Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 0-15572 | |
Entity Registrant Name | FIRST BANCORP | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1421916 | |
Entity Address, Address Line One | 300 SW Broad St., | |
Entity Address, City or Town | Southern Pines | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28387 | |
City Area Code | (910) | |
Local Phone Number | 246-2500 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | FBNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,489,474 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000811589 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks, noninterest-bearing | $ 83,851 | $ 93,724 |
Due from banks, interest-bearing | 391,375 | 273,566 |
Total cash and cash equivalents | 475,226 | 367,290 |
Securities available for sale | 2,115,153 | 1,453,132 |
Securities held to maturity (fair values of $292,774 and $170,734) | 291,728 | 167,551 |
Presold mortgages in process of settlement at fair value | 13,762 | 42,271 |
SBA Loans held for sale | 5,480 | 6,077 |
Loans | 4,782,064 | 4,731,315 |
Allowance for credit losses on loans | (65,022) | (52,388) |
Net loans | 4,717,042 | 4,678,927 |
Premises and equipment | 123,395 | 120,502 |
Operating right-of-use lease assets | 16,432 | 17,514 |
Accrued interest receivable | 20,357 | 20,272 |
Goodwill | 231,906 | 239,272 |
Other intangible assets | 11,062 | 15,366 |
Foreclosed properties | 826 | 2,424 |
Bank-owned life insurance | 108,209 | 106,974 |
Other assets | 70,004 | 52,179 |
Total assets | 8,200,582 | 7,289,751 |
LIABILITIES | ||
Noninterest bearing checking accounts | 2,651,143 | 2,210,012 |
Interest bearing checking accounts | 1,378,865 | 1,172,022 |
Money market accounts | 1,820,475 | 1,581,364 |
Savings accounts | 593,629 | 519,266 |
Time deposits of $100,000 or more | 510,722 | 564,365 |
Other time deposits | 216,524 | 226,567 |
Total deposits | 7,171,358 | 6,273,596 |
Borrowings | 61,252 | 61,829 |
Accrued interest payable | 710 | 904 |
Operating lease liabilities | 16,893 | 17,868 |
Other liabilities | 45,859 | 42,133 |
Total liabilities | 7,296,072 | 6,396,330 |
Commitments and contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value per share. Authorized: 5,000,000 shares, Issued & outstanding: none and none | 0 | 0 |
Common stock, no par value per share. Authorized: 40,000,000 shares, Issued & outstanding: 28,491,633 and 28,579,335 shares | 397,704 | 400,582 |
Retained earnings | 507,531 | 478,489 |
Stock in rabbi trust assumed in acquisition | (1,928) | (2,243) |
Rabbi trust obligation | 1,928 | 2,243 |
Accumulated other comprehensive income (loss) | (725) | 14,350 |
Total shareholders’ equity | 904,510 | 893,421 |
Total liabilities and shareholders’ equity | $ 8,200,582 | $ 7,289,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 292,774 | $ 170,734 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 28,491,633 | 28,579,335 |
Common stock, shares outstanding (in shares) | 28,491,633 | 28,579,335 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 52,295 | $ 51,964 | $ 103,368 | $ 107,261 |
Interest on investment securities: | ||||
Taxable interest income | 7,789 | 4,771 | 13,702 | 10,245 |
Tax-exempt interest income | 474 | 117 | 797 | 281 |
Other, principally overnight investments | 581 | 788 | 1,281 | 1,886 |
Total interest income | 61,139 | 57,640 | 119,148 | 119,673 |
INTEREST EXPENSE | ||||
Savings, checking and money market accounts | 1,136 | 1,333 | 2,450 | 3,692 |
Time deposits of $100,000 or more | 681 | 2,323 | 1,539 | 5,247 |
Other time deposits | 182 | 418 | 398 | 908 |
Borrowings | 381 | 942 | 764 | 2,443 |
Total interest expense | 2,380 | 5,016 | 5,151 | 12,290 |
Net interest income | 58,759 | 52,624 | 113,997 | 107,383 |
Provision for loan losses | 0 | 19,298 | 0 | 24,888 |
Provision for unfunded commitments | 1,939 | 0 | 1,939 | 0 |
Total provision for credit losses | 1,939 | 19,298 | 1,939 | 24,888 |
Net interest income after provision for credit losses | 56,820 | 33,326 | 112,058 | 82,495 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 2,824 | 2,289 | 5,557 | 5,626 |
Other service charges, commissions and fees | 6,496 | 4,624 | 12,018 | 8,693 |
Fees from presold mortgage loans | 2,274 | 3,020 | 6,818 | 4,861 |
Commissions from sales of insurance and financial products | 2,466 | 2,090 | 4,656 | 4,158 |
SBA consulting fees | 2,187 | 3,739 | 4,951 | 4,766 |
SBA loan sale gains | 2,996 | 1,965 | 5,326 | 2,612 |
Bank-owned life insurance income | 614 | 629 | 1,234 | 1,271 |
Securities gains (losses), net | 0 | 8,024 | 0 | 8,024 |
Other gains (losses), net | 1,517 | (187) | 1,483 | (113) |
Total noninterest income | 21,374 | 26,193 | 42,043 | 39,898 |
NONINTEREST EXPENSES | ||||
Salaries expense | 21,187 | 20,606 | 41,318 | 40,716 |
Employee benefits expense | 4,084 | 3,847 | 8,658 | 8,394 |
Total personnel expense | 25,271 | 24,453 | 49,976 | 49,110 |
Occupancy expense | 2,668 | 2,724 | 5,572 | 5,682 |
Equipment related expenses | 1,053 | 1,020 | 2,098 | 2,165 |
Merger and acquisition expenses | 411 | 0 | 411 | 0 |
Intangibles amortization expense | 845 | 978 | 1,742 | 2,033 |
Foreclosed property (gains) losses, net | (173) | 35 | (16) | 194 |
Other operating expenses | 10,910 | 9,691 | 21,267 | 19,793 |
Total noninterest expenses | 40,985 | 38,901 | 81,050 | 78,977 |
Income before income taxes | 37,209 | 20,618 | 73,051 | 43,416 |
Income tax expense | 7,924 | 4,266 | 15,572 | 8,884 |
Net income | $ 29,285 | $ 16,352 | $ 57,479 | $ 34,532 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 1.03 | $ 0.56 | $ 2.02 | $ 1.18 |
Diluted (in dollars per share) | 1.03 | 0.56 | 2.02 | 1.18 |
Dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.40 | $ 0.36 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 28,331,456 | 28,799,828 | 28,344,633 | 29,015,308 |
Diluted (in shares) | 28,490,031 | 28,969,728 | 28,513,942 | 29,184,421 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 29,285 | $ 16,352 | $ 57,479 | $ 34,532 |
Unrealized gains (losses) on securities available for sale: | ||||
Unrealized holding gains (losses) arising during the period, pretax | 4,326 | 2,772 | (19,909) | 23,537 |
Tax (expense) benefit | (994) | (637) | 4,575 | (5,409) |
Reclassification to realized (gains) losses | 0 | (8,024) | 0 | (8,024) |
Tax expense (benefit) | 0 | 1,844 | 0 | 1,844 |
Postretirement Plans: | ||||
Amortization of unrecognized net actuarial loss | 205 | 180 | 376 | 358 |
Tax benefit | (77) | (42) | (117) | (83) |
Other comprehensive income (loss) | 3,460 | (3,907) | (15,075) | 12,223 |
Comprehensive income | $ 32,745 | $ 12,445 | $ 42,404 | $ 46,755 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | Common Stock | Retained Earnings | Stock in Rabbi Trust Assumed in Acquisition | Rabbi Trust Obligation | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 29,601,000 | ||||||
Beginning balance at Dec. 31, 2019 | $ 852,401 | $ 429,514 | $ 417,764 | $ (2,587) | $ 2,587 | $ 5,123 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 34,532 | 34,532 | |||||
Cash dividends declared | (10,450) | (10,450) | |||||
Change in Rabbi Trust obligation | 0 | 370 | (370) | ||||
Stock repurchases (in shares) | (680,000) | ||||||
Stock repurchases | (22,432) | $ (22,432) | |||||
Stock-based compensation (in shares) | 56,000 | ||||||
Stock-based compensation | 1,617 | $ 1,617 | |||||
Other comprehensive income (loss) | 12,223 | 12,223 | |||||
Ending balance (in shares) at Jun. 30, 2020 | 28,977,000 | ||||||
Ending balance at Jun. 30, 2020 | 867,891 | $ 408,699 | 441,846 | (2,217) | 2,217 | 17,346 | |
Beginning balance (in shares) at Dec. 31, 2019 | 29,601,000 | ||||||
Beginning balance at Dec. 31, 2019 | $ 852,401 | $ 429,514 | 417,764 | (2,587) | 2,587 | 5,123 | |
Ending balance (in shares) at Dec. 31, 2020 | 28,579,335 | 28,579,000 | |||||
Ending balance at Dec. 31, 2020 | $ 893,421 | $ (17,051) | $ 400,582 | 478,489 | (2,243) | 2,243 | 14,350 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||||
Beginning balance (in shares) at Mar. 31, 2020 | 29,041,000 | ||||||
Beginning balance at Mar. 31, 2020 | $ 862,198 | $ 410,236 | 430,709 | (2,602) | 2,602 | 21,253 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 16,352 | 16,352 | |||||
Cash dividends declared | (5,215) | (5,215) | |||||
Change in Rabbi Trust obligation | 0 | 385 | (385) | ||||
Stock repurchases (in shares) | (104,000) | ||||||
Stock repurchases | (2,432) | $ (2,432) | |||||
Stock-based compensation (in shares) | 40,000 | ||||||
Stock-based compensation | 895 | $ 895 | |||||
Other comprehensive income (loss) | (3,907) | (3,907) | |||||
Ending balance (in shares) at Jun. 30, 2020 | 28,977,000 | ||||||
Ending balance at Jun. 30, 2020 | $ 867,891 | $ 408,699 | 441,846 | (2,217) | 2,217 | 17,346 | |
Beginning balance (in shares) at Dec. 31, 2020 | 28,579,335 | 28,579,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 893,421 | $ (17,051) | $ 400,582 | 478,489 | (2,243) | 2,243 | 14,350 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 57,479 | 57,479 | |||||
Cash dividends declared | (11,386) | (11,386) | |||||
Change in Rabbi Trust obligation | 0 | 315 | (315) | ||||
Stock repurchases (in shares) | (107,000) | ||||||
Stock repurchases | (4,036) | $ (4,036) | |||||
Stock withheld for payment of taxes (in shares) | (7,000) | ||||||
Stock withheld for payment of taxes | (324) | $ (324) | |||||
Stock-based compensation (in shares) | 27,000 | ||||||
Stock-based compensation | 1,482 | $ 1,482 | |||||
Other comprehensive income (loss) | $ (15,075) | (15,075) | |||||
Ending balance (in shares) at Jun. 30, 2021 | 28,491,633 | 28,492,000 | |||||
Ending balance at Jun. 30, 2021 | $ 904,510 | $ 397,704 | 507,531 | (1,928) | 1,928 | (725) | |
Beginning balance (in shares) at Mar. 31, 2021 | 28,489,000 | ||||||
Beginning balance at Mar. 31, 2021 | 876,853 | $ 397,094 | 483,944 | (2,256) | 2,256 | (4,185) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 29,285 | 29,285 | |||||
Cash dividends declared | (5,698) | (5,698) | |||||
Change in Rabbi Trust obligation | 0 | 328 | (328) | ||||
Stock withheld for payment of taxes (in shares) | (4,000) | ||||||
Stock withheld for payment of taxes | (221) | $ (221) | |||||
Stock-based compensation (in shares) | 7,000 | ||||||
Stock-based compensation | 831 | $ 831 | |||||
Other comprehensive income (loss) | $ 3,460 | 3,460 | |||||
Ending balance (in shares) at Jun. 30, 2021 | 28,491,633 | 28,492,000 | |||||
Ending balance at Jun. 30, 2021 | $ 904,510 | $ 397,704 | $ 507,531 | $ (1,928) | $ 1,928 | $ (725) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.20 | $ 0.18 | $ 0.40 | $ 0.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net income | $ 57,479 | $ 34,532 |
Reconciliation of net income to net cash provided by operating activities: | ||
Total provision for credit losses | 1,939 | 24,888 |
Net security premium amortization | 6,342 | 1,605 |
Loan discount accretion | (4,972) | (3,234) |
Other purchase accounting accretion and amortization, net | 61 | 32 |
Foreclosed property (gains) losses and write-downs, net | (16) | 194 |
Gains on securities available for sale | 0 | (8,024) |
Other (gains) losses | (1,483) | 113 |
Increase in net deferred loan fees | 1,084 | 8,789 |
Bank-owned life insurance income | (1,234) | (1,271) |
Depreciation of premises and equipment | 2,928 | 2,963 |
Amortization of operating lease right-of-use assets | 808 | 1,010 |
Repayments of lease obligations | (697) | (920) |
Stock-based compensation expense | 1,228 | 1,408 |
Amortization of intangible assets | 1,742 | 2,033 |
Amortization of SBA servicing assets | 1,014 | 1,416 |
Fees/gains from sale of presold mortgages and SBA loans | (12,144) | (7,473) |
Origination of presold mortgage loans in process of settlement | (170,132) | (170,961) |
Proceeds from sales of presold mortgage loans in process of settlement | 204,588 | 165,223 |
Origination of SBA loans for sale | (60,135) | (58,396) |
Proceeds from sales of SBA loans | 55,380 | 45,306 |
Increase in accrued interest receivable | (85) | (3,295) |
Decrease (increase) in other assets | 2,467 | (6,935) |
Increase in net deferred income tax asset | (44) | (7,661) |
Decrease in accrued interest payable | (194) | (629) |
(Decrease) increase in other liabilities | (4,826) | 23,784 |
Net cash provided by operating activities | 81,098 | 44,497 |
Cash Flows From Investing Activities | ||
Purchases of securities available for sale | (857,070) | (252,256) |
Purchases of securities held to maturity | (133,916) | (50,272) |
Proceeds from maturities/issuer calls of securities available for sale | 169,819 | 91,976 |
Proceeds from maturities/issuer calls of securities held to maturity | 8,718 | 22,907 |
Proceeds from sales of securities available for sale | 0 | 219,697 |
Redemptions of FRB and FHLB stock, net | 1,836 | 7,754 |
Net increase in loans | (40,288) | (311,493) |
Proceeds from sales of foreclosed properties | 2,462 | 1,354 |
Purchases of premises and equipment | (6,317) | (4,428) |
Proceeds from sales of premises and equipment | 218 | 192 |
Net cash paid from sale of insurance operations | (555) | 0 |
Net cash used by investing activities | (855,093) | (274,569) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 897,789 | 899,841 |
Net decrease in short-term borrowings | 0 | (98,000) |
Proceeds from long-term borrowings | 0 | 150,000 |
Payments on long-term borrowings | (665) | (240,562) |
Cash dividends paid – common stock | (10,833) | (10,563) |
Repurchases of common stock | (4,036) | (22,432) |
Payment of taxes related to stock withheld | (324) | 0 |
Net cash provided by financing activities | 881,931 | 678,284 |
Increase in cash and cash equivalents | 107,936 | 448,212 |
Cash and cash equivalents, beginning of period | 367,290 | 231,302 |
Cash and cash equivalents, end of period | 475,226 | 679,514 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 5,345 | 12,919 |
Cash paid during the period for income taxes | 16,326 | 1,110 |
Non-cash: Unrealized (loss) gain on securities available for sale, net of taxes | (15,334) | 18,128 |
Non-cash: Foreclosed loans transferred to other real estate | 848 | 662 |
Non-cash: Initial recognition of operating lease right-of-use assets and operating lease liabilities | 444 | 0 |
Non-cash: Receivable recorded related to sale of insurance operations | 12,955 | 0 |
Non-cash: Derecognition of intangible assets related to sale of insurance operations | $ (10,229) | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly in all material respects the consolidated financial position of the Company as of June 30, 2021, the consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and the consolidated cash flows for the six months ended June 30, 2021 and 2020. Any such adjustments were of a normal, recurring nature. Reference is made to the 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended June 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued. Recent Developments: COVID-19 - The impact of the COVID-19 pandemic has continued to lessen in 2021 in our market areas. Recently however, there has been an emergence of new, more virulent strains of COVID-19 that are now spreading at higher transmission rates than prior strains. We are uncertain what impact this will have on the Company and its market areas. On December 27, 2020, the Economic Aid Act was signed into law, which included another round of Paycheck Protection Program (PPP) funding. The Company began originating the new round of PPP loans in January 2021. During the first six months of 2021, the Company funded $112 million in PPP loans, while also processing $198 million in forgiveness payments related to 2020 PPP loan originations. In response to the pandemic onset in 2020, the Company generally offered impacted borrowers loan payment deferrals of 90 days in duration. Since that time, most of our borrowers have resumed payments and as of June 30, 2021, the Company had remaining pandemic-related loan deferrals of $2.1 million. The extent to which the COVID-19 pandemic has a further impact on our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other third parties in response to the COVID-19 pandemic. |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Note 1 to the 2020 Annual Report on Form 10-K filed with the SEC contains a description of the accounting policies followed by the Company and a discussion of recent accounting pronouncements. The following paragraphs update that information as necessary. Accounting Standards Adopted in 2021 In August 2018, the FASB amended the Compensation - Retirement Benefits – Defined Benefit Plans Topic of the Accounting Standards Codification to improve disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The guidance removed disclosures that were no longer considered cost-beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The amendments were effective for the Company on January 1, 2021 and the adoption of this amendment did not have a material effect on its financial statements. On January 1, 2021, the Company adopted the current expected credit loss (CECL) guidance in accordance with Accounting Standards Codification ("ASC") 326. CECL replaced the prior incurred-loss methodology for recognizing credit losses with a methodology that is based on estimating future expected lifetime credit losses. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures, such as unfunded commitments to extend credit. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not they will be required to sell. The Company adopted CECL as of January 1, 2021 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, 2021 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $14.6 million, which is presented as a reduction to loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $7.5 million, which is recorded within Other Liabilities. The adoption of CECL had an insignificant impact on the Company's held to maturity and available for sale securities portfolios. The Company recorded a net decrease to retained earnings of $17.1 million as of January 1, 2021 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Federal banking regulatory agencies provided optional relief to delay the adverse regulatory capital impact of CECL at adoption. The Company did not elect the option. The Company adopted CECL using the prospective transition approach for PCD assets that were previously classified as PCI under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The amortized cost basis of the PCD assets was adjusted to reflect the addition of $0.1 million to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2021. With regard to purchased credit deteriorated (PCD) assets, because the Company elected to disaggregate the former purchased credit impaired (PCI) pools and no longer considers these pools to be the unit of account, contractually delinquent PCD loans are now reported as nonaccrual loans using the same criteria as other loans. Similarly, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings (TDRs) as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. Accrued interest for all financial instruments is included in a separate line on the face of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on nonaccrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest. The allowance for credit losses for the majority of loans was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a three-year straight-line reversion period. The Company elected to use, as a practical expedient, the fair value of collateral when determining the allowance for credit losses on loans for which repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). The Company's CECL allowances will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. Accounting Policy Updates Securities - Debt securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost. Debt securities not classified as held to maturity are classified as “available for sale” and carried at fair value, with unrealized holding gains and losses being reported as other comprehensive income or loss and reported as a separate component of shareholders’ equity. Interest income includes amortization or purchase premiums or discounts. Premiums and discounts are generally amortized into income on a level yield basis, with premiums being amortized to the earliest call date and discounts being accreted to the stated maturity date. Gains and losses on sales of securities are recognized at the time of sale based upon the specific identification method. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. Allowance for Credit Losses - Securities Held to Maturity - Since its adoption of CECL, the Company measures expected credit losses on held to maturity debt securities on an individual security basis. Accrued interest receivable on held to maturity debt securities totaled $1.94 million at June 30, 2021 and was excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Virtually all of the mortgage-backed securities held by the Company are issued by government-sponsored corporations. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and local governments securities held by the Company are highly rating by major rating agencies. As a result, the allowance for credit losses on held to maturity securities was immaterial at June 30, 2021. Allowance for Credit Losses - Securities Available for Sale - For available for sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income with the establishment of an allowance under CECL compared to a direct write down of the security under Incurred Loss. For debt securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether any decline in fair value is due to credit loss factors. In making this assessment, management considers any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses under CECL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At June 30, 2021, there was no allowance for credit losses related to the available-for-sale portfolio. Accrued interest receivable on available for sale debt securities totaled $4.11 million at June 30, 2021 and was excluded from the estimate of credit losses. Loans - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $14.3 million at June 30, 2021 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Purchased Credit Deteriorated (PCD) Loans - Upon adoption of CECL, loans that were designated as purchased credit impaired (PCI) loans under the previous accounting guidance were classified as PCD loans without reassessment. The amount of PCD loans was immaterial at each period end. In future acquisitions, the Company may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, the Company will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial allowance for credit losses is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the allowance for loan losses recorded through provision expense. Allowance for Credit Losses - Loans - The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Estimated recoveries are considered for post-CECL adoption date charge-offs to the extent that they do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments, or pools, for analysis. The Discounted Cash Flow (“DCF”) method is utilized for substantially all pools, with discounted cash flows computed for each loan in a pool based on its individual characteristics (e.g. maturity date, payment amount, interest rate, etc.), and the results are aggregated at the pool level. A probability of default and loss given default, as adjusted for recoveries (as noted above), are applied to the discounted cash flows for each pool, while considering prepayment and principal curtailment effects. The analysis produces a discounted expected cash flow total for each pool, which is then compared to the amortized cost of the pool to arrive at the expected credit loss. In determining the proper level of default rates and loss given default, management has determined that the loss experience of the Company provides the best basis for its assessment of expected credit losses. It therefore utilized its own historical credit loss experience by each loan segment over an economic cycle, while excluding loss experience from certain acquired institutions (i.e., failed banks). Management considers forward-looking information in estimating expected credit losses. For substantially all segments of collectively evaluated loans, the Company incorporates two or more macroeconomic drivers using a statistical regression modeling methodology. The Company subscribes to a third-party service which provides a quarterly macroeconomic baseline forecast and alternative scenarios for the United States economy. The baseline forecast, along with the alternative scenarios, are evaluated by management to determine the best estimate within the range of expected credit losses. The baseline forecast incorporates an equal probability of the United States economy performing better or worse than this projection. With the ongoing pandemic, along with periodic starts and stops to reopening the economy and the impact of government stimulus, the baseline and alternative scenarios have reflected a high degree of volatility in economic forecasts from month-to-month. The Company based its adoption date allowance for credit loss adjustment primarily on the baseline forecast, which reflected ongoing threats to the economy, primarily arising from the pandemic. In reviewing forecasts during 2021, management noted high degrees of volatility in the monthly forecasts. Given the uncertainty that the volatility is indicative of and the inherent imprecision of a forecast accurately projecting economic statistics during these unprecedented times, management elected to base both its March 31, 2021 and June 30, 2021 computations of the allowance for credit losses primarily on an alternative, more negative forecast, that management judged to more appropriately reflect the inherent risks to its loan portfolio. Management has also evaluated the appropriateness of the reasonable and supportable forecast scenarios utilized for each period and has made adjustments as needed. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to the long term mean of historical factors over twelve quarters using a straight-line approach. The Company generally utilizes a four-quarter forecast and a twelve-quarter reversion period to the long-term average, which is then held static for the remainder of the forecast period. Included in its systematic methodology to determine its allowance for credit losses (ACL), Management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments either increase or decrease the quantitative model estimation (i.e., formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework that includes the following: 1) changes in lending policies, procedures, and strategies, 2) changes in the nature and volume of the portfolio, 3) staff experience, 4) changes in volume and trends in classified loans, delinquencies and nonaccrual loans, 5) concentration risk, 6) trends in underlying collateral value, 7) external factors, including competition and legal and regulatory factors, 8) changes in the quality of the Company's loan review system, and 9) economic conditions not already captured. The Company has identified the following portfolio segments and calculates the allowance for credit losses for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Commercial, financial, and agricultural - Risks to this loan category include industry concentration and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Also included in this category for periods subsequent to March 31, 2020 are PPP loans, which are fully guaranteed by the SBA and thus have minimal risk. Real estate - construction, land development, & other land loans - Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Residential construction loans are susceptible to those same risks as well as those associated with residential mortgage loans (see below). Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Real estate - mortgage - residential (1-4 family) first - Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Real estate - mortgage - home equity loans / lines of credit - Risks common to home equity loans and lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Real estate - mortgage - commercial and other - Loans in this category are susceptible to declines in occupancy rates, business failure and general economic conditions. Also, declines in real estate values and lack of suitable alternative use for the properties are risks for loans in this category. Consumer loans - Risks common to these loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property . When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the allowance for credit losses, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term - Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Troubled Debt Restructurings (TDRs) - A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. Allowance for Credit Losses - Unfunded Loan Commitments - Effective with the adoption of CECL, the Company estimates expected credit losses on commitments to extend credit over the contractual period in which the Company is exposed to credit risk on the underlying commitments, unless the obligation is unconditionally cancellable by the Company. The allowance for off-balance sheet credit exposures, which is reflected within "Other Liabilities," is adjusted for as an increase or decrease to the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded total stock-based compensation expense of $831,000 and $895,000 for the three months ended June 30, 2021 and 2020, respectively, and $1,228,000 and $1,408,000 for the six months ended June 30, 2021 and 2020, respectively, which includes the value of the stock grants to directors as discussed below. The Company recognized $191,000 and $206,000 of income tax benefits related to stock-based compensation expense in the income statement for the three months ended June 30, 2021 and 2020, respectively, and $282,000 and $324,000 for the six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, the sole equity-based compensation plan for the Company is the First Bancorp 2014 Equity Plan (the "Equity Plan"), which was approved by shareholders on May 8, 2014. As of June 30, 2021, the Equity Plan had 523,295 shares remaining available for grant. The Equity Plan is intended to serve as a means to attract, retain and motivate key employees and directors and to associate the interests of the plans' participants with those of the Company and its shareholders. The Equity Plan allows for both grants of stock options and other types of equity-based compensation, including stock appreciation rights, restricted and unrestricted stock, restricted performance stock, unrestricted stock, and performance units. For the last several years, the only equity-based compensation granted by the Company has been shares of restricted stock, as it relates to employees, and unrestricted stock as it relates to non-employee directors. Recent restricted stock awards to employees typically include service-related vesting conditions only. Compensation expense for these awards is recorded over the requisite service periods. Upon forfeiture, any previously recognized compensation cost is reversed. Upon a change in control (as defined in the Equity Plan), unless the awards remain outstanding or substitute equivalent awards are provided, the awards become immediately vested. Certain of the Company’s equity grants contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. The Company recognizes compensation expense for awards with graded vesting schedules on a straight-line basis over the requisite service period for each incremental award. Compensation expense is based on the estimated number of stock awards that will ultimately vest. Over the past five years, there have been insignificant amounts of forfeitures, and therefore the Company assumes that all awards granted with service conditions only will vest. The Company issues new shares of common stock when restricted stock is granted. In addition to employee equity awards, the Company's practice is to grant unrestricted common shares, valued at approximately $32,000, to each non-employee director (currently 10 in total) in June of each year. Compensation expense associated with these director awards is recognized on the date of award since there are no vesting conditions. On June 1, 2021, the Company granted 7,050 shares of common stock to non-employee directors (705 shares per director), at a fair market value of $45.41 per share, which was the closing price of the Company's common stock on that date, and resulted in $320,000 in expense. On June 1, 2020, the Company granted 14,146 shares of common stock to non-employee directors (1,286 shares per director), at a fair market value of $24.87 per share, which was the closing price of the Company's common stock on that date, and resulted in $352,000 in expense. The expense associated with director grants is classified as "other operating expense" in the Consolidated Statements of Income. The following table presents information regarding the activity for the first six months of 2021 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Nonvested at January 1, 2021 172,105 $ 33.80 Granted during the period 26,350 35.19 Vested during the period (19,415) 41.03 Forfeited or expired during the period (8,011) 38.00 Nonvested at June 30, 2021 171,029 $ 33.00 Total unrecognized compensation expense as of June 30, 2021 amounted to $2,065,000 with a weighted-average remaining term of 1.8 years. For the nonvested awards that are outstanding at June 30, 2021, the Company expects to record $1,255,000 in compensation expense in the next twelve months, $797,000 of which is expected to be recorded in the remaining quarters of 2021. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended June 30, 2021 2020 ($ in thousands except per Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 29,285 $ 16,352 Less: income allocated to participating securities (163) (96) Basic EPS per common share $ 29,122 28,331,456 $ 1.03 $ 16,256 28,799,828 $ 0.56 Diluted EPS: Net income $ 29,285 28,331,456 $ 16,352 28,799,828 Effect of Dilutive Securities — 158,575 — 169,900 Diluted EPS per common share $ 29,285 28,490,031 $ 1.03 $ 16,352 28,969,728 $ 0.56 For the Six Months Ended June 30, 2021 2020 ($ in thousands except per Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 57,479 $ 34,532 Less: income allocated to participating securities $ (341) $ (200) Basic EPS per common share $ 57,138 28,344,633 $ 2.02 $ 34,332 29,015,308 $ 1.18 Diluted EPS: Net income $ 57,479 28,344,633 $ 34,532 29,015,308 Effect of Dilutive Securities — 169,309 — 169,113 Diluted EPS per common share $ 57,479 28,513,942 $ 2.02 $ 34,532 29,184,421 $ 1.18 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The book values and approximate fair values of investment securities at June 30, 2021 and December 31, 2020 are summarized as follows: ($ in thousands) June 30, 2021 December 31, 2020 Amortized Fair Unrealized Amortized Fair Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 70,015 67,872 — (2,143) 70,016 70,206 371 (181) Mortgage-backed securities 2,000,949 2,002,319 18,541 (17,171) 1,318,998 1,337,706 20,832 (2,124) Corporate bonds 43,650 44,962 1,458 (146) 43,670 45,220 1,760 (210) Total available for sale $ 2,114,614 2,115,153 19,999 (19,460) 1,432,684 1,453,132 22,963 (2,515) Securities held to maturity: Mortgage-backed securities $ 24,267 25,236 969 — 29,959 30,900 941 — State and local governments 267,461 267,538 2,278 (2,201) 137,592 139,834 2,407 (165) Total held to maturity $ 291,728 292,774 3,247 (2,201) 167,551 170,734 3,348 (165) All of the Company’s mortgage-backed securities were issued by government-sponsored corporations, except for private mortgage-backed securities with a fair value of $0.9 million and $1.0 million as of June 30, 2021 and December 31, 2020, respectively. The following table presents information regarding securities with unrealized losses at June 30, 2021: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 67,872 2,143 — — 67,872 2,143 Mortgage-backed securities 1,189,049 16,975 12,596 196 1,201,645 17,171 Corporate bonds — — 4,853 146 4,853 146 State and local governments 90,880 2,201 — — 90,880 2,201 Total unrealized loss position $ 1,347,801 21,319 17,449 342 1,365,250 21,661 The following table presents information regarding securities with unrealized losses at December 31, 2020: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 29,812 181 — — 29,812 181 Mortgage-backed securities 497,992 1,957 6,168 167 504,160 2,124 Corporate bonds 3,956 45 835 165 4,791 210 State and local governments 23,310 165 — — 23,310 165 Total unrealized loss position $ 555,070 2,348 7,003 332 562,073 2,680 As of June 30, 2021 and December 31, 2020, the Company's security portfolio held 155 securities and 69 securities that were in an unrealized loss position, respectively. In the above tables, all of the securities that were in an unrealized loss position at June 30, 2021 and December 31, 2020 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. In arriving at this conclusion, the Company reviewed third-party credit ratings and considered the severity of the impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. No impairment charges were recognized for any securities during the six months ended June 30, 2020. At adoption of CECL on January 1, 2021 and at June 30, 2021, the Company determined that expected credit losses associated with held to maturity debt securities were insignificant. See Note 2 for additional details on the adoption of CECL as it relates to the securities portfolio. The book values and approximate fair values of investment securities at June 30, 2021, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity ($ in thousands) Amortized Fair Amortized Fair Securities Due within one year $ — — 1,262 1,283 Due after one year but within five years 28,650 29,931 537 553 Due after five years but within ten years 74,015 72,409 8,766 8,825 Due after ten years 11,000 10,494 256,896 256,877 Mortgage-backed securities 2,000,949 2,002,319 24,267 25,236 Total securities $ 2,114,614 2,115,153 291,728 292,774 At June 30, 2021 and December 31, 2020 investment securities with carrying values of $812,763,000 and $630,303,000, respectively, were pledged as collateral for public deposits. Included in “other assets” in the Consolidated Balance Sheets are investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Richmond (“FRB”) stock totaling $21,690,000 and $23,526,000 at June 30, 2021 and December 31, 2020, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost and fair value of $3,970,000 and $5,855,000 at June 30, 2021 and December 31, 2020, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost and fair value of $17,720,000 and $17,671,000 at June 30, 2021 and December 31, 2020, respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end. |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses, and Asset Quality Information | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans, Allowance for Credit Losses, and Asset Quality Information | 90 days past due — — Total nonperforming loans 41,019 44,573 Foreclosed real estate 826 2,424 Total nonperforming assets $ 41,845 46,997 At June 30, 2021 and December 31, 2020, the Company had $2.6 million and $1.9 million in residential mortgage loans in process of foreclosure, respectively. The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated. CECL Incurred Loss ($ in thousands) June 30, December 31, Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Commercial, financial, and agricultural $ — 9,476 9,476 9,681 Real estate – construction, land development & other land loans 221 172 393 643 Real estate – mortgage – residential (1-4 family) first mortgages 1,759 4,006 5,765 6,048 Real estate – mortgage – home equity loans / lines of credit 378 967 1,345 1,333 Real estate – mortgage – commercial and other 11,467 4,419 15,886 17,191 Consumer loans — 128 128 180 Total $ 13,825 19,168 32,993 35,076 Interest income recognized during the period on nonaccrual loans was immaterial. The following table represents the accrued interest receivables written off by reversing interest income during the six months ended June 30, 2021. ($ in thousands) For the Six Months Ended June 30, 2021 Commercial, financial, and agricultural $ 156 Real estate – construction, land development & other land loans — Real estate – mortgage – residential (1-4 family) first mortgages 15 Real estate – mortgage – home equity loans / lines of credit 7 Real estate – mortgage – commercial and other 390 Consumer loans — Total $ 568 The following table presents an analysis of the payment status of the Company’s loans as of June 30, 2021. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 634 33 — 9,476 693,953 704,096 Real estate – construction, land development & other land loans 65 — — 393 565,959 566,417 Real estate – mortgage – residential (1-4 family) first mortgages 672 610 — 5,765 907,271 914,318 Real estate – mortgage – home equity loans / lines of credit 474 159 — 1,345 283,617 285,595 Real estate – mortgage – commercial and other 1,425 — — 15,886 2,245,181 2,262,492 Consumer loans 84 57 — 128 53,659 53,928 Total $ 3,354 859 — 32,993 4,749,640 4,786,846 Unamortized net deferred loan fees (4,782) Total loans $ 4,782,064 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2020. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 1,464 1,101 — 9,681 770,166 782,412 Real estate – construction, land development & other land loans 572 — — 643 569,307 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 10,146 869 — 6,048 951,088 968,151 Real estate – mortgage – home equity loans / lines of credit 1,088 42 — 1,333 303,693 306,156 Real estate – mortgage – commercial and other 2,540 3,111 — 17,191 2,022,422 2,045,264 Consumer loans 180 36 — 180 53,521 53,917 Purchased credit impaired 328 112 719 — 7,432 8,591 Total $ 16,318 5,271 719 35,076 4,677,629 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 The following table presents an analysis of collateral-dependent loans of the Company as of June 30, 2021. ($ in thousands) Residential Property Business Assets Land Commercial Property Other Total Collateral-Dependent Loans Commercial, financial, and agricultural $ — 5,522 — — — 5,522 Real estate – construction, land development & other land loans — — 513 — — 513 Real estate – mortgage – residential (1-4 family) first mortgages 2,475 — — — — 2,475 Real estate – mortgage – home equity loans / lines of credit 378 — — — — 378 Real estate – mortgage – commercial and other — — 135 14,187 — 14,322 Consumer loans — — — — 4 4 Total $ 2,853 5,522 648 14,187 4 23,214 The Company designates individually evaluated loans on nonaccrual with a net book balance of $250,000 or greater as collateral dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The Company's policy is to obtain third-party appraisals on any significant pieces of collateral. For loans secured by real estate, the Company's policy is to write nonaccrual loans down to 90% of the appraised value, which considers estimated selling costs. For real estate collateral that is in industries that are undergoing heightened stress, the Company often discounts the collateral values by an additional 10-25% due to additional discounts that are estimated to be incurred in a near-term sale. For non real-estate collateral secured loans, the Company generally writes nonaccrual loans down to 75% of the appraised value, which provides for selling costs and liquidity discounts that are usually incurred when disposing of non real-estate collateral. For reviewed loans that are not on nonaccrual basis, the Company assigns a specific allowance based on the parameters noted above. The Company does not believe that there is significant over-coverage of collateral for any of the loan types noted above. The following table presents the activity in the allowance for loan losses for all loans for the three and six months ended June 30, 2021 (under the CECL methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2021 Beginning balance $ 13,606 10,134 8,996 4,309 26,507 2,297 — 65,849 Charge-offs (550) — (76) (8) (1,324) (173) — (2,131) Recoveries 153 392 236 218 78 227 — 1,304 Provisions 1,600 (422) (505) (782) 97 12 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 As of and for the six months ended June 30, 2021 Beginning balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Adjustment for implementation of CECL 3,067 6,140 2,584 2,580 (257) 674 (213) 14,575 Charge-offs (1,988) (66) (114) (139) (1,834) (307) — (4,448) Recoveries 667 686 323 229 340 262 — 2,507 Provisions 1,747 (2,011) (2,190) (1,308) 3,506 256 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the year ended December 31, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (5,608) (51) (478) (524) (968) (873) — (8,502) Recoveries 745 1,552 754 487 621 294 — 4,453 Provisions 11,626 1,878 3,940 1,285 15,012 1,085 213 35,039 Ending balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Ending balances as of December 31, 2020: Allowance for loan losses Individually evaluated for impairment $ 3,546 30 800 — 2,175 — — 6,551 Collectively evaluated for impairment $ 7,742 5,325 7,141 2,375 21,428 1,475 213 45,699 Purchased credit impaired $ 28 — 107 — — 3 — 138 Loans receivable as of December 31, 2020: Ending balance – total $ 782,549 570,672 972,378 306,256 2,049,203 53,955 — 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 Ending balances as of December 31, 2020: Loans Individually evaluated for impairment $ 7,700 677 9,303 15 18,582 4 — 36,281 Collectively evaluated for impairment $ 774,712 569,845 958,848 306,141 2,026,682 53,913 — 4,690,141 Purchased credit impaired $ 137 150 4,227 100 3,939 38 — 8,591 The following table presents the activity in the allowance for loan losses for the three and six months ended June 30, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2020 Beginning balance $ 4,204 2,599 4,373 1,394 10,913 1,015 — 24,498 Charge-offs (1,471) (5) (279) (313) (282) (110) — (2,460) Recoveries 260 353 224 83 55 31 — 1,006 Provisions 2,996 2,730 4,021 1,195 8,069 287 — 19,298 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 As of and for the six months ended June 30, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (3,931) (45) (474) (381) (545) (397) — (5,773) Recoveries 477 643 315 166 102 126 — 1,829 Provisions 4,890 3,103 4,666 1,447 10,260 522 — 24,888 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 Ending balance as of June 30, 2020: Allowance for loan losses Individually evaluated for impairment $ 830 67 817 — 1,052 — — 2,766 Collectively evaluated for impairment $ 5,117 5,610 7,412 2,359 17,699 1,215 — 39,412 Purchased credit impaired $ 42 — 110 — 4 8 — 164 Loans receivable as of June 30, 2020 Ending balance – total $ 723,053 648,590 1,076,411 318,618 1,959,078 51,161 — 4,776,911 Unamortized net deferred loan fees (6,848) Total loans $ 4,770,063 Ending balances as of June 30, 2020: Loans Individually evaluated for impairment $ 6,736 965 9,743 325 17,697 — — 35,466 Collectively evaluated for impairment $ 716,132 644,747 1,061,470 318,198 1,940,059 51,097 — 4,731,703 Purchased credit impaired $ 185 2,878 5,198 95 1,322 64 — 9,742 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2020. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 3,688 4,325 — 750 Real estate – mortgage – construction, land development & other land loans 554 694 — 308 Real estate – mortgage – residential (1-4 family) first mortgages 4,115 4,456 — 4,447 Real estate – mortgage –home equity loans / lines of credit 15 27 — 264 Real estate – mortgage –commercial and other 11,763 13,107 — 9,026 Consumer loans 4 4 — 1 Total impaired loans with no allowance $ 20,139 22,613 — 14,796 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 4,012 4,398 3,546 5,139 Real estate – mortgage – construction, land development & other land loans 123 131 30 502 Real estate – mortgage – residential (1-4 family) first mortgages 5,188 5,361 800 5,186 Real estate – mortgage –home equity loans / lines of credit — — — 21 Real estate – mortgage –commercial and other 6,819 7,552 2,175 5,786 Consumer loans — — — — Total impaired loans with allowance $ 16,142 17,442 6,551 16,634 Interest income recorded on impaired loans during the year ended December 31, 2020 was $1.1 million, and reflects interest income recorded on nonaccrual loans prior to them being placed on nonaccrual status and interest income recorded on accruing TDRs. The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. Loans that are risk-graded as substandard during the origination process are declined. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2021. Term Loans by Year of Origination ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Commercial, financial, and agricultural Pass $ 196,025 183,879 96,149 78,898 18,263 24,935 88,325 686,474 Special Mention 17 600 3,199 2,713 202 34 664 7,429 Classified — 103 1,382 8,019 193 53 443 10,193 Total commercial, financial, and agricultural 196,042 184,582 100,730 89,630 18,658 25,022 89,432 704,096 Real estate – construction, land development & other land loans Pass 211,053 251,155 50,615 10,583 12,887 10,797 12,915 560,005 Special Mention 220 761 4,283 1 114 28 12 5,419 Classified 86 415 122 186 59 123 2 993 Total real estate – construction, land development & other land loans 211,359 252,331 55,020 10,770 13,060 10,948 12,929 566,417 Real estate – mortgage – residential (1-4 family) first mortgages Pass 103,275 213,061 124,409 85,317 92,248 264,553 7,931 890,794 Special Mention 1,182 1,310 205 167 373 3,170 96 6,503 Classified 370 164 548 1,398 541 13,122 878 17,021 Total real estate – mortgage – residential (1-4 family) first mortgages 104,827 214,535 125,162 86,882 93,162 280,845 8,905 914,318 Real estate – mortgage – home equity loans / lines of credit Pass 1,358 424 758 1,379 282 1,334 272,050 277,585 Special Mention — — 17 — — 19 1,151 1,187 Classified 12 111 66 — — 635 5,999 6,823 Total real estate – mortgage – home equity loans / lines of credit 1,370 535 841 1,379 282 1,988 279,200 285,595 Real estate – mortgage – commercial and other Pass 624,944 648,750 306,306 182,547 163,321 253,697 43,030 2,222,595 Special Mention 3,889 5,245 2,593 2,780 2,290 1,479 817 19,093 Classified 4,540 3,032 2,520 5,438 4,618 656 — 20,804 Total real estate – mortgage – commercial and other 633,373 657,027 311,419 190,765 170,229 255,832 43,847 2,262,492 Consumer loans Pass 9,564 25,411 4,660 2,393 987 861 9,703 53,579 Special Mention — — — — — — 3 3 Classified 4 74 26 17 9 60 156 346 Total consumer loans 9,568 25,485 4,686 2,410 996 921 9,862 53,928 Total $ 1,156,539 1,334,495 597,858 381,836 296,387 575,556 444,175 4,786,846 Unamortized net deferred loan fees (4,782) Total loans 4,782,064 At June 30, 2021, as derived from the table above, the Company had $39.6 million in loans graded as Special Mention and $56.2 million in loans graded as Classified, which includes all nonaccrual loans. In the table above, substantially all of the "Classified Loans" have grades of 7 or Fail, with those categories having similar levels of risk. The amount of revolving lines of credit that converted to term loans during the period was immaterial. The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2020. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 762,091 9,553 1,087 9,681 782,412 Real estate – construction, land development & other land loans 560,845 7,877 1,157 643 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 943,455 7,609 11,039 6,048 968,151 Real estate – mortgage – home equity loans / lines of credit 297,795 1,468 5,560 1,333 306,156 Real estate – mortgage – commercial and other 1,988,684 34,588 4,801 17,191 2,045,264 Consumer loans 53,488 80 169 180 53,917 Purchased credit impaired 6,901 85 1,605 — 8,591 Total $ 4,613,259 61,260 25,418 35,076 4,735,013 Unamortized net deferred loan fees (3,698) Total loans 4,731,315 Troubled Debt Restructurings The restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extension of terms and other actions intended to minimize potential losses. The vast majority of the Company’s TDR's modified during the periods ended June 30, 2021 and June 30, 2020 related to interest rate reductions combined with extension of terms. The Company does not generally grant principal forgiveness. The Company’s TDR's can be classified as either nonaccrual or accruing based on the loan’s payment status. The TDR's that are nonaccrual are reported within the nonaccrual loan totals presented previously. As of June 30, 2021, the Company had granted short-term deferrals related to the COVID-19 pandemic for $2.1 million of loans that were otherwise performing prior to modification. Pursuant to the CARES Act and banking regulator guidance, these loans are not considered TDRs. The following table presents information related to loans modified in a TDR during the three months ended June 30, 2021 and 2020. ($ in thousands) For the three months ended June 30, 2021 For the three months ended June 30, 2020 Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — — $ — $ — Real estate – construction, land development & other land loans — — — 1 67 67 Real estate – mortgage – residential (1-4 family) first mortgages 1 33 33 2 75 78 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural 2 715 715 — — — Real estate – construction, land development & other land loans 1 75 75 — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 263 263 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 3 1,569 1,569 — — — Consumer loans — — — — — — Total TDRs arising during period 8 $ 2,655 $ 2,655 3 $ 142 $ 145 The following table presents information related to loans modified in a TDR during the six months ended June 30, 2021 and 2020. ($ in thousands) For the six months ended June 30, 2021 For the six months ended June 30, 2020 Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — 2 $ 143 $ 143 Real estate – construction, land development & other land loans — — — 1 67 67 Real estate – mortgage – residential (1-4 family) first mortgages 1 33 33 2 75 78 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 1 160 160 — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural 3 826 823 — — — Real estate – construction, land development & other land loans 1 75 75 — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 263 263 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 3 1,569 1,569 — — — Consumer loans — — — — — — Total TDRs arising during period 10 $ 2,926 $ 2,923 5 $ 285 $ 288 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the three months ended June 30, 2021 and 2020 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the six months ended June 30, 2021 and 2020 are presented in the table below. ($ in thousands) For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 Allowance for Credit Losses - Unfunded Loan Commitments In addition to the allowance for credit losses on loans, the Company maintains an allowance for lending-related commitments such as unfunded loan commitments and letters of credit. Under CECL, the Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for lending-related commitments on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans, and are discussed in Note 2. The allowance for credit losses for unfunded loan commitments of $10.0 million and $0.6 million at June 30, 2021 and December 31, 2020, respectively, is separately classified on the balance sheet within the line items "Other Liabilities". The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the six months ended June 30, 2021. ($ in thousands) Total Allowance for Credit Losses - Unfunded Loan Commitments Beginning balance at December 31, 2020 $ 582 Adjustment for implementation of CECL on January 1, 2021 7,504 Charge-offs — Recoveries — Provisions for credit losses on unfunded commitments 1,939 Ending balance at June 30, 2021 $ 10,025 Allowance for Credit Losses - Securities Held to Maturity As previously discussed, the allowance for credit losses for securities held to maturity was immaterial at June 30, 2021." id="sjs-B4">Loans, Allowance for Credit Losses, and Asset Quality Information The following is a summary of the major categories of total loans outstanding: ($ in thousands) June 30, 2021 December 31, 2020 Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 704,096 15 % $ 782,549 17 % Real estate – construction, land development & other land loans 566,417 12 % 570,672 12 % Real estate – mortgage – residential (1-4 family) first mortgages 914,318 19 % 972,378 21 % Real estate – mortgage – home equity loans / lines of credit 285,595 6 % 306,256 6 % Real estate – mortgage – commercial and other 2,262,492 47 % 2,049,203 43 % Consumer loans 53,928 1 % 53,955 1 % Subtotal 4,786,846 100 % 4,735,013 100 % Unamortized net deferred loan fees (4,782) (3,698) Total loans $ 4,782,064 $ 4,731,315 Included in the line item "Commercial, financial, and agricultural" in the table above are PPP loans totaling $155.5 million and $240.5 million at June 30, 2021 and December 31, 2020, respectively. PPP loans are fully guaranteed by the SBA. Included in unamortized net deferred loan fees are approximately $6.2 million and $6.0 million at June 30, 2021 and December 31, 2020, respectively, in unamortized net deferred loan fees associated with PPP loans. These fees are being amortized under the effective interest method over the terms of the loans. Accelerated amortization is recorded in the periods in which principal amounts are forgiven in accordance with the terms of the program. Also included in the table above are various non-PPP SBA loans, with additional information on these loans presented in the table below. ($ in thousands) June 30, 2021 December 31, 2020 Guaranteed portions of non-PPP SBA loans included in table above $ 32,315 33,959 Unguaranteed portions of non-PPP SBA loans included in table above 126,380 135,703 Total non-PPP SBA loans included in the table above $ 158,695 169,662 Sold portions of SBA loans with servicing retained - not included in tables above $ 426,940 395,398 At June 30, 2021 and December 31, 2020, there was a remaining unaccreted discount on the retained portion of sold SBA loans amounting to $7.0 million and $7.3 million, respectively. As of June 30, 2021, unamortized discounts on acquired loans totaled $5.3 million. At December 31, 2020, there were remaining accretable discounts of $7.9 million, related to purchased non-impaired loans. The discounts are amortized as yield adjustments over the respective lives of the loans, so long as the loans perform. At December 31, 2020, the carrying value of purchased credit impaired (PCI) loans were $8.6 million. The following table presents changes in the accretable yield for PCI loans for the six months ended June 30, 2020. Accretable Yield for PCI loans For the Six Months Ended June 30, 2020 Balance at beginning of period $ 4,149 Accretion (742) Reclassification from (to) nonaccretable difference 366 Other, net (510) Balance at end of period 3,263 During the first six months of 2020, the Company received $414,000 in payments that exceeded the carrying amount of the related PCI loans, of which $341,000 was recognized as loan discount accretion income, $59,000 was recorded as additional loan interest income, and $14,000 was recorded as a recovery. Nonperforming assets are defined as nonaccrual loans, troubled debt restructured loans (TDRs), loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) June 30, December 31, Nonperforming assets Nonaccrual loans $ 32,993 35,076 TDRs - accruing 8,026 9,497 Accruing loans > 90 days past due — — Total nonperforming loans 41,019 44,573 Foreclosed real estate 826 2,424 Total nonperforming assets $ 41,845 46,997 At June 30, 2021 and December 31, 2020, the Company had $2.6 million and $1.9 million in residential mortgage loans in process of foreclosure, respectively. The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated. CECL Incurred Loss ($ in thousands) June 30, December 31, Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Commercial, financial, and agricultural $ — 9,476 9,476 9,681 Real estate – construction, land development & other land loans 221 172 393 643 Real estate – mortgage – residential (1-4 family) first mortgages 1,759 4,006 5,765 6,048 Real estate – mortgage – home equity loans / lines of credit 378 967 1,345 1,333 Real estate – mortgage – commercial and other 11,467 4,419 15,886 17,191 Consumer loans — 128 128 180 Total $ 13,825 19,168 32,993 35,076 Interest income recognized during the period on nonaccrual loans was immaterial. The following table represents the accrued interest receivables written off by reversing interest income during the six months ended June 30, 2021. ($ in thousands) For the Six Months Ended June 30, 2021 Commercial, financial, and agricultural $ 156 Real estate – construction, land development & other land loans — Real estate – mortgage – residential (1-4 family) first mortgages 15 Real estate – mortgage – home equity loans / lines of credit 7 Real estate – mortgage – commercial and other 390 Consumer loans — Total $ 568 The following table presents an analysis of the payment status of the Company’s loans as of June 30, 2021. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 634 33 — 9,476 693,953 704,096 Real estate – construction, land development & other land loans 65 — — 393 565,959 566,417 Real estate – mortgage – residential (1-4 family) first mortgages 672 610 — 5,765 907,271 914,318 Real estate – mortgage – home equity loans / lines of credit 474 159 — 1,345 283,617 285,595 Real estate – mortgage – commercial and other 1,425 — — 15,886 2,245,181 2,262,492 Consumer loans 84 57 — 128 53,659 53,928 Total $ 3,354 859 — 32,993 4,749,640 4,786,846 Unamortized net deferred loan fees (4,782) Total loans $ 4,782,064 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2020. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 1,464 1,101 — 9,681 770,166 782,412 Real estate – construction, land development & other land loans 572 — — 643 569,307 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 10,146 869 — 6,048 951,088 968,151 Real estate – mortgage – home equity loans / lines of credit 1,088 42 — 1,333 303,693 306,156 Real estate – mortgage – commercial and other 2,540 3,111 — 17,191 2,022,422 2,045,264 Consumer loans 180 36 — 180 53,521 53,917 Purchased credit impaired 328 112 719 — 7,432 8,591 Total $ 16,318 5,271 719 35,076 4,677,629 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 The following table presents an analysis of collateral-dependent loans of the Company as of June 30, 2021. ($ in thousands) Residential Property Business Assets Land Commercial Property Other Total Collateral-Dependent Loans Commercial, financial, and agricultural $ — 5,522 — — — 5,522 Real estate – construction, land development & other land loans — — 513 — — 513 Real estate – mortgage – residential (1-4 family) first mortgages 2,475 — — — — 2,475 Real estate – mortgage – home equity loans / lines of credit 378 — — — — 378 Real estate – mortgage – commercial and other — — 135 14,187 — 14,322 Consumer loans — — — — 4 4 Total $ 2,853 5,522 648 14,187 4 23,214 The Company designates individually evaluated loans on nonaccrual with a net book balance of $250,000 or greater as collateral dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The Company's policy is to obtain third-party appraisals on any significant pieces of collateral. For loans secured by real estate, the Company's policy is to write nonaccrual loans down to 90% of the appraised value, which considers estimated selling costs. For real estate collateral that is in industries that are undergoing heightened stress, the Company often discounts the collateral values by an additional 10-25% due to additional discounts that are estimated to be incurred in a near-term sale. For non real-estate collateral secured loans, the Company generally writes nonaccrual loans down to 75% of the appraised value, which provides for selling costs and liquidity discounts that are usually incurred when disposing of non real-estate collateral. For reviewed loans that are not on nonaccrual basis, the Company assigns a specific allowance based on the parameters noted above. The Company does not believe that there is significant over-coverage of collateral for any of the loan types noted above. The following table presents the activity in the allowance for loan losses for all loans for the three and six months ended June 30, 2021 (under the CECL methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2021 Beginning balance $ 13,606 10,134 8,996 4,309 26,507 2,297 — 65,849 Charge-offs (550) — (76) (8) (1,324) (173) — (2,131) Recoveries 153 392 236 218 78 227 — 1,304 Provisions 1,600 (422) (505) (782) 97 12 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 As of and for the six months ended June 30, 2021 Beginning balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Adjustment for implementation of CECL 3,067 6,140 2,584 2,580 (257) 674 (213) 14,575 Charge-offs (1,988) (66) (114) (139) (1,834) (307) — (4,448) Recoveries 667 686 323 229 340 262 — 2,507 Provisions 1,747 (2,011) (2,190) (1,308) 3,506 256 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the year ended December 31, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (5,608) (51) (478) (524) (968) (873) — (8,502) Recoveries 745 1,552 754 487 621 294 — 4,453 Provisions 11,626 1,878 3,940 1,285 15,012 1,085 213 35,039 Ending balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Ending balances as of December 31, 2020: Allowance for loan losses Individually evaluated for impairment $ 3,546 30 800 — 2,175 — — 6,551 Collectively evaluated for impairment $ 7,742 5,325 7,141 2,375 21,428 1,475 213 45,699 Purchased credit impaired $ 28 — 107 — — 3 — 138 Loans receivable as of December 31, 2020: Ending balance – total $ 782,549 570,672 972,378 306,256 2,049,203 53,955 — 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 Ending balances as of December 31, 2020: Loans Individually evaluated for impairment $ 7,700 677 9,303 15 18,582 4 — 36,281 Collectively evaluated for impairment $ 774,712 569,845 958,848 306,141 2,026,682 53,913 — 4,690,141 Purchased credit impaired $ 137 150 4,227 100 3,939 38 — 8,591 The following table presents the activity in the allowance for loan losses for the three and six months ended June 30, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2020 Beginning balance $ 4,204 2,599 4,373 1,394 10,913 1,015 — 24,498 Charge-offs (1,471) (5) (279) (313) (282) (110) — (2,460) Recoveries 260 353 224 83 55 31 — 1,006 Provisions 2,996 2,730 4,021 1,195 8,069 287 — 19,298 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 As of and for the six months ended June 30, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (3,931) (45) (474) (381) (545) (397) — (5,773) Recoveries 477 643 315 166 102 126 — 1,829 Provisions 4,890 3,103 4,666 1,447 10,260 522 — 24,888 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 Ending balance as of June 30, 2020: Allowance for loan losses Individually evaluated for impairment $ 830 67 817 — 1,052 — — 2,766 Collectively evaluated for impairment $ 5,117 5,610 7,412 2,359 17,699 1,215 — 39,412 Purchased credit impaired $ 42 — 110 — 4 8 — 164 Loans receivable as of June 30, 2020 Ending balance – total $ 723,053 648,590 1,076,411 318,618 1,959,078 51,161 — 4,776,911 Unamortized net deferred loan fees (6,848) Total loans $ 4,770,063 Ending balances as of June 30, 2020: Loans Individually evaluated for impairment $ 6,736 965 9,743 325 17,697 — — 35,466 Collectively evaluated for impairment $ 716,132 644,747 1,061,470 318,198 1,940,059 51,097 — 4,731,703 Purchased credit impaired $ 185 2,878 5,198 95 1,322 64 — 9,742 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2020. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 3,688 4,325 — 750 Real estate – mortgage – construction, land development & other land loans 554 694 — 308 Real estate – mortgage – residential (1-4 family) first mortgages 4,115 4,456 — 4,447 Real estate – mortgage –home equity loans / lines of credit 15 27 — 264 Real estate – mortgage –commercial and other 11,763 13,107 — 9,026 Consumer loans 4 4 — 1 Total impaired loans with no allowance $ 20,139 22,613 — 14,796 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 4,012 4,398 3,546 5,139 Real estate – mortgage – construction, land development & other land loans 123 131 30 502 Real estate – mortgage – residential (1-4 family) first mortgages 5,188 5,361 800 5,186 Real estate – mortgage –home equity loans / lines of credit — — — 21 Real estate – mortgage –commercial and other 6,819 7,552 2,175 5,786 Consumer loans — — — — Total impaired loans with allowance $ 16,142 17,442 6,551 16,634 Interest income recorded on impaired loans during the year ended December 31, 2020 was $1.1 million, and reflects interest income recorded on nonaccrual loans prior to them being placed on nonaccrual status and interest income recorded on accruing TDRs. The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. Loans that are risk-graded as substandard during the origination process are declined. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2021. Term Loans by Year of Origination ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Commercial, financial, and agricultural Pass $ 196,025 183,879 96,149 78,898 18,263 24,935 88,325 686,474 Special Mention 17 600 3,199 2,713 202 34 664 7,429 Classified — 103 1,382 8,019 193 53 443 10,193 Total commercial, financial, and agricultural 196,042 184,582 100,730 89,630 18,658 25,022 89,432 704,096 Real estate – construction, land development & other land loans Pass 211,053 251,155 50,615 10,583 12,887 10,797 12,915 560,005 Special Mention 220 761 4,283 1 114 28 12 5,419 Classified 86 415 122 186 59 123 2 993 Total real estate – construction, land development & other land loans 211,359 252,331 55,020 10,770 13,060 10,948 12,929 566,417 Real estate – mortgage – residential (1-4 family) first mortgages Pass 103,275 213,061 124,409 85,317 92,248 264,553 7,931 890,794 Special Mention 1,182 1,310 205 167 373 3,170 96 6,503 Classified 370 164 548 1,398 541 13,122 878 17,021 Total real estate – mortgage – residential (1-4 family) first mortgages 104,827 214,535 125,162 86,882 93,162 280,845 8,905 914,318 Real estate – mortgage – home equity loans / lines of credit Pass 1,358 424 758 1,379 282 1,334 272,050 277,585 Special Mention — — 17 — — 19 1,151 1,187 Classified 12 111 66 — — 635 5,999 6,823 Total real estate – mortgage – home equity loans / lines of credit 1,370 535 841 1,379 282 1,988 279,200 285,595 Real estate – mortgage – commercial and other Pass 624,944 648,750 306,306 182,547 163,321 253,697 43,030 2,222,595 Special Mention 3,889 5,245 2,593 2,780 2,290 1,479 817 19,093 Classified 4,540 3,032 2,520 5,438 4,618 656 — 20,804 Total real estate – mortgage – commercial and other 633,373 657,027 311,419 190,765 170,229 255,832 43,847 2,262,492 Consumer loans Pass 9,564 25,411 4,660 2,393 987 861 9,703 53,579 Special Mention — — — — — — 3 3 Classified 4 74 26 17 9 60 156 346 Total consumer loans 9,568 25,485 4,686 2,410 996 921 9,862 53,928 Total $ 1,156,539 1,334,495 597,858 381,836 296,387 575,556 444,175 4,786,846 Unamortized net deferred loan fees (4,782) Total loans 4,782,064 At June 30, 2021, as derived from the table above, the Company had $39.6 million in loans graded as Special Mention and $56.2 million in loans graded as Classified, which includes all nonaccrual loans. In the table above, substantially all of the "Classified Loans" have grades of 7 or Fail, with those categories having similar levels of risk. The amount of revolving lines of credit that converted to term loans during the period was immaterial. The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2020. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 762,091 9,553 1,087 9,681 782,412 Real estate – construction, land development & other land loans 560,845 7,877 1,157 643 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 943,455 7,609 11,039 6,048 968,151 Real estate – mortgage – home equity loans / lines of credit 297,795 1,468 5,560 1,333 306,156 Real estate – mortgage – commercial and other 1,988,684 34,588 4,801 17,191 2,045,264 Consumer loans 53,488 80 169 180 53,917 Purchased credit impaired 6,901 85 1,605 — 8,591 Total $ 4,613,259 61,260 25,418 35,076 4,735,013 Unamortized net deferred loan fees (3,698) Total loans 4,731,315 Troubled Debt Restructurings The restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extension of terms and other actions intended to minimize potential losses. The vast majority of the Company’s TDR's modified during the periods ended June 30, 2021 and June 30, 2020 related to interest rate reductions combined with extension of terms. The Company does not generally grant principal forgiveness. The Company’s TDR's can be classified as either nonaccrual or accruing based on the loan’s payment status. The TDR's that are nonaccrual are reported within the nonaccrual loan totals presented previously. As of June 30, 2021, the Company had granted short-term deferrals related to the COVID-19 pandemic for $2.1 million of loans that were otherwise performing prior to modification. Pursuant to the CARES Act and banking regulator guidance, these loans are not considered TDRs. The following table presents information related to loans modified in a TDR during the three months ended June 30, 2021 and 2020. ($ in thousands) For the three months ended June 30, 2021 For the three months ended June 30, 2020 Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — — $ — $ — Real estate – construction, land development & other land loans — — — 1 67 67 Real estate – mortgage – residential (1-4 family) first mortgages 1 33 33 2 75 78 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural 2 715 715 — — — Real estate – construction, land development & other land loans 1 75 75 — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 263 263 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 3 1,569 1,569 — — — Consumer loans — — — — — — Total TDRs arising during period 8 $ 2,655 $ 2,655 3 $ 142 $ 145 The following table presents information related to loans modified in a TDR during the six months ended June 30, 2021 and 2020. ($ in thousands) For the six months ended June 30, 2021 For the six months ended June 30, 2020 Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — 2 $ 143 $ 143 Real estate – construction, land development & other land loans — — — 1 67 67 Real estate – mortgage – residential (1-4 family) first mortgages 1 33 33 2 75 78 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 1 160 160 — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural 3 826 823 — — — Real estate – construction, land development & other land loans 1 75 75 — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 263 263 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 3 1,569 1,569 — — — Consumer loans — — — — — — Total TDRs arising during period 10 $ 2,926 $ 2,923 5 $ 285 $ 288 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the three months ended June 30, 2021 and 2020 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the six months ended June 30, 2021 and 2020 are presented in the table below. ($ in thousands) For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 Allowance for Credit Losses - Unfunded Loan Commitments In addition to the allowance for credit losses on loans, the Company maintains an allowance for lending-related commitments such as unfunded loan commitments and letters of credit. Under CECL, the Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for lending-related commitments on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans, and are discussed in Note 2. The allowance for credit losses for unfunded loan commitments of $10.0 million and $0.6 million at June 30, 2021 and December 31, 2020, respectively, is separately classified on the balance sheet within the line items "Other Liabilities". The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the six months ended June 30, 2021. ($ in thousands) Total Allowance for Credit Losses - Unfunded Loan Commitments Beginning balance at December 31, 2020 $ 582 Adjustment for implementation of CECL on January 1, 2021 7,504 Charge-offs — Recoveries — Provisions for credit losses on unfunded commitments 1,939 Ending balance at June 30, 2021 $ 10,025 Allowance for Credit Losses - Securities Held to Maturity As previously discussed, the allowance for credit losses for securities held to maturity was immaterial at June 30, 2021. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsThe following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of June 30, 2021 and December 31, 2020, and the carrying amount of unamortized intangible assets as of those same dates. June 30, 2021 December 31, 2020 ($ in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists $ 2,700 1,141 7,613 2,814 Core deposit intangibles 28,440 25,115 28,440 23,832 SBA servicing asset 11,291 5,202 9,976 4,188 Other 1,040 951 1,403 1,232 Total $ 43,471 32,409 47,432 32,066 Unamortizable intangible assets: Goodwill $ 231,906 239,272 SBA servicing assets are recorded for the portions of SBA loans that the Company has sold but continues to service for a fee. Servicing assets are initially recorded at fair value and amortized over the expected lives of the related loans and are tested for impairment on a quarterly basis. SBA servicing asset amortization expense is recorded within noninterest income as an offset to SBA servicing fees within the line item "Other service charges, commissions, and fees." As derived from the table above, the Company had a SBA servicing asset at June 30, 2021 with a remaining book value of $6,089,000. The Company recorded $1,315,000 and $704,000 in servicing assets associated with the guaranteed portion of SBA loans sold during the first six months of 2021 and 2020, respectively. During the first six months of 2021 and 2020, the Company recorded $1,014,000 and $1,416,000, respectively, in related amortization expense. Included in the amortization expense for the first six months of 2020 was an impairment charge of approximately $500,000 due to a decrease in the fair value of the asset resulting from deterioration in market conditions at March 31, 2020. At June 30, 2021 and December 31, 2020, the Company serviced for others SBA loans totaling $426.9 million and $395.4 million, respectively. In the second quarter of 2021, the Company completed the sale of the operations and substantially all of the operating assets of its property and casualty insurance agency subsidiary, First Bank Insurance Services. In the transaction, intangible assets totaling $10.2 million were derecognized from the Company's balance sheet, including goodwill of $7.4 million and customer lists with a carrying value of $2.8 million. Amortization expense of all other intangible assets, excluding the SBA servicing asset, totaled $845,000 and $978,000 for the three months ended June 30, 2021 and 2020, respectively, and $1,742,000 and $2,033,000 for the six months ended June 30, 2021 and 2020, respectively. Goodwill is evaluated for impairment on at least an annual basis, with the annual evaluation occurring on October 31st of each year. Goodwill is also evaluated for impairment any time there is a triggering event indicating that impairment may have occurred. In addition the 2020 annual impairment evaluation, due to the COVID-19 pandemic, the Company evaluated its goodwill for impairment at each of the first three quarter ends of 2020, with each evaluation indicating that there was no impairment. Due to improving economic conditions and increases in the Company's stock price and market capitalization at year end 2020 and throughout 2021, no triggering events were identified and therefore, the Company has not performed interim impairment evaluations since the third quarter of 2020. The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization July 1, 2021 to December 31, 2021 $ 1,337 2022 1,994 2023 1,037 2024 392 2025 213 Thereafter — Total $ 4,973 |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012. The Company recorded periodic pension cost totaling $126,000 and $215,000 for the three months ended June 30, 2021 and 2020, respectively, and $317,000 and $431,000 for the six months ended June 30, 2021 and 2020. The following table contains the components of the pension cost. For the Three Months Ended June 30, ($ in thousands) 2021 Pension Plan 2020 Pension Plan 2021 SERP 2020 SERP 2021 Total Both Plans 2020 Total Both Plans Service cost $ — — — — — — Interest cost 104 305 20 55 124 360 Expected return on plan assets (203) (325) — — (203) (325) Amortization of net (gain)/loss 158 221 47 (41) 205 180 Net periodic pension cost $ 59 201 67 14 126 215 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) June 30, 2021 December 31, 2020 Unrealized gain (loss) on securities available for sale $ 539 20,448 Deferred tax asset (liability) (124) (4,699) Net unrealized gain (loss) on securities available for sale 415 15,749 Postretirement plans asset (liability) (1,441) (1,817) Deferred tax asset (liability) 301 418 Net postretirement plans asset (liability) (1,140) (1,399) Total accumulated other comprehensive income (loss) $ (725) 14,350 The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 (all amounts are net of tax). ($ in thousands) Unrealized Gain Postretirement Plans Asset Total Beginning balance at January 1, 2021 $ 15,749 (1,399) 14,350 Other comprehensive income (loss) before reclassifications (15,334) — (15,334) Amounts reclassified from accumulated other comprehensive income — 259 259 Net current-period other comprehensive income (loss) (15,334) 259 (15,075) Ending balance at June 30, 2021 $ 415 (1,140) (725) The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2020 (all amounts are net of tax). ($ in thousands) Unrealized Gain Postretirement Plans Asset Total Beginning balance at January 1, 2020 $ 7,504 (2,381) 5,123 Other comprehensive income (loss) before reclassifications 18,128 — 18,128 Amounts reclassified from accumulated other comprehensive income (6,180) 275 (5,905) Net current-period other comprehensive income (loss) 11,948 275 12,223 Ending balance at June 30, 2020 $ 19,452 (2,106) 17,346 Amounts reclassified from accumulated other comprehensive income for Unrealized Gain (Loss) on Securities Available for Sale represent realized securities gains or losses, net of tax effects. Amounts reclassified from accumulated other comprehensive income for Postretirement Plans Asset (Liability) represent amortization of amounts included in Accumulated Other Comprehensive Income, net of taxes, and are recorded in the "Other operating expenses" line item of the Consolidated Statements of Income. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair ValueFair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal and most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at June 30, 2021. ($ in thousands) Description of Financial Instruments Fair Value at June 30, 2021 Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 67,872 — 67,872 — Mortgage-backed securities 2,002,319 — 2,002,319 — Corporate bonds 44,962 — 44,962 — Total available for sale securities $ 2,115,153 — 2,115,153 — Presold mortgages in process of settlement $ 13,762 13,762 — — Nonrecurring Collateral-dependent loans $ 13,963 — — 13,963 Foreclosed real estate 378 — — 378 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2020. ($ in thousands) Description of Financial Instruments Fair Value at December 31, 2020 Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 70,206 — 70,206 — Mortgage-backed securities 1,337,706 — 1,337,706 — Corporate bonds 45,220 — 45,220 — Total available for sale securities $ 1,453,132 — 1,453,132 — Presold mortgages in process of settlement $ 42,271 42,271 — — Nonrecurring Impaired loans $ 22,142 — — 22,142 Foreclosed real estate 1,484 — — 1,484 The following is a description of the valuation methodologies used for instruments measured at fair value. Presold Mortgages in Process of Settlement - The fair value is based on the committed price that an investor has agreed to pay for the loan and is considered a Level 1 input. Securities Available for Sale — When quoted market prices are available in an active market, the securities are classified as Level 1 in the valuation hierarchy. If quoted market prices are not available, but fair values can be estimated by observing quoted prices of securities with similar characteristics, the securities are classified as Level 2 on the valuation hierarchy. Most of the fair values for the Company’s Level 2 securities are determined by our third-party bond accounting provider using matrix pricing. Matrix pricing is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. For the Company, Level 2 securities include mortgage-backed securities, commercial mortgage-backed obligations, government-sponsored enterprise securities, and corporate bonds. In cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The Company reviews the pricing methodologies utilized by the bond accounting provider to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Individually evaluated loans — Fair values for individually evaluated loans are measured on a non-recurring basis and are based on the underlying collateral values securing the loans, adjusted for estimated selling costs, or the net present value of the cash flows expected to be received for such loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is generally determined by third-party appraisers using an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower’s financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Appraisals used in this analysis are generally obtained at least annually based on when the loans first became impaired, and thus the appraisals are not necessarily as of the period ends presented. Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income. Foreclosed real estate – Foreclosed real estate, consisting of properties obtained through foreclosure or in satisfaction of loans, is reported at the lower of cost or fair value. Fair value is measured on a non-recurring basis and is based upon independent market prices or current appraisals that are generally prepared using an income or market valuation approach and conducted by an independent, licensed third party appraiser, adjusted for estimated selling costs (Level 3). Appraisals used in this analysis are generally obtained at least annually based on when the assets were acquired, and thus the appraisals are not necessarily as of the period ends presented. At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. For any real estate valuations subsequent to foreclosure, any excess of the real estate recorded value over the fair value of the real estate is treated as a foreclosed real estate write-down on the Consolidated Statements of Income. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2021, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at June 30, 2021 Valuation Significant Unobservable Range (Weighted Average) Individually evaluated loans - collateral-dependent $ 9,203 Appraised value Discounts applied for estimated costs to sell 10% Individually evaluated loans - cash flow dependent 4,760 PV of expected cash flows Discount rates used in the calculation of the present value ("PV") of expected cash flows 4%-11% (6.12%) Foreclosed real estate 378 Appraised value Discounts for estimated costs to sell 10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at December 31, 2020 Valuation Significant Unobservable Range (Weighted Average) Impaired loans - valued at collateral value $ 16,000 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 6,142 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4%-11% (6.21%) Foreclosed real estate 1,484 Appraised value Discounts for estimated costs to sell 10% The carrying amounts and estimated fair values of financial instruments not carried at fair value at June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 ($ in thousands) Level in Fair Carrying Estimated Carrying Estimated Cash and due from banks, noninterest-bearing Level 1 $ 83,851 83,851 93,724 93,724 Due from banks, interest-bearing Level 1 391,375 391,375 273,566 273,566 Securities held to maturity Level 2 291,728 292,774 167,551 170,734 SBA loans held for sale Level 2 5,480 6,297 6,077 7,465 Total loans, net of allowance Level 3 4,717,042 4,704,356 4,678,927 4,661,197 Accrued interest receivable Level 1 20,357 20,357 20,272 20,272 Bank-owned life insurance Level 1 108,209 108,209 106,974 106,974 SBA Servicing Asset Level 3 6,089 7,066 5,788 6,569 Deposits Level 2 7,171,358 7,172,244 6,273,596 6,275,329 Borrowings Level 2 61,252 53,962 61,829 53,321 Accrued interest payable Level 2 710 710 904 904 Commitments to extend credit Level 3 — 10,025 — 461 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 highly liquid market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of the Company’s revenues that are in the scope of the “ Revenue from Contracts with Customers ” accounting standard (“ASC 606”) are recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2021 and 2020. Items outside the scope of ASC 606 are noted as such. For the Three Months Ended For the Six Months Ended $ in thousands June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Noninterest Income In-scope of ASC 606: Service charges on deposit accounts: $ 2,824 2,289 5,557 5,626 Other service charges, commissions, and fees: Interchange income 4,409 3,086 7,933 5,972 Other service charges and fees 2,087 1,538 4,085 2,721 Commissions from sales of insurance and financial products: Insurance income 1,393 1,363 2,719 2,561 Wealth management income 1,073 727 1,937 1,597 SBA consulting fees 2,187 3,739 4,951 4,766 Noninterest income (in-scope of ASC 606) 13,973 12,742 27,182 23,243 Noninterest income (out-of-scope of ASC 606) 7,401 13,451 14,861 16,655 Total noninterest income $ 21,374 26,193 42,043 39,898 A description of the Company’s revenue streams accounted for under ASC 606 is detailed below. Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Overdraft fees are recognized at the point in time that the overdraft occurs. Maintenance and activity fees include account maintenance fees and transaction-based fees. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Service charges on deposits are withdrawn from the customer’s account balance. Other service charges, commissions, and fees: The Company earns interchange income on its customers’ debit and credit card usage and earns fees from other services utilized by its customers. Interchange income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange fees are offset with interchange expenses and are presented on a net basis. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, ATM surcharge fees, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Commissions from the sale of insurance and financial products: The Company earns commissions from the sale of insurance policies and wealth management products. Insurance income generally consists of commissions from the sale of insurance policies and performance-based commissions from insurance companies. The Company recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance company and the policyholder. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. Performance-based commissions from insurance companies are recognized at a point in time as policies are sold. See Note 15 regarding the Company's sale of its insurance agency operations. Wealth Management Income primarily consists of commissions received on financial product sales, such as annuities. The Company’s performance obligation is generally satisfied upon the issuance of the financial product. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. The Company also earns some fees from asset management, which is billed quarterly for services rendered in the most recent period, for which the performance obligation has been satisfied. SBA consulting fees: The Company earns fees for its consulting services related to the origination of SBA loans. Fees are based on a percentage of the dollar amount of the originated loans and are recorded when the performance obligation has been satisfied. During 2020, the Company's SBA subsidiary assisted its third-party clients in the origination of PPP loans and charged and received fees for doing so. For several clients, the forgiveness piece of the PPP process, which will occur at a future time, was included in the up-front fees charged. Accordingly, the Company recorded deferred revenue in these cases, with a deferred revenue liability of $1.4 million at December 31, 2020. During the first six months of 2021, the Company realized approximately $1.0 million of this deferred revenue related to fulfilling a portion of the forgiveness services. At June 30, 2021, the remaining amount of deferred revenue was $0.4 million. These fees will be recorded as income in the period in which the services associated with the forgiveness process are rendered. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The Company enters into leases in the normal course of business. As of June 30, 2021, the Company leased seven branch offices for which the land and buildings are leased and eight branch offices for which the land is leased but the building is owned. The Company also leases office space for several operational departments. All of the Company’s leases are operating leases under applicable accounting standards and the lease agreements have maturity dates ranging from May 2021 through May 2076, some of which include options for multiple five Leases are classified as either operating or finance leases at the lease commencement date, and as previously noted, all of the Company's leases have been determined to be operating leases. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate, on a collateralized basis, at lease commencement to calculate the present value of lease payments when the rate implicit in the lease is not known. The weighted average discount rate for leases was 3.33% as of June 30, 2021. Total operating lease expense was $1.3 million and $1.4 million for the six months ended June 30, 2021 and 2020, respectively. The right-of-use assets and lease liabilities were $16.4 million and $16.9 million as of June 30, 2021, respectively, and were $17.5 million and $17.9 million as of December 31, 2020, respectively. Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2021 are as follows. ($ in thousands) July 1, 2021 to December 31, 2021 $ 1,028 2022 1,659 2023 1,592 2024 1,499 2025 1,318 Thereafter 18,380 Total undiscounted lease payments 25,476 Less effect of discounting (8,583) Present value of estimated lease payments (lease liability) $ 16,893 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Stock Repurchases During the first six months of 2021, the Company repurchased approximately 106,744 shares of the Company's common stock at an average stock price of $37.81 per share, which totaled $4 million, under a $20 million repurchase authorization publicly announced in January 2021. During the first six months of 2020, the Company repurchased approximately 680,695 shares of the Company's common stock at an average stock price of $32.96 per share, which totaled $22 million. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following tables present information regarding the Company’s outstanding borrowings at June 30, 2021 and December 31, 2020 - dollars are in thousands: Description Due date Call Feature June 30, 2021 Interest Rate FHLB Principal Reducing Credit 7/24/2023 None $ 102 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 972 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 5,000 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 230 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 47 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 170 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 170 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 348 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 2.89% at 6/30/21 adjustable rate 3 month LIBOR + 2.70% Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 1.51% at 6/30/21 adjustable rate 3 month LIBOR + 1.39% Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 2.18% at 6/30/21 adjustable rate 3 month LIBOR + 2.00% Total borrowings/ weighted average rate as of June 30, 2021 $ 63,743 2.17% Unamortized discount on acquired borrowings (2,491) Total borrowings $ 61,252 Description Due date Call Feature December 31, 2020 Interest Rate FHLB Principal Reducing Credit 7/24/2023 None 124 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 991 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 5,500 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 235 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 49 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 174 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 174 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 355 0.50% fixed Other Borrowing 4/7/2022 None 103 1.00% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 2.91% at 12/31/2020 adjustable rate 3 month LIBOR + 2.70% Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 1.61% at 12/31/2020 adjustable rate 3 month LIBOR + 1.39% Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 2.24% at 12/31/2020 adjustable rate 3 month LIBOR + 2.00% Total borrowings / weighted average rate as of December 31, 2020 $ 64,409 2.22% Unamortized discount on acquired borrowings (2,580) Total borrowings $ 61,829 |
Disposition
Disposition | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition | DispositionOn June 30, 2021, the Company completed the sale of the operations and substantially all of the operating assets of its property and casualty insurance agency subsidiary, First Bank Insurance Services, to Bankers Insurance, LLC for an initial purchase price valued at $13.0 million and a future earn-out payment of up to $1.0 million. The Company recorded a gain of $1.7 million related to the sale. Approximately $10.2 million of intangible assets were derecognized from the Company's balance sheet as a result of this transaction, including $7.4 million in goodwill and $2.8 million in other intangibles. At June 30, 2021 the $13.0 million purchase price was recorded as a receivable within "Other assets" on the consolidated balance sheet. Of that receivable amount, on July 1, 2021 the Company received $11.9 million in cash and one share of Bankers Insurance, LLC with a value of $0.6 million. The remaining $0.5 million in cash is due to be received in the fourth quarter of 2021. Effective with the close of the sale on June 30, 2021, Bankers Insurance, LLC assumed $555,000 in cash that was held at First Bank Insurance Services, which is reflected as cash paid related to the sale in the Consolidated Statement of Cash Flows for the six month period ended June 30, 2021. |
Pending Acquisition
Pending Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Pending Acquisition | Pending Acquisition On June 1, 2021, the Company announced the signing of a definitive merger agreement to acquire Select Bancorp, Inc. (“Select”), the parent company of Select Bank and Trust Company ("Select Bank"), in an all-stock transaction with a total value of approximately $314.3 million, or $18.10 per share, based on the Company’s closing stock price on May 28, 2021. Subject to the terms of the merger agreement, Select shareholders will receive 0.408 shares of First Bancorp's common stock for each share of Select common stock. Select Bank currently operates 22 banking locations in North Carolina, South Carolina, and Virginia. Select reported assets of $1.8 billion, gross loans of $1.3 billion and deposits of $1.6 billion as of March 31, 2021. The acquisition would increase the Company's market share in several existing markets, including the Triad, Triangle and Charlotte markets of North Carolina, as well as provide entry into several new markets, including Dunn, Goldsboro and Elizabeth City, North Carolina. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly in all material respects the consolidated financial position of the Company as of June 30, 2021, the consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and the consolidated cash flows for the six months ended June 30, 2021 and 2020. Any such adjustments were of a normal, recurring nature. Reference is made to the 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended June 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued. |
Accounting Standards Adopted in 2021 | Accounting Standards Adopted in 2021 In August 2018, the FASB amended the Compensation - Retirement Benefits – Defined Benefit Plans Topic of the Accounting Standards Codification to improve disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The guidance removed disclosures that were no longer considered cost-beneficial, clarified the specific requirements of disclosures, and added disclosure requirements identified as relevant. The amendments were effective for the Company on January 1, 2021 and the adoption of this amendment did not have a material effect on its financial statements. On January 1, 2021, the Company adopted the current expected credit loss (CECL) guidance in accordance with Accounting Standards Codification ("ASC") 326. CECL replaced the prior incurred-loss methodology for recognizing credit losses with a methodology that is based on estimating future expected lifetime credit losses. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures, such as unfunded commitments to extend credit. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not they will be required to sell. The Company adopted CECL as of January 1, 2021 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, 2021 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $14.6 million, which is presented as a reduction to loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $7.5 million, which is recorded within Other Liabilities. The adoption of CECL had an insignificant impact on the Company's held to maturity and available for sale securities portfolios. The Company recorded a net decrease to retained earnings of $17.1 million as of January 1, 2021 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Federal banking regulatory agencies provided optional relief to delay the adverse regulatory capital impact of CECL at adoption. The Company did not elect the option. The Company adopted CECL using the prospective transition approach for PCD assets that were previously classified as PCI under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The amortized cost basis of the PCD assets was adjusted to reflect the addition of $0.1 million to the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2021. With regard to purchased credit deteriorated (PCD) assets, because the Company elected to disaggregate the former purchased credit impaired (PCI) pools and no longer considers these pools to be the unit of account, contractually delinquent PCD loans are now reported as nonaccrual loans using the same criteria as other loans. Similarly, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings (TDRs) as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. Accrued interest for all financial instruments is included in a separate line on the face of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on nonaccrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest. The allowance for credit losses for the majority of loans was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a three-year straight-line reversion period. The Company elected to use, as a practical expedient, the fair value of collateral when determining the allowance for credit losses on loans for which repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). The Company's CECL allowances will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. Accounting Policy Updates Securities - Debt securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost. Debt securities not classified as held to maturity are classified as “available for sale” and carried at fair value, with unrealized holding gains and losses being reported as other comprehensive income or loss and reported as a separate component of shareholders’ equity. Interest income includes amortization or purchase premiums or discounts. Premiums and discounts are generally amortized into income on a level yield basis, with premiums being amortized to the earliest call date and discounts being accreted to the stated maturity date. Gains and losses on sales of securities are recognized at the time of sale based upon the specific identification method. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. Allowance for Credit Losses - Securities Held to Maturity - Since its adoption of CECL, the Company measures expected credit losses on held to maturity debt securities on an individual security basis. Accrued interest receivable on held to maturity debt securities totaled $1.94 million at June 30, 2021 and was excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Virtually all of the mortgage-backed securities held by the Company are issued by government-sponsored corporations. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and local governments securities held by the Company are highly rating by major rating agencies. As a result, the allowance for credit losses on held to maturity securities was immaterial at June 30, 2021. Allowance for Credit Losses - Securities Available for Sale - For available for sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income with the establishment of an allowance under CECL compared to a direct write down of the security under Incurred Loss. For debt securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether any decline in fair value is due to credit loss factors. In making this assessment, management considers any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses under CECL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At June 30, 2021, there was no allowance for credit losses related to the available-for-sale portfolio. Accrued interest receivable on available for sale debt securities totaled $4.11 million at June 30, 2021 and was excluded from the estimate of credit losses. Loans - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $14.3 million at June 30, 2021 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Purchased Credit Deteriorated (PCD) Loans - Upon adoption of CECL, loans that were designated as purchased credit impaired (PCI) loans under the previous accounting guidance were classified as PCD loans without reassessment. The amount of PCD loans was immaterial at each period end. In future acquisitions, the Company may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, the Company will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial allowance for credit losses is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the allowance for loan losses recorded through provision expense. Allowance for Credit Losses - Loans - The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Estimated recoveries are considered for post-CECL adoption date charge-offs to the extent that they do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments, or pools, for analysis. The Discounted Cash Flow (“DCF”) method is utilized for substantially all pools, with discounted cash flows computed for each loan in a pool based on its individual characteristics (e.g. maturity date, payment amount, interest rate, etc.), and the results are aggregated at the pool level. A probability of default and loss given default, as adjusted for recoveries (as noted above), are applied to the discounted cash flows for each pool, while considering prepayment and principal curtailment effects. The analysis produces a discounted expected cash flow total for each pool, which is then compared to the amortized cost of the pool to arrive at the expected credit loss. In determining the proper level of default rates and loss given default, management has determined that the loss experience of the Company provides the best basis for its assessment of expected credit losses. It therefore utilized its own historical credit loss experience by each loan segment over an economic cycle, while excluding loss experience from certain acquired institutions (i.e., failed banks). Management considers forward-looking information in estimating expected credit losses. For substantially all segments of collectively evaluated loans, the Company incorporates two or more macroeconomic drivers using a statistical regression modeling methodology. The Company subscribes to a third-party service which provides a quarterly macroeconomic baseline forecast and alternative scenarios for the United States economy. The baseline forecast, along with the alternative scenarios, are evaluated by management to determine the best estimate within the range of expected credit losses. The baseline forecast incorporates an equal probability of the United States economy performing better or worse than this projection. With the ongoing pandemic, along with periodic starts and stops to reopening the economy and the impact of government stimulus, the baseline and alternative scenarios have reflected a high degree of volatility in economic forecasts from month-to-month. The Company based its adoption date allowance for credit loss adjustment primarily on the baseline forecast, which reflected ongoing threats to the economy, primarily arising from the pandemic. In reviewing forecasts during 2021, management noted high degrees of volatility in the monthly forecasts. Given the uncertainty that the volatility is indicative of and the inherent imprecision of a forecast accurately projecting economic statistics during these unprecedented times, management elected to base both its March 31, 2021 and June 30, 2021 computations of the allowance for credit losses primarily on an alternative, more negative forecast, that management judged to more appropriately reflect the inherent risks to its loan portfolio. Management has also evaluated the appropriateness of the reasonable and supportable forecast scenarios utilized for each period and has made adjustments as needed. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to the long term mean of historical factors over twelve quarters using a straight-line approach. The Company generally utilizes a four-quarter forecast and a twelve-quarter reversion period to the long-term average, which is then held static for the remainder of the forecast period. Included in its systematic methodology to determine its allowance for credit losses (ACL), Management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments either increase or decrease the quantitative model estimation (i.e., formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework that includes the following: 1) changes in lending policies, procedures, and strategies, 2) changes in the nature and volume of the portfolio, 3) staff experience, 4) changes in volume and trends in classified loans, delinquencies and nonaccrual loans, 5) concentration risk, 6) trends in underlying collateral value, 7) external factors, including competition and legal and regulatory factors, 8) changes in the quality of the Company's loan review system, and 9) economic conditions not already captured. The Company has identified the following portfolio segments and calculates the allowance for credit losses for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Commercial, financial, and agricultural - Risks to this loan category include industry concentration and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Also included in this category for periods subsequent to March 31, 2020 are PPP loans, which are fully guaranteed by the SBA and thus have minimal risk. Real estate - construction, land development, & other land loans - Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Residential construction loans are susceptible to those same risks as well as those associated with residential mortgage loans (see below). Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Real estate - mortgage - residential (1-4 family) first - Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Real estate - mortgage - home equity loans / lines of credit - Risks common to home equity loans and lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Real estate - mortgage - commercial and other - Loans in this category are susceptible to declines in occupancy rates, business failure and general economic conditions. Also, declines in real estate values and lack of suitable alternative use for the properties are risks for loans in this category. Consumer loans - Risks common to these loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property . When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the allowance for credit losses, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term - Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Troubled Debt Restructurings (TDRs) - A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. Allowance for Credit Losses - Unfunded Loan Commitments - Effective with the adoption of CECL, the Company estimates expected credit losses on commitments to extend credit over the contractual period in which the Company is exposed to credit risk on the underlying commitments, unless the obligation is unconditionally cancellable by the Company. The allowance for off-balance sheet credit exposures, which is reflected within "Other Liabilities," is adjusted for as an increase or decrease to the provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The allowance is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of outstanding restricted stock | The following table presents information regarding the activity for the first six months of 2021 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Nonvested at January 1, 2021 172,105 $ 33.80 Granted during the period 26,350 35.19 Vested during the period (19,415) 41.03 Forfeited or expired during the period (8,011) 38.00 Nonvested at June 30, 2021 171,029 $ 33.00 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the numerators and denominators used in computing basic and diluted earnings per common share | The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended June 30, 2021 2020 ($ in thousands except per Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 29,285 $ 16,352 Less: income allocated to participating securities (163) (96) Basic EPS per common share $ 29,122 28,331,456 $ 1.03 $ 16,256 28,799,828 $ 0.56 Diluted EPS: Net income $ 29,285 28,331,456 $ 16,352 28,799,828 Effect of Dilutive Securities — 158,575 — 169,900 Diluted EPS per common share $ 29,285 28,490,031 $ 1.03 $ 16,352 28,969,728 $ 0.56 For the Six Months Ended June 30, 2021 2020 ($ in thousands except per Income Shares Per Share Income Shares Per Share Basic EPS: Net income $ 57,479 $ 34,532 Less: income allocated to participating securities $ (341) $ (200) Basic EPS per common share $ 57,138 28,344,633 $ 2.02 $ 34,332 29,015,308 $ 1.18 Diluted EPS: Net income $ 57,479 28,344,633 $ 34,532 29,015,308 Effect of Dilutive Securities — 169,309 — 169,113 Diluted EPS per common share $ 57,479 28,513,942 $ 2.02 $ 34,532 29,184,421 $ 1.18 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of investment securities | The book values and approximate fair values of investment securities at June 30, 2021 and December 31, 2020 are summarized as follows: ($ in thousands) June 30, 2021 December 31, 2020 Amortized Fair Unrealized Amortized Fair Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 70,015 67,872 — (2,143) 70,016 70,206 371 (181) Mortgage-backed securities 2,000,949 2,002,319 18,541 (17,171) 1,318,998 1,337,706 20,832 (2,124) Corporate bonds 43,650 44,962 1,458 (146) 43,670 45,220 1,760 (210) Total available for sale $ 2,114,614 2,115,153 19,999 (19,460) 1,432,684 1,453,132 22,963 (2,515) Securities held to maturity: Mortgage-backed securities $ 24,267 25,236 969 — 29,959 30,900 941 — State and local governments 267,461 267,538 2,278 (2,201) 137,592 139,834 2,407 (165) Total held to maturity $ 291,728 292,774 3,247 (2,201) 167,551 170,734 3,348 (165) |
Schedule of unrealized losses on investment securities | The following table presents information regarding securities with unrealized losses at June 30, 2021: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 67,872 2,143 — — 67,872 2,143 Mortgage-backed securities 1,189,049 16,975 12,596 196 1,201,645 17,171 Corporate bonds — — 4,853 146 4,853 146 State and local governments 90,880 2,201 — — 90,880 2,201 Total unrealized loss position $ 1,347,801 21,319 17,449 342 1,365,250 21,661 The following table presents information regarding securities with unrealized losses at December 31, 2020: ($ in thousands) Securities in an Unrealized Securities in an Unrealized Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Government-sponsored enterprise securities $ 29,812 181 — — 29,812 181 Mortgage-backed securities 497,992 1,957 6,168 167 504,160 2,124 Corporate bonds 3,956 45 835 165 4,791 210 State and local governments 23,310 165 — — 23,310 165 Total unrealized loss position $ 555,070 2,348 7,003 332 562,073 2,680 |
Schedule of contractual maturity of investment securities | The book values and approximate fair values of investment securities at June 30, 2021, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity ($ in thousands) Amortized Fair Amortized Fair Securities Due within one year $ — — 1,262 1,283 Due after one year but within five years 28,650 29,931 537 553 Due after five years but within ten years 74,015 72,409 8,766 8,825 Due after ten years 11,000 10,494 256,896 256,877 Mortgage-backed securities 2,000,949 2,002,319 24,267 25,236 Total securities $ 2,114,614 2,115,153 291,728 292,774 |
Loans, Allowance for Credit L_2
Loans, Allowance for Credit Losses, and Asset Quality Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of major categories of total loans outstanding | The following is a summary of the major categories of total loans outstanding: ($ in thousands) June 30, 2021 December 31, 2020 Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 704,096 15 % $ 782,549 17 % Real estate – construction, land development & other land loans 566,417 12 % 570,672 12 % Real estate – mortgage – residential (1-4 family) first mortgages 914,318 19 % 972,378 21 % Real estate – mortgage – home equity loans / lines of credit 285,595 6 % 306,256 6 % Real estate – mortgage – commercial and other 2,262,492 47 % 2,049,203 43 % Consumer loans 53,928 1 % 53,955 1 % Subtotal 4,786,846 100 % 4,735,013 100 % Unamortized net deferred loan fees (4,782) (3,698) Total loans $ 4,782,064 $ 4,731,315 Included in the line item "Commercial, financial, and agricultural" in the table above are PPP loans totaling $155.5 million and $240.5 million at June 30, 2021 and December 31, 2020, respectively. PPP loans are fully guaranteed by the SBA. Included in unamortized net deferred loan fees are approximately $6.2 million and $6.0 million at June 30, 2021 and December 31, 2020, respectively, in unamortized net deferred loan fees associated with PPP loans. These fees are being amortized under the effective interest method over the terms of the loans. Accelerated amortization is recorded in the periods in which principal amounts are forgiven in accordance with the terms of the program. Also included in the table above are various non-PPP SBA loans, with additional information on these loans presented in the table below. ($ in thousands) June 30, 2021 December 31, 2020 Guaranteed portions of non-PPP SBA loans included in table above $ 32,315 33,959 Unguaranteed portions of non-PPP SBA loans included in table above 126,380 135,703 Total non-PPP SBA loans included in the table above $ 158,695 169,662 Sold portions of SBA loans with servicing retained - not included in tables above $ 426,940 395,398 |
Schedule of activity in purchased credit impaired loans | At December 31, 2020, the carrying value of purchased credit impaired (PCI) loans were $8.6 million. The following table presents changes in the accretable yield for PCI loans for the six months ended June 30, 2020. Accretable Yield for PCI loans For the Six Months Ended June 30, 2020 Balance at beginning of period $ 4,149 Accretion (742) Reclassification from (to) nonaccretable difference 366 Other, net (510) Balance at end of period 3,263 |
Schedule of nonperforming assets and nonaccrual loans | Nonperforming assets are defined as nonaccrual loans, troubled debt restructured loans (TDRs), loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) June 30, December 31, Nonperforming assets Nonaccrual loans $ 32,993 35,076 TDRs - accruing 8,026 9,497 Accruing loans > 90 days past due — — Total nonperforming loans 41,019 44,573 Foreclosed real estate 826 2,424 Total nonperforming assets $ 41,845 46,997 The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated. CECL Incurred Loss ($ in thousands) June 30, December 31, Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Commercial, financial, and agricultural $ — 9,476 9,476 9,681 Real estate – construction, land development & other land loans 221 172 393 643 Real estate – mortgage – residential (1-4 family) first mortgages 1,759 4,006 5,765 6,048 Real estate – mortgage – home equity loans / lines of credit 378 967 1,345 1,333 Real estate – mortgage – commercial and other 11,467 4,419 15,886 17,191 Consumer loans — 128 128 180 Total $ 13,825 19,168 32,993 35,076 |
Summary accrued interest receivables written off | The following table represents the accrued interest receivables written off by reversing interest income during the six months ended June 30, 2021. ($ in thousands) For the Six Months Ended June 30, 2021 Commercial, financial, and agricultural $ 156 Real estate – construction, land development & other land loans — Real estate – mortgage – residential (1-4 family) first mortgages 15 Real estate – mortgage – home equity loans / lines of credit 7 Real estate – mortgage – commercial and other 390 Consumer loans — Total $ 568 |
Schedule of analysis of payment status | The following table presents an analysis of the payment status of the Company’s loans as of June 30, 2021. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 634 33 — 9,476 693,953 704,096 Real estate – construction, land development & other land loans 65 — — 393 565,959 566,417 Real estate – mortgage – residential (1-4 family) first mortgages 672 610 — 5,765 907,271 914,318 Real estate – mortgage – home equity loans / lines of credit 474 159 — 1,345 283,617 285,595 Real estate – mortgage – commercial and other 1,425 — — 15,886 2,245,181 2,262,492 Consumer loans 84 57 — 128 53,659 53,928 Total $ 3,354 859 — 32,993 4,749,640 4,786,846 Unamortized net deferred loan fees (4,782) Total loans $ 4,782,064 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2020. ($ in thousands) Accruing Accruing Accruing Nonaccrual Accruing Total Loans Commercial, financial, and agricultural $ 1,464 1,101 — 9,681 770,166 782,412 Real estate – construction, land development & other land loans 572 — — 643 569,307 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 10,146 869 — 6,048 951,088 968,151 Real estate – mortgage – home equity loans / lines of credit 1,088 42 — 1,333 303,693 306,156 Real estate – mortgage – commercial and other 2,540 3,111 — 17,191 2,022,422 2,045,264 Consumer loans 180 36 — 180 53,521 53,917 Purchased credit impaired 328 112 719 — 7,432 8,591 Total $ 16,318 5,271 719 35,076 4,677,629 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 |
Analysis of collateral-dependent loans | The following table presents an analysis of collateral-dependent loans of the Company as of June 30, 2021. ($ in thousands) Residential Property Business Assets Land Commercial Property Other Total Collateral-Dependent Loans Commercial, financial, and agricultural $ — 5,522 — — — 5,522 Real estate – construction, land development & other land loans — — 513 — — 513 Real estate – mortgage – residential (1-4 family) first mortgages 2,475 — — — — 2,475 Real estate – mortgage – home equity loans / lines of credit 378 — — — — 378 Real estate – mortgage – commercial and other — — 135 14,187 — 14,322 Consumer loans — — — — 4 4 Total $ 2,853 5,522 648 14,187 4 23,214 |
Schedule of allowance for loan losses | The following table presents the activity in the allowance for loan losses for all loans for the three and six months ended June 30, 2021 (under the CECL methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2021 Beginning balance $ 13,606 10,134 8,996 4,309 26,507 2,297 — 65,849 Charge-offs (550) — (76) (8) (1,324) (173) — (2,131) Recoveries 153 392 236 218 78 227 — 1,304 Provisions 1,600 (422) (505) (782) 97 12 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 As of and for the six months ended June 30, 2021 Beginning balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Adjustment for implementation of CECL 3,067 6,140 2,584 2,580 (257) 674 (213) 14,575 Charge-offs (1,988) (66) (114) (139) (1,834) (307) — (4,448) Recoveries 667 686 323 229 340 262 — 2,507 Provisions 1,747 (2,011) (2,190) (1,308) 3,506 256 — — Ending balance $ 14,809 10,104 8,651 3,737 25,358 2,363 — 65,022 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the year ended December 31, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (5,608) (51) (478) (524) (968) (873) — (8,502) Recoveries 745 1,552 754 487 621 294 — 4,453 Provisions 11,626 1,878 3,940 1,285 15,012 1,085 213 35,039 Ending balance $ 11,316 5,355 8,048 2,375 23,603 1,478 213 52,388 Ending balances as of December 31, 2020: Allowance for loan losses Individually evaluated for impairment $ 3,546 30 800 — 2,175 — — 6,551 Collectively evaluated for impairment $ 7,742 5,325 7,141 2,375 21,428 1,475 213 45,699 Purchased credit impaired $ 28 — 107 — — 3 — 138 Loans receivable as of December 31, 2020: Ending balance – total $ 782,549 570,672 972,378 306,256 2,049,203 53,955 — 4,735,013 Unamortized net deferred loan fees (3,698) Total loans $ 4,731,315 Ending balances as of December 31, 2020: Loans Individually evaluated for impairment $ 7,700 677 9,303 15 18,582 4 — 36,281 Collectively evaluated for impairment $ 774,712 569,845 958,848 306,141 2,026,682 53,913 — 4,690,141 Purchased credit impaired $ 137 150 4,227 100 3,939 38 — 8,591 The following table presents the activity in the allowance for loan losses for the three and six months ended June 30, 2020 (under the Incurred Loss methodology). ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended June 30, 2020 Beginning balance $ 4,204 2,599 4,373 1,394 10,913 1,015 — 24,498 Charge-offs (1,471) (5) (279) (313) (282) (110) — (2,460) Recoveries 260 353 224 83 55 31 — 1,006 Provisions 2,996 2,730 4,021 1,195 8,069 287 — 19,298 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 As of and for the six months ended June 30, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (3,931) (45) (474) (381) (545) (397) — (5,773) Recoveries 477 643 315 166 102 126 — 1,829 Provisions 4,890 3,103 4,666 1,447 10,260 522 — 24,888 Ending balance $ 5,989 5,677 8,339 2,359 18,755 1,223 — 42,342 Ending balance as of June 30, 2020: Allowance for loan losses Individually evaluated for impairment $ 830 67 817 — 1,052 — — 2,766 Collectively evaluated for impairment $ 5,117 5,610 7,412 2,359 17,699 1,215 — 39,412 Purchased credit impaired $ 42 — 110 — 4 8 — 164 Loans receivable as of June 30, 2020 Ending balance – total $ 723,053 648,590 1,076,411 318,618 1,959,078 51,161 — 4,776,911 Unamortized net deferred loan fees (6,848) Total loans $ 4,770,063 Ending balances as of June 30, 2020: Loans Individually evaluated for impairment $ 6,736 965 9,743 325 17,697 — — 35,466 Collectively evaluated for impairment $ 716,132 644,747 1,061,470 318,198 1,940,059 51,097 — 4,731,703 Purchased credit impaired $ 185 2,878 5,198 95 1,322 64 — 9,742 ($ in thousands) Total Allowance for Credit Losses - Unfunded Loan Commitments Beginning balance at December 31, 2020 $ 582 Adjustment for implementation of CECL on January 1, 2021 7,504 Charge-offs — Recoveries — Provisions for credit losses on unfunded commitments 1,939 Ending balance at June 30, 2021 $ 10,025 |
