities represent the tax effect of temporary differences between financial reporting and tax reporting measured at enacted tax rates in effect for the year in which the differences are expected to reverse. The Company recognizes only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. Developing the provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred income tax assets and liabilities and any estimated valuation allowances deemed necessary to value deferred income tax assets. Judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has no significant uncertain income tax positions in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows. Off-balance sheet credit related financial instruments — In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. Allowance for Credit Losses - unfunded loan commitments — An allowance for credit losses - unfunded loan commitments is maintained at a level that, in the opinion of management, is adequate to absorb current expected credit losses associated with the contractual life of the Banks’ commitments to lend funds under existing agreements such as letters or lines of credit. The Banks use a methodology for determining the allowance for credit losses - unfunded loan commitments that applies the same segmentation and loss rate to each pool as the funded exposure adjusted for probability of funding. Draws on unfunded loan commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for credit losses on off-balance sheet exposures. Provisions for credit losses - unfunded loan commitments are recognized in non-interest expense and added to the allowance for credit losses - unfunded loan commitments, which is included in other liabi |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 2 — Investment Securities Amortized cost and approximate fair values of investment securities available for sale are summarized as follows: Gross Unrealized Losses Gross Less Amortized Unrealized Than 12 Months Fair (Dollars in thousands) Cost Gain 12 Months or Longer Value As of December 31, 2020 U.S. Government-sponsored securities $ 12,844 $ 369 $ - $ (8 ) $ 13,205 Municipal securities 36,010 1,277 - - 37,287 Mortgage-backed securities 1,247,581 17,587 (134 ) (8 ) 1,265,026 Corporate securities 5,000 5 - (130 ) 4,875 $ 1,301,435 $ 19,238 $ (134 ) $ (146 ) $ 1,320,393 As of December 31, 2019 U.S. Government-sponsored securities $ 20,957 $ 235 $ - $ (2 ) $ 21,190 Municipal securities 56,252 670 (1 ) (9 ) 56,912 Mortgage-backed securities 321,944 2,188 (481 ) (543 ) 323,108 Corporate securities 5,000 - - (215 ) 4,785 $ 404,153 $ 3,093 $ (482 ) $ (769 ) $ 405,995 The gross unrealized losses and the fair value for securities available for sale are as follows: December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available for Sale U.S. Government-sponsored securities $ - $ - $ 777 $ (8 ) $ 777 $ (8 ) Municipal securities - - - - - - Mortgage-backed securities 76,978 (134 ) 1,785 (8 ) 78,763 (142 ) Corporate securities - - 2,870 (130 ) 2,870 (130 ) $ 76,978 $ (134 ) $ 5,432 $ (146 ) $ 82,410 $ (280 ) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available for Sale U.S. Government-sponsored securities $ - $ - $ 5,998 $ (2 ) $ 5,998 $ (2 ) Municipal securities 3,060 (1 ) 1,338 (9 ) 4,398 (10 ) Mortgage-backed securities 115,243 (481 ) 70,383 (543 ) 185,626 (1,024 ) Corporate securities - - 4,785 (215 ) 4,785 (215 ) $ 118,303 $ (482 ) $ 82,504 $ (769 ) $ 200,807 $ (1,251 ) Note 2 — Investment Securities – Continued The Company monitors the credit quality of debt securities AFS through the use of credit ratings from NRSRO to assist in the determination of any current expected credit losses. At December 31, 2020, the Company had no allowance for credit losses on AFS securities. The following table summarizes the amortized cost of AFS debt securities at December 31, 2020, aggregated by credit quality indicator. Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of December 31, 2020 U.S. Government-backed securities (1) $ 1,260,425 $ 17,956 $ (134 ) $ (16 ) $ 1,278,231 Investment grade rating 33,063 1,008 - (130 ) 33,941 Below investment grade - - - - - Unrated investment securities 7,947 274 - - 8,221 $ 1,301,435 $ 19,238 $ (134 ) $ (146 ) $ 1,320,393 As of December 31, 2019 U.S. Government-sponsored securities (1) $ 342,901 $ 2,423 $ (481 ) $ (545 ) $ 344,298 Investment grade rating 50,793 544 (1 ) (224 ) 51,112 Below investment grade - - - - - Unrated investment securities 10,459 126 - - 10,585 $ 404,153 $ 3,093 $ (482 ) $ (769 ) $ 405,995 (1) Securities backed by the full faith and credit of the U.S. Government. The amortized cost and estimated fair values of investment securities that are available for sale at December 31, 2020, by contractual maturity, are as follows: Available for sale Amortized Fair (Dollars in thousands) Cost Value Securities maturing in: One year or less $ 12,981 $ 13,134 After one year through five years 29,802 30,590 After five years through ten years 35,098 36,257 After ten years 1,223,554 1,240,412 $ 1,301,435 $ 1,320,393 Expected maturities may differ from contractual maturities because issuers may have the right to call obligations with or without penalties. Note 2 — Investment Securities – Continued As of December 31, 2020 and 2019, the Company held 21 and 146 available for sale investment securities with fair values less than amortized cost, respectively. Management evaluated these investment securities and determined that the decline in value is temporary and related to the change in market interest rates since purchase. The decline in value is not related to any company or industry specific event. The Company anticipates full recovery of the amortized cost with respect to these securities at maturity, or sooner in the event of a more favorable market interest rate environment. The Company had sales of available for sale securities totaling $49.0 million during the year ended December 31, 2020, which resulted in a net gain of $1.4 million compared with $2.1 million during the year ended December 31, 2019, which resulted in a net loss of $4,000 and sales of available for sale securities totaling $0.5 million during the year ended December 31, 2018 which resulted in a net loss of $336,000. There were no available for sale securities in a nonaccrual status at December 31, 2020, 2019, and 2018. During the year ended December 31, 2019, the Company elected to make a one-time transfer of 140 securities from the held to maturity classification of $64.6 million to the available for sale classification, and recorded an unrecognized loss of $19,000, net of taxes, to other comprehensive income. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 3 — Loans and Allowance for Credit losses Loans are summarized as follows: (Dollars in thousands) 2020 2019 Loans held for investment: Commercial real estate loans: Real estate term $ 1,021,880 $ 948,073 Construction and land development 228,213 273,963 Total commercial real estate loans 1,250,093 1,222,036 Commercial and industrial loans 257,240 284,738 Consumer loans: Residential and home equity 185,470 162,559 Consumer and other 8,948 16,036 Total consumer loans 194,418 178,595 Gross loans held for investment 1,701,751 1,685,369 Less: Net deferred loan fees (6,255 ) (4,451 ) Loans held for investment 1,695,496 1,680,918 Less: allowance for credit losses (41,236 ) (31,426 ) Loans held for investment, net $ 1,654,260 $ 1,649,492 Note 3 — Loans and Allowance for Credit l osses – Continued Changes in the allowance for credit losses are as follows: Year Ended December 31, 2020 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Impact of adopting ASC 326 408 6,403 649 1,517 489 9,466 Provisions for credit losses 8,029 (2,885 ) (1,170 ) (1,002 ) (222 ) 2,750 Charge-offs (154 ) (73 ) (3,096 ) (2 ) (337 ) (3,662 ) Recoveries 69 97 820 31 239 1,256 Balance at end of year $ 20,627 $ 10,532 $ 8,095 $ 1,662 $ 320 $ 41,236 Year Ended December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Provisions for credit losses 2,401 (917 ) 5,157 370 (11 ) 7,000 Charge-offs (118 ) (5 ) (2,644 ) (19 ) (360 ) (3,146 ) Recoveries 24 890 1,152 38 223 2,327 Balance at end of year $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Year Ended December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 6,706 $ 6,309 $ 4,314 $ 815 $ 159 $ 18,303 Provisions for credit losses 3,414 587 4,464 (170 ) 330 8,625 Charge-offs (294 ) (1 ) (2,801 ) - (369 ) (3,465 ) Recoveries 142 127 1,250 84 179 1,782 Balance at end of year $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Note 3 — Loans and Allowance for Credit losses – Continued Non-accrual loans are summarized as follows: (Dollars in thousands) 2020 2019 Non-accrual loans, not troubled debt restructured: Real estate term $ 150 $ 2,416 Construction and land development - 60 Commercial and industrial 922 1,550 Residential and home equity 254 45 Consumer and other - 8 Total non-accrual loans, not troubled debt restructured 1,326 4,079 Troubled debt restructured loans, non-accrual: Real estate term 6,421 2,393 Construction and land development - - Commercial and industrial 1,272 658 Residential and home equity - - Consumer and other - - Total troubled debt restructured loans, non- accrual 7,693 3,051 Total non-accrual loans $ 9,019 $ 7,130 Total non-accrual loans were $9.0 million and $8.8 million at December 31, 2020, and 2019, respectively. The above table does not include $1.7 million in PCD loans as of December 31, 2019, that were not performing to the original contractual terms. Non-accrual loans have not been reduced by U.S. Government guarantees of $4.2 million and $0.8 million at December 31, 2020, and 2019, respectively Troubled debt restructured (“TDR”) loans are summarized as follows: (Dollars in thousands) 2020 2019 Accruing troubled debt restructured loans $ 2,774 $ 25,346 Non-accrual troubled debt restructured loans 7,693 3,051 Total troubled debt restructured loans $ 10,467 $ 28,397 There were no PCD TDR non-performing loans as of December 31, 2020 and 2019. A restructured loan is considered a troubled debt restructured loan, if the Company, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession in terms or a below-market interest rate to the debtor that it would not otherwise consider. Each TDR loan is separately negotiated with the borrower and includes terms and conditions that reflect the borrower’s prospective ability to service the debt as modified. Note 3 — Loans and Allowance for Credit l osses – Continued As of December 31, 2020, TDRs totaling $10.7 million met the criteria to be delisted for reporting purposes. To be delisted as a TDR, the Company follows established regulatory guidelines. For a loan that is a TDR, if the restructuring agreement specifies a contractual interest rate that is a market interest rate at the time of the restructuring and the loan is in compliance with its modified terms, the loan need not continue to be reported as a TDR in calendar years after the year in which the restructuring took place. A market interest rate is a contractual interest rate that at the time of the restructuring is greater than or equal to the rate that the institution was willing to accept for a new loan with comparable risk. To be considered in compliance with its modified terms, a loan that is a TDR must be in accrual status and must be current or less than 30 days past due on its contractual principal and interest payments under the modified repayment terms The below tables summarize TDRs by year of occurrence and type of modification: Year Ended December 31, 2020 # of $ of # of Non- $ of Non- # of $ of Accruing Accruing accrual accrual Total Total (Dollars in thousands) TDR TDR TDR TDR TDR TDR 2020 3 $ 587 - $ - 3 $ 587 2019 4 2,083 7 6,485 11 8,568 2018 - - 2 1,208 2 1,208 2017 - - - - - - Thereafter 1 104 - - 1 104 Total 8 $ 2,774 9 $ 7,693 17 $ 10,467 Year Ended December 31, 2020 # of $ of # of Non- $ of Non- # of $ of Accruing Accruing accrual accrual Total Total (Dollars in thousands) TDR TDR TDR TDR TDR TDR Interest rate reduction 1 $ 104 - $ - 1 $ 104 Loan payment deferment 3 776 5 4,881 8 5,657 Loan re-amortization 2 38 2 1,207 4 1,245 Loan extension 2 1,856 2 1,605 4 3,461 Total 8 $ 2,774 9 $ 7,693 17 $ 10,467 Note 3 — Loans and Allowance for Credit losses – Continued The following tables present TDRs that occurred during the periods presented and the TDRs for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. Year Ended December 31, 2020 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 2 - 1 - - 3 Pre-modification balance $ 583 $ - $ 12 $ - $ - $ 595 Post-modification balance $ 583 $ - $ 12 $ - $ - $ 595 TDRs that subsequently defaulted Number of loans 1 - - - - 1 Pre-modification balance $ 113 $ - $ - $ - $ - $ 113 Year Ended December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 9 1 32 5 - 47 Pre-modification balance $ 6,846 $ 4,075 $ 12,683 $ 1,647 $ - $ 25,251 Post-modification balance $ 6,846 $ 4,075 $ 12,683 $ 1,647 $ - $ 25,251 TDRs that subsequently defaulted Number of loans 1 - 1 - - 2 Pre-modification balance $ 1,094 $ - $ 18 $ - $ - $ 1,112 Year Ended December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 4 - 6 1 - 11 Pre-modification balance $ 3,434 $ - $ 1,460 $ 532 $ - $ 5,426 Post-modification balance $ 3,434 $ - $ 1,460 $ 532 $ - $ 5,426 TDRs that subsequently defaulted Number of loans 2 - 3 - - 5 Pre-modification balance $ 1,449 $ - $ 150 $ - $ - $ 1,599 (1) Note 3 — Loans and Allowance for Credit l osses – Continued Current and past due loans held for investment (accruing and non-accruing) are summarized as follows: December 31, 2020 30-89 90+ Days Days Non- Total Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Loans Commercial real estate: Real estate term $ 1,013,914 $ 1,395 $ - $ 6,571 $ 7,966 $ 1,021,880 Construction and land development 227,054 1,159 - - 1,159 228,213 Total commercial real estate 1,240,968 2,554 - 6,571 9,125 1,250,093 Commercial and industrial 253,833 1,170 43 2,194 3,407 257,240 Consumer: Residential and home equity 184,566 650 - 254 904 185,470 Consumer and other 8,703 243 2 - 245 8,948 Total consumer 193,269 893 2 254 1,149 194,418 Total gross loans $ 1,688,070 $ 4,617 $ 45 $ 9,019 $ 13,681 $ 1,701,751 December 31, 2019 30-89 90+ Days Days Non- Total Total (Dollars in thousands) Current Past Due Past Due accrual Past Due PCD Loans Commercial real estate: Real estate term $ 942,370 $ 534 $ - $ 4,809 $ 5,343 $ 360 $ 948,073 Construction and land development 273,268 570 - 60 630 65 273,963 Total commercial real estate 1,215,638 1,104 - 4,869 5,973 425 1,222,036 Commercial and industrial 279,072 403 - 2,208 2,611 3,055 284,738 Consumer: Residential and home equity 162,360 154 - 45 199 - 162,559 Consumer and other 15,727 298 3 8 309 - 16,036 Total consumer 178,087 452 3 53 508 - 178,595 Total gross loans $ 1,672,797 $ 1,959 $ 3 $ 7,130 $ 9,092 $ 3,480 $ 1,685,369 Loans 90+ days past due in the table above are still accruing. Included in PCD loans are $1.66 million that are not performing to the original contractual terms as of December 31, 2019. Credit Quality Indicators: In addition to past due and non-accrual criteria, the Company also analyzes loans using a loan grading system. Performance-based grading follows the Company’s definitions of Pass, Special Mention, Substandard and Doubtful, which are consistent with published definitions of regulatory risk classifications and are summarized as follows: Pass : A Pass asset is higher quality and does not fit any of the other categories described below. The likelihood of loss is considered remote. Note 3 — Loans and Allowance for Credit l osses – Continued Special Mention : A Special Mention asset has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the Company is currently protected and loss is considered unlikely and not imminent. Substandard : A Substandard asset is inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well defined weaknesses and are characterized by the distinct possibility that the Company may sustain some loss if deficiencies are not corrected. Doubtful : A Doubtful asset has all the weaknesses inherent in a substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable. For consumer loans, the Company generally assigns internal risk grades similar to those described above based on payment performance. Outstanding loan balances (accruing and non-accruing) categorized by these credit quality indicators are summarized as follows: December 31, 2020 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 978,945 $ 17,248 $ 25,687 $ - $ 1,021,880 $ 20,627 Construction and land development 224,066 3,785 362 - 228,213 10,532 Total commercial real estate 1,203,011 21,033 26,049 - 1,250,093 31,159 Commercial and industrial 247,983 4,348 4,020 889 257,240 8,095 Consumer loans: Residential and home equity 183,306 - 2,164 - 185,470 1,662 Consumer and other 8,948 - - - 8,948 320 Total consumer 192,254 - 2,164 - 194,418 1,982 Total $ 1,643,248 $ 25,381 $ 32,233 $ 889 $ 1,701,751 $ 41,236 December 31, 2019 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 901,353 $ 23,202 $ 23,518 $ - $ 948,073 $ 12,275 Construction and land development 259,245 10,182 4,536 - 273,963 6,990 Total commercial real estate 1,160,598 33,384 28,054 - 1,222,036 19,265 Commercial and industrial 259,035 6,629 19,074 - 284,738 10,892 Consumer loans: Residential and home equity 158,364 204 3,991 - 162,559 1,118 Consumer and other 16,034 - 2 - 16,036 151 Total consumer 174,398 204 3,993 - 178,595 1,269 Total $ 1,594,031 $ 40,217 $ 51,121 $ - $ 1,685,369 $ 31,426 Note 3 — Loans and Allowance for Credit l osses – Continued The following table represents outstanding loan balances by credit quality indicators and vintage year by class of financing receivable as of December 31, 2020: Year Ended December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Total Loans held for investment: Commercial real estate: Real estate term Risk rating Pass $ 252,453 $ 123,040 $ 83,532 $ 86,815 $ 49,975 $ 200,943 $ 182,187 $ 978,945 Special mention - 2,396 2,131 - - - 12,721 17,248 Substandard 1,285 3,635 407 - 752 5,744 13,864 25,687 Doubtful - - - - - - - - Total real estate term loans $ 253,738 $ 129,071 $ 86,070 $ 86,815 $ 50,727 $ 206,687 $ 208,772 $ 1,021,880 Construction and land development Risk rating Pass $ 11,397 $ 5,511 $ 6,264 $ 1,446 $ 1,372 $ 9,199 $ 188,877 $ 224,066 Special mention - - - - - - 3,785 3,785 Substandard - - - - - - 362 362 Doubtful - - - - - - - - Total construction and land development loans $ 11,397 $ 5,511 $ 6,264 $ 1,446 $ 1,372 $ 9,199 $ 193,024 $ 228,213 Total commercial real estate loans $ 265,135 $ 134,582 $ 92,334 $ 88,261 $ 52,099 $ 215,886 $ 401,796 $ 1,250,093 Commercial and industrial Risk rating Pass $ 82,684 $ 25,250 $ 27,132 $ 18,498 $ 8,165 $ 42,471 $ 43,783 $ 247,983 Special mention 32 - 1,692 552 769 124 1,179 4,348 Substandard - 1,157 425 403 - 1,414 621 4,020 Doubtful - - - - - - 889 889 Total commercial and industrial loans $ 82,716 $ 26,407 $ 29,249 $ 19,453 $ 8,934 $ 44,009 $ 46,472 $ 257,240 Consumer: Residential real estate Risk rating Pass $ 80,279 $ 23,212 $ 18,772 $ 15,700 $ 9,870 $ 29,634 $ 5,839 $ 183,306 Special mention - - - - - - - - Substandard - - 638 - 381 1,145 - 2,164 Doubtful - - - - - - - - Total residential real estate loans $ 80,279 $ 23,212 $ 19,410 $ 15,700 $ 10,251 $ 30,779 $ 5,839 $ 185,470 Consumer and other Risk rating Pass $ 3,912 $ 1,957 $ 1,358 $ 637 $ 192 $ 890 $ 2 $ 8,948 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer and other loans $ 3,912 $ 1,957 $ 1,358 $ 637 $ 192 $ 890 $ 2 $ 8,948 Total consumer loans $ 84,191 $ 25,169 $ 20,768 $ 16,337 $ 10,443 $ 31,669 $ 5,841 $ 194,418 Total gross loans $ 432,042 $ 186,158 $ 142,351 $ 124,051 $ 71,476 $ 291,564 $ 454,109 $ 1,701,751 Note 3 — Loans and Allowance for Credit losses – Continued The following table provides amortized cost basis less government guarantees of $8.8 million for collateral dependent loans as of December 31, 2020: Year Ended December 31, 2020 Real Accounts (Dollars in thousands) Estate Receivable Equipment Livestock Auto Total Commercial real estate: Real estate term $ 4,118 $ - $ - $ - $ - $ 4,118 Construction and land development 362 - - - - 362 Total commercial real estate 4,480 - - - - 4,480 Commercial and industrial - 1,165 - - 43 1,208 Consumer: Residential and home equity 216 - - - - 216 Consumer and other - - - - - - Total consumer 216 - - - - 216 Total collateral dependent loans $ 4,696 $ 1,165 $ - $ - $ 43 $ 5,904 The implementation of ASU 2016-13 changed disclosures related to loans and, as a result, certain disclosures are no longer required. The following tables represents disclosures for the prior period that are no longer required as of January 1, 2020, but are included in this Form 10-K since the Company is required to disclose comparative information. The ACL and outstanding loan balances reviewed according to the Company’s estimated credit loss methods were summarized as follows: December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Individually evaluated for impairment $ 825 $ 1,305 $ 4,901 $ 401 $ - $ 7,432 Collectively evaluated for impairment 11,255 5,669 5,991 717 151 23,783 PCD loans 195 16 - - - 211 Total $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Outstanding loan balances: Individually evaluated for impairment $ 18,305 $ 4,474 $ 14,467 $ 3,701 $ - $ 40,947 Collectively evaluated for impairment 929,408 269,424 267,216 158,858 16,036 1,640,942 PCD loans 360 65 3,055 - - 3,480 Total gross loans $ 948,073 $ 273,963 $ 284,738 $ 162,559 $ 16,036 $ 1,685,369 Note 3 — Loans and Allowance for Credit losses – Continued Information on individually evaluated loans was summarized as follows: December 31, 2019 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 18,305 $ 11,684 $ 6,621 $ 18,305 $ 825 Construction and land development 4,474 121 4,353 4,474 1,305 Total commercial real estate 22,779 11,805 10,974 22,779 2,130 Commercial and industrial 14,467 2,591 11,876 14,467 4,901 Consumer loans: Residential and home equity 3,701 3,194 507 3,701 401 Consumer and other - - - - - Total consumer 3,701 3,194 507 3,701 401 Total $ 40,947 $ 17,590 $ 23,357 $ 40,947 $ 7,432 Interest income recognized on the average recorded investment of individually evaluated loans was as follows: Year Ended December 31, 2019 2018 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognition Investment Recognition Commercial real estate: Real estate term $ 14,516 $ 747 $ 8,027 $ 332 Construction and land development 3,668 274 1,499 106 Total commercial real estate 18,184 1,021 9,526 438 Commercial and industrial 12,496 780 8,049 426 Consumer loans: Residential and home equity 3,458 197 2,409 118 Consumer and other - - - - Total consumer 3,458 197 2,409 118 Total $ 34,138 $ 1,998 $ 19,984 $ 982 Loans to affiliates — The Company has entered into loan transactions with certain directors and executive committee members (“affiliates”). