Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CFBI | |
Entity Registrant Name | Community First Bancshares, Inc. | |
Entity Central Index Key | 0001691507 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 7,557,848 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38074 | |
Entity Tax Identification Number | 821147778 | |
Entity Address, Address Line One | 3175 Highway 278 | |
Entity Address, City or Town | Covington | |
Entity Address, State or Province | Georgia | |
Entity Address, Postal Zip Code | 30014 | |
City Area Code | 770 | |
Local Phone Number | 786-7088 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks, including reserve requirement of $2,040 and $1,834 at June 30, 2019 and December 31, 2018, respectively | $ 4,642,000 | $ 3,817,000 |
Interest-earning deposits in other depository institutions | 15,075,000 | 33,212,000 |
Cash and cash equivalents | 19,717,000 | 37,029,000 |
Investment securities held-to-maturity (estimated fair values of $999 and $993) | 1,000,000 | 1,000,000 |
Investment securities available-for-sale | 20,813,000 | 21,145,000 |
Federal Home Loan Bank stock | 278,000 | 580,000 |
Loans, net | 243,632,000 | 227,424,000 |
Other real estate owned | 508,000 | |
Premises and equipment, net | 8,778,000 | 8,896,000 |
Bank owned life insurance | 7,356,000 | 7,251,000 |
Accrued interest receivable and other assets | 3,514,000 | 3,862,000 |
Total assets | 305,088,000 | 307,695,000 |
Liabilities: | ||
Savings accounts | 24,496,000 | 24,511,000 |
Interest-bearing checking | 50,161,000 | 53,752,000 |
Market rate checking | 26,738,000 | 24,936,000 |
Non-interest bearing checking | 28,668,000 | 28,472,000 |
Certificate of deposits | 93,020,000 | 87,510,000 |
Total deposits | 223,083,000 | 219,181,000 |
Federal Home Loan Bank advances | 7,570,000 | |
Accrued interest payable and other liabilities | 5,250,000 | 4,546,000 |
Total liabilities | 228,333,000 | 231,297,000 |
Stockholders' equity: | ||
Common stock (par value $0.01 per share, 19,000,000 shares authorized, 7,671,224 issued and 7,557,848 outstanding at June 30, 2019 and 7,538,250 issued and 7,478,992 outstanding at December 31, 2018) | 77,000 | 75,000 |
Preferred stock (1,000,000 shares authorized, no shares outstanding) | ||
Additional paid in capital | 33,148,000 | 33,078,000 |
Treasury stock, 113,376 shares at June 30, 2019, and 59,258 shares at December 31, 2018, at cost | (1,268,000) | (668,000) |
Unearned ESOP shares | (2,630,000) | (2,689,000) |
Retained earnings | 47,278,000 | 47,043,000 |
Accumulated other comprehensive income (loss) | 150,000 | (441,000) |
Total stockholders' equity | 76,755,000 | 76,398,000 |
Total liabilities and stockholders' equity | $ 305,088,000 | $ 307,695,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Cash and due from banks, reserve requirement | $ 2,040 | $ 1,834 |
Investment securities held-to-maturity, estimated fair value | $ 999 | $ 993 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 19,000,000 | 19,000,000 |
Common stock, shares issued | 7,671,224 | 7,538,250 |
Common stock, shares outstanding | 7,557,848 | 7,478,992 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock shares, at cost | 113,376 | 59,258 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Loans, including fees | $ 3,549 | $ 3,330 | $ 6,793 | $ 6,467 |
Investment securities, including dividends | 128 | 150 | 270 | 304 |
Interest-earning deposits | 123 | 90 | 300 | 166 |
Total interest income | 3,800 | 3,570 | 7,363 | 6,937 |
Interest expense: | ||||
Deposits | 546 | 365 | 1,057 | 681 |
Borrowings | 37 | 24 | 74 | |
Total interest expense | 546 | 402 | 1,081 | 755 |
Net interest income before provision for loan losses | 3,254 | 3,168 | 6,282 | 6,182 |
Provision for loan losses | 300 | 300 | ||
Net interest income after provision for loan losses | 3,254 | 2,868 | 6,282 | 5,882 |
Non-interest income: | ||||
Service charges on deposit accounts | 187 | 175 | 360 | 342 |
Small Business Administration (SBA) loan fees | 2 | 485 | 7 | 654 |
Other | 150 | 134 | 328 | 254 |
Total non-interest income | 339 | 794 | 695 | 1,250 |
Non-interest expenses: | ||||
Salaries and employee benefits | 1,861 | 1,647 | 3,659 | 3,382 |
Deferred compensation | 51 | 51 | 103 | 103 |
Occupancy | 477 | 428 | 956 | 841 |
Advertising | 35 | 55 | 67 | 82 |
Data processing | 350 | 216 | 612 | 450 |
Other real estate owned | 15 | 53 | 17 | 61 |
Net gain on sale of other real estate owned | (62) | (4) | (96) | (24) |
Legal and accounting | 259 | 223 | 533 | 487 |
Organizational dues and subscriptions | 73 | 82 | 153 | 155 |
Director compensation | 50 | 53 | 96 | 108 |
Federal deposit insurance premiums | 16 | 16 | 32 | 32 |
Other | 337 | 256 | 616 | 481 |
Total non-interest expenses | 3,462 | 3,076 | 6,748 | 6,158 |
Income before income taxes | 131 | 586 | 229 | 974 |
Income tax expense (benefit) | 13 | (32) | (6) | 23 |
Net income | $ 118 | $ 618 | $ 235 | $ 951 |
Basic and diluted earnings per share | $ 0.02 | $ 0.08 | $ 0.03 | $ 0.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 118 | $ 618 | $ 235 | $ 951 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on available for sale securities, net of taxes of $77, $(1), $208 and $(135) | 218 | (2) | 591 | (383) |
Total other comprehensive income (loss) | 218 | (2) | 591 | (383) |
Total comprehensive income | $ 336 | $ 616 | $ 826 | $ 568 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized gain (loss) on available for sale securities, tax | $ 77 | $ (1) | $ 208 | $ (135) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Treasury Stock | Unearned ESOP Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 75,664 | $ 75 | $ 33,063 | $ (2,807) | $ 45,485 | $ (152) | |
ESOP loan payment and release of ESOP shares | 33 | 4 | 29 | ||||
Change in unrealized gain (loss) on investment securities available-for-sale | (381) | (381) | |||||
Net income | 333 | 333 | |||||
Ending balance at Mar. 31, 2018 | 75,649 | 75 | 33,067 | (2,778) | 45,818 | (533) | |
Beginning balance at Dec. 31, 2017 | 75,664 | 75 | 33,063 | (2,807) | 45,485 | (152) | |
Change in unrealized gain (loss) on investment securities available-for-sale | (383) | ||||||
Net income | 951 | ||||||
Ending balance at Jun. 30, 2018 | 76,298 | 75 | 33,070 | (2,748) | 46,436 | (535) | |
Beginning balance at Mar. 31, 2018 | 75,649 | 75 | 33,067 | (2,778) | 45,818 | (533) | |
ESOP loan payment and release of ESOP shares | 33 | 3 | 30 | ||||
Change in unrealized gain (loss) on investment securities available-for-sale | (2) | (2) | |||||
Net income | 618 | 618 | |||||
Ending balance at Jun. 30, 2018 | 76,298 | 75 | 33,070 | (2,748) | 46,436 | (535) | |
Beginning balance at Dec. 31, 2018 | 76,398 | 75 | 33,078 | $ (668) | (2,689) | 47,043 | (441) |
ESOP loan payment and release of ESOP shares | 31 | 1 | 30 | ||||
Purchase of treasury stock | (600) | (600) | |||||
Change in unrealized gain (loss) on investment securities available-for-sale | 373 | 373 | |||||
Net income | 117 | 117 | |||||
Ending balance at Mar. 31, 2019 | 76,319 | 75 | 33,079 | (1,268) | (2,659) | 47,160 | (68) |
Beginning balance at Dec. 31, 2018 | 76,398 | 75 | 33,078 | (668) | (2,689) | 47,043 | (441) |
Change in unrealized gain (loss) on investment securities available-for-sale | 591 | ||||||
Net income | 235 | ||||||
Ending balance at Jun. 30, 2019 | 76,755 | 77 | 33,148 | (1,268) | (2,630) | 47,278 | 150 |
Beginning balance at Mar. 31, 2019 | 76,319 | 75 | 33,079 | (1,268) | (2,659) | 47,160 | (68) |
ESOP loan payment and release of ESOP shares | 31 | 2 | 29 | ||||
Issuance of restricted stock awards | 45 | 2 | 43 | ||||
Stock based compensation expense | 24 | 24 | |||||
Change in unrealized gain (loss) on investment securities available-for-sale | 218 | 218 | |||||
Net income | 118 | 118 | |||||
Ending balance at Jun. 30, 2019 | $ 76,755 | $ 77 | $ 33,148 | $ (1,268) | $ (2,630) | $ 47,278 | $ 150 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 235 | $ 951 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 0 | 300 |
Depreciation and amortization | 435 | 457 |