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other clients, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features. Total outstanding loans with affiliates were $11.7 million and $5.4 million at December 31, 2020, and 2019, respectively. Available lines of credit for loans and credit cards to affiliates were $11.3 million at December 31, 2020. Note 3 — Loans and Allowance for Credit losses – Concluded Pursuant to the CARES Act passed in March 2020, the Company funded approximately 333 loans to eligible small businesses and non-profit organizations who participated in PPP administered by the U.S. SBA. PPP loans have terms of two to five years and earn interest at 1%. In addition, the Company received a fee of 1%-5% from the SBA depending on the loan amount, which was netted with loan origination costs and amortized into interest income under the effective yield method over the contractual life of the loan. The recognition of fees and costs is accelerated when the loan is forgiven by the SBA and/or paid off prior to maturity. PPP loans are fully guaranteed by the SBA and are expected to be forgiven by the SBA if they meet the requirements of the program. The balance of PPP loans at December 31, 2020 was $60.6 million. On June 5, 2020, the PPP Flexibility Act was signed into law that modified, among other things, rules governing the PPP payment deferral period. In October 2020, due to updated guidance from the SBA that PPP loan payments were to be deferred until SBA had remitted forgiveness funds to the lender if the Borrower applied for forgiveness within ten months after the end of their covered period, the Company modified the first payment due dates for PPP loans that originated prior to June 5, 2020 and extended the payment deferral period from six to sixteen months. The extended payment deferral period will affect the timing over which the accretion of PPP net loan origination fees is recognized. Section 4013 of the CARES Act and Section 541 of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (the “Coronavirus Relief Act”) passed in January 2021 provided optional, temporary relief from evaluating loans that may have been considered TDRs under GAAP. This relief applies to loan modifications executed between March 1, 2020, and the earlier of 60 days after the national emergency related to the Pandemic is terminated, or January 1, 2022. The Company elected to apply these temporary accounting provisions to payment relief loans beginning in March 2020. As of December 31, 2020, 81 loans totaling $29.6 million were modified as CARES Act deferrals and not subject to TDR accounting and reporting. During 2020, 445 clients for loans totaling $270 million had been in a CARES Act deferment at some point during 2020 but were not in such deferment as of December 31, 2020. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 4 — Premises and Equipment Premises and equipment are summarized as follows as of December 31: (Dollars in thousands) 2020 2019 Land and buildings $ 46,850 $ 45,426 Equipment, furniture, and software 27,821 27,691 74,671 73,117 Accumulated depreciation and amortization (37,291 ) (33,643 ) $ 37,380 $ 39,474 The Company leases certain properties from third parties under operating leases. Total rent expense for the years ended December 31, 2020, 2019, and 2018, was $784,000, $874,000, and $909,000, respectively. The Company had depreciation and amortization expense for the years ended December 31, 2020, 2019, and 2018, of $3.6 million, $3.4 million, and $3.3 million, respectively. Note 4 — Premises and Equipmen t – Continued The total future minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2020 are as follows: (Dollars in thousands) Amount 2021 $ 712 2022 655 2023 397 2024 72 2025 and beyond - $ 1,836 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Note 5 — Deposits Deposit account balances are summarized as follows as of December 31: (Dollars in thousands) 2020 2019 Non-interest bearing $ 1,039,844 $ 719,410 Interest bearing deposits: Interest bearing demand and savings 1,095,201 846,199 Money market accounts 617,010 324,565 Certificates of deposit less than or equal to $250,000 120,329 131,882 Certificates of deposit greater than $250,000 43,924 34,311 Total interest bearing deposits 1,876,464 1,336,957 Total deposits $ 2,916,308 $ 2,056,367 Scheduled maturities for certificates of deposit are as follows for the years ending December 31: (Dollars in thousands) Amount 2021 $ 84,714 2022 32,930 2023 18,247 2024 13,374 2025 and beyond 14,988 $ 164,253 Deposits held by affiliates were $7.8 million and $4.5 million as of December 31, 2020 and 2019, respectively. |
Short-term Borrowings
Short-term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings | Note 6 — Short-term borrowings As of December 31, 2020, committed Federal Funds lines of credit arrangements totaling $25.0 million were available to the Company from an unaffiliated bank. The average Federal Funds interest rate as of December 31, 2020 was 0.30%. The Company is a member of the FHLB of Des Moines and has a committed credit line of $866.8 million, which is secured by $1.15 billion in various real estate loans and investment securities pledged as collateral. Borrowings generally provide for interest at the then current published rate, which was 0.29% as of December 31, 2020. Note 6 — Short-term borrowings – Continued The Company holds $550.3 million in investment securities in its Federal Reserve Bank (the “Fed”) account. As of December 31, 2020, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $544.6 million. The borrowing rate is the current discount rate plus 25 basis points. There were no outstanding Fed account advances as of December 31, 2020 and 2019. The Company holds $64.6 million in SBA PPP loans which it has pledged to the Federal Reserve PPP Lending Facility (“PPPLF”). The borrowing rate was 25 basis points. As of December 31, 2020, the Company had $64.6 million outstanding PPPLF advances as of December 31, 2020. Securities sold under agreements to repurchase are generally overnight financing arrangements with clients collateralized by the Company’s investment securities that mature within 144 months. As of December 31, 2020 and 2019, the Company had no investment securities pledged for securities sold under agreements to repurchase. Information concerning short-term borrowings consist of the following as of December 31: (Dollars in thousands) 2020 2019 2018 Security repurchase agreements: Average daily balance $ - $ - $ - Weighted average rate 0.00 % 0.00 % 0.00 % Highest month-end balance $ - $ - $ - Year-end balance $ - $ - $ - Weighted average rate on outstanding at year-end 0.00 % 0.00 % 0.00 % Other short-term borrowings: Average daily balance $ 46,305 $ 2,419 $ 71,880 Weighted average rate 0.34 % 2.63 % 1.98 % Highest month-end balance $ 83,448 $ - $ 145,000 Year-end balance $ 64,554 $ - $ - Weighted average rate on outstanding at year-end 0.25 % 0.00 % 0.00 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 — Income Taxes The components of income tax expense (benefit) are as follows for the year ended December 31: (Dollars in thousands) 2020 2019 2018 Current: Federal $ 10,835 $ 10,685 $ 11,167 State 2,747 2,852 2,904 13,582 13,537 14,071 Deferred: Federal 221 (26 ) (1,662 ) State (58 ) (8 ) (355 ) Deferred 163 (34 ) (2,017 ) Income tax expense $ 13,745 $ 13,503 $ 12,054 Note 7 — Income Taxes – Continued The combined federal and state income tax expense differs from that computed at the federal statutory corporate tax rate as follows: 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax rate change 0.0 % 0.0 % (0.5 )% State taxes, net of federal income tax benefit 3.8 % 3.8 % 3.7 % Tax-exempt interest and income (0.5 )% (0.8 )% (0.8 )% Share-based compensation expense (0.1 )% (0.3 )% (0.4 )% Other, net (0.2 )% (0.4 )% (0.1 )% Effective tax rate 24.0 % 23.3 % 22.9 % The nature and components of the Company’s net deferred income tax assets are as follows as of December 31: (Dollars in thousands) 2020 2019 Deferred income tax assets: Allowance for loan losses $ 10,418 $ 8,412 Deferred loan fees and costs 1,808 1,635 Fair value adjustments on certificates of deposit 64 100 Deferred compensation 421 419 State income taxes 590 599 Other 941 612 14,242 11,777 Deferred income tax liabilities: FHLB dividends 166 166 Mortgage servicing rights 281 172 Unrealized gain on securities 4,740 461 Basis difference in premises, equipment and other assets 1,666 1,262 6,853 2,061 Net deferred income tax assets $ 7,389 $ 9,716 The Company believes, based on available information, that more likely than not, the net deferred income tax asset will be realized in the normal course of operations. Accordingly, no valuation allowance has been recorded at December 31, 2020 and 2019. The impact of a tax position is recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. As of December 31, 2020 and 2019, the Company did not have any significant uncertain tax positions. The Company includes any interest and penalties associated with unrecognized tax benefits within the provision for income taxes. The Company does not expect a material change to the total amount of unrecognized tax benefits in the next twelve months. The credit to current tax expense related to tax-deductible share compensation expense was less than $35,000, $0.2 million and $1.2 million in 2020, 2019, and 2018, respectively. The Company files U.S. and state income tax returns in jurisdictions with various statutes of limitations. The 2017 through 2020 tax years remain subject to selection for examination as of December 31, 2020. None of the Company’s income tax returns are currently under audit. As of December 31, 2020 and 2019, the Company has no net operating loss or tax credit carry-forwards. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 — Commitments and Contingencies Commitments to extend credit — In the normal course of business, the Company has outstanding commitments and contingent liabilities, such as commitments to extend credit and unused credit card lines, which are not included in the accompanying consolidated financial statements. The Company’s exposure to credit loss in the event of non-performance by other parties to the financial instruments for commitments to extend credit and unused credit card lines is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making such commitments as it does for instruments that are included in the consolidated balance sheets. Contractual amounts of off-balance sheet financial instruments were as follows: (Dollars in thousands) 2020 2019 Commitments to extend credit, including unsecured commitments of $12,039 and $32,995 as of December 31, 2020 and 2019, respectively $ 656,914 $ 632,577 Stand-by letters of credit and bond commitments, including unsecured commitments of $727 and $555 as of December 31, 2020 and 2019, respectively 26,036 23,860 Unused credit card lines, all unsecured 29,111 26,121 Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments to extend credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the client. Unused credit card lines are commitments for possible future extensions of credit to existing clients. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. |
Regulatory Capital Matters
Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Matters | Note 9 — Regulatory Capital Matters The Company is subject to various regulatory capital requirements administered by its primary federal regulator, the FDIC. Failure to meet the 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 and its consolidated financial statements. Under the regulatory capital adequacy guidelines and regulatory framework for prompt corrective action, the Company must meet specific capital guidelines involving quantitative measures of the Company’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s 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. As of December 31, 2020, the Company was categorized as well capitalized under the regulatory framework. To be categorized as well capitalized, an institution must maintain minimum common Tier 1 (“CET1”), Tier 1 risk-based capital, total risk-based capital, and Tier 1 to average assets (“Tier 1 Leverage”) capital ratios as disclosed in the table below. Note 9 — Regulatory Capital Matters – Continued The Company’s actual and required capital amounts and ratios are as follows: December 31, 2020 Minimum Capital Well Capitalized Actual Requirement Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Consolidated CET1 Capital to Risk-Weighted Assets $ 329,049 17.91 % $ 82,679 4.50 % $ 119,426 6.50 % Tier 1 Capital to Risk-Weighted Assets 329,049 17.91 % 110,239 6.00 % 146,985 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 352,266 19.17 % 146,985 8.00 % 183,732 10.00 % Tier 1 Leverage 329,049 10.47 % 125,681 4.00 % NA NA Altabank TM CET1 Capital to Risk-Weighted Assets $ 322,783 17.59 % $ 82,578 4.50 % $ 119,280 6.50 % Tier 1 Capital to Risk-Weighted Assets 322,783 17.59 % 110,104 6.00 % 146,806 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 345,973 18.85 % 146,806 8.00 % 183,507 10.00 % Tier 1 Leverage 322,783 10.18 % 126,795 4.00 % 158,493 5.00 % December 31, 2019 Minimum Capital Well Capitalized Actual Requirement Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Consolidated CET1 Capital to Risk-Weighted Assets $ 302,291 17.18 % $ 79,193 4.50 % $ 114,390 6.50 % Tier 1 Capital to Risk-Weighted Assets 302,291 17.18 % 105,590 6.00 % 140,787 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 324,415 18.43 % 140,787 8.00 % 175,984 10.00 % Tier 1 Leverage 302,291 12.67 % 95,431 4.00 % NA NA Altabank TM CET1 Capital to Risk-Weighted Assets $ 297,108 16.88 % $ 79,191 4.50 % $ 114,387 6.50 % Tier 1 Capital to Risk-Weighted Assets 297,108 16.88 % 105,588 6.00 % 140,784 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 319,233 18.14 % 140,784 8.00 % 175,981 10.00 % Tier 1 Leverage 297,108 12.45 % 95,429 4.00 % 119,286 5.00 % Federal Reserve Board Regulations require maintenance of certain minimum reserve balances based on certain average deposits. The Bank had reserve requirements of zero and $9.4 million as of December 31, 2020 and 2019, respectively. The Company’s Board of Directors may declare a cash or stock dividend out of retained earnings provided the regulatory minimum capital ratios are met. The Company plans to maintain capital ratios that meet the well-capitalized standards per the regulations and, therefore, plans to limit dividends to amounts that are appropriate to maintain those well-capitalized regulatory capital ratios. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 10 — Shareholders’ Equity The following table summarizes dividends per share declared and paid per quarter for the periods indicated: Years Ended December 31, 2020 2019 First quarter $ 0.14 $ 0.11 Second quarter 0.14 0.12 Third quarter 0.13 0.13 Fourth quarter 0.15 0.13 Total $ 0.56 $ 0.49 |
Incentive Share-Based Plan and
Incentive Share-Based Plan and Other Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Incentive Share-Based Plan and Other Employee Benefits | Note 11 — Incentive Share-Based Plan and Other Employee Benefits In May 2020, the Board of Directors (“Board”) and shareholders of the Company approved a share-based incentive plan (the “2020 Plan”) which replaced the 2014 and 2008 share-based incentive plans. The 2020 Plan provides for various share-based incentive awards including incentive share-based options, non-qualified share-based options, restricted shares, and stock appreciation rights to be granted to officers, directors and other key employees. The aggregate number of shares that may be issued and awarded under the 2020 Plan is 1,000,000 shares. No further awards will be granted under the 2014 Plan or 2008 Plan; however, all outstanding awards previously granted under those prior plans will remain outstanding and subject to the terms of the prior Plans. If awards under the 2020 Plan expire or otherwise terminate without being exercised, the shares of common stock not acquired pursuant to such awards again become available for issuance under the 2020 Plan. Under the following circumstances, shares will not again be available for issuance under the 2020 Plan: (i) shares unissued due to a “net exercise” of a stock option or exercise of a SAR, (ii) any shares withheld or shares tendered to satisfy tax withholding obligations, (iii) shares covered by a stock-settled SAR issued under the 2020 Plan that are not issued in connection with settlement in shares upon exercise, and (iv) shares repurchased using stock option exercise proceeds. In addition, cash-only awards that do not entitle the recipient to receive or purchase shares shall not be counted against the number of shares available for issuance under the 2020 Plan. The share-based awards are granted to participants at a price not less than the fair value on the date of grant and for terms of up to ten years. The 2020 Plan also allows for granting of share-based awards to directors and to consultants who are not employees of the Company. Under the plans, share-based options are exercisable at the time of grant or other times subject to such terms and conditions as determined by the Board. Share-based options granted may be exercised in whole or in part at any time during the maximum option term of ten years. All share-based options are adjustable for any future stock splits or stock dividends. The Board has the authority to grant to eligible participants one or more of the various share-based incentive awards. To date, the Company has issued incentive share-based options, non-qualified share-based options and restricted stock units to participants. Note 11 — Incentive Share-Based Plan and Other Employee Benefits - Continued Share-based option transactions are summarized as follows: Weighted- Options Weighted Average Granted Average Remaining Aggregate for Common Exercise Contractual Intrinsic (Dollars in thousands, except share and per share data) Shares Price Term Value Outstanding at January 1, 2018 544,713 $ 10.14 Granted 33,382 32.31 Exercised (218,928 ) 8.45 Forfeited (8,524 ) 7.61 Outstanding at December 31, 2018 350,643 13.38 Granted 545 27.53 Exercised (139,598 ) 9.05 Forfeited - - Outstanding at December 31, 2019 211,590 16.27 Granted - - Exercised (59,664 ) 11.70 Forfeited (16,378 ) 15.68 Outstanding at December 31, 2020 135,548 18.35 1.96 $ 1,298 Exercisable at December 31, 2020 126,387 17.41 2.26 1,328 Exercisable at December 31, 2019 190,514 14.59 2.54 2,965 Note 11 — Incentive Share-Based Plan and Other Employee Benefits – Continued The weighted-average grant-date fair value of options per share granted, using the Black-Scholes method of valuation, was $7.80, and $3.58 for 2019, and 2018, respectively. There were no options granted during 2020. The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $1.4 million, $3.5 million and $5.2 million, respectively. Shares issued upon exercises of stock options in 2020 were reduced by 10,196 shares related to net settled option exercises or existing shares tendered as consideration. Restricted stock unit transactions are summarized as follows: Options Weighted Granted Average for Common Grant Date (Dollars in thousands, except share and per share data) Shares Fair Value Non-vested at January 1, 2018 39,576 $ 24.02 Granted 32,853 31.09 Vested (28,420 ) 32.06 Forfeited (1,565 ) 30.66 Non-vested at December 31, 2018 42,444 30.00 Granted 41,709 29.87 Vested (24,980 ) 25.96 Forfeited (5,124 ) 30.25 Non-vested at December 31, 2019 54,049 29.98 Granted 56,160 28.87 Vested (29,462 ) 22.77 Forfeited (5,096 ) 30.23 Non-vested at December 31, 2020 75,651 29.24 The total intrinsic value of RSUs vested during the years ended December 31, 2020, 2019, and 2018 were $671,000, $648,000, and $911,000, respectively. As of December 31, 2020, there was $1,167,000 of total unrecognized compensation expense related to stock options and RSUs granted to be recognized over a weighted-average period of 2.96 years. As of December 31, 2019, there was $1,007,000 of total unrecognized compensation expense related to stock options and RSU’s granted to be recognized over a weighted-average period of 2.45 years. As of December 31, 2018, there was $956,000 of total unrecognized compensation expense related to stock options and RSU’s granted to be recognized over a weighted-average period of 3.1 years. The Company recorded share-based compensation expense of $1,389,000, $1,011,000 and $891,000 for the years ended December 31, 2020, 2019, and 2018, respectively. The Company used the Black-Scholes pricing model using the following assumptions to calculate the fair value of incentive share-based options granted during 2020, 2019, and 2018: annual dividend yield of 0.7% to 2.3%; risk-free interest rates of 0.1% to 1.6%; expected option terms of 0.7 to 6.5 years Note 11 — Incentive Share-Based Plan and Other Employee Benefits – Continued Expected forfeitures are estimated based on the Company’s historical forfeiture experience. Management believes that the assumptions used in the option-pricing model are highly subjective and represent only one estimate of possible value, as there is no active market for the options granted. Share-based compensation expense related to restricted stock units and non-qualified stock options was $1,389,000, $1,010,000 and $862,000 for the years ended December 31, 2020, 2019, and 2018; and the related recognized income tax benefit associated with this expense is $334,000, $236,000 and $216,000, respectively. Profit Sharing — The Company provides an annual discretionary profit sharing contribution to all eligible employees based on each years’ financial performance as recommended by management and approved by the Board of Directors. The profit sharing contribution can be contributed to either the 401(k) plan or the Company’s Employee Stock Ownership Plan (“ESOP”). Employee Stock Ownership Plan — In 2018, the Company formed the ESOP to provide eligible employees with the benefits of share ownership in the Company. The Company made profit sharing contributions to the ESOP of $1,231,000, $1,148,000 and $1,000,000 in 2020, 2019, and 2018, for plan years 2021, 2020, and 2019, respectively. 401(k) plan — The Company offers a retirement savings 401(k) plan in which all eligible employees may participate. Currently, the Company contributes and allocates to each eligible participant’s account, a percentage of the participant’s elective deferral. The Company made matching contributions of $1,109,000, $1,054,000 and $964,000 in 2020, 2019, and 2018, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12 — Fair Value Fair value measurements — The Company measures and discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (that is, not a forced liquidation or distressed sale). GAAP establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the standard requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy. Level 1 Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2 Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs from non-binding single dealer quotes not corroborated by observable market data. In developing Level 3 measurements, management incorporates whatever market data might be available and uses discounted cash flow models where appropriate. These calculations include projections of future cash flows, including appropriate default and loss assumptions, and market based discount rates. Note 12 — Fair Value – Continued The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize at a future date. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. The following methods were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amount of these items is a reasonable estimate of their fair value. Securities: The estimated fair values of investment securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2. Non-marketable securities: The fair value is based upon the redemption value of the stock, which equates to its carrying value. Loans held for sale: The carrying amount of these items is a reasonable estimate of their fair value. Loans held for investment: The fair value is estimated by discounting the future cash flows and estimated prepayments using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. Some loan types’ fair value approximated carrying value because of their floating rate or expected maturity characteristics. Deposits: The carrying amount of deposits with no stated maturity, such as savings and checking accounts, is a reasonable estimate of their fair value. The market value of certificates of deposit is based upon the discounted value of contractual cash flows. The discount rate is determined using the rates currently offered on comparable instruments. Short-term borrowings: Short-term borrowing are overnight advances with the FHLB and their carrying amount is considered a reasonable approximation of their fair value. Note 12 — Fair Value – Continued The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019: 2020 2019 Carrying Estimated Carrying Estimated (Dollars in thousands) Level Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents 1 $ 239,874 $ 239,874 $ 211,981 $ 211,981 Investment securities available for sale 2 1,312,172 1,312,172 395,410 395,410 Investment securities available for sale 3 8,221 8,221 10,585 10,585 Non-marketable securities 2 2,890 2,890 2,623 2,623 Loans held for sale 2 14,152 14,152 18,669 18,669 Loans held for investment, net 3 1,654,260 1,618,743 1,649,492 1,639,480 Financial Liabilities: Total deposits 2 $ 2,916,308 $ 2,751,715 $ 2,056,367 $ 1,851,954 Assets measured on a recurring and non-recurring basis are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total As of December 31, 2020 Fair valued on a recurring basis: Investment securities available for sale $ - $ 1,312,172 $ 8,221 $ 1,320,393 Fair valued on a non-recurring basis: Individually evaluated loans - - 1,804 1,804 As of December 31, 2019 Fair valued on a recurring basis: Investment securities available for sale $ - $ 395,410 $ 10,585 $ 405,995 Fair valued on a non-recurring basis: Individually evaluated loans - - 17,497 17,497 Non-recurring Measurements: Impaired loans are classified with Level 3 of the fair value hierarchy. The estimated fair value of impaired loans is based on the fair value of the collateral, less estimated costs to sell. The Company receives an appraisal or performs an evaluation for each impaired loan. The key inputs used to determine the fair value of impaired loans include selling costs, and adjustment to comparable collateral. Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. Appraisals are typically obtained at least on an annual basis. The Company also considers other factors and events that may affect the fair value. The appraisals or evaluations are reviewed at least on a quarterly basis to determine if any adjustments are needed. After review and acceptance of the appraisal or evaluation, adjustments to impaired loans may occur. |