Stock-based compensation expense | 70 | 0 |
Deferred income tax | (17) | 181 |
ESOP expense | 61 | 66 |
Net gain on sale of other real estate owned | (96) | (24) |
Increase in cash surrender value of life insurance | (105) | (117) |
Change in: | ||
Accrued interest receivable and other assets | 157 | 543 |
Accrued interest payable and other liabilities | 704 | 64 |
Net cash provided by operating activities | 1,444 | 2,421 |
Cash flows from investing activities: | ||
Purchases of premises and equipment | (220) | (744) |
Proceeds from paydowns of investment securities available-for-sale | 1,034 | 1,039 |
Purchases of other investments | 0 | (43) |
Proceeds from sales of other investments | 302 | 0 |
Net change in loans | (16,208) | (7,901) |
Proceeds from sales of other real estate owned | 604 | 137 |
Net cash used in investing activities | (14,488) | (7,512) |
Cash flows from financing activities: | ||
Net change in demand and savings deposits | 3,902 | 6,316 |
Purchase of treasury stock | (600) | 0 |
Repayment of FHLB advances | (7,570) | 0 |
Net cash (used in) provided by financing activities | (4,268) | 6,316 |
Net change in cash and cash equivalents | (17,312) | 1,225 |
Cash and cash equivalents at beginning of period | 37,029 | 25,098 |
Cash and cash equivalents at end of period | 19,717 | 26,323 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | $ 1,101 | $ 779 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Community First Bancshares, Inc. (the “Company”) is a savings and loan holding company headquartered in Covington, Georgia. The Company has one operating subsidiary, Newton Federal Bank (the “Bank”), conducting banking activities primarily in Newton County, Georgia and surrounding counties. The main emphasis of the Bank is providing mortgage loans in its primary lending area. It offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, money transfers and a variety of other banking services. In October 2018, we opened an indirect automobile loan division, Community First Auto. The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of June 30, 2019 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the annual financial statements and the notes thereto included in the Company’s September 30, 2018 Form 10-K. The results of operations for the quarter ended June 30, 2019, are not necessarily indicative of the results to be expected for a full year or for any other period. On October 25, 2018, both the Company and the Bank changed their fiscal year end from September 30 to December 31. This change will bring the Company and the Bank in line with industry standards and will improve accounting and reporting efficiencies by making the fiscal year-end and the calendar year-end the same. As a result of the change in fiscal year, the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2018 to December 31, 2018. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended September 30, 2018 included in the Company’s Form 10-K. Net income per share is calculated for the period that the Company’s shares of common stock were outstanding which includes the current quarter and the same quarter in the previous year. The net income for the current period was $118,000 and the weighted average common shares outstanding were 7,525,700. The net income for the current year to date period was $235,000 and the weighted average common shares outstanding were 7,489,020. Recent Accounting Pronouncements There have been no pronouncements issued during the quarter that would have a material impact on the Company's financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | (2) Investment Securities Investment Securities Held-to-Maturity Investment securities held-to-maturity at June 30, 2019 and December 31, 2018 are as follows: (in thousands) March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government sponsored enterprises $ 1,000 — (1 ) 999 December 31, 2018 U.S. Government sponsored enterprises $ 1,000 — (7 ) 993 The U.S. government sponsored enterprise security as of June 30, 2019 is comprised of one debt financing security issued by a government agency that matures within There were no sales of securities held-to-maturity during the three and six months ended June 30, 2019 or 2018. The one held-to-maturity s ecurity was pledged to secure public deposits at both June 30, 2019 and December 31, 2018. Investment Securities Available-for-Sale Investment securities available-for-sale at June 30, 2019 and December 31, 2018 are as follows: (in thousands) Amortized Gross Unrealized Gross Unrealized Estimated June 30, 2019 Cost Gains Losses Fair Value Municipal securities - tax exempt $ 5,635 161 — 5,796 Municipal securities - taxable 3,113 87 — 3,200 Government agency securities 501 — (2 ) 499 Government agency mortgage-backed securities 11,361 13 (56 ) 11,318 Total $ 20,610 261 (58 ) 20,813 December 31, 2018 Municipal securities - tax exempt $ 5,670 12 (73 ) 5,609 Municipal securities - taxable 3,119 — (132 ) 2,987 Government agency securities 501 — (10 ) 491 Government agency mortgage-backed securities 12,451 — (393 ) 12,058 Total $ 21,741 12 (608 ) 21,145 There were no The amortized cost and estimated fair value of investment securities available-for-sale at June 30, 2019, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands) Amortized Estimated Cost Fair Value Municipal securities - tax exempt Within 1 year $ — — Greater than 1 to 5 years 1,577 1,616 Greater than 5 to 10 years 4,058 4,180 Greater than 10 years — — 5,635 5,796 Municipal securities - taxable Within 1 year — — Greater than 1 to 5 years — — Greater than 5 to 10 years 3,113 3,200 Greater than 10 years — — 3,113 3,200 Government agency securities Within 1 year — — Greater than 1 to 5 years 501 499 Greater than 5 to 10 years — — Greater than 10 years — — 501 499 Government agency mortgage-backed securities 11,361 11,318 Total $ 20,610 20,813 There were no sales of securities available-for-sale during the three and six months ended June 30, 2019 or 2018. Securities with a carrying value of approximately $1.8 million |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | (3) Loans and Allowance for Loan Losses Major classifications of loans, by collateral code, at June 30, 2019 and December 31, 2018 are summarized as follows: (in thousands) June 30, 2019 December 31, 2018 Commercial (secured by real estate) $ 54,805 50,716 Commercial and industrial 25,286 25,612 Construction, land and acquisition & development 19,452 12,367 Residential mortgage 1-4 family 128,807 138,156 Consumer installment 19,462 4,595 Total 247,812 231,446 Less allowance for loan losses (4,180 ) (4,022 ) Total loans, net $ 243,632 227,424 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations located primarily in Newton County and other surrounding Georgia counties. A substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent upon the real estate market. Qualifying loans in the amount of approximately $117.5 million and $125.0 million were pledged to secure the line of credit from Federal Home Loan Bank (the “FHLB”) at June 30, 2019 and December 31, 2018, respectively. The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of and for the six months ended June 30, 2019 and 2018: (in thousands) June 30, 2019 Commercial (Secured by Real Estate) Commercial and Industrial Construction, Land and Acquisition & Development Residential Mortgage Consumer Installment Unallocated Total Allowance for loan losses: Beginning balance $ 1,619 1,520 108 641 127 7 4,022 Provision 36 (113 ) 37 (342 ) 386 (4 ) — Charge-offs — (26 ) — (125 ) (5 ) — (156 ) Recoveries 50 27 — 236 1 — 314 Ending balance $ 1,705 1,408 145 410 509 3 4,180 Ending allowance attributable to loans: Individually evaluated for impairment $ 2 — — 1 — — 3 Collectively evaluated for impairment 1,703 1,408 145 409 509 3 4,177 Total ending allowance $ 1,705 1,408 145 410 509 3 4,180 Loans: Individually evaluated for impairment $ 1,899 — — 2,840 1 — 4,740 Collectively evaluated for impairment 52,906 25,286 19,452 125,967 19,461 — 243,072 Total loans $ 54,805 25,286 19,452 128,807 19,462 — 247,812 June 30, 2018 Allowance for loan losses: Beginning balance $ 1,747 803 329 1,648 74 9 4,610 Provision (560 ) 1,867 (114 ) (905 ) 19 (7 ) 300 Charge-offs — (1,100 ) — (44 ) (27 ) — (1,171 ) Recoveries 51 22 — 196 1 — 270 Ending balance $ 1,238 1,592 215 895 67 2 4,009 Ending allowance attributable to loans: Individually evaluated for impairment $ 3 — — 8 — — 11 Collectively evaluated for impairment 1,235 1,592 215 887 67 2 3,998 Total ending allowance $ 1,238 1,592 215 895 67 2 4,009 Loans: Individually evaluated for impairment $ 1,994 277 — 5,835 2 — 8,108 Collectively evaluated for impairment 35,497 27,336 21,475 132,151 2,728 — 219,187 Total loans $ 37,491 27,613 21,475 137,986 2,730 — 227,295 The Bank individually evaluates all loans for impairment that are on nonaccrual status or are rated substandard (as described below). Additionally, all troubled debt restructurings are evaluated for impairment. A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due according to the contractual terms of the loan will not be collected. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest payments received on impaired loans are applied as a reduction of the outstanding principal balance. Impaired loans at June 30, 2019 and December 31, 2018 were as follows: (in thousands) June 30, 2019 Recorded Investment Unpaid Principal Balance Allocated Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial (secured by real estate) $ 294 1,320 — 317 1 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 2,702 3,339 — 2,777 36 Consumer installment 1 1 — 1 6 2,997 4,660 — 3,095 43 With an allowance recorded: Commercial (secured by real estate) 1,605 1,605 2 1,628 26 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 138 138 1 139 2 Consumer installment — — — — — 1,743 1,743 3 1,767 28 Total impaired loans $ 4,740 6,402 3 4,862 71 December 31, 2018 With no related allowance recorded: Commercial (secured by real estate) $ 167 1,023 — 185 6 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 3,458 4,265 — 3,287 37 Consumer installment 1 1 — 6 — 3,626 5,289 — 3,478 43 With an allowance recorded: Commercial (secured by real estate) 1,759 1,759 3 1,777 27 Commercial and industrial 27 27 — 14 — Construction, land and acquisition & development — — — — — Residential mortgage 140 139 2 141 2 Consumer installment — — — — — 1,926 1,925 5 1,932 29 Total impaired loans $ 5,552 7,214 5 5,410 72 The following table presents the aging of the recorded investment in past due loans, as well as the recorded investment in nonaccrual loans, as of June 30, 2019 and December 31, 2018 by class of loans: (in thousands) June 30, 2019 30 -59 Days Past Due 60- 89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Nonaccrual Commercial (secured by real estate) $ 15 27 — 42 54,763 54,805 174 Commercial and industrial 22 — — 22 25,264 25,286 — Construction, land and acquisition & development — — — — 19,452 19,452 — Residential mortgage 312 1,080 197 1,589 127,218 128,807 1,134 Consumer installment 17 22 16 55 19,407 19,462 16 Total $ 366 1,129 213 1,708 246,104 247,812 1,324 December 31, 2018 Commercial (secured by real estate) $ — — — — 50,716 50,716 56 Commercial and industrial — — — — 25,612 25,612 27 Construction, land and acquisition & development — — — — 12,367 12,367 — Residential mortgage 196 1,039 228 1,463 136,693 138,156 1,744 Consumer installment 9 1 1 11 4,584 4,595 1 Total $ 205 1,040 229 1,474 229,972 231,446 1,828 There were no loans past due 90 days or greater and still accruing interest as of June 30, 2019 and December 31, 2018. There were no new troubled debt restructurings during the six months ended June 30, 2019 or 2018. One troubled debt restructuring subsequently defaulted during the six months ended June 30, 2019. No troubled debt restructurings subsequently defaulted during the six months ended June 30, 2018. The Bank has allocated an allowance for loan losses of approximately $3,000 and $5,000 to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2019 and December 31, 2018, respectively. The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings: Special Mention. Loans have potential weaknesses that may, if not corrected, weaken or inadequately protect the Bank's credit position at some future date. Weaknesses are generally the result of deviation from prudent lending practices, such as over advances on collateral. Credits in this category should, within a 12-month period, move to Pass if improved or drop to Substandard if poor trends continue. Substandard. Inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans have a well-defined weakness or weaknesses such as primary source of repayment is gone or severely impaired or cash flow is insufficient to reduce debt. There is a distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful. Loans have weaknesses of those classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable. The likelihood of a loss on an asset or portion of an asset classified Doubtful is high. Loss. Loans considered uncollectible and of such little value that the continuance as a Bank asset is not warranted. This does not mean that the loan has no recovery or salvage value, but rather the asset should be charged off even though partial recovery may be possible in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of June 30, 2019, and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (in thousands) June 30, 2019 Pass Special Mention Substandard Doubtful/ Loss Total Commercial (secured by real estate) $ 54,607 — 198 — 54,805 Commercial and industrial 25,286 — — — 25,286 Construction, land and acquisition & development 19,452 — — — 19,452 Residential mortgage 123,886 316 4,605 — 128,807 Consumer installment 19,407 — 55 — 19,462 Total $ 242,638 316 4,858 — 247,812 December 31, 2018 Pass Special Mention Substandard Doubtful/ Loss Total Commercial (secured by real estate) $ 50,395 — 321 — 50,716 Commercial and industrial 25,585 — 27 — 25,612 Construction, land and acquisition & development 12,367 — — — 12,367 Residential mortgage 132,167 65 5,924 — 138,156 Consumer installment 4,553 — 42 — 4,595 Total $ 225,067 65 6,314 — 231,446 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Deposits | (4) Deposits The aggregate amounts of certificates of deposit of $250,000 or more, the standard FDIC deposit insurance coverage limit per depositor, were approximately $16.0 million at June 30, 2019 and $14.2 million at December 31, 2018. The aggregate amounts of certificates of deposit of $100,000 or more were approximately $48.7 million at June 30, 2019 and $42.4 million at December 31, 2018. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | (5) Borrowings The following Federal Home Loan Bank of Atlanta (“FHLB”) advances, which required monthly or quarterly interest payments, were outstanding at December 31, 2018: Advance Date Advance Interest Rate Maturity Rate Call Feature 10/25/2017 $ 2,710,000 1.98% 10/26/2020 Fixed None 10/25/2017 1,250,000 1.81% 10/25/2019 Fixed None 11/13/2017 1,190,000 1.87% 11/13/2019 Fixed None 11/13/2017 2,420,000 2.02% 11/13/2020 Fixed None $ 7,570,000 All of these advances were repaid during the quarter ended March 31, 2019. The FHLB advances were collateralized by certain loans which totaled approximately $125.0 million at December 31, 2018, and by the Company’s investment in FHLB stock which totaled approximately $580,000 at December 31, 2018. The Company had one FHLB letter of credit of $4.5 million and $5.0 million, used to collateralize public deposits, outstanding at June 30, 2019 and December 31, 2018, respectively. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plan | ( 6 ) Employee Stock Ownership Plan The Company sponsors an employee stock ownership plan (“ESOP”) that covers all employees who meet certain service requirements. The Company makes annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. In April 2017, the ESOP borrowed $2,954,990 payable to the Company for the purpose of purchasing shares of the Company’s common stock. A total of 295,499 shares were purchased with the loan proceeds as part of the Company’s initial stock offering. Total ESOP expense for the three and six months ended June 30, 2019 and 2018 was approximately $30,000 and $33,000 and $61,000 and $66,000, respectively. The balance of the note payable of the ESOP was $2,750,592 at June 30, 2019 and December 31, 2018. Because the source of the loan payments are contributions received by the ESOP from the Company, the related note receivable is shown as a reduction of stockholders’ equity. As of June 30, 2019, 23,600 shares had been released. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award Additional General Disclosures [Abstract] | |
Stock-Based Compensation | (7) Stock-Based Compensation The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors. In August 2018, with subsequent shareholder approval, the 2018 Equity Incentive Plan was approved up to 517,123 share of common stock and up to 369,374 stock options. A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows. Dividend yield is 0%, expected volatility is 20.35%, the risk-free interest rate is 2.41%, expected average life is 7.5 years and the weighted average per share fair value of options is $2.97. Stock options of 247,479 with a weighted average exercise price of $10.10 were granted during the three months ended June 30, 2019. No options were exercised or forfeited during the three months ended June 30, 2019. The weighted average remaining life of outstanding stock options at June 30, 2019, is 4.8 years and they have an aggregate intrinsic value of $0. The weighted average remaining life of exercisable stock options at June 30, 2019, is 4.8 years and they have an aggregate intrinsic value of $0. Restricted stock of 132,974 shares with a weighted average grant date fair value of $10.10 were granted during the three months ended June 30, 2019. No stock has yet vested and none has been forfeited. There are 132,974 restricted shares outstanding with a weighted average grant date fair value of $10.10 at June 30, 2019. The Company recognized approximately $70,000 of stock-based compensation expense (included in salary and employee benefits on the consolidated statements of income) during the three months ended June 30, 2019, associated with its common stock awards granted to directors and officers. As of June 30, 2019, there was approximately $2.0 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately 4.8 years. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | ( 8 ) Fair Value Measurements and Disclosures The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Cash and Cash Equivalents The carrying value of cash and cash equivalents is a reasonable estimate of fair value. Investment Securities Available-for-Sale Available-for-sale securities are recorded at market value. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. Investment Securities Held-to-Maturity Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums and discounts. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. FHLB Stock The carrying value of FHLB stock approximates fair value. Loans The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and a specific reserve is established within the allowance for loan losses. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with GAAP. The fair value of impaired loans is estimated using one of three methods, including collateral value, market value of similar debt, and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. In accordance with GAAP, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price, the Company records the impaired loan as nonrecurring Level 2. When an appraised value is used or an appraisal is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. For disclosure purposes, the fair value of fixed rate loans which are not considered impaired is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For unimpaired variable rate loans, the carrying amount is a reasonable estimate of fair value for disclosure purposes. Other Real Estate Owned Other real estate properties are adjusted to fair value upon transfer of the loans to other real estate. Subsequently, other real estate assets are carried at fair value less estimated selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price, the Bank records the other real estate as nonrecurring Level 2. When an appraised value is used or an appraisal is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Bank records the other real estate asset as nonrecurring Level 3. Bank Owned Life Insurance The carrying value of the cash surrender value of life insurance reasonably approximates fair value. Deposits The fair value of savings accounts, interest bearing checking accounts, non-interest bearing checking accounts and market rate checking accounts is the amount payable on demand at the reporting date, while the fair value of fixed maturity certificates of deposit is estimated by discounting the future cash flows using current rates at which comparable certificates would be issued. Federal Home Loan Bank Advances The fair value of Federal Home Loan Bank fixed rate borrowings are estimated using discounted cash flows, based on the current incremental borrowing rates for similar types of borrowing arrangements. Commitments to Extend Credit Commitments to extend credit are short-term and, therefore, the carrying value and the fair value are considered immaterial for disclosure. Assets Recorded at Fair Value on a Recurring Basis The Company’s only assets recorded at fair value on a recurring basis are available-for-sale securities that had fair values of approximately $20.8 million and $21.1 million at June 30, 2019 and December 31, 2018. They are classified as Level 2. Assets Recorded at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of June 30, 2019 and December 31, 2018 (in thousands). June 30, 2019 Level 1 Level 2 Level 3 Total Other real estate owned $ — — — — Impaired loans — — 4,737 4,737 Total assets at fair value $ — — 4,737 4,737 December 31, 2018 Level 1 Level 2 Level 3 Total Other real estate owned $ — — 508 508 Impaired loans — — 5,547 5,547 Total assets at fair value $ — — 6,055 6,055 The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets: Cash and cash equivalents $ 19,717 19,717 37,029 37,029 Investment securities available-for-sale $ 20,813 20,813 21,145 21,145 held-to-maturity $ 1,000 999 1,000 993 FHLB Stock $ 278 278 580 580 Loans, net $ 243,632 215,831 227,424 198,403 Cash surrender value of life insurance $ 7,356 7,356 7,251 7,251 Financial liabilities: Deposits $ 223,083 223,746 219,181 219,319 FHLB advances $ — — 7,570 7,656 Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Community First Bancshares, Inc. (the “Company”) is a savings and loan holding company headquartered in Covington, Georgia. The Company has one operating subsidiary, Newton Federal Bank (the “Bank”), conducting banking activities primarily in Newton County, Georgia and surrounding counties. The main emphasis of the Bank is providing mortgage loans in its primary lending area. It offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, money transfers and a variety of other banking services. In October 2018, we opened an indirect automobile loan division, Community First Auto. The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of June 30, 2019 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the annual financial statements and the notes thereto included in the Company’s September 30, 2018 Form 10-K. The results of operations for the quarter ended June 30, 2019, are not necessarily indicative of the results to be expected for a full year or for any other period. On October 25, 2018, both the Company and the Bank changed their fiscal year end from September 30 to December 31. This change will bring the Company and the Bank in line with industry standards and will improve accounting and reporting efficiencies by making the fiscal year-end and the calendar year-end the same. As a result of the change in fiscal year, the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2018 to December 31, 2018. |