Contingencies and Concentration
Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Contingencies And Concentrations Of Credit Risk [Abstract] | |
Contingencies and Concentrations of Credit Risk | Note 13 — Contingencies and Concentrations of Credit Risk Litigation — The Company may from time to time be subject to legal proceedings arising in the normal course of business. Management does not believe the outcome of any currently pending matters will have a material impact on the financial condition, results of operations, or liquidity of the Company. Concentrations of credit risk — The Company has concentrated credit risk exposure, including off-balance-sheet credit risk exposure, related to real estate loans as disclosed in Notes 3 and 8. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions in the region. The Company generally requires collateral on all real estate lending arrangements and typically maintains loan-to-value ratios of no greater than 80%. Investments in municipal securities principally involve governmental entities within the State of Utah. Loans are limited by state banking regulation to 15% of each Bank’s total capital, as defined by banking regulations. As a matter of practice and in accordance with applicable Utah state law, the Bank does not extend credit to any single borrower or group of related borrowers in excess of 15% of the Bank’s total capital. As of December 31, 2020, The Bank’s lending limit was $59.1 million. The contractual amounts of credit-related financial instruments, such as commitments to extend credit and credit-card arrangements, represent the amounts of potential accounting loss should the contract be fully drawn upon, the client defaults, and the value of any existing collateral becomes worthless. |
Condensed Financial Statements
Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements of Parent Company | Note 14 — Condensed Financial Statements of Parent Company Financial information pertaining only to ALTA, on a parent-only basis, is as follows as of and for the years ended December 31: (Dollars in thousands) 2020 2019 Balance Sheets Assets Cash and cash equivalents $ 6,492 $ 4,895 Investment in subsidiaries 364,873 327,178 Other assets 2,216 370 Total assets $ 373,581 $ 332,443 Liabilities and shareholders' equity Due to subsidiaries, net $ 2,371 $ 61 Other liabilities 72 20 Shareholders' equity 371,138 332,362 Total liabilities and shareholders' equity $ 373,581 $ 332,443 Note 14 — Condensed Financial Statements of Parent Company – Continued (Dollars in thousands) 2020 2019 2018 Statements of Income Dividend and other income from subsidiaries $ 15,000 $ 11,400 $ 7,900 Interest and dividends 15 13 6 Total income 15,015 11,413 7,906 Salaries and employee benefits 795 121 283 Other expenses 1,363 775 666 Total expenses 2,158 896 949 Income before income taxes 12,857 10,517 6,957 Income tax benefit 498 208 266 13,355 10,725 7,223 Equity in undistributed net income of subsidiaries 30,147 33,599 33,409 Net income $ 43,502 $ 44,324 $ 40,632 (Dollars in thousands) 2020 2019 2018 Statements of Cash Flows Cash flows from operating activities: Net income $ 43,502 $ 44,324 $ 40,632 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of the Bank (30,147 ) (33,599 ) (33,409 ) Net amortization of securities discounts and premiums - - - Change in other assets and liabilities 514 (487 ) 214 Net change provided by operating activities 13,869 10,238 7,437 Cash flows from investing activities: Purchase of available for sale securities - - - Maturities/sales of available for sale securities - - - Investments in banking subsidiary - - - Net change (used in) provided by investing activities - - - Cash flows from financing activities: Issuance of common shares - - - Exercise of share options 411 596 887 Repurchase common shares (2,140 ) - - Dividends paid (10,543 ) (9,225 ) (7,657 ) Net change (used in) provided by financing activities (12,272 ) (8,629 ) (6,770 ) Net change in cash and cash equivalents 1,597 1,609 667 Cash and cash equivalents, beginning of year 4,895 3,286 2,619 Cash and cash equivalents, end of year $ 6,492 $ 4,895 $ 3,286 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Note 15 — Unaudited Quarterly Financial Data Summarized unaudited quarterly financial data is as follows: Quarters Ended 2020 (Dollars in thousands, except share and per share data) March 31 June 30 September 30 December 31 Net interest income $ 27,221 $ 25,789 $ 25,796 $ 24,912 Provision for credit losses 650 2,100 - - Non-interest income 3,740 6,116 6,117 6,454 Non-interest expense 16,161 16,275 16,869 16,843 Income before income tax expense 14,150 13,530 15,044 14,523 Income tax expense 3,377 3,192 3,704 3,472 Net income $ 10,773 $ 10,338 $ 11,340 $ 11,051 Earnings per common share: Basic $ 0.57 $ 0.55 $ 0.60 $ 0.59 Diluted $ 0.57 $ 0.55 $ 0.60 $ 0.58 Quarters Ended 2019 (Dollars in thousands, except share and per share data) March 31 June 30 September 30 December 31 Net interest income $ 26,907 $ 27,720 $ 28,191 $ 27,100 Provision for credit losses 1,550 2,150 2,100 1,200 Non-interest income 3,337 3,598 4,467 3,779 Non-interest expense 14,916 14,699 16,068 14,589 Income before income tax expense 13,778 14,469 14,490 15,090 Income tax expense 3,273 3,480 3,355 3,395 Net income $ 10,505 $ 10,989 $ 11,135 $ 11,695 Earnings per common share: Basic $ 0.56 $ 0.58 $ 0.59 $ 0.62 Diluted $ 0.55 $ 0.58 $ 0.59 $ 0.61 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Consolidation | Nature of Operations and basis of consolidation — Altabancorp TM TM TM TM TM TM TM TM TM Altabank TM TM TM TM TM The consolidated financial statements of the Company include the accounts of ALTA together with the Bank. All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”), the determination of the fair value of certain financial instruments, the valuation of real estate acquired through foreclosure, deferred income tax assets, and share-based compensation. |
Reclassifications | Reclassifications — Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation. There was no impact on net income or retained earnings as a result of any reclassification. |
Business Combinations | Business Combinations — Business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed, both tangible and intangible, and consideration exchanged are recorded at fair value on the acquisition date. The excess purchase consideration over fair value of net assets acquired is recorded as goodwill. Expenses incurred in connection with a business combination are expensed as incurred. Changes in deferred tax asset valuation allowances related to acquired tax uncertainties are recognized in net income after the measurement period. |
Cash and Cash Equivalents | Cash and cash equivalents — Cash and cash equivalents consist of cash on hand, amounts due from banks, interest bearing deposits, and federal funds sold, all of which have original maturities of three months or less. The Company places its cash with high credit quality institutions. The amounts on deposit fluctuate and, at times, exceed the insured limit by the FDIC, which potentially subjects the Company to credit risk. |
Investment Securities | Investment securities — Investment securities are classified as held to maturity (“HTM”) when the Company has the positive intent and ability to hold the securities to maturity. Investment securities are classified as available for sale (“AFS”) when the Company has the intent of holding the security for an indefinite period of time, but not necessarily to maturity. The Company determines the appropriate classification at the time of purchase, and periodically thereafter. Investment securities classified at HTM are carried at amortized cost. Investment securities classified at AFS are reported at fair value. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Debt securities classified as held to maturity are carried at cost, net of the allowance for credit losses - securities, adjusted for amortization of premiums and discounts to the earliest callable date. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses on debt securities classified as available for sale are excluded from earnings and are reported net of tax as accumulated other comprehensive income (AOCI), a component of shareholders’ equity, until realized. When AFS securities, specifically identified, are sold, the unrealized gain or loss is reclassified from AOCI to non-interest income. Debt securities classified as trading are also measured at fair value. Unrealized holding gains and losses on securities classified as trading are included in earnings. FASB ASC Subtopic 326-30, Financial Instruments—Credit Losses—Available for Sale Debt Securities - Describes the accounting for expected credit losses associated with available for sale debt securities. Credit losses for available for sale debt securities are evaluated as of each reporting date when the fair value is less than amortized cost. FASB ASC Subtopic 326-30 requires credit losses to be calculated individually, rather than collectively, using a discounted cash flow method, through which the Company’s management (“Management”) compares the present value of expected cash flows with the amortized cost basis of the security. An ACL is established, with a charge to the PCL, to reflect the credit loss component of the decline in fair value below amortized cost. If the fair value of the security increases over time, any ACL that has not been written off may be reversed through a credit to the PCL. The ACL for an available for sale debt security is limited by the amount that the fair value is less than the amortized cost, which is referred to as the fair value floor. If the Company intends to sell an available for sale debt security or will more likely than not be required to sell the security before recovery of the amortized cost basis, the security's ACL should be written off and the amortized cost basis of the security should be written down to its fair value at the reporting date with any incremental impairment reported in income. A change during the reporting period in the non-credit component of any decline in fair value below amortized cost on an available for sale debt security is reported in AOCI, net of applicable income taxes. The Company has excluded accrued interest receivable from the amortized cost of the debt securities and from the calculation of current expected credit losses. Note 1 —Summary of Significant Accounting Policies – Continued Each reporting period, Management reviews all debt securities available for sale. If the debt securities are guaranteed by a Federal government agency or Federal government sponsored agency, Management believes that any change in the fair value of such securities is only related to changes in interest rates and no ACL will be recorded. Management reviews the remaining debt securities by evaluating the credit rating provided by NRSRO. If the NRSRO credit rating is investment grade rated or higher, Management believes that any change in the fair value of such securities is related to changes in interest rates and no ACL will be recorded. If any remaining debt securities either have a NRSRO credit rating that is below investment grade or is unrated, Management will determine if an ACL should be recorded by comparing the net present value of expected cash flows with the amortized cost basis of the security with any difference recorded to ACL. |
Non-Marketable Equity Securities | Non-marketable equity securities — Non-marketable equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock. FHLB stock is restricted because such stock may only be sold to FHLB at its par value. Due to the restrictive terms, and the lack of a readily determinable market value, FHLB stock is carried at cost. The investments in FHLB stock are required investments related to the Bank’s borrowings from FHLB. FHLB obtains its funding primarily through issuance of consolidated obligations of the FHLB system. The U.S. government does not guarantee these obligations, and each of the regional FHLBs are jointly and severally liable for repayment of each other’s debt. |
Loans Held for Sale | Loans held for sale —Single-family residential mortgage loans originated with the intent to be sold in the secondary market are considered held for sale. Loans with best effort delivery commitments are carried at the lower of aggregate cost or estimated fair value. Loans under mandatory delivery commitments are carried at fair value in order to match changes in the value of the loans with the value of the economic hedges on the loans. Fair values for loans held for sale are determined by comparing actual loan rates to current secondary market prices for similar loans. Net unrealized losses on loans held for sale that are carried at lower of cost or market are recognized through the valuation allowance by charges to income. Mortgage loans held for sale are generally sold with the mortgage servicing rights. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold. Substantially all of the residential mortgage loans originated are sold to larger financial institutions. |
Loans Held for Investment | Loans held for investment — Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balance adjusted for any charge-offs, the allowance for credit losses, any deferred fees or costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The Company has excluded accrued interest receivable from the amortized cost of loans held for investment and from the calculation of current expected credit losses. Loans are placed on non-accrual status when they become 90 days or more past due or at such earlier time as management determines timely recognition of interest to be in doubt. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions, collection efforts, and the borrower’s financial condition, that the borrower will be unable to make payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received, or payment is considered certain. Loans may be returned to accrual status when all delinquent interest and principal amounts contractually due are brought current and future payments are reasonably assured. |
Troubled Debt Restructurings | Troubled debt restructuring – Expected credit losses on financial assets modified in troubled debt restructurings (“TDRs”) are estimated under the same CECL methodology that is applied to other financial assets measured at amortized cost. Expected credit losses can be evaluated either on a collective basis or on an individual basis if a TDR does not share similar risk characteristics with other financial assets. FASB ASC Topic 326 allows an institution to use any appropriate loss estimation method to estimate ACLs for TDRs. However, there are circumstances when specific measurement methods are required. If a TDR is collateral-dependent, the ACL is estimated using the fair value of collateral. In addition, the expected effect of the modification (e.g. term extension or interest rate concession) will be included in the estimate of the ACLs. Management will determine, support, and document how the Company identifies and estimates the effect of a reasonably expected TDR and how the Company estimates the related ACL. The Company may include the estimated effect of reasonably expected TDRs in its qualitative factor adjustments. The Coronavirus Aid, Relief, and Economic Security Act of 2020 (the CARES Act) and the Consolidated Appropriations Act 2021 (the CAA) provided guidance around the modification of loans as a result of the COVID-19 pandemic, including, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. To qualify as an eligible loan under the CARES Act, a loan modification must be (1) related to COVID-19; (2) involve a loan that was not more than 30 days past due as of December 31, 2019; and (3) occur between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency by the President or (b) December 31, 2020. The CAA extended the relief offered under the CARES Act related to TDRs as a result of COVID-19 through the earlier of January 1, 2022 or 60 days after the end of the national emergency declared by the President. As a result, the Company has not recognized eligible CARES Act loan modifications as TDRs. Additionally, loans qualifying for these modifications are not required to be reported as delinquent, nonaccrual, impaired or criticized solely as a result of loan modification resulting from the economic effects of the COVID-19 pandemic. Modifications include deferral of payments and interest only periods. The Company accrues and recognizes interest income on loans under payment relief based on the original contractual interest rates. When payments resume at the end of the relief period, loans are generally re-amortized with an extended maturity date in order to keep the monthly payment similar to before the COVID deferral occurred. |
Purchased Credit-Deteriorated Assets | Purchased credit-deteriorated assets - ASC Topic 326 introduces the concept of purchased credit-deteriorated (PCD) assets. PCD assets are acquired financial assets that, at acquisition, have experienced more-than-insignificant deterioration in credit quality since origination. PCD assets are recorded at fair value at the time of acquisitions. Subsequently, the amount of expected credit losses as of the acquisition date is added to the carrying value of the PCD assets with an offsetting entry to ACL. Any difference between the unpaid principal balance of the PCD assets and the amortized cost basis of the assets as of the acquisition date is the non-credit discount or premium. The initial ACL and non-credit discount or premium determined on a collective basis at that acquisition date will be allocated to the individual PCD assets. Note 1 —Summary of Significant Accounting Policies – Continued To the extent that Management changes the Company’s estimate of expected credit losses on PCD assets, the Company’s ACL will be increased or decreased with a corresponding entry to PCL. The non-credit discount recorded at acquisition will be accreted into interest income over the remaining life of the PCD assets on a level-yield basis. |
Purchased Assets Not Credit Deteriorated | Purchased assets not credit deteriorated - ASC Topic 326 provides guidance regarding purchased assets that are not credit deteriorated (“Non-PCD”). Non-PCD assets are also recorded at fair value at the time of acquisition, including estimates of current expected credit losses. However, ASB ASC Topic 326 does not allow for expected credit losses as of the acquisition date to be added to the purchase price of Non-PCD assets with an offsetting entry to ACL. Current expected credit losses for Non-PCD loans are to be set aside in ACL with an offsetting entry to PCL. Expected credit losses included in the fair value of a Non-PCD loan are accreted into interest income over the remaining life of a Non-PCD loan on a level-yield basis. |
Allowance for Loan Losses | Allowance for credit losses – Loans – On January 1, 2020, the Company adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU significantly changed the accounting for credit loss measurement on loans and debt securities. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The ACL is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increase or decrease of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. For loans and held to maturity debt securities, the ASU requires a current expected credit loss (“CECL”) measurement to estimate the ACL for the remaining estimated life of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. The ASU eliminated the existing guidance for Purchased Credit Impaired (“PCI”) loans but requires an allowance for purchased financial assets with more than an insignificant deterioration since origination, otherwise known as purchase credit deteriorated (“PCD”) assets. In addition, the ASU modified the other-than-temporary impairment model for available for sale debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on an improvement in credit. Both the Financial Accounting Standards Board (“FASB”) and the Federal Financial Institution Regulatory Agencies, along with the Securities and Exchange Commission, confirmed that smaller, less complex organizations are not required to implement complex models, developed by outside vendors to calculate current expected credit losses. The FASB noted, “There is no expectation that a less complex entity should have to implement a sophisticated model to satisfy the requirements of Update 2016-13. If an entity is using a loss rate-based method today, that entity may be able to continue with a comparable method, including the WARM method. However, compared with the method it uses today to estimate incurred losses, the entity’s assumptions and inputs will need to change to arrive at an estimate for expected credit losses that contemplates the contractual term of the financial assets adjusted for prepayments as well as reasonable and supportable forecasts.” Note 1 —Summary of Significant Accounting Policies – Continued Given the size of the organization, the Company has developed a CECL reserve model that uses the weighted average remaining maturity (“WARM”) methodology, adjusting for prepayments. The foundation of CECL modeling is the ability to estimate expected credit losses over the lifetime of a loan. The Company uses relevant available information about past events (e.g., historical losses) current conditions, and reasonable and supportable forecasts about future conditions. Historical losses serve as the starting point to estimate expected credit losses. The Company determined to use a “through-the-cycle” historical credit loss experience as its baseline for historical credit losses. The Company determined a representative period for a full credit cycle would be from 2008 to 2018 (ten-year credit cycle). The Company has collected historical loss information on its own loan portfolio as well as peer group information by seventeen loan segments over this time horizon. The Company calculated the WARM for seventeen loan segments by using its Asset/Liability Management (“ALM”) models, which has been certified by independent specialists. Management has identified the following loan portfolio segments to evaluate and measure the Company’s allowance for credit losses: Real estate term Construction and land development Commercial and industrial Residential and home equity Consumer and other The Company evaluates macroeconomic information as well as internal trends in credit performance on our loan portfolio to assist in determining current conditions and its economic forecast. The Company uses qualitative factors as defined by the Interagency Policy Statement on the Allowance for Loan and Lease Losses (the “Interagency Policy Statement”). The Interagency Policy Statement clearly defines how to appropriately utilize qualitative factors as follows: “After determining the appropriate historical loss rate for each group of loans with similar risk characteristics, management should consider those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the group’s historical loss experience. Institutions typically reflect the overall effect of these factors on a loan group as an adjustment that, as appropriate, increases or decreases the historical loss rate applied to the loan group. Alternatively, the effect of these factors may be reflected through separate standalone adjustments within the FAS 5 [superseded by ASC Topic 326] component of the ALLL. Both methods are consistent with GAAP provided the adjustments for qualitative or environmental factors are reasonably and consistently determined, are adequately documented, and represent estimated credit losses. For each group of loans, an institution should apply its adjusted historical loss rate, or its historical loss rate and separate standalone adjustments, to the recorded investment in the group when determining its estimated credit losses. Note 1 —Summary of Significant Accounting Policies – Continued Management must exercise significant judgment when evaluating the effect of qualitative factors on the amount of the ALLL because data may not be reasonably available or directly applicable for management to determine the precise impact of a factor on the collectability of the institution’s loan portfolio as of the evaluation date. Accordingly, institutions should support adjustments to historical loss rates and explain how the adjustments reflect current information, events, circumstances, and conditions in the loss measurements. Management should maintain reasonable documentation to support which factors affected the analysis and the impact of those factors on the loss measurement. Support and documentation include descriptions of each factor, management’s analysis of how each factor has changed over time, which loan groups’ loss rates have been adjusted, the amount by which loss estimates have been adjusted for changes in conditions, an explanation of how management estimated the impact, and other available data that supports the reasonableness of the adjustments. Examples of underlying supporting evidence could include, but are not limited to, relevant articles from newspapers and other publications that describe economic events affecting a particular geographic area, economic reports and data, and notes from discussions with borrowers.” The Company considers qualitative or environmental factors that are likely to cause estimated credit losses associated with our existing portfolio to differ from historical loss experience, as defined in the Interagency Guidance, including but not limited to: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. • Changes in the nature and volume of the portfolio and in the terms of loans. • Changes in the experience, ability, and depth of lending management and other relevant staff. • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution’s loan review system. • Changes in the value of underlying collateral for collateral-dependent loans. • The existence and effect of any concentrations of credit, and changes in the level of such concentrations. • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. Charge-offs of loans are generally processed by policy as well as by regulatory guidance. Secured consumer loans, including residential real estate loans, that are 120 days past due, are written down to the fair value of the collateral. Unsecured loans are charged-off once the loan is 120 days past due. Decisions on when to charge-off commercial loans and loans secured by commercial real estate are made on an individual basis rather than length of delinquency, though it is a factor in the decision. The financial resources of the borrower and/or guarantor and the nature and value of any collateral are other factors considered. |
Premises and Equipment | Note 1 —Summary of Significant Accounting Policies – Continued Premises and equipment — Land is carried at cost. Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense is computed using the straight-line method based on the estimated useful lives of the related assets below: Building and building improvements 15 to 40 years Leasehold improvements 3 to 15 years Furniture and equipment 3 to 15 years Computers, software and equipment 3 to 5 years Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance (“BOLI”) — The Bank has purchased life insurance policies. These policies provide protection against the adverse financial effects that could result from the death of a key employee and provide tax-exempt income to offset expenses associated with the plans. It is the Bank’s intent to hold these policies as a long-term investment; however, there may be an income tax impact if the Bank chooses to surrender certain policies. Although the lives of individual current or former management-level employees are insured, the Bank is the owner and sole or partial beneficiary. BOLI is carried at the cash surrender value (“CSV”) of the underlying insurance contract. Changes in the CSV and any death benefits received in excess of the CSV are recognized as non-interest income. |
Goodwill | Goodwill — Goodwill represents the excess of the purchase considerations paid over the fair value of the assets acquired, net of the fair values of liabilities assumed in a business combination and is not amortized but is reviewed annually, or more frequently as current circumstances and conditions warrant, for impairment. An assessment of qualitative factors is completed to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative analysis concludes that further analysis is required, then a quantitative impairment test would be completed. The quantitative goodwill impairment compares the reporting unit's estimated fair values, including goodwill, to its carrying amount. If the carrying amount exceeds its reporting unit’s fair value, then an impairment loss would be recognized as a charge to earnings but is limited by the amount of goodwill allocated to that reporting unit. |
Other Intangible Assets | Other Intangible Assets — Other intangible assets consist primarily of core deposit intangibles (“CDI”), which are amounts recorded in business combinations or deposit purchase transactions related to the value of transaction-related deposits and the value of the client relationships associated with the deposits. Core deposit intangibles are amortized over the estimated useful life of such deposits. These assets are reviewed at least annually for events or circumstances that could affect their recoverability. These events could include loss of the underlying core deposits, increased competition or adverse changes in the economy. To the extent other identifiable intangible assets are deemed unrecoverable; impairment losses are recorded in other non-interest expense to reduce the carrying amount of the assets. |
Mortgage and Other Servicing Rights | Mortgage and Other Servicing Rights — Mortgage and other servicing rights are recognized as separate assets when rights are acquired through purchase of such rights or through the sale of loans. Generally, purchased servicing rights are capitalized at the cost to acquire the rights. For loans sold, the fair value of the servicing rights are estimated and capitalized. Fair value is based on market prices for comparable servicing rights contracts. Capitalized servicing rights are reported in other assets and are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. |
Other Real Estate Owned | Other real estate owned — Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of the carrying amount of the foreclosed loan or the fair value of the foreclosed asset, less costs to sell, at the date of foreclosure. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value, less selling costs. Revenues and expenses from operations and changes in the valuation allowance are included in other real estate owned expense. |
Transfers of Financial Assets | Transfers of financial assets — Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Income Taxes | Income taxes — Deferred income tax assets and deferred income tax liabilities represent the tax effect of temporary differences between financial reporting and tax reporting measured at enacted tax rates in effect for the year in which the differences are expected to reverse. The Company recognizes only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. Developing the provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred income tax assets and liabilities and any estimated valuation allowances deemed necessary to value deferred income tax assets. Judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has no significant uncertain income tax positions in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows. |
Off-Balance-Sheet Credit Related Financial Instruments | Off-balance sheet credit related financial instruments — In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under credit card arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. |
Allowance for Credit Losses - Unfunded Loan Commitments | Allowance for Credit Losses - unfunded loan commitments — An allowance for credit losses - unfunded loan commitments is maintained at a level that, in the opinion of management, is adequate to absorb current expected credit losses associated with the contractual life of the Banks’ commitments to lend funds under existing agreements such as letters or lines of credit. The Banks use a methodology for determining the allowance for credit losses - unfunded loan commitments that applies the same segmentation and loss rate to each pool as the funded exposure adjusted for probability of funding. Draws on unfunded loan commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for credit losses on off-balance sheet exposures. Provisions for credit losses - unfunded loan commitments are recognized in non-interest expense and added to the allowance for credit losses - unfunded loan commitments, which is included in other liabilities in the consolidated statements of financial condition. |
Share Based Compensation Plans | Note 1 —Summary of Significant Accounting Policies – Continued Share-based compensation plans — The fair value of incentive share-based awards is recorded as compensation expense over the vesting period of the award. Compensation expense for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. Compensation expense for RSU’s is based on the fair value of the Company’s common shares at the date of grant. RSU awards generally vest in thirds over three years from date of grant. |
Earnings Per Share | Earnings per share — Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares include shares that may be issued by the Company for outstanding stock options determined using the treasury stock method and for all outstanding RSUs. Earnings per common share have been computed based on the following: Year ended December 31, (Dollars in thousands, except share and share data) 2020 2019 2018 Numerator Net income $ 43,502 $ 44,324 $ 40,632 Denominator Weighted-average number of common shares outstanding 18,821,361 18,822,103 18,679,165 Incremental shares assumed for stock options and RSUs 144,263 194,944 303,356 Weighted-average number of dilutive shares outstanding 18,965,624 19,017,047 18,982,521 Basic earnings per common share $ 2.31 $ 2.35 $ 2.18 Diluted earnings per common share $ 2.29 $ 2.33 $ 2.14 |
Comprehensive Income | Comprehensive income — U.S. GAAP generally requires that recognized revenues, 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, net of the related income tax effect, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. |
Advertising Costs | Advertising costs — Advertising costs are expensed when incurred and totaled $1.6 million in 2020, $1.8 million in 2019, and $1.3 million in 2018. |
Impact of Recent Authoritative Accounting Guidance | Impact of Recent Authoritative Accounting Guidance — The Accounting Standards Codification™ (“ASC”) is the FASB officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Periodically, the FASB will issue Accounting Standard updates (“ASU”) to its ASC. Rules and interpretive releases of the SEC under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. Note 1 —Summary of Significant Accounting Policies – Continued On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020, are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased through an acquisition or business combination. Loans that were previously classified as PCI and accounted for under ASC 310-30 were reclassified as PCD loans. In accordance with the new standard, management did not reassess whether PCI loans met the criteria of PCD loan as of the date of adoption. On January 1, 2020, the amortized cost basis for PCD loans was increased by $1.5 million to reflect the addition of credit discounts to ACL. The remaining noncredit discount will be accreted into interest income over the remaining life of the portfolio. For Non-PCD loans, the Company increased its ACL by $2.6 million using the same methodology used for loans held for investment. The remaining credit and noncredit discount will be accreted into interest income over the remaining life of the portfolio. The Company further increased its ACL by $5.4 million to reflect the change in accounting methodology for CECL. The following table illustrates the impact of the adoption of ASC 326: January 1, 2020 (Dollars in thousands) Reported Under ASC 326 Reported Pre Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses: Commercial real estate loans: Real estate term $ 12,683 $ 12,275 $ 408 Construction and land development 13,393 6,990 6,403 Total commercial real estate 26,076 19,265 6,811 Commercial and industrial 11,541 10,892 649 Consumer loans: Residential and home equity 2,635 1,118 1,517 Consumer and other 640 151 489 Total consumer 3,275 1,269 2,006 Total allowance for credit losses on loans $ 40,892 $ 31,426 $ 9,466 Liabilities and shareholders' equity: Allowance for credit losses - unfunded loan commitments 1,669 880 789 Shareholders' equity 325,682 332,362 (6,680 ) The Company expects greater volatility in its earnings after adoption due to the nature and time horizon used to calculate CECL. In addition, the Company expects a potential negative impact to credit availability and reduced loan terms to borrowers as this ASU is adopted by financial institutions. Lastly, the Company expects a lack of comparability with financial performance to many of its peers as it adopts this ASU, due to delayed adoption for public companies with total assets similar in size to the Company and the recent option to delay implementation. |
Subsequent Events | Subsequent events — The Company has evaluated events occurring subsequent to December 31, 2020 for disclosure in the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Related Assets | Depreciation and amortization expense is computed using the straight-line method based on the estimated useful lives of the related assets below: Building and building improvements 15 to 40 years Leasehold improvements 3 to 15 years Furniture and equipment 3 to 15 years Computers, software and equipment 3 to 5 years |
Schedule of Earnings Per Common Share | Earnings per common share have been computed based on the following: Year ended December 31, (Dollars in thousands, except share and share data) 2020 2019 2018 Numerator Net income $ 43,502 $ 44,324 $ 40,632 Denominator Weighted-average number of common shares outstanding 18,821,361 18,822,103 18,679,165 Incremental shares assumed for stock options and RSUs 144,263 194,944 303,356 Weighted-average number of dilutive shares outstanding 18,965,624 19,017,047 18,982,521 Basic earnings per common share $ 2.31 $ 2.35 $ 2.18 Diluted earnings per common share $ 2.29 $ 2.33 $ 2.14 |
Schedule of Impact of Adoption of ASC 326 | The following table illustrates the impact of the adoption of ASC 326: January 1, 2020 (Dollars in thousands) Reported Under ASC 326 Reported Pre Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses: Commercial real estate loans: Real estate term $ 12,683 $ 12,275 $ 408 Construction and land development 13,393 6,990 6,403 Total commercial real estate 26,076 19,265 6,811 Commercial and industrial 11,541 10,892 649 Consumer loans: Residential and home equity 2,635 1,118 1,517 Consumer and other 640 151 489 Total consumer 3,275 1,269 2,006 Total allowance for credit losses on loans $ 40,892 $ 31,426 $ 9,466 Liabilities and shareholders' equity: Allowance for credit losses - unfunded loan commitments 1,669 880 789 Shareholders' equity 325,682 332,362 (6,680 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Approximate Fair Values of Investment Securities Available for Sale | Amortized cost and approximate fair values of investment securities available for sale are summarized as follows: Gross Unrealized Losses Gross Less Amortized Unrealized Than 12 Months Fair (Dollars in thousands) Cost Gain 12 Months or Longer Value As of December 31, 2020 U.S. Government-sponsored securities $ 12,844 $ 369 $ - $ (8 ) $ 13,205 Municipal securities 36,010 1,277 - - 37,287 Mortgage-backed securities 1,247,581 17,587 (134 ) (8 ) 1,265,026 Corporate securities 5,000 5 - (130 ) 4,875 $ 1,301,435 $ 19,238 $ (134 ) $ (146 ) $ 1,320,393 As of December 31, 2019 U.S. Government-sponsored securities $ 20,957 $ 235 $ - $ (2 ) $ 21,190 Municipal securities 56,252 670 (1 ) (9 ) 56,912 Mortgage-backed securities 321,944 2,188 (481 ) (543 ) 323,108 Corporate securities 5,000 - - (215 ) 4,785 $ 404,153 $ 3,093 $ (482 ) $ (769 ) $ 405,995 |
Summary of Gross Unrealized Losses and Fair Value for Securities Available for Sale | The gross unrealized losses and the fair value for securities available for sale are as follows: December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available for Sale U.S. Government-sponsored securities $ - $ - $ 777 $ (8 ) $ 777 $ (8 ) Municipal securities - - - - - - Mortgage-backed securities 76,978 (134 ) 1,785 (8 ) 78,763 (142 ) Corporate securities - - 2,870 (130 ) 2,870 (130 ) $ 76,978 $ (134 ) $ 5,432 $ (146 ) $ 82,410 $ (280 ) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Available for Sale U.S. Government-sponsored securities $ - $ - $ 5,998 $ (2 ) $ 5,998 $ (2 ) Municipal securities 3,060 (1 ) 1,338 (9 ) 4,398 (10 ) Mortgage-backed securities 115,243 (481 ) 70,383 (543 ) 185,626 (1,024 ) Corporate securities - - 4,785 (215 ) 4,785 (215 ) $ 118,303 $ (482 ) $ 82,504 $ (769 ) $ 200,807 $ (1,251 ) |
Summary of Amortized Cost of Debt Securities Available for Sale Aggregated by Credit Quality Indicator | The following table summarizes the amortized cost of AFS debt securities at December 31, 2020, aggregated by credit quality indicator. Gross Unrealized Losses Less 12 Gross Than Months Amortized Unrealized 12 or Fair (Dollars in thousands) Cost Gains Months Longer Value As of December 31, 2020 U.S. Government-backed securities (1) $ 1,260,425 $ 17,956 $ (134 ) $ (16 ) $ 1,278,231 Investment grade rating 33,063 1,008 - (130 ) 33,941 Below investment grade - - - - - Unrated investment securities 7,947 274 - - 8,221 $ 1,301,435 $ 19,238 $ (134 ) $ (146 ) $ 1,320,393 As of December 31, 2019 U.S. Government-sponsored securities (1) $ 342,901 $ 2,423 $ (481 ) $ (545 ) $ 344,298 Investment grade rating 50,793 544 (1 ) (224 ) 51,112 Below investment grade - - - - - Unrated investment securities 10,459 126 - - 10,585 $ 404,153 $ 3,093 $ (482 ) $ (769 ) $ 405,995 (1) Securities backed by the full faith and credit of the U.S. Government. |
Amortized Cost and Estimated Fair Value of Investment Securities that are Available for Sale by Contractual Maturity | The amortized cost and estimated fair values of investment securities that are available for sale at December 31, 2020, by contractual maturity, are as follows: Available for sale Amortized Fair (Dollars in thousands) Cost Value Securities maturing in: One year or less $ 12,981 $ 13,134 After one year through five years 29,802 30,590 After five years through ten years 35,098 36,257 After ten years 1,223,554 1,240,412 $ 1,301,435 $ 1,320,393 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Loans | Loans are summarized as follows: (Dollars in thousands) 2020 2019 Loans held for investment: Commercial real estate loans: Real estate term $ 1,021,880 $ 948,073 Construction and land development 228,213 273,963 Total commercial real estate loans 1,250,093 1,222,036 Commercial and industrial loans 257,240 284,738 Consumer loans: Residential and home equity 185,470 162,559 Consumer and other 8,948 16,036 Total consumer loans 194,418 178,595 Gross loans held for investment 1,701,751 1,685,369 Less: Net deferred loan fees (6,255 ) (4,451 ) Loans held for investment 1,695,496 1,680,918 Less: allowance for credit losses (41,236 ) (31,426 ) Loans held for investment, net $ 1,654,260 $ 1,649,492 |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses are as follows: Year Ended December 31, 2020 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Impact of adopting ASC 326 408 6,403 649 1,517 489 9,466 Provisions for credit losses 8,029 (2,885 ) (1,170 ) (1,002 ) (222 ) 2,750 Charge-offs (154 ) (73 ) (3,096 ) (2 ) (337 ) (3,662 ) Recoveries 69 97 820 31 239 1,256 Balance at end of year $ 20,627 $ 10,532 $ 8,095 $ 1,662 $ 320 $ 41,236 Year Ended December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 Provisions for credit losses 2,401 (917 ) 5,157 370 (11 ) 7,000 Charge-offs (118 ) (5 ) (2,644 ) (19 ) (360 ) (3,146 ) Recoveries 24 890 1,152 38 223 2,327 Balance at end of year $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Year Ended December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Balance at beginning of year $ 6,706 $ 6,309 $ 4,314 $ 815 $ 159 $ 18,303 Provisions for credit losses 3,414 587 4,464 (170 ) 330 8,625 Charge-offs (294 ) (1 ) (2,801 ) - (369 ) (3,465 ) Recoveries 142 127 1,250 84 179 1,782 Balance at end of year $ 9,968 $ 7,022 $ 7,227 $ 729 $ 299 $ 25,245 |