Use of Estimates | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no pronouncements issued during the quarter that would have a material impact on the Company's financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investment Securities Held-to-Maturity | Investment securities held-to-maturity at June 30, 2019 and December 31, 2018 are as follows: (in thousands) March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government sponsored enterprises $ 1,000 — (1 ) 999 December 31, 2018 U.S. Government sponsored enterprises $ 1,000 — (7 ) 993 |
Schedule of Investment Securities Available-for-Sale | Investment securities available-for-sale at June 30, 2019 and December 31, 2018 are as follows: (in thousands) Amortized Gross Unrealized Gross Unrealized Estimated June 30, 2019 Cost Gains Losses Fair Value Municipal securities - tax exempt $ 5,635 161 — 5,796 Municipal securities - taxable 3,113 87 — 3,200 Government agency securities 501 — (2 ) 499 Government agency mortgage-backed securities 11,361 13 (56 ) 11,318 Total $ 20,610 261 (58 ) 20,813 December 31, 2018 Municipal securities - tax exempt $ 5,670 12 (73 ) 5,609 Municipal securities - taxable 3,119 — (132 ) 2,987 Government agency securities 501 — (10 ) 491 Government agency mortgage-backed securities 12,451 — (393 ) 12,058 Total $ 21,741 12 (608 ) 21,145 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale by Contractual Maturity | The amortized cost and estimated fair value of investment securities available-for-sale at June 30, 2019, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands) Amortized Estimated Cost Fair Value Municipal securities - tax exempt Within 1 year $ — — Greater than 1 to 5 years 1,577 1,616 Greater than 5 to 10 years 4,058 4,180 Greater than 10 years — — 5,635 5,796 Municipal securities - taxable Within 1 year — — Greater than 1 to 5 years — — Greater than 5 to 10 years 3,113 3,200 Greater than 10 years — — 3,113 3,200 Government agency securities Within 1 year — — Greater than 1 to 5 years 501 499 Greater than 5 to 10 years — — Greater than 10 years — — 501 499 Government agency mortgage-backed securities 11,361 11,318 Total $ 20,610 20,813 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans, by collateral code, at June 30, 2019 and December 31, 2018 are summarized as follows: (in thousands) June 30, 2019 December 31, 2018 Commercial (secured by real estate) $ 54,805 50,716 Commercial and industrial 25,286 25,612 Construction, land and acquisition & development 19,452 12,367 Residential mortgage 1-4 family 128,807 138,156 Consumer installment 19,462 4,595 Total 247,812 231,446 Less allowance for loan losses (4,180 ) (4,022 ) Total loans, net $ 243,632 227,424 |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of and for the six months ended June 30, 2019 and 2018: (in thousands) June 30, 2019 Commercial (Secured by Real Estate) Commercial and Industrial Construction, Land and Acquisition & Development Residential Mortgage Consumer Installment Unallocated Total Allowance for loan losses: Beginning balance $ 1,619 1,520 108 641 127 7 4,022 Provision 36 (113 ) 37 (342 ) 386 (4 ) — Charge-offs — (26 ) — (125 ) (5 ) — (156 ) Recoveries 50 27 — 236 1 — 314 Ending balance $ 1,705 1,408 145 410 509 3 4,180 Ending allowance attributable to loans: Individually evaluated for impairment $ 2 — — 1 — — 3 Collectively evaluated for impairment 1,703 1,408 145 409 509 3 4,177 Total ending allowance $ 1,705 1,408 145 410 509 3 4,180 Loans: Individually evaluated for impairment $ 1,899 — — 2,840 1 — 4,740 Collectively evaluated for impairment 52,906 25,286 19,452 125,967 19,461 — 243,072 Total loans $ 54,805 25,286 19,452 128,807 19,462 — 247,812 June 30, 2018 Allowance for loan losses: Beginning balance $ 1,747 803 329 1,648 74 9 4,610 Provision (560 ) 1,867 (114 ) (905 ) 19 (7 ) 300 Charge-offs — (1,100 ) — (44 ) (27 ) — (1,171 ) Recoveries 51 22 — 196 1 — 270 Ending balance $ 1,238 1,592 215 895 67 2 4,009 Ending allowance attributable to loans: Individually evaluated for impairment $ 3 — — 8 — — 11 Collectively evaluated for impairment 1,235 1,592 215 887 67 2 3,998 Total ending allowance $ 1,238 1,592 215 895 67 2 4,009 Loans: Individually evaluated for impairment $ 1,994 277 — 5,835 2 — 8,108 Collectively evaluated for impairment 35,497 27,336 21,475 132,151 2,728 — 219,187 Total loans $ 37,491 27,613 21,475 137,986 2,730 — 227,295 |
Summary of Impaired Loans | Impaired loans at June 30, 2019 and December 31, 2018 were as follows: (in thousands) June 30, 2019 Recorded Investment Unpaid Principal Balance Allocated Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial (secured by real estate) $ 294 1,320 — 317 1 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 2,702 3,339 — 2,777 36 Consumer installment 1 1 — 1 6 2,997 4,660 — 3,095 43 With an allowance recorded: Commercial (secured by real estate) 1,605 1,605 2 1,628 26 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 138 138 1 139 2 Consumer installment — — — — — 1,743 1,743 3 1,767 28 Total impaired loans $ 4,740 6,402 3 4,862 71 December 31, 2018 With no related allowance recorded: Commercial (secured by real estate) $ 167 1,023 — 185 6 Commercial and industrial — — — — — Construction, land and acquisition & development — — — — — Residential mortgage 3,458 4,265 — 3,287 37 Consumer installment 1 1 — 6 — 3,626 5,289 — 3,478 43 With an allowance recorded: Commercial (secured by real estate) 1,759 1,759 3 1,777 27 Commercial and industrial 27 27 — 14 — Construction, land and acquisition & development — — — — — Residential mortgage 140 139 2 141 2 Consumer installment — — — — — 1,926 1,925 5 1,932 29 Total impaired loans $ 5,552 7,214 5 5,410 72 |
Summary of Recorded Investment in Past Due Loans, as Well as Nonaccrual Loans | The following table presents the aging of the recorded investment in past due loans, as well as the recorded investment in nonaccrual loans, as of June 30, 2019 and December 31, 2018 by class of loans: (in thousands) June 30, 2019 30 -59 Days Past Due 60- 89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Nonaccrual Commercial (secured by real estate) $ 15 27 — 42 54,763 54,805 174 Commercial and industrial 22 — — 22 25,264 25,286 — Construction, land and acquisition & development — — — — 19,452 19,452 — Residential mortgage 312 1,080 197 1,589 127,218 128,807 1,134 Consumer installment 17 22 16 55 19,407 19,462 16 Total $ 366 1,129 213 1,708 246,104 247,812 1,324 December 31, 2018 Commercial (secured by real estate) $ — — — — 50,716 50,716 56 Commercial and industrial — — — — 25,612 25,612 27 Construction, land and acquisition & development — — — — 12,367 12,367 — Residential mortgage 196 1,039 228 1,463 136,693 138,156 1,744 Consumer installment 9 1 1 11 4,584 4,595 1 Total $ 205 1,040 229 1,474 229,972 231,446 1,828 |
Summary of Risk Category of Loans by Class of Loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of June 30, 2019, and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (in thousands) June 30, 2019 Pass Special Mention Substandard Doubtful/ Loss Total Commercial (secured by real estate) $ 54,607 — 198 — 54,805 Commercial and industrial 25,286 — — — 25,286 Construction, land and acquisition & development 19,452 — — — 19,452 Residential mortgage 123,886 316 4,605 — 128,807 Consumer installment 19,407 — 55 — 19,462 Total $ 242,638 316 4,858 — 247,812 December 31, 2018 Pass Special Mention Substandard Doubtful/ Loss Total Commercial (secured by real estate) $ 50,395 — 321 — 50,716 Commercial and industrial 25,585 — 27 — 25,612 Construction, land and acquisition & development 12,367 — — — 12,367 Residential mortgage 132,167 65 5,924 — 138,156 Consumer installment 4,553 — 42 — 4,595 Total $ 225,067 65 6,314 — 231,446 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank of Atlanta (FHLB) Advances | The following Federal Home Loan Bank of Atlanta (“FHLB”) advances, which required monthly or quarterly interest payments, were outstanding at December 31, 2018: Advance Date Advance Interest Rate Maturity Rate Call Feature 10/25/2017 $ 2,710,000 1.98% 10/26/2020 Fixed None 10/25/2017 1,250,000 1.81% 10/25/2019 Fixed None 11/13/2017 1,190,000 1.87% 11/13/2019 Fixed None 11/13/2017 2,420,000 2.02% 11/13/2020 Fixed None $ 7,570,000 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of June 30, 2019 and December 31, 2018 (in thousands). June 30, 2019 Level 1 Level 2 Level 3 Total Other real estate owned $ — — — — Impaired loans — — 4,737 4,737 Total assets at fair value $ — — 4,737 4,737 December 31, 2018 Level 1 Level 2 Level 3 Total Other real estate owned $ — — 508 508 Impaired loans — — 5,547 5,547 Total assets at fair value $ — — 6,055 6,055 |