Summary of Nonaccrual Loans | Non-accrual loans are summarized as follows: (Dollars in thousands) 2020 2019 Non-accrual loans, not troubled debt restructured: Real estate term $ 150 $ 2,416 Construction and land development - 60 Commercial and industrial 922 1,550 Residential and home equity 254 45 Consumer and other - 8 Total non-accrual loans, not troubled debt restructured 1,326 4,079 Troubled debt restructured loans, non-accrual: Real estate term 6,421 2,393 Construction and land development - - Commercial and industrial 1,272 658 Residential and home equity - - Consumer and other - - Total troubled debt restructured loans, non- accrual 7,693 3,051 Total non-accrual loans $ 9,019 $ 7,130 |
Summary of Troubled Debt Restructured Loans | Troubled debt restructured (“TDR”) loans are summarized as follows: (Dollars in thousands) 2020 2019 Accruing troubled debt restructured loans $ 2,774 $ 25,346 Non-accrual troubled debt restructured loans 7,693 3,051 Total troubled debt restructured loans $ 10,467 $ 28,397 The below tables summarize TDRs by year of occurrence and type of modification: Year Ended December 31, 2020 # of $ of # of Non- $ of Non- # of $ of Accruing Accruing accrual accrual Total Total (Dollars in thousands) TDR TDR TDR TDR TDR TDR 2020 3 $ 587 - $ - 3 $ 587 2019 4 2,083 7 6,485 11 8,568 2018 - - 2 1,208 2 1,208 2017 - - - - - - Thereafter 1 104 - - 1 104 Total 8 $ 2,774 9 $ 7,693 17 $ 10,467 Year Ended December 31, 2020 # of $ of # of Non- $ of Non- # of $ of Accruing Accruing accrual accrual Total Total (Dollars in thousands) TDR TDR TDR TDR TDR TDR Interest rate reduction 1 $ 104 - $ - 1 $ 104 Loan payment deferment 3 776 5 4,881 8 5,657 Loan re-amortization 2 38 2 1,207 4 1,245 Loan extension 2 1,856 2 1,605 4 3,461 Total 8 $ 2,774 9 $ 7,693 17 $ 10,467 |
Summary of Changes in Troubled Debt Restructured Loans | The following tables present TDRs that occurred during the periods presented and the TDRs for which the payment default occurred within twelve months of the restructure date. A default on a restructured loan results in a transfer to nonaccrual status, a charge-off or a combination of both. Year Ended December 31, 2020 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 2 - 1 - - 3 Pre-modification balance $ 583 $ - $ 12 $ - $ - $ 595 Post-modification balance $ 583 $ - $ 12 $ - $ - $ 595 TDRs that subsequently defaulted Number of loans 1 - - - - 1 Pre-modification balance $ 113 $ - $ - $ - $ - $ 113 Year Ended December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 9 1 32 5 - 47 Pre-modification balance $ 6,846 $ 4,075 $ 12,683 $ 1,647 $ - $ 25,251 Post-modification balance $ 6,846 $ 4,075 $ 12,683 $ 1,647 $ - $ 25,251 TDRs that subsequently defaulted Number of loans 1 - 1 - - 2 Pre-modification balance $ 1,094 $ - $ 18 $ - $ - $ 1,112 Year Ended December 31, 2018 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total TDRs that occurred during the period (1) (2) Number of loans 4 - 6 1 - 11 Pre-modification balance $ 3,434 $ - $ 1,460 $ 532 $ - $ 5,426 Post-modification balance $ 3,434 $ - $ 1,460 $ 532 $ - $ 5,426 TDRs that subsequently defaulted Number of loans 2 - 3 - - 5 Pre-modification balance $ 1,449 $ - $ 150 $ - $ - $ 1,599 (1) |
Summary of Current and Past Due Loans Held For Investment (Accruing And Non-Accruing) | Current and past due loans held for investment (accruing and non-accruing) are summarized as follows: December 31, 2020 30-89 90+ Days Days Non- Total Total (Dollars in thousands) Current Past Due Past Due accrual Past Due Loans Commercial real estate: Real estate term $ 1,013,914 $ 1,395 $ - $ 6,571 $ 7,966 $ 1,021,880 Construction and land development 227,054 1,159 - - 1,159 228,213 Total commercial real estate 1,240,968 2,554 - 6,571 9,125 1,250,093 Commercial and industrial 253,833 1,170 43 2,194 3,407 257,240 Consumer: Residential and home equity 184,566 650 - 254 904 185,470 Consumer and other 8,703 243 2 - 245 8,948 Total consumer 193,269 893 2 254 1,149 194,418 Total gross loans $ 1,688,070 $ 4,617 $ 45 $ 9,019 $ 13,681 $ 1,701,751 December 31, 2019 30-89 90+ Days Days Non- Total Total (Dollars in thousands) Current Past Due Past Due accrual Past Due PCD Loans Commercial real estate: Real estate term $ 942,370 $ 534 $ - $ 4,809 $ 5,343 $ 360 $ 948,073 Construction and land development 273,268 570 - 60 630 65 273,963 Total commercial real estate 1,215,638 1,104 - 4,869 5,973 425 1,222,036 Commercial and industrial 279,072 403 - 2,208 2,611 3,055 284,738 Consumer: Residential and home equity 162,360 154 - 45 199 - 162,559 Consumer and other 15,727 298 3 8 309 - 16,036 Total consumer 178,087 452 3 53 508 - 178,595 Total gross loans $ 1,672,797 $ 1,959 $ 3 $ 7,130 $ 9,092 $ 3,480 $ 1,685,369 |
Summary of Outstanding Loan Balances Categorized by Credit Quality Indicators | Outstanding loan balances (accruing and non-accruing) categorized by these credit quality indicators are summarized as follows: December 31, 2020 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 978,945 $ 17,248 $ 25,687 $ - $ 1,021,880 $ 20,627 Construction and land development 224,066 3,785 362 - 228,213 10,532 Total commercial real estate 1,203,011 21,033 26,049 - 1,250,093 31,159 Commercial and industrial 247,983 4,348 4,020 889 257,240 8,095 Consumer loans: Residential and home equity 183,306 - 2,164 - 185,470 1,662 Consumer and other 8,948 - - - 8,948 320 Total consumer 192,254 - 2,164 - 194,418 1,982 Total $ 1,643,248 $ 25,381 $ 32,233 $ 889 $ 1,701,751 $ 41,236 December 31, 2019 Special Total Total (Dollars in thousands) Pass Mention Substandard Doubtful Loans Allowance Commercial real estate: Real estate term $ 901,353 $ 23,202 $ 23,518 $ - $ 948,073 $ 12,275 Construction and land development 259,245 10,182 4,536 - 273,963 6,990 Total commercial real estate 1,160,598 33,384 28,054 - 1,222,036 19,265 Commercial and industrial 259,035 6,629 19,074 - 284,738 10,892 Consumer loans: Residential and home equity 158,364 204 3,991 - 162,559 1,118 Consumer and other 16,034 - 2 - 16,036 151 Total consumer 174,398 204 3,993 - 178,595 1,269 Total $ 1,594,031 $ 40,217 $ 51,121 $ - $ 1,685,369 $ 31,426 The following table represents outstanding loan balances by credit quality indicators and vintage year by class of financing receivable as of December 31, 2020: Year Ended December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Total Loans held for investment: Commercial real estate: Real estate term Risk rating Pass $ 252,453 $ 123,040 $ 83,532 $ 86,815 $ 49,975 $ 200,943 $ 182,187 $ 978,945 Special mention - 2,396 2,131 - - - 12,721 17,248 Substandard 1,285 3,635 407 - 752 5,744 13,864 25,687 Doubtful - - - - - - - - Total real estate term loans $ 253,738 $ 129,071 $ 86,070 $ 86,815 $ 50,727 $ 206,687 $ 208,772 $ 1,021,880 Construction and land development Risk rating Pass $ 11,397 $ 5,511 $ 6,264 $ 1,446 $ 1,372 $ 9,199 $ 188,877 $ 224,066 Special mention - - - - - - 3,785 3,785 Substandard - - - - - - 362 362 Doubtful - - - - - - - - Total construction and land development loans $ 11,397 $ 5,511 $ 6,264 $ 1,446 $ 1,372 $ 9,199 $ 193,024 $ 228,213 Total commercial real estate loans $ 265,135 $ 134,582 $ 92,334 $ 88,261 $ 52,099 $ 215,886 $ 401,796 $ 1,250,093 Commercial and industrial Risk rating Pass $ 82,684 $ 25,250 $ 27,132 $ 18,498 $ 8,165 $ 42,471 $ 43,783 $ 247,983 Special mention 32 - 1,692 552 769 124 1,179 4,348 Substandard - 1,157 425 403 - 1,414 621 4,020 Doubtful - - - - - - 889 889 Total commercial and industrial loans $ 82,716 $ 26,407 $ 29,249 $ 19,453 $ 8,934 $ 44,009 $ 46,472 $ 257,240 Consumer: Residential real estate Risk rating Pass $ 80,279 $ 23,212 $ 18,772 $ 15,700 $ 9,870 $ 29,634 $ 5,839 $ 183,306 Special mention - - - - - - - - Substandard - - 638 - 381 1,145 - 2,164 Doubtful - - - - - - - - Total residential real estate loans $ 80,279 $ 23,212 $ 19,410 $ 15,700 $ 10,251 $ 30,779 $ 5,839 $ 185,470 Consumer and other Risk rating Pass $ 3,912 $ 1,957 $ 1,358 $ 637 $ 192 $ 890 $ 2 $ 8,948 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total consumer and other loans $ 3,912 $ 1,957 $ 1,358 $ 637 $ 192 $ 890 $ 2 $ 8,948 Total consumer loans $ 84,191 $ 25,169 $ 20,768 $ 16,337 $ 10,443 $ 31,669 $ 5,841 $ 194,418 Total gross loans $ 432,042 $ 186,158 $ 142,351 $ 124,051 $ 71,476 $ 291,564 $ 454,109 $ 1,701,751 |
Summary of Amortized Cost Basis of Collateral Dependent Loans | The following table provides amortized cost basis less government guarantees of $8.8 million for collateral dependent loans as of December 31, 2020: Year Ended December 31, 2020 Real Accounts (Dollars in thousands) Estate Receivable Equipment Livestock Auto Total Commercial real estate: Real estate term $ 4,118 $ - $ - $ - $ - $ 4,118 Construction and land development 362 - - - - 362 Total commercial real estate 4,480 - - - - 4,480 Commercial and industrial - 1,165 - - 43 1,208 Consumer: Residential and home equity 216 - - - - 216 Consumer and other - - - - - - Total consumer 216 - - - - 216 Total collateral dependent loans $ 4,696 $ 1,165 $ - $ - $ 43 $ 5,904 |
Summary of Information on Individually Evaluated Loans | The ACL and outstanding loan balances reviewed according to the Company’s estimated credit loss methods were summarized as follows: December 31, 2019 Real Construction Commercial Residential Consumer Estate and Land and and Home and (Dollars in thousands) Term Development Industrial Equity Other Total Allowance for credit losses: Individually evaluated for impairment $ 825 $ 1,305 $ 4,901 $ 401 $ - $ 7,432 Collectively evaluated for impairment 11,255 5,669 5,991 717 151 23,783 PCD loans 195 16 - - - 211 Total $ 12,275 $ 6,990 $ 10,892 $ 1,118 $ 151 $ 31,426 Outstanding loan balances: Individually evaluated for impairment $ 18,305 $ 4,474 $ 14,467 $ 3,701 $ - $ 40,947 Collectively evaluated for impairment 929,408 269,424 267,216 158,858 16,036 1,640,942 PCD loans 360 65 3,055 - - 3,480 Total gross loans $ 948,073 $ 273,963 $ 284,738 $ 162,559 $ 16,036 $ 1,685,369 Information on individually evaluated loans was summarized as follows: December 31, 2019 Recorded Investment Unpaid Total Principal With No With Recorded Related (Dollars in thousands) Balance Allowance Allowance Investment Allowance Commercial real estate: Real estate term $ 18,305 $ 11,684 $ 6,621 $ 18,305 $ 825 Construction and land development 4,474 121 4,353 4,474 1,305 Total commercial real estate 22,779 11,805 10,974 22,779 2,130 Commercial and industrial 14,467 2,591 11,876 14,467 4,901 Consumer loans: Residential and home equity 3,701 3,194 507 3,701 401 Consumer and other - - - - - Total consumer 3,701 3,194 507 3,701 401 Total $ 40,947 $ 17,590 $ 23,357 $ 40,947 $ 7,432 Interest income recognized on the average recorded investment of individually evaluated loans was as follows: Year Ended December 31, 2019 2018 Average Interest Average Interest Recorded Income Recorded Income (Dollars in thousands) Investment Recognition Investment Recognition Commercial real estate: Real estate term $ 14,516 $ 747 $ 8,027 $ 332 Construction and land development 3,668 274 1,499 106 Total commercial real estate 18,184 1,021 9,526 438 Commercial and industrial 12,496 780 8,049 426 Consumer loans: Residential and home equity 3,458 197 2,409 118 Consumer and other - - - - Total consumer 3,458 197 2,409 118 Total $ 34,138 $ 1,998 $ 19,984 $ 982 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are summarized as follows as of December 31: (Dollars in thousands) 2020 2019 Land and buildings $ 46,850 $ 45,426 Equipment, furniture, and software 27,821 27,691 74,671 73,117 Accumulated depreciation and amortization (37,291 ) (33,643 ) $ 37,380 $ 39,474 |
Schedule of Future Minimum Rental Commitments Required under Operating Leases That have Initial or Remaining Non-cancelable Lease Terms in Excess of One Year | The total future minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2020 are as follows: (Dollars in thousands) Amount 2021 $ 712 2022 655 2023 397 2024 72 2025 and beyond - $ 1,836 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Summary of Deposit Account Balances | Deposit account balances are summarized as follows as of December 31: (Dollars in thousands) 2020 2019 Non-interest bearing $ 1,039,844 $ 719,410 Interest bearing deposits: Interest bearing demand and savings 1,095,201 846,199 Money market accounts 617,010 324,565 Certificates of deposit less than or equal to $250,000 120,329 131,882 Certificates of deposit greater than $250,000 43,924 34,311 Total interest bearing deposits 1,876,464 1,336,957 Total deposits $ 2,916,308 $ 2,056,367 |
Scheduled Maturities for Certificates of Deposit | Scheduled maturities for certificates of deposit are as follows for the years ending December 31: (Dollars in thousands) Amount 2021 $ 84,714 2022 32,930 2023 18,247 2024 13,374 2025 and beyond 14,988 $ 164,253 |
Short-term Borrowings (Tables)
Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term borrowings and Information Concerning Short-term Borrowings | Information concerning short-term borrowings consist of the following as of December 31: (Dollars in thousands) 2020 2019 2018 Security repurchase agreements: Average daily balance $ - $ - $ - Weighted average rate 0.00 % 0.00 % 0.00 % Highest month-end balance $ - $ - $ - Year-end balance $ - $ - $ - Weighted average rate on outstanding at year-end 0.00 % 0.00 % 0.00 % Other short-term borrowings: Average daily balance $ 46,305 $ 2,419 $ 71,880 Weighted average rate 0.34 % 2.63 % 1.98 % Highest month-end balance $ 83,448 $ - $ 145,000 Year-end balance $ 64,554 $ - $ - Weighted average rate on outstanding at year-end 0.25 % 0.00 % 0.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows for the year ended December 31: (Dollars in thousands) 2020 2019 2018 Current: Federal $ 10,835 $ 10,685 $ 11,167 State 2,747 2,852 2,904 13,582 13,537 14,071 Deferred: Federal 221 (26 ) (1,662 ) State (58 ) (8 ) (355 ) Deferred 163 (34 ) (2,017 ) Income tax expense $ 13,745 $ 13,503 $ 12,054 |
Summary of Combined Federal and State Income Tax Expense Differs from Federal Statutory Corporate Tax Rate | The combined federal and state income tax expense differs from that computed at the federal statutory corporate tax rate as follows: 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax rate change 0.0 % 0.0 % (0.5 )% State taxes, net of federal income tax benefit 3.8 % 3.8 % 3.7 % Tax-exempt interest and income (0.5 )% (0.8 )% (0.8 )% Share-based compensation expense (0.1 )% (0.3 )% (0.4 )% Other, net (0.2 )% (0.4 )% (0.1 )% Effective tax rate 24.0 % 23.3 % 22.9 % |
Summary of Components of Net Deferred Income Tax Assets | The nature and components of the Company’s net deferred income tax assets are as follows as of December 31: (Dollars in thousands) 2020 2019 Deferred income tax assets: Allowance for loan losses $ 10,418 $ 8,412 Deferred loan fees and costs 1,808 1,635 Fair value adjustments on certificates of deposit 64 100 Deferred compensation 421 419 State income taxes 590 599 Other 941 612 14,242 11,777 Deferred income tax liabilities: FHLB dividends 166 166 Mortgage servicing rights 281 172 Unrealized gain on securities 4,740 461 Basis difference in premises, equipment and other assets 1,666 1,262 6,853 2,061 Net deferred income tax assets $ 7,389 $ 9,716 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Off-balance Sheet Financial Instruments | Contractual amounts of off-balance sheet financial instruments were as follows: (Dollars in thousands) 2020 2019 Commitments to extend credit, including unsecured commitments of $12,039 and $32,995 as of December 31, 2020 and 2019, respectively $ 656,914 $ 632,577 Stand-by letters of credit and bond commitments, including unsecured commitments of $727 and $555 as of December 31, 2020 and 2019, respectively 26,036 23,860 Unused credit card lines, all unsecured 29,111 26,121 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Actual and Required Capital Amounts and Ratios | The Company’s actual and required capital amounts and ratios are as follows: December 31, 2020 Minimum Capital Well Capitalized Actual Requirement Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Consolidated CET1 Capital to Risk-Weighted Assets $ 329,049 17.91 % $ 82,679 4.50 % $ 119,426 6.50 % Tier 1 Capital to Risk-Weighted Assets 329,049 17.91 % 110,239 6.00 % 146,985 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 352,266 19.17 % 146,985 8.00 % 183,732 10.00 % Tier 1 Leverage 329,049 10.47 % 125,681 4.00 % NA NA Altabank TM CET1 Capital to Risk-Weighted Assets $ 322,783 17.59 % $ 82,578 4.50 % $ 119,280 6.50 % Tier 1 Capital to Risk-Weighted Assets 322,783 17.59 % 110,104 6.00 % 146,806 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 345,973 18.85 % 146,806 8.00 % 183,507 10.00 % Tier 1 Leverage 322,783 10.18 % 126,795 4.00 % 158,493 5.00 % December 31, 2019 Minimum Capital Well Capitalized Actual Requirement Requirement (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Consolidated CET1 Capital to Risk-Weighted Assets $ 302,291 17.18 % $ 79,193 4.50 % $ 114,390 6.50 % Tier 1 Capital to Risk-Weighted Assets 302,291 17.18 % 105,590 6.00 % 140,787 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 324,415 18.43 % 140,787 8.00 % 175,984 10.00 % Tier 1 Leverage 302,291 12.67 % 95,431 4.00 % NA NA Altabank TM CET1 Capital to Risk-Weighted Assets $ 297,108 16.88 % $ 79,191 4.50 % $ 114,387 6.50 % Tier 1 Capital to Risk-Weighted Assets 297,108 16.88 % 105,588 6.00 % 140,784 8.00 % Total Risk-Based Capital to Risk-Weighted Assets 319,233 18.14 % 140,784 8.00 % 175,981 10.00 % Tier 1 Leverage 297,108 12.45 % 95,429 4.00 % 119,286 5.00 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Summary of Dividends Per Share Declared and Paid | The following table summarizes dividends per share declared and paid per quarter for the periods indicated: Years Ended December 31, 2020 2019 First quarter $ 0.14 $ 0.11 Second quarter 0.14 0.12 Third quarter 0.13 0.13 Fourth quarter 0.15 0.13 Total $ 0.56 $ 0.49 |
Incentive Share-Based Plan an_2
Incentive Share-Based Plan and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Option Transactions | Share-based option transactions are summarized as follows: Weighted- Options Weighted Average Granted Average Remaining Aggregate for Common Exercise Contractual Intrinsic (Dollars in thousands, except share and per share data) Shares Price Term Value Outstanding at January 1, 2018 544,713 $ 10.14 Granted 33,382 32.31 Exercised (218,928 ) 8.45 Forfeited (8,524 ) 7.61 Outstanding at December 31, 2018 350,643 13.38 Granted 545 27.53 Exercised (139,598 ) 9.05 Forfeited - - Outstanding at December 31, 2019 211,590 16.27 Granted - - Exercised (59,664 ) 11.70 Forfeited (16,378 ) 15.68 Outstanding at December 31, 2020 135,548 18.35 1.96 $ 1,298 Exercisable at December 31, 2020 126,387 17.41 2.26 1,328 Exercisable at December 31, 2019 190,514 14.59 2.54 2,965 |
Summary of Restricted Stock Unit | Restricted stock unit transactions are summarized as follows: Options Weighted Granted Average for Common Grant Date (Dollars in thousands, except share and per share data) Shares Fair Value Non-vested at January 1, 2018 39,576 $ 24.02 Granted 32,853 31.09 Vested (28,420 ) 32.06 Forfeited (1,565 ) 30.66 Non-vested at December 31, 2018 42,444 30.00 Granted 41,709 29.87 Vested (24,980 ) 25.96 Forfeited (5,124 ) 30.25 Non-vested at December 31, 2019 54,049 29.98 Granted 56,160 28.87 Vested (29,462 ) 22.77 Forfeited (5,096 ) 30.23 Non-vested at December 31, 2020 75,651 29.24 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Instruments | Note 12 — Fair Value – Continued The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019: 2020 2019 Carrying Estimated Carrying Estimated (Dollars in thousands) Level Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents 1 $ 239,874 $ 239,874 $ 211,981 $ 211,981 Investment securities available for sale 2 1,312,172 1,312,172 395,410 395,410 Investment securities available for sale 3 8,221 8,221 10,585 10,585 Non-marketable securities 2 2,890 2,890 2,623 2,623 Loans held for sale 2 14,152 14,152 18,669 18,669 Loans held for investment, net 3 1,654,260 1,618,743 1,649,492 1,639,480 Financial Liabilities: Total deposits 2 $ 2,916,308 $ 2,751,715 $ 2,056,367 $ 1,851,954 |
Summary of Asset Measured on Recurring and Non-recurring Basic at Fair Value | Assets measured on a recurring and non-recurring basis are as follows: (Dollars in thousands) Level 1 Level 2 Level 3 Total As of December 31, 2020 Fair valued on a recurring basis: Investment securities available for sale $ - $ 1,312,172 $ 8,221 $ 1,320,393 Fair valued on a non-recurring basis: Individually evaluated loans - - 1,804 1,804 As of December 31, 2019 Fair valued on a recurring basis: Investment securities available for sale $ - $ 395,410 $ 10,585 $ 405,995 Fair valued on a non-recurring basis: Individually evaluated loans - - 17,497 17,497 |
Condensed Financial Statement_2
Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Financial information pertaining only to ALTA, on a parent-only basis, is as follows as of and for the years ended December 31: (Dollars in thousands) 2020 2019 Balance Sheets Assets Cash and cash equivalents $ 6,492 $ 4,895 Investment in subsidiaries 364,873 327,178 Other assets 2,216 370 Total assets $ 373,581 $ 332,443 Liabilities and shareholders' equity Due to subsidiaries, net $ 2,371 $ 61 Other liabilities 72 20 Shareholders' equity 371,138 332,362 Total liabilities and shareholders' equity $ 373,581 $ 332,443 |
Statements of Income | (Dollars in thousands) 2020 2019 2018 Statements of Income Dividend and other income from subsidiaries $ 15,000 $ 11,400 $ 7,900 Interest and dividends 15 13 6 Total income 15,015 11,413 7,906 Salaries and employee benefits 795 121 283 Other expenses 1,363 775 666 Total expenses 2,158 896 949 Income before income taxes 12,857 10,517 6,957 Income tax benefit 498 208 266 13,355 10,725 7,223 Equity in undistributed net income of subsidiaries 30,147 33,599 33,409 Net income $ 43,502 $ 44,324 $ 40,632 |
Statements of Cash Flows | (Dollars in thousands) 2020 2019 2018 Statements of Cash Flows Cash flows from operating activities: Net income $ 43,502 $ 44,324 $ 40,632 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of the Bank (30,147 ) (33,599 ) (33,409 ) Net amortization of securities discounts and premiums - - - Change in other assets and liabilities 514 (487 ) 214 Net change provided by operating activities 13,869 10,238 7,437 Cash flows from investing activities: Purchase of available for sale securities - - - Maturities/sales of available for sale securities - - - Investments in banking subsidiary - - - Net change (used in) provided by investing activities - - - Cash flows from financing activities: Issuance of common shares - - - Exercise of share options 411 596 887 Repurchase common shares (2,140 ) - - Dividends paid (10,543 ) (9,225 ) (7,657 ) Net change (used in) provided by financing activities (12,272 ) (8,629 ) (6,770 ) Net change in cash and cash equivalents 1,597 1,609 667 Cash and cash equivalents, beginning of year 4,895 3,286 2,619 Cash and cash equivalents, end of year $ 6,492 $ 4,895 $ 3,286 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Financial Data | Summarized unaudited quarterly financial data is as follows: Quarters Ended 2020 (Dollars in thousands, except share and per share data) March 31 June 30 September 30 December 31 Net interest income $ 27,221 $ 25,789 $ 25,796 $ 24,912 Provision for credit losses 650 2,100 - - Non-interest income 3,740 6,116 6,117 6,454 Non-interest expense 16,161 16,275 16,869 16,843 Income before income tax expense 14,150 13,530 15,044 14,523 Income tax expense 3,377 3,192 3,704 3,472 Net income $ 10,773 $ 10,338 $ 11,340 $ 11,051 Earnings per common share: Basic $ 0.57 $ 0.55 $ 0.60 $ 0.59 Diluted $ 0.57 $ 0.55 $ 0.60 $ 0.58 Quarters Ended 2019 (Dollars in thousands, except share and per share data) March 31 June 30 September 30 December 31 Net interest income $ 26,907 $ 27,720 $ 28,191 $ 27,100 Provision for credit losses 1,550 2,150 2,100 1,200 Non-interest income 3,337 3,598 4,467 3,779 Non-interest expense 14,916 14,699 16,068 14,589 Income before income tax expense 13,778 14,469 14,490 15,090 Income tax expense 3,273 3,480 3,355 3,395 Net income $ 10,505 $ 10,989 $ 11,135 $ 11,695 Earnings per common share: Basic $ 0.56 $ 0.58 $ 0.59 $ 0.62 Diluted $ 0.55 $ 0.58 $ 0.59 $ 0.61 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Branch | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||
Advertising cost | $ 1.6 | $ 1.8 | $ 1.3 |
ASU 2016-13 | |||
Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
Increase in amortized cost basis for PCD loans | $ 1.5 | ||
Increase in allowance for credit losses for Non-PCD loans | 2.6 | ||
Increase in allowance for credit losses to reflect change in accounting methodology | $ 5.4 | ||
RSU | |||
Significant Accounting Policies [Line Items] | |||
Vesting period | 3 years | ||
Vesting period, description | RSU awards generally vest in thirds over three years from date of grant. | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Threshold period past due for loans placed on non-accrual status | 90 days | ||
People's Intermountain Bank | |||
Significant Accounting Policies [Line Items] | |||
Number of retail branches | Branch | 25 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building and Building Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Building and Building Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 40 years |
Leasehold Improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Leasehold Improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 15 years |
Computers Software and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Computers Software and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Net income | $ 11,051 | $ 11,340 | $ 10,338 | $ 10,773 | $ 11,695 | $ 11,135 | $ 10,989 | $ 10,505 | $ 43,502 | $ 44,324 | $ 40,632 |
Denominator | |||||||||||
Weighted-average number of common shares outstanding | 18,821,361 | 18,822,103 | 18,679,165 | ||||||||
Incremental shares assumed for stock options and RSUs | 144,263 | 194,944 | 303,356 | ||||||||
Weighted-average number of dilutive shares outstanding | 18,965,624 | 19,017,047 | 18,982,521 | ||||||||
Basic earnings per common share | $ 0.59 | $ 0.60 | $ 0.55 | $ 0.57 | $ 0.62 | $ 0.59 | $ 0.58 | $ 0.56 | $ 2.31 | $ 2.35 | $ 2.18 |
Diluted earnings per common share | $ 0.58 | $ 0.60 | $ 0.55 | $ 0.57 | $ 0.61 | $ 0.59 | $ 0.58 | $ 0.55 | $ 2.29 | $ 2.33 | $ 2.14 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Impact of Adoption of ASC 326 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||||
Allowance for credit losses | $ 41,236 | $ 31,426 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Shareholders' equity | 371,138 | 332,362 | $ 290,162 | $ 257,418 | |
Real Estate Term | |||||
ASSETS | |||||
Allowance for credit losses | 12,275 | ||||
Construction and Land Development | |||||
ASSETS | |||||
Allowance for credit losses | 6,990 | ||||
Residential and Home Equity | |||||
ASSETS | |||||
Allowance for credit losses | 1,118 | ||||
Consumer and Other | |||||
ASSETS | |||||
Allowance for credit losses | 151 | ||||
ASU 2016-13 | |||||
ASSETS | |||||
Allowance for credit losses | $ 40,892 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Allowance for credit losses - unfunded loan commitments | 1,669 | ||||
Shareholders' equity | 325,682 | ||||
ASU 2016-13 | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 31,426 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Allowance for credit losses - unfunded loan commitments | 880 | ||||
Shareholders' equity | 332,362 | ||||
ASU 2016-13 | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 9,466 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Allowance for credit losses - unfunded loan commitments | 789 | ||||
Shareholders' equity | (6,680) | ||||
Commercial Real Estate | |||||
ASSETS | |||||
Allowance for credit losses | 31,159 | 19,265 | |||
Commercial Real Estate | Real Estate Term | |||||
ASSETS | |||||
Allowance for credit losses | 20,627 | 12,275 | |||
Commercial Real Estate | Construction and Land Development | |||||
ASSETS | |||||
Allowance for credit losses | 10,532 | 6,990 | |||
Commercial Real Estate | ASU 2016-13 | |||||
ASSETS | |||||
Allowance for credit losses | 26,076 | ||||
Commercial Real Estate | ASU 2016-13 | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 19,265 | ||||
Commercial Real Estate | ASU 2016-13 | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 6,811 | ||||
Commercial Real Estate | ASU 2016-13 | Real Estate Term | |||||
ASSETS | |||||
Allowance for credit losses | 12,683 | ||||
Commercial Real Estate | ASU 2016-13 | Real Estate Term | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 12,275 | ||||
Commercial Real Estate | ASU 2016-13 | Real Estate Term | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 408 | ||||
Commercial Real Estate | ASU 2016-13 | Construction and Land Development | |||||
ASSETS | |||||
Allowance for credit losses | 13,393 | ||||
Commercial Real Estate | ASU 2016-13 | Construction and Land Development | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 6,990 | ||||
Commercial Real Estate | ASU 2016-13 | Construction and Land Development | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 6,403 | ||||
Commercial and Industrial | |||||
ASSETS | |||||
Allowance for credit losses | 8,095 | 10,892 | |||
Commercial and Industrial | ASU 2016-13 | |||||
ASSETS | |||||
Allowance for credit losses | 11,541 | ||||
Commercial and Industrial | ASU 2016-13 | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 10,892 | ||||
Commercial and Industrial | ASU 2016-13 | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 649 | ||||
Consumer | |||||
ASSETS | |||||
Allowance for credit losses | 1,982 | 1,269 | |||
Consumer | Residential and Home Equity | |||||
ASSETS | |||||
Allowance for credit losses | 1,662 | 1,118 | |||
Consumer | Consumer and Other | |||||
ASSETS | |||||
Allowance for credit losses | $ 320 | $ 151 | |||
Consumer | ASU 2016-13 | |||||
ASSETS | |||||
Allowance for credit losses | 3,275 | ||||
Consumer | ASU 2016-13 | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 1,269 | ||||
Consumer | ASU 2016-13 | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 2,006 | ||||
Consumer | ASU 2016-13 | Residential and Home Equity | |||||
ASSETS | |||||
Allowance for credit losses | 2,635 | ||||
Consumer | ASU 2016-13 | Residential and Home Equity | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 1,118 | ||||
Consumer | ASU 2016-13 | Residential and Home Equity | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 1,517 | ||||
Consumer | ASU 2016-13 | Consumer and Other | |||||
ASSETS | |||||
Allowance for credit losses | 640 | ||||
Consumer | ASU 2016-13 | Consumer and Other | Reported Pre Adoption | |||||
ASSETS | |||||
Allowance for credit losses | 151 | ||||
Consumer | ASU 2016-13 | Consumer and Other | Impact of ASC 326 Adoption | |||||
ASSETS | |||||
Allowance for credit losses | $ 489 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Approximate Fair Values of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | $ 1,301,435 | $ 404,153 |
Available for Sale, Gross Unrealized Gains | 19,238 | 3,093 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (134) | (482) |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (146) | (769) |
Available for Sale, Fair Value | 1,320,393 | 405,995 |
U.S. Government Sponsored Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 12,844 | 20,957 |
Available for Sale, Gross Unrealized Gains | 369 | 235 |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (8) | (2) |
Available for Sale, Fair Value | 13,205 | 21,190 |
Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 1,247,581 | 321,944 |
Available for Sale, Gross Unrealized Gains | 17,587 | 2,188 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (134) | (481) |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (8) | (543) |
Available for Sale, Fair Value | 1,265,026 | 323,108 |
Municipal Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 36,010 | 56,252 |
Available for Sale, Gross Unrealized Gains | 1,277 | 670 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (1) | |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (9) | |
Available for Sale, Fair Value | 37,287 | 56,912 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 5,000 | 5,000 |
Available for Sale, Gross Unrealized Gains | 5 | |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (130) | (215) |
Available for Sale, Fair Value | $ 4,875 | $ 4,785 |
Investment Securities - Summa_2
Investment Securities - Summary of Gross Unrealized Losses and Fair Value for Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | $ 76,978 | $ 118,303 |
Available for Sale, 12 Months or More, Fair Value | 5,432 | 82,504 |
Available for Sale, Fair Value, Total | 82,410 | 200,807 |
Available for Sale, Less Than 12 Months, Unrealized Losses | (134) | (482) |
Available for Sale, 12 Months or More, Unrealized Losses | (146) | (769) |
Available for Sale, Unrealized Losses, Total | (280) | (1,251) |
Municipal Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 3,060 | |
Available for Sale, 12 Months or More, Fair Value | 1,338 | |
Available for Sale, Fair Value, Total | 4,398 | |
Available for Sale, Less Than 12 Months, Unrealized Losses | (1) | |
Available for Sale, 12 Months or More, Unrealized Losses | (9) | |
Available for Sale, Unrealized Losses, Total | (10) | |
Corporate Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available for Sale, 12 Months or More, Fair Value | 2,870 | 4,785 |
Available for Sale, Fair Value, Total | 2,870 | 4,785 |
Available for Sale, 12 Months or More, Unrealized Losses | (130) | (215) |
Available for Sale, Unrealized Losses, Total | (130) | (215) |
U.S. Government Sponsored Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available for Sale, 12 Months or More, Fair Value | 777 | 5,998 |
Available for Sale, Fair Value, Total | 777 | 5,998 |
Available for Sale, 12 Months or More, Unrealized Losses | (8) | (2) |
Available for Sale, Unrealized Losses, Total | (8) | (2) |
Mortgage-backed Securities | ||
Available-for-Sale and Held-to-Maturity Securities Continuous Unrealized Loss Position [Line Items] | ||
Available for Sale, Less Than 12 Months, Fair Value | 76,978 | 115,243 |
Available for Sale, 12 Months or More, Fair Value | 1,785 | 70,383 |
Available for Sale, Fair Value, Total | 78,763 | 185,626 |
Available for Sale, Less Than 12 Months, Unrealized Losses | (134) | (481) |
Available for Sale, 12 Months or More, Unrealized Losses | (8) | (543) |
Available for Sale, Unrealized Losses, Total | $ (142) | $ (1,024) |
Investment Securities - Summa_3
Investment Securities - Summary of Amortized Cost of Debt Securities Available for Sale Aggregated by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | $ 1,301,435 | $ 404,153 |
Available for Sale, Gross Unrealized Gains | 19,238 | 3,093 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (134) | (482) |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (146) | (769) |
Available for Sale, Fair Value | 1,320,393 | 405,995 |
U.S. Government Sponsored Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 12,844 | 20,957 |
Available for Sale, Gross Unrealized Gains | 369 | 235 |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (8) | (2) |
Available for Sale, Fair Value | 13,205 | 21,190 |
U.S. Government Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 1,260,425 | 342,901 |
Available for Sale, Gross Unrealized Gains | 17,956 | 2,423 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (134) | (481) |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (16) | (545) |
Available for Sale, Fair Value | 1,278,231 | 344,298 |
Investment Grade Rating | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 33,063 | 50,793 |
Available for Sale, Gross Unrealized Gains | 1,008 | 544 |
Available for Sale, Gross Unrealized Losses, Less Than 12 Months | (1) | |
Available for Sale, Gross Unrealized Losses, 12 Months or Longer | (130) | (224) |
Available for Sale, Fair Value | 33,941 | 51,112 |
Unrated Investment Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 7,947 | 10,459 |
Available for Sale, Gross Unrealized Gains | 274 | 126 |
Available for Sale, Fair Value | $ 8,221 | $ 10,585 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Values of Investment Securities that are Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale Securities by Maturity, Amortized Cost | ||
Available for sale, Securities maturing in one year or less, Amortized cost | $ 12,981 | |
Available for sale, Securities maturing in After one year through five years, Amortized cost | 29,802 | |
Available for sale, Securities maturing in After five years through ten years, Amortized cost | 35,098 | |
Available for sale, Securities maturing in After ten years, Amortized cost | 1,223,554 | |
Available for Sale, Amortized Cost | 1,301,435 | $ 404,153 |
Available for sale Securities by Maturity, Fair Value | ||
Available for sale, Securities maturing in one year or less, Fair Value | 13,134 | |
Available for sale, Securities maturing in After one year through five years, Fair Value | 30,590 | |
Available for sale, Securities maturing in After five years through ten years, Fair Value | 36,257 | |
Available for sale, Securities maturing in After ten years, Fair Value | 1,240,412 | |
Available for sale, Fair Value | $ 1,320,393 | $ 405,995 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities | Dec. 31, 2018USD ($)Securities | |
Investments Debt And Equity Securities [Abstract] | |||
Number of available for sale investment securities with fair value less than amortized cost | Securities | 21 | 146 | |
Sales of available for sale securities | $ 49,000,000 | $ 2,100,000 | $ 500,000 |
Net gain (loss) in sales of available for sale securities | $ 1,400,000 | $ (4,000) | $ (336,000) |
Available for sale securities in a nonaccrual status | Securities | 0 | 0 | 0 |
Held to maturity to available for sale transfer, number of securities | Securities | 140 | ||
Held to maturity to available for sale transfer amount | $ 64,600,000 | ||
Held to maturity to available for sale transfer, unrecognized loss | $ 19,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | $ 1,701,751 | $ 1,685,369 | ||
Net deferred loan fees | (6,255) | (4,451) | ||
Loans held for investment | 1,695,496 | 1,680,918 | ||
Less: allowance for credit losses | (41,236) | (31,426) | $ (25,245) | $ (18,303) |
Loans held for investment, net | 1,654,260 | 1,649,492 | ||
Real Estate Term | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Less: allowance for credit losses | (20,627) | (12,275) | (9,968) | (6,706) |
Construction and Land Development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Less: allowance for credit losses | (10,532) | (6,990) | (7,022) | (6,309) |
Residential and Home Equity | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Less: allowance for credit losses | (1,662) | (1,118) | (729) | (815) |
Consumer and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Less: allowance for credit losses | (320) | (151) | (299) | (159) |
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 1,250,093 | 1,222,036 | ||
Commercial Real Estate | Real Estate Term | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 1,021,880 | 948,073 | ||
Commercial Real Estate | Construction and Land Development | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 228,213 | 273,963 | ||
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 257,240 | 284,738 | ||
Less: allowance for credit losses | (8,095) | (10,892) | $ (7,227) | $ (4,314) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 194,418 | 178,595 | ||
Consumer | Residential and Home Equity | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | 185,470 | 162,559 | ||
Consumer | Consumer and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Gross loans held for investment | $ 8,948 | $ 16,036 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | $ 31,426 | $ 25,245 | $ 31,426 | $ 25,245 | $ 18,303 | ||||
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Provision for credit losses | $ 2,100 | 650 | $ 1,200 | $ 2,100 | $ 2,150 | 1,550 | $ 2,750 | 7,000 | 8,625 |
Charge-offs | (3,662) | (3,146) | (3,465) | ||||||
Recoveries | 1,256 | 2,327 | 1,782 | ||||||
Balance at end of year | 31,426 | 41,236 | 31,426 | 25,245 | |||||
Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 9,466 | 9,466 | |||||||
Balance at end of year | 9,466 | 9,466 | |||||||
Real Estate Term | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 12,275 | 9,968 | 12,275 | 9,968 | 6,706 | ||||
Provision for credit losses | 8,029 | 2,401 | 3,414 | ||||||
Charge-offs | (154) | (118) | (294) | ||||||
Recoveries | 69 | 24 | 142 | ||||||
Balance at end of year | 12,275 | 20,627 | 12,275 | 9,968 | |||||
Real Estate Term | Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 408 | 408 | |||||||
Balance at end of year | 408 | 408 | |||||||
Construction and Land Development | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 6,990 | 7,022 | 6,990 | 7,022 | 6,309 | ||||
Provision for credit losses | (2,885) | (917) | 587 | ||||||
Charge-offs | (73) | (5) | (1) | ||||||
Recoveries | 97 | 890 | 127 | ||||||
Balance at end of year | 6,990 | 10,532 | 6,990 | 7,022 | |||||
Construction and Land Development | Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 6,403 | 6,403 | |||||||
Balance at end of year | 6,403 | 6,403 | |||||||
Residential and Home Equity | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 1,118 | 729 | 1,118 | 729 | 815 | ||||
Provision for credit losses | (1,002) | 370 | (170) | ||||||
Charge-offs | (2) | (19) | |||||||
Recoveries | 31 | 38 | 84 | ||||||
Balance at end of year | 1,118 | 1,662 | 1,118 | 729 | |||||
Residential and Home Equity | Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 1,517 | 1,517 | |||||||
Balance at end of year | 1,517 | 1,517 | |||||||
Consumer and Other | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 151 | 299 | 151 | 299 | 159 | ||||
Provision for credit losses | (222) | (11) | 330 | ||||||
Charge-offs | (337) | (360) | (369) | ||||||
Recoveries | 239 | 223 | 179 | ||||||
Balance at end of year | 151 | 320 | 151 | 299 | |||||
Consumer and Other | Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 489 | 489 | |||||||
Balance at end of year | 489 | 489 | |||||||
Commercial and Industrial | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | 10,892 | $ 7,227 | 10,892 | 7,227 | 4,314 | ||||
Provision for credit losses | (1,170) | 5,157 | 4,464 | ||||||
Charge-offs | (3,096) | (2,644) | (2,801) | ||||||
Recoveries | 820 | 1,152 | 1,250 | ||||||
Balance at end of year | 10,892 | 8,095 | 10,892 | $ 7,227 | |||||
Commercial and Industrial | Impact of ASC 326 Adoption | |||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||
Balance at beginning of year | $ 649 | $ 649 | |||||||
Balance at end of year | $ 649 | $ 649 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Non Accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | $ 1,326 | $ 4,079 |
Troubled debt restructured loans, non-accrual | 7,693 | 3,051 |
Total non-accrual loans | 9,019 | 7,130 |
Real Estate Term | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 150 | 2,416 |
Troubled debt restructured loans, non-accrual | 6,421 | 2,393 |
Construction and Land Development | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 60 | |
Commercial and Industrial Loans | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | 922 | 1,550 |
Troubled debt restructured loans, non-accrual | 1,272 | 658 |
Residential and Home Equity | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | $ 254 | 45 |
Consumer and Other | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans, not troubled debt restructured | $ 8 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2020Loan | Dec. 31, 2020USD ($)LoanClient | Dec. 31, 2019USD ($) | |
Financing Receivable Impaired [Line Items] | |||
Purchased credit deteriorated loans not performing contractual terms | $ 1,700,000 | ||
Total non-accrual loans | $ 9,019,000 | 7,130,000 | |
Troubled debt restructured loans, non-accrual | 7,693,000 | 3,051,000 | |
Total trouble debt restructurings met criteria to be delisted for reporting purposes | 10,467,000 | 28,397,000 | |
PCD loans | 1,660,000 | ||
Loans and leases collateral dependent loans less government guarantees | 8,800,000 | ||
Available lines of credit for loans and credit cards to affiliates | 11,300,000 | ||
Balance of PPP loans | $ 1,654,260,000 | 1,649,492,000 | |
Number of loans modified | Loan | 81 | ||
Total loans deferred | $ 29,600,000 | ||
Number of clients for loans deferment at some point | Client | 445 | ||
Total loans deferment at some point | $ 270,000,000 | ||
Affiliates | |||
Financing Receivable Impaired [Line Items] | |||
Outstanding loans with affiliates | 11,700,000 | 5,400,000 | |
Troubled Debt Restructured Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total trouble debt restructurings met criteria to be delisted for reporting purposes | 10,700,000 | ||
U.S. Government Guarantees | |||
Financing Receivable Impaired [Line Items] | |||
Total non-accrual loans | 4,200,000 | 800,000 | |
SBA PPP Loans | |||
Financing Receivable Impaired [Line Items] | |||
Number of loan segments | Loan | 333 | ||
Balance of PPP loans | 60,600,000 | ||
PCD Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total non-accrual loans | 9,000,000 | 8,800,000 | |
Troubled debt restructured loans, non-accrual | $ 0 | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Troubled Debt Restructured Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) | |
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | $ 2,774 | $ 25,346 |
Troubled debt restructured loans, non-accrual | 7,693 | 3,051 |
Total troubled debt restructured loans | $ 10,467 | 28,397 |
# of Accruing TDR | Loan | 8 | |
# of Non-accrual TDR | Loan | 9 | |
# of Total TDR | Loan | 17 | |
Total troubled debt restructured loans | $ 10,467 | $ 28,397 |
2020 | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 587 | |
Total troubled debt restructured loans | $ 587 | |
# of Accruing TDR | Loan | 3 | |
# of Total TDR | Loan | 3 | |
Total troubled debt restructured loans | $ 587 | |
2019 | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 2,083 | |
Troubled debt restructured loans, non-accrual | 6,485 | |
Total troubled debt restructured loans | $ 8,568 | |
# of Accruing TDR | Loan | 4 | |
# of Non-accrual TDR | Loan | 7 | |
# of Total TDR | Loan | 11 | |
Total troubled debt restructured loans | $ 8,568 | |
2018 | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructured loans, non-accrual | 1,208 | |
Total troubled debt restructured loans | $ 1,208 | |
# of Non-accrual TDR | Loan | 2 | |
# of Total TDR | Loan | 2 | |
Total troubled debt restructured loans | $ 1,208 | |
Thereafter | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 104 | |
Total troubled debt restructured loans | $ 104 | |
# of Accruing TDR | Loan | 1 | |
# of Total TDR | Loan | 1 | |
Total troubled debt restructured loans | $ 104 | |
Interest Rate Reduction | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 104 | |
Total troubled debt restructured loans | $ 104 | |
# of Accruing TDR | Loan | 1 | |
# of Total TDR | Loan | 1 | |
Total troubled debt restructured loans | $ 104 | |
Loan Payment Deferment | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 776 | |
Troubled debt restructured loans, non-accrual | 4,881 | |