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values (in thousands) of the Company’s financial instruments at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets: Cash and cash equivalents $ 19,717 19,717 37,029 37,029 Investment securities available-for-sale $ 20,813 20,813 21,145 21,145 held-to-maturity $ 1,000 999 1,000 993 FHLB Stock $ 278 278 580 580 Loans, net $ 243,632 215,831 227,424 198,403 Cash surrender value of life insurance $ 7,356 7,356 7,251 7,251 Financial liabilities: Deposits $ 223,083 223,746 219,181 219,319 FHLB advances $ — — 7,570 7,656 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Net income | $ 118 | $ 117 | $ 618 | $ 333 | $ 235 | $ 951 |
Weighted average common shares outstanding | 7,525,700 | 7,489,020 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | |||
Investment Securities Held-to-Maturity, Amortized Cost | $ 1,000 | $ 1,000 | |
Investment Securities Held-to-Maturity, Estimated Fair Value | $ 999 | 993 | |
U.S. Government Sponsored Enterprises | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Investment Securities Held-to-Maturity, Amortized Cost | $ 1,000 | 1,000 | |
Investment Securities Held-to-Maturity, Gross Unrealized Losses | (1) | (7) | |
Investment Securities Held-to-Maturity, Estimated Fair Value | $ 999 | $ 993 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Sales of held-to-maturity securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of available-for-sale securities in unrealized loss position less than 12 months | Security | 0 | 0 | |||
Number of available-for-sale securities in unrealized loss position 12 months or greater | Security | 14 | 14 | |||
Sales of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Carrying value of available-for-sale securities pledged to secure public deposits | 20,813,000 | 20,813,000 | $ 21,145,000 | ||
Collateral Pledged | |||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Carrying value of available-for-sale securities pledged to secure public deposits | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | ||
U.S. Government Sponsored Enterprises | |||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||||
Number of debt financing security matures within one year | Security | 1 |
Investment Securities - Sched_2
Investment Securities - Schedule of Investment Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | $ 20,610 | $ 21,741 |
Investment securities available-for-sale, Gross Unrealized Gains | 261 | 12 |
Investment securities available-for-sale, Gross Unrealized Losses | (58) | (608) |
Investment securities available-for-sale, Estimated Fair Value | 20,813 | 21,145 |
Municipal Securities - Tax Exempt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 5,635 | 5,670 |
Investment securities available-for-sale, Gross Unrealized Gains | 161 | 12 |
Investment securities available-for-sale, Gross Unrealized Losses | (73) | |
Investment securities available-for-sale, Estimated Fair Value | 5,796 | 5,609 |
Municipal Securities - Taxable | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 3,113 | 3,119 |
Investment securities available-for-sale, Gross Unrealized Gains | 87 | |
Investment securities available-for-sale, Gross Unrealized Losses | (132) | |
Investment securities available-for-sale, Estimated Fair Value | 3,200 | 2,987 |
Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 501 | 501 |
Investment securities available-for-sale, Gross Unrealized Losses | (2) | (10) |
Investment securities available-for-sale, Estimated Fair Value | 499 | 491 |
Government Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 11,361 | 12,451 |
Investment securities available-for-sale, Gross Unrealized Gains | 13 | |
Investment securities available-for-sale, Gross Unrealized Losses | (56) | (393) |
Investment securities available-for-sale, Estimated Fair Value | $ 11,318 | $ 12,058 |
Investment Securities - Sched_3
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available-for-Sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | $ 20,610 | $ 21,741 |
Investment securities available-for-sale, Estimated Fair Value | 20,813 | 21,145 |
Municipal Securities - Tax Exempt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Greater than 1 to 5 years, Amortized Cost | 1,577 | |
Investment securities available-for-sale, Greater than 5 to 10 years, Amortized Cost | 4,058 | |
Investment securities available-for-sale, Amortized Cost | 5,635 | 5,670 |
Investment securities available-for-sale, Greater than 1 to 5 years, Estimated Fair Value | 1,616 | |
Investment securities available-for-sale, Greater than 5 to 10 years, Estimated Fair Value | 4,180 | |
Investment securities available-for-sale, Estimated Fair Value | 5,796 | 5,609 |
Municipal Securities - Taxable | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Greater than 5 to 10 years, Amortized Cost | 3,113 | |
Investment securities available-for-sale, Amortized Cost | 3,113 | 3,119 |
Investment securities available-for-sale, Greater than 5 to 10 years, Estimated Fair Value | 3,200 | |
Investment securities available-for-sale, Estimated Fair Value | 3,200 | 2,987 |
Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Greater than 1 to 5 years, Amortized Cost | 501 | |
Investment securities available-for-sale, Amortized Cost | 501 | 501 |
Investment securities available-for-sale, Greater than 1 to 5 years, Estimated Fair Value | 499 | |
Investment securities available-for-sale, Estimated Fair Value | 499 | 491 |
Government Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, Amortized Cost | 11,361 | 12,451 |
Investment securities available-for-sale, Estimated Fair Value | $ 11,318 | $ 12,058 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Major Classifications of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 247,812 | $ 231,446 | $ 227,295 | |
Less allowance for loan losses | (4,180) | (4,022) | (4,009) | $ (4,610) |
Loans, net | 243,632 | 227,424 | ||
Commercial (Secured by Real Estate) | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 54,805 | 50,716 | 37,491 | |
Less allowance for loan losses | (1,705) | (1,619) | (1,238) | (1,747) |
Commercial and Industrial | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 25,286 | 25,612 | 27,613 | |
Less allowance for loan losses | (1,408) | (1,520) | (1,592) | (803) |
Construction, Land and Acquisition & Development | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 19,452 | 12,367 | 21,475 | |
Less allowance for loan losses | (145) | (108) | (215) | (329) |
Residential Mortgage 1-4 Family | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 128,807 | 138,156 | ||
Consumer Installment | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 19,462 | 4,595 | 2,730 | |
Less allowance for loan losses | $ (509) | $ (127) | $ (67) | $ (74) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Details) | 6 Months Ended | |||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Qualifying loans pledged to secure the line of credit from FHLB | $ 117,500,000 | $ 125,000,000 | ||
Troubled debt restructurings that have subsequently defaulted, recorded investment | $ 0 | $ 0 | ||
Troubled Debt Restructurings that have Subsequently Defaulted, Number of Contracts | Contract | 1 | 0 | ||
Allowance for loan losses | $ 4,180,000 | $ 4,009,000 | 4,022,000 | $ 4,610,000 |