Total troubled debt restructured loans | $ 5,657 | |
# of Accruing TDR | Loan | 3 | |
# of Non-accrual TDR | Loan | 5 | |
# of Total TDR | Loan | 8 | |
Total troubled debt restructured loans | $ 5,657 | |
Loan Re-amortization | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 38 | |
Troubled debt restructured loans, non-accrual | 1,207 | |
Total troubled debt restructured loans | $ 1,245 | |
# of Accruing TDR | Loan | 2 | |
# of Non-accrual TDR | Loan | 2 | |
# of Total TDR | Loan | 4 | |
Total troubled debt restructured loans | $ 1,245 | |
Loan Extension | ||
Financing Receivable Modifications [Line Items] | ||
Accruing troubled debt restructured loans | 1,856 | |
Troubled debt restructured loans, non-accrual | 1,605 | |
Total troubled debt restructured loans | $ 3,461 | |
# of Accruing TDR | Loan | 2 | |
# of Non-accrual TDR | Loan | 2 | |
# of Total TDR | Loan | 4 | |
Total troubled debt restructured loans | $ 3,461 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Changes in Troubled Debt Restructured Loans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Loans And Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 3 | 47 | 11 |
Pre-modification balance | $ 595 | $ 25,251 | $ 5,426 |
Post-modification balance | $ 595 | $ 25,251 | $ 5,426 |
Number of loans, subsequently defaulted | Loan | 1 | 2 | 5 |
Pre-modification balance, subsequently defaulted | $ 113 | $ 1,112 | $ 1,599 |
Real Estate Term | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 2 | 9 | 4 |
Pre-modification balance | $ 583 | $ 6,846 | $ 3,434 |
Post-modification balance | $ 583 | $ 6,846 | $ 3,434 |
Number of loans, subsequently defaulted | Loan | 1 | 1 | 2 |
Pre-modification balance, subsequently defaulted | $ 113 | $ 1,094 | $ 1,449 |
Construction and Land Development | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-modification balance | $ 4,075 | ||
Post-modification balance | $ 4,075 | ||
Commercial and Industrial | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 1 | 32 | 6 |
Pre-modification balance | $ 12 | $ 12,683 | $ 1,460 |
Post-modification balance | $ 12 | $ 12,683 | $ 1,460 |
Number of loans, subsequently defaulted | Loan | 1 | 3 | |
Pre-modification balance, subsequently defaulted | $ 18 | $ 150 | |
Residential and Home Equity | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 5 | 1 | |
Pre-modification balance | $ 1,647 | $ 532 | |
Post-modification balance | $ 1,647 | $ 532 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Current and Past Due Loans Held For Investment (Accruing And Non-Accruing) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 1,688,070 | $ 1,672,797 |
30-89 Days Past Due | 4,617 | 1,959 |
90+ Days Past Due | 45 | 3 |
Non-accrual | 9,019 | 7,130 |
Total Past-Due | 13,681 | 9,092 |
PCD | 3,480 | |
Total loans | 1,701,751 | 1,685,369 |
Real Estate Term | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
PCD | 360 | |
Total loans | 948,073 | |
Construction and Land Development | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
PCD | 65 | |
Total loans | 273,963 | |
Residential and Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans | 162,559 | |
Consumer and Other | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total loans | 16,036 | |
Commercial Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,240,968 | 1,215,638 |
30-89 Days Past Due | 2,554 | 1,104 |
Non-accrual | 6,571 | 4,869 |
Total Past-Due | 9,125 | 5,973 |
PCD | 425 | |
Total loans | 1,250,093 | 1,222,036 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,013,914 | 942,370 |
30-89 Days Past Due | 1,395 | 534 |
Non-accrual | 6,571 | 4,809 |
Total Past-Due | 7,966 | 5,343 |
PCD | 360 | |
Total loans | 1,021,880 | 948,073 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 227,054 | 273,268 |
30-89 Days Past Due | 1,159 | 570 |
Non-accrual | 60 | |
Total Past-Due | 1,159 | 630 |
PCD | 65 | |
Total loans | 228,213 | 273,963 |
Commercial and Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 253,833 | 279,072 |
30-89 Days Past Due | 1,170 | 403 |
90+ Days Past Due | 43 | |
Non-accrual | 2,194 | 2,208 |
Total Past-Due | 3,407 | 2,611 |
PCD | 3,055 | |
Total loans | 257,240 | 284,738 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 193,269 | 178,087 |
30-89 Days Past Due | 893 | 452 |
90+ Days Past Due | 2 | 3 |
Non-accrual | 254 | 53 |
Total Past-Due | 1,149 | 508 |
Total loans | 194,418 | 178,595 |
Consumer | Residential and Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 184,566 | 162,360 |
30-89 Days Past Due | 650 | 154 |
Non-accrual | 254 | 45 |
Total Past-Due | 904 | 199 |
Total loans | 185,470 | 162,559 |
Consumer | Consumer and Other | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 8,703 | 15,727 |
30-89 Days Past Due | 243 | 298 |
90+ Days Past Due | 2 | 3 |
Non-accrual | 8 | |
Total Past-Due | 245 | 309 |
Total loans | $ 8,948 | $ 16,036 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Outstanding Loan Balances (Accruing and Non - Accruing) Categorized by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | $ 1,701,751 | $ 1,685,369 |
Total Allowance | 41,236 | 31,426 |
Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 948,073 | |
Total Allowance | 12,275 | |
Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 273,963 | |
Total Allowance | 6,990 | |
Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 162,559 | |
Total Allowance | 1,118 | |
Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 16,036 | |
Total Allowance | 151 | |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 1,250,093 | 1,222,036 |
Total Allowance | 31,159 | 19,265 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 1,021,880 | 948,073 |
Total Allowance | 20,627 | 12,275 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 228,213 | 273,963 |
Total Allowance | 10,532 | 6,990 |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 257,240 | 284,738 |
Total Allowance | 8,095 | 10,892 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 194,418 | 178,595 |
Total Allowance | 1,982 | 1,269 |
Consumer | Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 185,470 | 162,559 |
Total Allowance | 1,662 | 1,118 |
Consumer | Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 8,948 | 16,036 |
Total Allowance | 320 | 151 |
Pass | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 1,643,248 | 1,594,031 |
Pass | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 1,203,011 | 1,160,598 |
Pass | Commercial Real Estate | Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 978,945 | 901,353 |
Pass | Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 224,066 | 259,245 |
Pass | Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 247,983 | 259,035 |
Pass | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 192,254 | 174,398 |
Pass | Consumer | Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 183,306 | 158,364 |
Pass | Consumer | Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 8,948 | 16,034 |
Special Mention | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 25,381 | 40,217 |
Special Mention | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 21,033 | 33,384 |
Special Mention | Commercial Real Estate | Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 17,248 | 23,202 |
Special Mention | Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 3,785 | 10,182 |
Special Mention | Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 4,348 | 6,629 |
Special Mention | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 204 | |
Special Mention | Consumer | Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 204 | |
Substandard | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 32,233 | 51,121 |
Substandard | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 26,049 | 28,054 |
Substandard | Commercial Real Estate | Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 25,687 | 23,518 |
Substandard | Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 362 | 4,536 |
Substandard | Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 4,020 | 19,074 |
Substandard | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 2,164 | 3,993 |
Substandard | Consumer | Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 2,164 | 3,991 |
Substandard | Consumer | Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | $ 2 | |
Doubtful | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | 889 | |
Doubtful | Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Loans | $ 889 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Outstanding Loan Balances By Credit Quality Indicators And Vintage Year By Class Of Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | $ 432,042 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 186,158 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 142,351 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 124,051 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 71,476 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 291,564 | |
Revolving Loans Amortized Cost | 454,109 | |
Total Loans | 1,701,751 | $ 1,685,369 |
Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 265,135 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 134,582 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 92,334 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 88,261 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 52,099 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 215,886 | |
Revolving Loans Amortized Cost | 401,796 | |
Total Loans | 1,250,093 | 1,222,036 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 253,738 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 129,071 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 86,070 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 86,815 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 50,727 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 206,687 | |
Revolving Loans Amortized Cost | 208,772 | |
Total Loans | 1,021,880 | 948,073 |
Commercial Real Estate | Real Estate Term | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 252,453 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 123,040 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 83,532 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 86,815 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 49,975 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 200,943 | |
Revolving Loans Amortized Cost | 182,187 | |
Total Loans | 978,945 | |
Commercial Real Estate | Real Estate Term | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2019 | 2,396 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 2,131 | |
Revolving Loans Amortized Cost | 12,721 | |
Total Loans | 17,248 | |
Commercial Real Estate | Real Estate Term | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 1,285 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 3,635 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 407 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 752 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,744 | |
Revolving Loans Amortized Cost | 13,864 | |
Total Loans | 25,687 | |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 11,397 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 5,511 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 6,264 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,446 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 1,372 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,199 | |
Revolving Loans Amortized Cost | 193,024 | |
Total Loans | 228,213 | 273,963 |
Commercial Real Estate | Construction and Land Development | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 11,397 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 5,511 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 6,264 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 1,446 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 1,372 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,199 | |
Revolving Loans Amortized Cost | 188,877 | |
Total Loans | 224,066 | |
Commercial Real Estate | Construction and Land Development | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Revolving Loans Amortized Cost | 3,785 | |
Total Loans | 3,785 | |
Commercial Real Estate | Construction and Land Development | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Revolving Loans Amortized Cost | 362 | |
Total Loans | 362 | |
Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 82,716 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 26,407 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 29,249 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 19,453 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,934 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 44,009 | |
Revolving Loans Amortized Cost | 46,472 | |
Total Loans | 257,240 | 284,738 |
Commercial and Industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 82,684 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 25,250 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 27,132 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18,498 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,165 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 42,471 | |
Revolving Loans Amortized Cost | 43,783 | |
Total Loans | 247,983 | |
Commercial and Industrial | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 32 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,692 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 552 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 769 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 124 | |
Revolving Loans Amortized Cost | 1,179 | |
Total Loans | 4,348 | |
Commercial and Industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,157 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 425 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 403 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,414 | |
Revolving Loans Amortized Cost | 621 | |
Total Loans | 4,020 | |
Commercial and Industrial | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Revolving Loans Amortized Cost | 889 | |
Total Loans | 889 | |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 84,191 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 25,169 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 20,768 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 16,337 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 10,443 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 31,669 | |
Revolving Loans Amortized Cost | 5,841 | |
Total Loans | 194,418 | 178,595 |
Consumer | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 80,279 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 23,212 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 19,410 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 15,700 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 10,251 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 30,779 | |
Revolving Loans Amortized Cost | 5,839 | |
Total Loans | 185,470 | |
Consumer | Residential Real Estate [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 80,279 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 23,212 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 18,772 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 15,700 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 9,870 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 29,634 | |
Revolving Loans Amortized Cost | 5,839 | |
Total Loans | 183,306 | |
Consumer | Residential Real Estate [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2018 | 638 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 381 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 1,145 | |
Total Loans | 2,164 | |
Consumer | Consumer and Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 3,912 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,957 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,358 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 637 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 192 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 890 | |
Revolving Loans Amortized Cost | 2 | |
Total Loans | 8,948 | $ 16,036 |
Consumer | Consumer and Other | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 3,912 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,957 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 1,358 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 637 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 192 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 890 | |
Revolving Loans Amortized Cost | 2 | |
Total Loans | $ 8,948 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Collateral Dependent Loans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | $ 5,904 |
Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 4,696 |
Accounts Receivable | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 1,165 |
Auto | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 43 |
Commercial Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 4,480 |
Commercial Real Estate | Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 4,480 |
Commercial Real Estate | Real Estate Term | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 4,118 |
Commercial Real Estate | Real Estate Term | Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 4,118 |
Commercial Real Estate | Construction and Land Development | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 362 |
Commercial Real Estate | Construction and Land Development | Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 362 |
Commercial and Industrial | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 1,208 |
Commercial and Industrial | Accounts Receivable | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 1,165 |
Commercial and Industrial | Auto | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 43 |
Consumer | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 216 |
Consumer | Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 216 |
Consumer | Residential and Home Equity | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | 216 |
Consumer | Residential and Home Equity | Real Estate | |
Loans And Leases Receivable Disclosure [Line Items] | |
Total collateral dependent loans | $ 216 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of ACL And Outstanding Loan Balances According To The Company's Estimated Credit Loss Methods (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Individually evaluated for impairment | $ 7,432 | |
Allowance for credit losses, Collectively evaluated for impairment | 23,783 | |
Allowance for credit losses, PCD loans | 211 | |
Allowance for credit losses, Total | $ 41,236 | 31,426 |
Outstanding loan balances, Individually evaluated for impairment | 40,947 | |
Outstanding loan balances, Collectively evaluated for impairment | 1,640,942 | |
PCD | 3,480 | |
Total loans | 1,701,751 | 1,685,369 |
Real Estate Term | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Individually evaluated for impairment | 825 | |
Allowance for credit losses, Collectively evaluated for impairment | 11,255 | |
Allowance for credit losses, PCD loans | 195 | |
Allowance for credit losses, Total | 12,275 | |
Outstanding loan balances, Individually evaluated for impairment | 18,305 | |
Outstanding loan balances, Collectively evaluated for impairment | 929,408 | |
PCD | 360 | |
Total loans | 948,073 | |
Construction and Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Individually evaluated for impairment | 1,305 | |
Allowance for credit losses, Collectively evaluated for impairment | 5,669 | |
Allowance for credit losses, PCD loans | 16 | |
Allowance for credit losses, Total | 6,990 | |
Outstanding loan balances, Individually evaluated for impairment | 4,474 | |
Outstanding loan balances, Collectively evaluated for impairment | 269,424 | |
PCD | 65 | |
Total loans | 273,963 | |
Residential and Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Individually evaluated for impairment | 401 | |
Allowance for credit losses, Collectively evaluated for impairment | 717 | |
Allowance for credit losses, Total | 1,118 | |
Outstanding loan balances, Individually evaluated for impairment | 3,701 | |
Outstanding loan balances, Collectively evaluated for impairment | 158,858 | |
Total loans | 162,559 | |
Consumer and Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Collectively evaluated for impairment | 151 | |
Allowance for credit losses, Total | 151 | |
Outstanding loan balances, Collectively evaluated for impairment | 16,036 | |
Total loans | 16,036 | |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, Individually evaluated for impairment | 4,901 | |
Allowance for credit losses, Collectively evaluated for impairment | 5,991 | |
Allowance for credit losses, Total | 8,095 | 10,892 |
Outstanding loan balances, Individually evaluated for impairment | 14,467 | |
Outstanding loan balances, Collectively evaluated for impairment | 267,216 | |
PCD | 3,055 | |
Total loans | $ 257,240 | $ 284,738 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Information On Individually Evaluated Loans (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | $ 40,947 |
Recorded investment With No Allowance | 17,590 |
Recorded investment With Allowance | 23,357 |
Total Recorded Investment | 40,947 |
Related Allowance | 7,432 |
Commercial Real Estate | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 22,779 |
Recorded investment With No Allowance | 11,805 |
Recorded investment With Allowance | 10,974 |
Total Recorded Investment | 22,779 |
Related Allowance | 2,130 |
Commercial Real Estate | Real Estate Term | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 18,305 |
Recorded investment With No Allowance | 11,684 |
Recorded investment With Allowance | 6,621 |
Total Recorded Investment | 18,305 |
Related Allowance | 825 |
Commercial Real Estate | Construction and Land Development | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 4,474 |
Recorded investment With No Allowance | 121 |
Recorded investment With Allowance | 4,353 |
Total Recorded Investment | 4,474 |
Related Allowance | 1,305 |
Commercial and Industrial | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 14,467 |
Recorded investment With No Allowance | 2,591 |
Recorded investment With Allowance | 11,876 |
Total Recorded Investment | 14,467 |
Related Allowance | 4,901 |
Consumer | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 3,701 |
Recorded investment With No Allowance | 3,194 |
Recorded investment With Allowance | 507 |
Total Recorded Investment | 3,701 |
Related Allowance | 401 |
Consumer | Residential and Home Equity | |
Financing Receivable Impaired [Line Items] | |
Unpaid Principal Balance | 3,701 |
Recorded investment With No Allowance | 3,194 |
Recorded investment With Allowance | 507 |
Total Recorded Investment | 3,701 |
Related Allowance | $ 401 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Interest Income Recognized on Individually Evaluated Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 34,138 | $ 19,984 |
Interest Income Recognition | 1,998 | 982 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 18,184 | 9,526 |
Interest Income Recognition | 1,021 | 438 |
Commercial Real Estate | Real Estate Term | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 14,516 | 8,027 |
Interest Income Recognition | 747 | 332 |
Commercial Real Estate | Construction and Land Development | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 3,668 | 1,499 |
Interest Income Recognition | 274 | 106 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 12,496 | 8,049 |
Interest Income Recognition | 780 | 426 |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 3,458 | 2,409 |
Interest Income Recognition | 197 | 118 |