Modified Loan Terms | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Allowance for loan losses | 3,000 | 5,000 | ||
90 Days or Greater Past Due | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Allowance for loan losses: | |||
Beginning balance | $ 4,022 | $ 4,610 | |
Provision | 0 | 300 | |
Charge-offs | (156) | (1,171) | |
Recoveries | 314 | 270 | |
Ending balance | 4,180 | 4,009 | |
Ending allowance attributable to loans: | |||
Individually evaluated for impairment | 3 | 11 | |
Collectively evaluated for impairment | 4,177 | 3,998 | |
Ending balance | 4,180 | 4,009 | |
Loans: | |||
Individually evaluated for impairment | 4,740 | 8,108 | |
Collectively evaluated for impairment | 243,072 | 219,187 | |
Total loans | 247,812 | 227,295 | $ 231,446 |
Commercial (Secured by Real Estate) | |||
Allowance for loan losses: | |||
Beginning balance | 1,619 | 1,747 | |
Provision | 36 | (560) | |
Recoveries | 50 | 51 | |
Ending balance | 1,705 | 1,238 | |
Ending allowance attributable to loans: | |||
Individually evaluated for impairment | 2 | 3 | |
Collectively evaluated for impairment | 1,703 | 1,235 | |
Ending balance | 1,705 | 1,238 | |
Loans: | |||
Individually evaluated for impairment | 1,899 | 1,994 | |
Collectively evaluated for impairment | 52,906 | 35,497 | |
Total loans | 54,805 | 37,491 | 50,716 |
Commercial and Industrial | |||
Allowance for loan losses: | |||
Beginning balance | 1,520 | 803 | |
Provision | (113) | 1,867 | |
Charge-offs | (26) | (1,100) | |
Recoveries | 27 | 22 | |
Ending balance | 1,408 | 1,592 | |
Ending allowance attributable to loans: | |||
Collectively evaluated for impairment | 1,408 | 1,592 | |
Ending balance | 1,408 | 1,592 | |
Loans: | |||
Individually evaluated for impairment | 277 | ||
Collectively evaluated for impairment | 25,286 | 27,336 | |
Total loans | 25,286 | 27,613 | 25,612 |
Construction, Land and Acquisition & Development | |||
Allowance for loan losses: | |||
Beginning balance | 108 | 329 | |
Provision | 37 | (114) | |
Ending balance | 145 | 215 | |
Ending allowance attributable to loans: | |||
Collectively evaluated for impairment | 145 | 215 | |
Ending balance | 145 | 215 | |
Loans: | |||
Collectively evaluated for impairment | 19,452 | 21,475 | |
Total loans | 19,452 | 21,475 | 12,367 |
Residential Mortgage | |||
Allowance for loan losses: | |||
Beginning balance | 641 | 1,648 | |
Provision | (342) | (905) | |
Charge-offs | (125) | (44) | |
Recoveries | 236 | 196 | |
Ending balance | 410 | 895 | |
Ending allowance attributable to loans: | |||
Individually evaluated for impairment | 1 | 8 | |
Collectively evaluated for impairment | 409 | 887 | |
Ending balance | 410 | 895 | |
Loans: | |||
Individually evaluated for impairment | 2,840 | 5,835 | |
Collectively evaluated for impairment | 125,967 | 132,151 | |
Total loans | 128,807 | 137,986 | 138,156 |
Consumer Installment | |||
Allowance for loan losses: | |||
Beginning balance | 127 | 74 | |
Provision | 386 | 19 | |
Charge-offs | (5) | (27) | |
Recoveries | 1 | 1 | |
Ending balance | 509 | 67 | |
Ending allowance attributable to loans: | |||
Collectively evaluated for impairment | 509 | 67 | |
Ending balance | 509 | 67 | |
Loans: | |||
Individually evaluated for impairment | 1 | 2 | |
Collectively evaluated for impairment | 19,461 | 2,728 | |
Total loans | 19,462 | 2,730 | $ 4,595 |
Unallocated | |||
Allowance for loan losses: | |||
Beginning balance | 7 | 9 | |
Provision | (4) | (7) | |
Ending balance | 3 | 2 | |
Ending allowance attributable to loans: | |||
Collectively evaluated for impairment | 3 | 2 | |
Ending balance | $ 3 | $ 2 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | $ 2,997 | $ 3,626 |
Unpaid Principal Balance, With no related allowance recorded | 4,660 | 5,289 |
Average Recorded Investment, With no related allowance recorded | 3,095 | 3,478 |
Interest Income Recognized, With no related allowance recorded | 43 | 43 |
Recorded Investment, With an allowance recorded | 1,743 | 1,926 |
Unpaid Principal Balance, With an allowance recorded | 1,743 | 1,925 |
Allocated Related Allowance, With an allowance recorded | 3 | 5 |
Average Recorded Investment, With an allowance recorded | 1,767 | 1,932 |
Interest Income Recognized, With an allowance recorded | 28 | 29 |
Total impaired loans, Recorded Investment | 4,740 | 5,552 |
Total impaired loans, Unpaid Principal Balance | 6,402 | 7,214 |
Total impaired loans, Allocated Related Allowance | 3 | 5 |
Total impaired loans, Average Recorded Investment | 4,862 | 5,410 |
Total impaired loans, Interest Income Recognized | 71 | 72 |
Commercial (Secured by Real Estate) | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 294 | 167 |
Unpaid Principal Balance, With no related allowance recorded | 1,320 | 1,023 |
Average Recorded Investment, With no related allowance recorded | 317 | 185 |
Interest Income Recognized, With no related allowance recorded | 1 | 6 |
Recorded Investment, With an allowance recorded | 1,605 | 1,759 |
Unpaid Principal Balance, With an allowance recorded | 1,605 | 1,759 |
Allocated Related Allowance, With an allowance recorded | 2 | 3 |
Average Recorded Investment, With an allowance recorded | 1,628 | 1,777 |
Interest Income Recognized, With an allowance recorded | 26 | 27 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With an allowance recorded | 27 | |
Unpaid Principal Balance, With an allowance recorded | 27 | |
Average Recorded Investment, With an allowance recorded | 14 | |
Residential Mortgage | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 2,702 | 3,458 |
Unpaid Principal Balance, With no related allowance recorded | 3,339 | 4,265 |
Average Recorded Investment, With no related allowance recorded | 2,777 | 3,287 |
Interest Income Recognized, With no related allowance recorded | 36 | 37 |
Recorded Investment, With an allowance recorded | 138 | 140 |
Unpaid Principal Balance, With an allowance recorded | 138 | 139 |
Allocated Related Allowance, With an allowance recorded | 1 | 2 |
Average Recorded Investment, With an allowance recorded | 139 | 141 |
Interest Income Recognized, With an allowance recorded | 2 | 2 |
Consumer Installment | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 1 | 1 |
Unpaid Principal Balance, With no related allowance recorded | 1 | 1 |
Average Recorded Investment, With no related allowance recorded | 1 | $ 6 |
Interest Income Recognized, With no related allowance recorded | $ 6 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Recorded Investment in Past Due Loans, as Well as Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 1,708 | $ 1,474 | |
Current | 246,104 | 229,972 | |
Total loans | 247,812 | 231,446 | $ 227,295 |
Nonaccrual | 1,324 | 1,828 | |
30 -59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 366 | 205 | |
60- 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,129 | 1,040 | |
90 Days or Greater Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 213 | 229 | |
Commercial (Secured by Real Estate) | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 42 | ||
Current | 54,763 | 50,716 | |
Total loans | 54,805 | 50,716 | 37,491 |
Nonaccrual | 174 | 56 | |
Commercial (Secured by Real Estate) | 30 -59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 15 | ||
Commercial (Secured by Real Estate) | 60- 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 27 | ||
Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 22 | ||
Current | 25,264 | 25,612 | |
Total loans | 25,286 | 25,612 | 27,613 |
Nonaccrual | 27 | ||
Commercial and Industrial | 30 -59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 22 | ||
Construction, Land and Acquisition & Development | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 19,452 | 12,367 | |
Total loans | 19,452 | 12,367 | 21,475 |
Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,589 | 1,463 | |
Current | 127,218 | 136,693 | |
Total loans | 128,807 | 138,156 | 137,986 |
Nonaccrual | 1,134 | 1,744 | |
Residential Mortgage | 30 -59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 312 | 196 | |
Residential Mortgage | 60- 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,080 | 1,039 | |
Residential Mortgage | 90 Days or Greater Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 197 | 228 | |
Consumer Installment | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 55 | 11 | |
Current | 19,407 | 4,584 | |
Total loans | 19,462 | 4,595 | $ 2,730 |
Nonaccrual | 16 | 1 | |
Consumer Installment | 30 -59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 17 | 9 | |
Consumer Installment | 60- 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 22 | 1 | |
Consumer Installment | 90 Days or Greater Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 16 | $ 1 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Composition Of Loan Portfolio [Line Items] | |||
Total | $ 247,812 | $ 231,446 | $ 227,295 |
Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 242,638 | 225,067 | |
Special Mention | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 316 | 65 | |
Substandard | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 4,858 | 6,314 | |
Commercial (Secured by Real Estate) | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 54,805 | 50,716 | 37,491 |
Commercial (Secured by Real Estate) | Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 54,607 | 50,395 | |
Commercial (Secured by Real Estate) | Substandard | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 198 | 321 | |
Commercial and Industrial | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 25,286 | 25,612 | 27,613 |
Commercial and Industrial | Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 25,286 | 25,585 | |
Commercial and Industrial | Substandard | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 27 | ||
Construction, Land and Acquisition & Development | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 19,452 | 12,367 | 21,475 |
Construction, Land and Acquisition & Development | Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 19,452 | 12,367 | |
Residential Mortgage | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 128,807 | 138,156 | 137,986 |
Residential Mortgage | Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 123,886 | 132,167 | |
Residential Mortgage | Special Mention | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 316 | 65 | |
Residential Mortgage | Substandard | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 4,605 | 5,924 | |
Consumer Installment | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 19,462 | 4,595 | $ 2,730 |
Consumer Installment | Pass | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | 19,407 | 4,553 | |
Consumer Installment | Substandard | |||
Composition Of Loan Portfolio [Line Items] | |||
Total | $ 55 | $ 42 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Time certificates of deposit in denomination of $250,000 or more | $ 16 | $ 14.2 |
Time certificates of deposit in denomination $100,000 or more | $ 48.7 | $ 42.4 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Home Loan Bank of Atlanta (FHLB) Advances (Details) | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Federal Home Loan Bank Advances [Line Items] | |
Advances from FHLB | $ 7,570,000 |
Octboer 26, 2020 | |
Federal Home Loan Bank Advances [Line Items] | |
Advances from FHLB, Advance Date | Oct. 25, 2017 |
Advances from FHLB | $ 2,710,000 |
Advances from FHLB, Interest Rate | 1.98% |
Advances from FHLB, Maturity | Oct. 26, 2020 |
Advances from FHLB, Rate | Fixed |
Advances from FHLB, Call Feature | None |
October 25, 2019 | |
Federal Home Loan Bank Advances [Line Items] | |
Advances from FHLB, Advance Date | Oct. 25, 2017 |
Advances from FHLB | $ 1,250,000 |
Advances from FHLB, Interest Rate | 1.81% |
Advances from FHLB, Maturity | Oct. 25, 2019 |
Advances from FHLB, Rate | Fixed |
Advances from FHLB, Call Feature | None |
November 13, 2019 | |
Federal Home Loan Bank Advances [Line Items] | |
Advances from FHLB, Advance Date | Nov. 13, 2017 |
Advances from FHLB | $ 1,190,000 |
Advances from FHLB, Interest Rate | 1.87% |
Advances from FHLB, Maturity | Nov. 13, 2019 |
Advances from FHLB, Rate | Fixed |
Advances from FHLB, Call Feature | None |
November 13, 2020 | |
Federal Home Loan Bank Advances [Line Items] | |
Advances from FHLB, Advance Date | Nov. 13, 2017 |
Advances from FHLB | $ 2,420,000 |
Advances from FHLB, Interest Rate | 2.02% |
Advances from FHLB, Maturity | Nov. 13, 2020 |
Advances from FHLB, Rate | Fixed |
Advances from FHLB, Call Feature | None |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Advances from FHLB collateralized by certain loans | $ 125,000,000 | |
Investment in FHLB stock | $ 278,000 | 580,000 |
Line of credit amount outstanding | $ 4,500,000 | $ 5,000,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Apr. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||
Note payable balance of ESOP | $ 2,750,592 | $ 2,750,592 | $ 2,750,592 | $ 2,954,990 | ||
Shares purchased by ESOP | 295,499 | |||||
ESOP expense | $ 30,000 | $ 33,000 | $ 61,000 | $ 66,000 | ||
ESOP released shares | 23,600 | 23,600 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Aug. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield rate | 0.00% | ||
Expected volatility rate | 20.35% | ||
Risk-free interest rate | 2.41% | ||
Expected average life | 7 years 6 months | ||
Weighted average per share fair value of options | $ 2.97 | $ 2.97 | |
Number of stock options granted | 247,479 | ||
Weighted average exercise price of stock options granted | $ 10.10 | ||
Number of stock options exercised | 0 | ||
Number of stock options forfeited | 0 | ||
Weighted average remaining life of outstanding stock options | 4 years 9 months 18 days | ||
Aggregate intrinsic value of outstanding stock options | $ 0 | $ 0 | |
Weighted average remaining life of exercisable stock options | 4 years 9 months 18 days | ||
Aggregate intrinsic value of exercisable stock options | 0 | $ 0 | |
Stock-based compensation expense | 70,000,000 | ||
Unrecognized compensation cost related to equity award grants | $ 2,000 | $ 2,000 | |
Unrecognized compensation cost expected remaining vesting period | 4 years 9 months 18 days | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares granted | 132,974 | 132,974 | |
Weighted average grant date fair value | $ 10.10 | $ 10.10 | |
Number of shares vested | 0 | ||
Number of shares forfeited | 0 | ||
2018 Equity Incentive Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares approved under the plan | 369,374 | ||
2018 Equity Incentive Plan | Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares approved under the plan | 517,123 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, Estimated Fair Value | $ 20,813 | $ 21,145 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, Estimated Fair Value | $ 20,800 | $ 21,100 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,740 | $ 5,552 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 508 | |
Impaired loans | 4,737 | 5,547 |
Total assets at fair value | 4,737 | 6,055 |
Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 508 | |
Impaired loans | 4,737 | 5,547 |
Total assets at fair value | $ 4,737 | $ 6,055 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Investment securities available-for-sale | $ 20,813 | $ 21,145 |
Investment securities held-to-maturity | 999 | 993 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 19,717 | 37,029 |
Investment securities available-for-sale | 20,813 | 21,145 |
Investment securities held-to-maturity | 1,000 | 1,000 |
FHLB Stock | 278 | 580 |
Loans, net | 243,632 | 227,424 |
Cash surrender value of life insurance | 7,356 | 7,251 |
Financial liabilities: | ||
Deposits | 223,083 | 219,181 |
FHLB advances | 7,570 | |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 19,717 | 37,029 |
Investment securities available-for-sale | 20,813 | 21,145 |
Investment securities held-to-maturity | 999 | 993 |
FHLB Stock | 278 | 580 |
Loans, net | 215,831 | 198,403 |
Cash surrender value of life insurance | 7,356 | 7,251 |
Financial liabilities: | ||
Deposits | $ 223,746 | 219,319 |
FHLB advances | $ 7,656 |