Consumer | Residential and Home Equity | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | 3,458 | 2,409 |
Interest Income Recognition | $ 197 | $ 118 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 74,671 | $ 73,117 |
Accumulated depreciation and amortization | (37,291) | (33,643) |
Premises and equipment, net | 37,380 | 39,474 |
Land and buildings | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 46,850 | 45,426 |
Equipment, Furniture, and Software | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 27,821 | $ 27,691 |
Premises and Equipment - Additi
Premises and Equipment - Additional information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Total rent expense | $ 784,000 | $ 874,000 | $ 909,000 |
Depreciation and amortization expense | $ 3,649,000 | $ 3,396,000 | $ 3,281,000 |
Premises and Equipment - Sche_2
Premises and Equipment - Schedule of Future Minimum Rental Commitments Required under Operating Leases That have Initial or Remaining Non-cancelable Lease Terms in Excess of One Year (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Property Plant And Equipment [Abstract] | |
2021 | $ 712 |
2022 | 655 |
2023 | 397 |
2024 | 72 |
Total future minimum rental commitments required under operating leases | $ 1,836 |
Deposits - Summary of Deposit A
Deposits - Summary of Deposit Account Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 1,039,844 | $ 719,410 |
Interest bearing deposits: | ||
Interest bearing demand and savings | 1,095,201 | 846,199 |
Money market accounts | 617,010 | 324,565 |
Certificates of deposit less than or equal to $250,000 | 120,329 | 131,882 |
Certificates of deposit greater than $250,000 | 43,924 | 34,311 |
Total interest bearing deposits | 1,876,464 | 1,336,957 |
Total deposits | $ 2,916,308 | $ 2,056,367 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities for Certificate of Deposit (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Deposits [Abstract] | |
2021 | $ 84,714 |
2022 | 32,930 |
2023 | 18,247 |
2024 | 13,374 |
2025 and beyond | 14,988 |
Time Deposit | $ 164,253 |
Deposits - Additional informati
Deposits - Additional information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Deposits held by affiliates | $ 7.8 | $ 4.5 |
Short-term Borrowings - Additio
Short-term Borrowings - Additional information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short Term Debt [Line Items] | ||
Investment securities | $ 0 | $ 9,400,000 |
Short-term borrowings | $ 64,554,000 | |
Maturity of investment securities | 144 months | |
Investment securities pledged for securities sold under agreements to repurchase | $ 0 | 0 |
Federal Reserve PPP Lending Facility (PPPLF) | ||
Short Term Debt [Line Items] | ||
Interest rate margin | 0.25% | |
Short-term borrowings | $ 64,600,000 | |
FHLB of Des Moines | ||
Short Term Debt [Line Items] | ||
Debt instrument, interest rate during period | 0.29% | |
Credit line committed amount | $ 866,800,000 | |
Credit line, collateral amount | $ 1,150,000,000 | |
Federal Funds Purchased | ||
Short Term Debt [Line Items] | ||
Debt instrument, interest rate during period | 0.30% | |
Federal Funds Purchased | Unaffiliated Banks | ||
Short Term Debt [Line Items] | ||
Federal funds lines of credit arrangements | $ 25,000,000 | |
Federal Reserve Bank | ||
Short Term Debt [Line Items] | ||
Federal funds lines of credit arrangements | 544,600,000 | |
Investment securities | $ 550,300,000 | |
Interest rate description | The borrowing rate is the current discount rate plus 25 basis points. | |
Interest rate margin | 0.25% | |
Short-term borrowings | $ 0 | $ 0 |
Short-term Borrowings - Schedul
Short-term Borrowings - Schedule of Information Concerning Short-term Borrowings (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short Term Debt [Line Items] | |||
Year-end balance | $ 64,554,000 | ||
Security Repurchase Agreements | |||
Short Term Debt [Line Items] | |||
Weighted average rate | 0.00% | 0.00% | 0.00% |
Weighted average rate on outstanding at year-end | 0.00% | 0.00% | 0.00% |
Other Short-term Borrowings | |||
Short Term Debt [Line Items] | |||
Average daily balance | $ 46,305,000 | $ 2,419,000 | $ 71,880,000 |
Weighted average rate | 0.34% | 2.63% | 1.98% |
Highest month-end balance | $ 83,448,000 | $ 145,000,000 | |
Year-end balance | $ 64,554,000 | ||
Weighted average rate on outstanding at year-end | 0.25% | 0.00% | 0.00% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Federal | $ 10,835 | $ 10,685 | $ 11,167 | ||||||||
State | 2,747 | 2,852 | 2,904 | ||||||||
Current | 13,582 | 13,537 | 14,071 | ||||||||
Deferred: | |||||||||||
Federal | 221 | (26) | (1,662) | ||||||||
State | (58) | (8) | (355) | ||||||||
Deferred | 163 | (34) | (2,017) | ||||||||
Income tax expense | $ 3,472 | $ 3,704 | $ 3,192 | $ 3,377 | $ 3,395 | $ 3,355 | $ 3,480 | $ 3,273 | $ 13,745 | $ 13,503 | $ 12,054 |
Income Taxes - Summary of Combi
Income Taxes - Summary of Combined Federal and State Income Tax Expense Differs from Federal Statutory Corporate Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Tax rate change | 0.00% | 0.00% | (0.50%) |
State taxes, net of federal income tax benefit | 3.80% | 3.80% | 3.70% |
Tax-exempt interest and income | (0.50%) | (0.80%) | (0.80%) |
Share-based compensation expense | (0.10%) | (0.30%) | (0.40%) |
Other, net | (0.20%) | (0.40%) | (0.10%) |
Effective tax rate | 24.00% | 23.30% | 22.90% |
Income Taxes - Summary of Com_2
Income Taxes - Summary of Components of Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Allowance for loan losses | $ 10,418 | $ 8,412 |
Deferred loan fees and costs | 1,808 | 1,635 |
Fair value adjustments on certificates of deposit | 64 | 100 |
Deferred compensation | 421 | 419 |
State income taxes | 590 | 599 |
Other | 941 | 612 |
Deferred tax assets net | 14,242 | 11,777 |
Deferred income tax liabilities: | ||
FHLB dividends | 166 | 166 |
Mortgage servicing rights | 281 | 172 |
Unrealized gain on securities | 4,740 | 461 |
Basis difference in premises, equipment and other assets | 1,666 | 1,262 |
Deferred tax liabilities net | 6,853 | 2,061 |
Net deferred income tax assets | $ 7,389 | $ 9,716 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Valuation allowance | $ 0 | $ 0 | |
Employee service share-based compensation, tax benefit from compensation expense | 200,000 | $ 1,200,000 | |
Deferred tax assets, operating loss carryforwards | 0 | $ 0 | |
Maximum | |||
Income Tax Examination [Line Items] | |||
Employee service share-based compensation, tax benefit from compensation expense | $ 35,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 656,914 | $ 632,577 |
Stand-by Letters of Credit and Bond Commitments | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | 26,036 | 23,860 |
Unused Credit Card Lines, All Unsecured | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 29,111 | $ 26,121 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Financial Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unsecured Commitments Included in Commitments to Extend Credit | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 12,039 | $ 32,995 |
Unsecured Commitments Included in Stand-by Letters of Credit and Bond Commitments | ||
Commitments And Contingencies [Line Items] | ||
Off-balance sheet financial instrument, contractual amount | $ 727 | $ 555 |
Regulatory Capital Matters - Su
Regulatory Capital Matters - Summary of Actual and Required Capital Amounts and Ratios (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
CET1 Capital to Risk-Weighted Assets, Actual Amount | $ 329,049,000 | $ 302,291,000 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 329,049,000 | 302,291,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Actual Amount | 352,266,000 | 324,415,000 |
Tier 1 Leverage, Actual Amount | 329,049,000 | 302,291,000 |
CET1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 82,679,000 | 79,193,000 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 110,239,000 | 105,590,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 146,985,000 | 140,787,000 |
Tier 1 Leverage, Minimum Capital Requirement Amount | 125,681,000 | 95,431,000 |
CET1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | 119,426,000 | 114,390,000 |
Tier 1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | 146,985,000 | 140,787,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | $ 183,732,000 | $ 175,984,000 |
CET1 Capital to Risk-Weighted Assets, Actual Ratio | 17.91 | 17.18 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 17.91 | 17.18 |
Total Risk-Based Capital to Risk-Weighted Assets, Actual Ratio | 19.17 | 18.43 |
Tier 1 Leverage, Actual Ratio | 10.47 | 12.67 |
CET1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 4.50 | 4.50 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 6 | 6 |
Total Risk-Based Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 8 | 8 |
Tier 1 Leverage, Minimum Capital Requirement Ratio | 4 | 4 |
CET1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 6.50 | 6.50 |
Tier 1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 8 | 8 |
Total Risk-Based Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 10 | 10 |
Altabank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
CET1 Capital to Risk-Weighted Assets, Actual Amount | $ 322,783,000 | $ 297,108,000 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 322,783,000 | 297,108,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Actual Amount | 345,973,000 | 319,233,000 |
Tier 1 Leverage, Actual Amount | 322,783,000 | 297,108,000 |
CET1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 82,578,000 | 79,191,000 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 110,104,000 | 105,588,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Minimum Capital Requirement Amount | 146,806,000 | 140,784,000 |
Tier 1 Leverage, Minimum Capital Requirement Amount | 126,795,000 | 95,429,000 |
CET1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | 119,280,000 | 114,387,000 |
Tier 1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | 146,806,000 | 140,784,000 |
Total Risk-Based Capital to Risk-Weighted Assets, Well Capitalized Requirement Amount | 183,507,000 | 175,981,000 |
Tier 1 Leverage, Well Capitalized Requirement Amount | $ 158,493,000 | $ 119,286,000 |
CET1 Capital to Risk-Weighted Assets, Actual Ratio | 17.59 | 16.88 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 17.59 | 16.88 |
Total Risk-Based Capital to Risk-Weighted Assets, Actual Ratio | 18.85 | 18.14 |
Tier 1 Leverage, Actual Ratio | 10.18 | 12.45 |
CET1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 4.50 | 4.50 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 6 | 6 |
Total Risk-Based Capital to Risk-Weighted Assets, Minimum Capital Requirement Ratio | 8 | 8 |
Tier 1 Leverage, Minimum Capital Requirement Ratio | 4 | 4 |
CET1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 6.50 | 6.50 |
Tier 1 Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 8 | 8 |
Total Risk-Based Capital to Risk-Weighted Assets, Well Capitalized Requirement Ratio | 10 | 10 |
Tier 1 Leverage, Well Capitalized Requirement Ratio | 5 | 5 |
Regulatory Capital Matters - Ad
Regulatory Capital Matters - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Capital Requirements [Abstract] | ||
Minimum reserve balances on average deposits | $ 0 | $ 9,400 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Per Share Declared and Paid (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |||||||||||
Dividends per share declared | $ 0.15 | $ 0.13 | $ 0.14 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.11 | $ 0.56 | $ 0.49 | $ 0.41 |
Dividends per share paid | $ 0.15 | $ 0.13 | $ 0.14 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.11 | $ 0.56 | $ 0.49 |
Incentive Share-Based Plan an_3
Incentive Share-Based Plan and Other Employee Benefits - Additional Information (Details) - USD ($) | May 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of option granted per share | $ 7.80 | $ 3.58 | ||
Total intrinsic value of options exercised | $ 1,400,000 | $ 3,500,000 | $ 5,200,000 | |
Unrecognized compensation expense | $ 1,167,000 | $ 1,007,000 | $ 956,000 | |
Unrecognized compensation expense, weighted-average period | 2 years 11 months 15 days | 2 years 5 months 12 days | 3 years 1 month 6 days | |
Share-based compensation expense related to recognized income tax benefit | $ 200,000 | $ 1,200,000 | ||
Defined Contribution Plan, Plan Name | 401(k) | |||
Employer matching contributions to savings plan | $ 1,109,000 | 1,054,000 | 964,000 | |
Profit sharing contribution | $ 1,231,000 | 1,148,000 | 1,000,000 | |
Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issued under the plan | 10,196 | |||
Share-based compensation expense | $ 1,389,000 | $ 1,011,000 | $ 891,000 | |
Risk free interest rate, minimum | 0.10% | 0.10% | 0.10% | |
Risk free interest rate, maximum | 1.60% | 1.60% | 1.60% | |
Volatility index, minimum | 13.30% | 13.30% | 13.30% | |
Volatility index, maximum | 29.90% | 29.90% | 29.90% | |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total intrinsic value | $ 671,000 | $ 648,000 | $ 911,000 | |
Restricted Stock Units and Non-Qualified Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,389,000 | 1,010,000 | 862,000 | |
Share-based compensation expense related to recognized income tax benefit | 334,000 | $ 236,000 | $ 216,000 | |
Share-Based Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issued under the plan | 1,000,000 | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense related to recognized income tax benefit | $ 35,000 | |||
Maximum | Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected annual dividend yield | 2.30% | 2.30% | 2.30% | |
Expected term | 6 years 6 months | 6 years 6 months | 6 years 6 months | |
Maximum | Share-Based Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based awards granted term | 10 years | |||
Minimum | Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected annual dividend yield | 0.70% | 0.70% | 0.70% | |
Expected term | 8 months 12 days | 8 months 12 days | 8 months 12 days |
Incentive Share-Based Plan an_4
Incentive Share-Based Plan and Other Employee Benefits - Summary of Share-Based Option Transaction (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options Granted for Common Shares | |||
Outstanding at beginning of period | 211,590 | 350,643 | 544,713 |
Granted | 545 | 33,382 | |
Exercised | (59,664) | (139,598) | (218,928) |
Forfeited | (16,378) | (8,524) | |
Outstanding at end of period | 135,548 | 211,590 | 350,643 |
Exercisable at end of period | 126,387 | 190,514 | |
Weighted Average Exercise Price | |||
Outstanding at beginning of period | $ 16.27 | $ 13.38 | $ 10.14 |
Granted | 27.53 | 32.31 | |
Exercised | 11.70 | 9.05 | 8.45 |
Forfeited | 15.68 | 7.61 | |
Outstanding at end of period | 18.35 | 16.27 | $ 13.38 |
Exercisable at end of period | $ 17.41 | $ 14.59 | |
Weighted Average Remaining Contractual Term | |||
Outstanding at end of period | 1 year 11 months 15 days | ||
Exercisable at end of period | 2 years 3 months 3 days | 2 years 6 months 14 days | |
Aggregate Intrinsic Value | |||
Outstanding at end of period | $ 1,298 | ||
Exercisable at end of period | $ 1,328 | $ 2,965 |
Incentive Share-Based Plan an_5
Incentive Share-Based Plan and Other Employee Benefits - Summary of Restricted Stock Unit (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-vested at beginning of period | 54,049 | 42,444 | 39,576 |
Granted | 56,160 | 41,709 | 32,853 |
Vested | (29,462) | (24,980) | (28,420) |
Forfeited | (5,096) | (5,124) | (1,565) |
Non-vested at end of period | 75,651 | 54,049 | 42,444 |
Non-vested at beginning of period, Weighted Average Grant Date Fair Value | $ 29.98 | $ 30 | $ 24.02 |
Granted, Weighted Average Grant Date Fair Value | 28.87 | 29.87 | 31.09 |
Vested, Weighted Average Grant Date Fair Value | 22.77 | 25.96 | 32.06 |
Forfeited, Weighted Average Grant Date Fair Value | 30.23 | 30.25 | 30.66 |
Non-vested at end of period, Weighted Average Grant Date Fair Value | $ 29.24 | $ 29.98 | $ 30 |
Fair Value - Summary of Estimat
Fair Value - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Investment securities available for sale | $ 1,320,393 | $ 405,995 |
Carrying Amount | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 239,874 | 211,981 |
Carrying Amount | Level 2 | ||
Financial Assets: | ||
Investment securities available for sale | 1,312,172 | 395,410 |
Non-marketable securities | 2,890 | 2,623 |
Loans held for sale | 14,152 | 18,669 |
Financial Liabilities: | ||
Total deposits | 2,916,308 | 2,056,367 |
Carrying Amount | Level 3 | ||
Financial Assets: | ||
Investment securities available for sale | 8,221 | 10,585 |
Loans held for investment, net | 1,654,260 | 1,649,492 |
Estimated Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 239,874 | 211,981 |
Estimated Fair Value | Level 2 | ||
Financial Assets: | ||
Investment securities available for sale | 1,312,172 | 395,410 |
Non-marketable securities | 2,890 | 2,623 |
Loans held for sale | 14,152 | 18,669 |
Financial Liabilities: | ||
Total deposits | 2,751,715 | 1,851,954 |
Estimated Fair Value | Level 3 | ||
Financial Assets: | ||
Investment securities available for sale | 8,221 | 10,585 |
Loans held for investment, net | $ 1,618,743 | $ 1,639,480 |
Fair Value - Summary of Asset M
Fair Value - Summary of Asset Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,320,393 | $ 405,995 |
Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,320,393 | 405,995 |
Fair Valued on a Non-Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 1,804 | 17,497 |
Level 2 | Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,312,172 | 395,410 |
Level 3 | Fair Valued on a Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 8,221 | 10,585 |
Level 3 | Fair Valued on a Non-Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 1,804 | $ 17,497 |
Contingencies and Concentrati_2
Contingencies and Concentrations Of Credit Risk - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Regulatory lending percentage of bank's total capital | 15.00% |
Lending limit amount | $ 59.1 |
Credit Concentration Risk | Real Estate Lending Arrangements | LTV Less than 80 Percent | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Loan-to-value ratio | 80.00% |
Condensed Financial Statement_3
Condensed Financial Statements of Parent Company - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents | $ 239,874 | $ 211,981 | ||
Other assets | 7,633 | 4,800 | ||
Total assets | 3,366,228 | 2,406,334 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Other liabilities | 13,612 | 17,059 | ||
Shareholders' equity | 371,138 | 332,362 | $ 290,162 | $ 257,418 |
Total liabilities and shareholders’ equity | 3,366,228 | 2,406,334 | ||
ALTABANCORP | ||||
ASSETS | ||||
Cash and cash equivalents | 6,492 | 4,895 | ||
Investment in subsidiaries | 364,873 | 327,178 | ||
Other assets | 2,216 | 370 | ||
Total assets | 373,581 | 332,443 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Due to subsidiaries, net | 2,371 | 61 | ||
Other liabilities | 72 | 20 | ||
Shareholders' equity | 371,138 | 332,362 | ||
Total liabilities and shareholders’ equity | $ 373,581 | $ 332,443 |
Condensed Financial Statement_4
Condensed Financial Statements of Parent Company - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest and dividends | $ 15,179 | $ 10,519 | $ 6,854 | ||||||||
Total interest income | 110,744 | 119,049 | 115,352 | ||||||||
Salaries and employee benefits | 42,963 | 38,502 | 39,902 | ||||||||
Other expenses | 9,063 | 9,183 | 10,030 | ||||||||
Total non-interest expense | $ 16,843 | $ 16,869 | $ 16,275 | $ 16,161 | $ 14,589 | $ 16,068 | $ 14,699 | $ 14,916 | 66,148 | 60,272 | 61,996 |
Income before income tax expense | 14,523 | 15,044 | 13,530 | 14,150 | 15,090 | 14,490 | 14,469 | 13,778 | 57,247 | 57,827 | 52,686 |
Income tax benefit | (3,472) | (3,704) | (3,192) | (3,377) | (3,395) | (3,355) | (3,480) | (3,273) | (13,745) | (13,503) | (12,054) |
Net income | $ 11,051 | $ 11,340 | $ 10,338 | $ 10,773 | $ 11,695 | $ 11,135 | $ 10,989 | $ 10,505 | 43,502 | 44,324 | 40,632 |
ALTABANCORP | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Dividend and other income from subsidiaries | 15,000 | 11,400 | 7,900 | ||||||||
Interest and dividends | 15 | 13 | 6 | ||||||||
Total interest income | 15,015 | 11,413 | 7,906 | ||||||||
Salaries and employee benefits | 795 | 121 | 283 | ||||||||
Other expenses | 1,363 | 775 | 666 | ||||||||
Total non-interest expense | 2,158 | 896 | 949 | ||||||||
Income before income tax expense | 12,857 | 10,517 | 6,957 | ||||||||
Income tax benefit | 498 | 208 | 266 | ||||||||
Income (loss) from continuing operations | 13,355 | 10,725 | 7,223 | ||||||||
Equity in undistributed net income of subsidiaries | 30,147 | 33,599 | 33,409 | ||||||||
Net income | $ 43,502 | $ 44,324 | $ 40,632 |
Condensed Financial Statement_5
Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 43,502 | $ 44,324 | $ 40,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net amortization of securities discounts and premiums | 7,102 | 2,363 | 2,628 |
Net cash provided by operating activities | 51,418 | 54,764 | 57,762 |
Cash flows from investing activities: | |||
Maturities/sales of available for sale securities | 354,679 | 96,072 | 44,146 |
Net cash used in investing activities | (935,748) | (62,013) | (75,895) |
Cash flows from financing activities: | |||
Exercise of share options | 411 | 596 | 887 |
Repurchase common shares | (2,140) | ||
Dividends paid | (10,543) | (9,225) | (7,657) |
Net cash provided by financing activities | 912,223 | 170,683 | 15,653 |
Net change in cash and cash equivalents | 27,893 | 163,434 | (2,480) |
Cash and cash equivalents, beginning of year | 211,981 | 48,547 | 51,027 |
Cash and cash equivalents, end of year | 239,874 | 211,981 | 48,547 |
ALTABANCORP | |||
Cash flows from operating activities: | |||
Net income | 43,502 | 44,324 | 40,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of the Bank | (30,147) | (33,599) | (33,409) |
Change in other assets and liabilities | 514 | (487) | 214 |
Net cash provided by operating activities | 13,869 | 10,238 | 7,437 |
Cash flows from financing activities: | |||
Exercise of share options | 411 | 596 | 887 |
Repurchase common shares | (2,140) | ||
Dividends paid | (10,543) | (9,225) | (7,657) |
Net cash provided by financing activities | (12,272) | (8,629) | (6,770) |
Net change in cash and cash equivalents | 1,597 | 1,609 | 667 |
Cash and cash equivalents, beginning of year | 4,895 | 3,286 | 2,619 |
Cash and cash equivalents, end of year | $ 6,492 | $ 4,895 | $ 3,286 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data - Summary of Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net interest income | $ 24,912 | $ 25,796 | $ 25,789 | $ 27,221 | $ 27,100 | $ 28,191 | $ 27,720 | $ 26,907 | $ 103,718 | $ 109,918 | $ 108,178 |
Provision for credit losses | 2,100 | 650 | 1,200 | 2,100 | 2,150 | 1,550 | 2,750 | 7,000 | 8,625 | ||
Non-interest income | 6,454 | 6,117 | 6,116 | 3,740 | 3,779 | 4,467 | 3,598 | 3,337 | 22,427 | 15,181 | 15,129 |
Non-interest expense | 16,843 | 16,869 | 16,275 | 16,161 | 14,589 | 16,068 | 14,699 | 14,916 | 66,148 | 60,272 | 61,996 |
Income before income tax expense | 14,523 | 15,044 | 13,530 | 14,150 | 15,090 | 14,490 | 14,469 | 13,778 | 57,247 | 57,827 | 52,686 |
Income tax expense | 3,472 | 3,704 | 3,192 | 3,377 | 3,395 | 3,355 | 3,480 | 3,273 | 13,745 | 13,503 | 12,054 |
Net income | $ 11,051 | $ 11,340 | $ 10,338 | $ 10,773 | $ 11,695 | $ 11,135 | $ 10,989 | $ 10,505 | $ 43,502 | $ 44,324 | $ 40,632 |
Earnings per common share: | |||||||||||
Basic | $ 0.59 | $ 0.60 | $ 0.55 | $ 0.57 | $ 0.62 | $ 0.59 | $ 0.58 | $ 0.56 | $ 2.31 | $ 2.35 | $ 2.18 |
Diluted | $ 0.58 | $ 0.60 | $ 0.55 | $ 0.57 | $ 0.61 | $ 0.59 | $ 0.58 | $ 0.55 | $ 2.29 | $ 2.33 | $ 2.14 |