Schedule of loans individually evaluated for impairment | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2020. ($ in thousands) Recorded Unpaid Related Average Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 3,688 4,325 — 750 Real estate – mortgage – construction, land development & other land loans 554 694 — 308 Real estate – mortgage – residential (1-4 family) first mortgages 4,115 4,456 — 4,447 Real estate – mortgage –home equity loans / lines of credit 15 27 — 264 Real estate – mortgage –commercial and other 11,763 13,107 — 9,026 Consumer loans 4 4 — 1 Total impaired loans with no allowance $ 20,139 22,613 — 14,796 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 4,012 4,398 3,546 5,139 Real estate – mortgage – construction, land development & other land loans 123 131 30 502 Real estate – mortgage – residential (1-4 family) first mortgages 5,188 5,361 800 5,186 Real estate – mortgage –home equity loans / lines of credit — — — 21 Real estate – mortgage –commercial and other 6,819 7,552 2,175 5,786 Consumer loans — — — — Total impaired loans with allowance $ 16,142 17,442 6,551 16,634 |
Schedule of recorded investment in loans by credit quality indicators | The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2021. Term Loans by Year of Origination ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Commercial, financial, and agricultural Pass $ 196,025 183,879 96,149 78,898 18,263 24,935 88,325 686,474 Special Mention 17 600 3,199 2,713 202 34 664 7,429 Classified — 103 1,382 8,019 193 53 443 10,193 Total commercial, financial, and agricultural 196,042 184,582 100,730 89,630 18,658 25,022 89,432 704,096 Real estate – construction, land development & other land loans Pass 211,053 251,155 50,615 10,583 12,887 10,797 12,915 560,005 Special Mention 220 761 4,283 1 114 28 12 5,419 Classified 86 415 122 186 59 123 2 993 Total real estate – construction, land development & other land loans 211,359 252,331 55,020 10,770 13,060 10,948 12,929 566,417 Real estate – mortgage – residential (1-4 family) first mortgages Pass 103,275 213,061 124,409 85,317 92,248 264,553 7,931 890,794 Special Mention 1,182 1,310 205 167 373 3,170 96 6,503 Classified 370 164 548 1,398 541 13,122 878 17,021 Total real estate – mortgage – residential (1-4 family) first mortgages 104,827 214,535 125,162 86,882 93,162 280,845 8,905 914,318 Real estate – mortgage – home equity loans / lines of credit Pass 1,358 424 758 1,379 282 1,334 272,050 277,585 Special Mention — — 17 — — 19 1,151 1,187 Classified 12 111 66 — — 635 5,999 6,823 Total real estate – mortgage – home equity loans / lines of credit 1,370 535 841 1,379 282 1,988 279,200 285,595 Real estate – mortgage – commercial and other Pass 624,944 648,750 306,306 182,547 163,321 253,697 43,030 2,222,595 Special Mention 3,889 5,245 2,593 2,780 2,290 1,479 817 19,093 Classified 4,540 3,032 2,520 5,438 4,618 656 — 20,804 Total real estate – mortgage – commercial and other 633,373 657,027 311,419 190,765 170,229 255,832 43,847 2,262,492 Consumer loans Pass 9,564 25,411 4,660 2,393 987 861 9,703 53,579 Special Mention — — — — — — 3 3 Classified 4 74 26 17 9 60 156 346 Total consumer loans 9,568 25,485 4,686 2,410 996 921 9,862 53,928 Total $ 1,156,539 1,334,495 597,858 381,836 296,387 575,556 444,175 4,786,846 Unamortized net deferred loan fees (4,782) Total loans 4,782,064 At June 30, 2021, as derived from the table above, the Company had $39.6 million in loans graded as Special Mention and $56.2 million in loans graded as Classified, which includes all nonaccrual loans. In the table above, substantially all of the "Classified Loans" have grades of 7 or Fail, with those categories having similar levels of risk. The amount of revolving lines of credit that converted to term loans during the period was immaterial. The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2020. ($ in thousands) Pass Special Classified Classified Total Commercial, financial, and agricultural $ 762,091 9,553 1,087 9,681 782,412 Real estate – construction, land development & other land loans 560,845 7,877 1,157 643 570,522 Real estate – mortgage – residential (1-4 family) first mortgages 943,455 7,609 11,039 6,048 968,151 Real estate – mortgage – home equity loans / lines of credit 297,795 1,468 5,560 1,333 306,156 Real estate – mortgage – commercial and other 1,988,684 34,588 4,801 17,191 2,045,264 Consumer loans 53,488 80 169 180 53,917 Purchased credit impaired 6,901 85 1,605 — 8,591 Total $ 4,613,259 61,260 25,418 35,076 4,735,013 Unamortized net deferred loan fees (3,698) Total loans 4,731,315 |
Schedule of information related to troubled debt restructuring loans | The following table presents information related to loans modified in a TDR during the three months ended June 30, 2021 and 2020. ($ in thousands) For the three months ended June 30, 2021 For the three months ended June 30, 2020 Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural — $ — $ — — $ — $ — Real estate – construction, land development & other land loans — — — 1 67 67 Real estate – mortgage – residential (1-4 family) first mortgages 1 33 33 2 75 78 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural 2 715 715 — — — Real estate – construction, land development & other land loans 1 75 75 — — — Real estate – mortgage – residential (1-4 family) first mortgages 1 263 263 — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other 3 1,569 1,569 — — — Consumer loans — — — — — — Total TDRs arising during period 8 $ 2,655 $ 2,655 3 $ 142 $ 145 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the three months ended June 30, 2021 and 2020 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 Accruing restructured loans that were modified in the previous twelve months and that defaulted during the six months ended June 30, 2021 and 2020 are presented in the table below. ($ in thousands) For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — — $ — Real estate – mortgage – commercial and other — — 1 274 Total accruing TDRs that subsequently defaulted — $ — 1 $ 274 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets and goodwill | The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of June 30, 2021 and December 31, 2020, and the carrying amount of unamortized intangible assets as of those same dates. June 30, 2021 December 31, 2020 ($ in thousands) Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists $ 2,700 1,141 7,613 2,814 Core deposit intangibles 28,440 25,115 28,440 23,832 SBA servicing asset 11,291 5,202 9,976 4,188 Other 1,040 951 1,403 1,232 Total $ 43,471 32,409 47,432 32,066 Unamortizable intangible assets: Goodwill $ 231,906 239,272 |
Schedule of the estimated amortization expense for the five succeeding fiscal years | The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization July 1, 2021 to December 31, 2021 $ 1,337 2022 1,994 2023 1,037 2024 392 2025 213 Thereafter — Total $ 4,973 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of the components of pension (income) expense | The following table contains the components of the pension cost. For the Three Months Ended June 30, ($ in thousands) 2021 Pension Plan 2020 Pension Plan 2021 SERP 2020 SERP 2021 Total Both Plans 2020 Total Both Plans Service cost $ — — — — — — Interest cost 104 305 20 55 124 360 Expected return on plan assets (203) (325) — — (203) (325) Amortization of net (gain)/loss 158 221 47 (41) 205 180 Net periodic pension cost $ 59 201 67 14 126 215 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) June 30, 2021 December 31, 2020 Unrealized gain (loss) on securities available for sale $ 539 20,448 Deferred tax asset (liability) (124) (4,699) Net unrealized gain (loss) on securities available for sale 415 15,749 Postretirement plans asset (liability) (1,441) (1,817) Deferred tax asset (liability) 301 418 Net postretirement plans asset (liability) (1,140) (1,399) Total accumulated other comprehensive income (loss) $ (725) 14,350 The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 (all amounts are net of tax). ($ in thousands) Unrealized Gain Postretirement Plans Asset Total Beginning balance at January 1, 2021 $ 15,749 (1,399) 14,350 Other comprehensive income (loss) before reclassifications (15,334) — (15,334) Amounts reclassified from accumulated other comprehensive income — 259 259 Net current-period other comprehensive income (loss) (15,334) 259 (15,075) Ending balance at June 30, 2021 $ 415 (1,140) (725) The following table discloses the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2020 (all amounts are net of tax). ($ in thousands) Unrealized Gain Postretirement Plans Asset Total Beginning balance at January 1, 2020 $ 7,504 (2,381) 5,123 Other comprehensive income (loss) before reclassifications 18,128 — 18,128 Amounts reclassified from accumulated other comprehensive income (6,180) 275 (5,905) Net current-period other comprehensive income (loss) 11,948 275 12,223 Ending balance at June 30, 2020 $ 19,452 (2,106) 17,346 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial instruments that were measured at fair value on a recurring and nonrecurring basis | The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at June 30, 2021. ($ in thousands) Description of Financial Instruments Fair Value at June 30, 2021 Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 67,872 — 67,872 — Mortgage-backed securities 2,002,319 — 2,002,319 — Corporate bonds 44,962 — 44,962 — Total available for sale securities $ 2,115,153 — 2,115,153 — Presold mortgages in process of settlement $ 13,762 13,762 — — Nonrecurring Collateral-dependent loans $ 13,963 — — 13,963 Foreclosed real estate 378 — — 378 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2020. ($ in thousands) Description of Financial Instruments Fair Value at December 31, 2020 Quoted Prices in Significant Other Significant Recurring Securities available for sale: Government-sponsored enterprise securities $ 70,206 — 70,206 — Mortgage-backed securities 1,337,706 — 1,337,706 — Corporate bonds 45,220 — 45,220 — Total available for sale securities $ 1,453,132 — 1,453,132 — Presold mortgages in process of settlement $ 42,271 42,271 — — Nonrecurring Impaired loans $ 22,142 — — 22,142 Foreclosed real estate 1,484 — — 1,484 |
Schedule of significant unobservable inputs | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of June 30, 2021, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at June 30, 2021 Valuation Significant Unobservable Range (Weighted Average) Individually evaluated loans - collateral-dependent $ 9,203 Appraised value Discounts applied for estimated costs to sell 10% Individually evaluated loans - cash flow dependent 4,760 PV of expected cash flows Discount rates used in the calculation of the present value ("PV") of expected cash flows 4%-11% (6.12%) Foreclosed real estate 378 Appraised value Discounts for estimated costs to sell 10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at December 31, 2020 Valuation Significant Unobservable Range (Weighted Average) Impaired loans - valued at collateral value $ 16,000 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 6,142 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4%-11% (6.21%) Foreclosed real estate 1,484 Appraised value Discounts for estimated costs to sell 10% |
Schedule of the carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments not carried at fair value at June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 ($ in thousands) Level in Fair Carrying Estimated Carrying Estimated Cash and due from banks, noninterest-bearing Level 1 $ 83,851 83,851 93,724 93,724 Due from banks, interest-bearing Level 1 391,375 391,375 273,566 273,566 Securities held to maturity Level 2 291,728 292,774 167,551 170,734 SBA loans held for sale Level 2 5,480 6,297 6,077 7,465 Total loans, net of allowance Level 3 4,717,042 4,704,356 4,678,927 4,661,197 Accrued interest receivable Level 1 20,357 20,357 20,272 20,272 Bank-owned life insurance Level 1 108,209 108,209 106,974 106,974 SBA Servicing Asset Level 3 6,089 7,066 5,788 6,569 Deposits Level 2 7,171,358 7,172,244 6,273,596 6,275,329 Borrowings Level 2 61,252 53,962 61,829 53,321 Accrued interest payable Level 2 710 710 904 904 Commitments to extend credit Level 3 — 10,025 — 461 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of noninterest income | The following table presents the Company’s sources of noninterest income for the three and six months ended June 30, 2021 and 2020. Items outside the scope of ASC 606 are noted as such. For the Three Months Ended For the Six Months Ended $ in thousands June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Noninterest Income In-scope of ASC 606: Service charges on deposit accounts: $ 2,824 2,289 5,557 5,626 Other service charges, commissions, and fees: Interchange income 4,409 3,086 7,933 5,972 Other service charges and fees 2,087 1,538 4,085 2,721 Commissions from sales of insurance and financial products: Insurance income 1,393 1,363 2,719 2,561 Wealth management income 1,073 727 1,937 1,597 SBA consulting fees 2,187 3,739 4,951 4,766 Noninterest income (in-scope of ASC 606) 13,973 12,742 27,182 23,243 Noninterest income (out-of-scope of ASC 606) 7,401 13,451 14,861 16,655 Total noninterest income $ 21,374 26,193 42,043 39,898 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Schedule of estimated lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2021 are as follows. ($ in thousands) July 1, 2021 to December 31, 2021 $ 1,028 2022 1,659 2023 1,592 2024 1,499 2025 1,318 Thereafter 18,380 Total undiscounted lease payments 25,476 Less effect of discounting (8,583) Present value of estimated lease payments (lease liability) $ 16,893 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings | The following tables present information regarding the Company’s outstanding borrowings at June 30, 2021 and December 31, 2020 - dollars are in thousands: Description Due date Call Feature June 30, 2021 Interest Rate FHLB Principal Reducing Credit 7/24/2023 None $ 102 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 972 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 5,000 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 230 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 47 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 170 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 170 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 348 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 2.89% at 6/30/21 adjustable rate 3 month LIBOR + 2.70% Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 1.51% at 6/30/21 adjustable rate 3 month LIBOR + 1.39% Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 2.18% at 6/30/21 adjustable rate 3 month LIBOR + 2.00% Total borrowings/ weighted average rate as of June 30, 2021 $ 63,743 2.17% Unamortized discount on acquired borrowings (2,491) Total borrowings $ 61,252 Description Due date Call Feature December 31, 2020 Interest Rate FHLB Principal Reducing Credit 7/24/2023 None 124 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 991 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 5,500 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 235 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 49 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 174 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 174 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 355 0.50% fixed Other Borrowing 4/7/2022 None 103 1.00% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 2.91% at 12/31/2020 adjustable rate 3 month LIBOR + 2.70% Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 1.61% at 12/31/2020 adjustable rate 3 month LIBOR + 1.39% Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 2.24% at 12/31/2020 adjustable rate 3 month LIBOR + 2.00% Total borrowings / weighted average rate as of December 31, 2020 $ 64,409 2.22% Unamortized discount on acquired borrowings (2,580) Total borrowings $ 61,829 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
PPP loans originations | $ 112 | |
PPP forgiveness payoffs | 198 | $ 198 |
Deferral period for payment deferrals | 90 days | |
Remaining payment deferrals | $ 2.1 | $ 2.1 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 65,022,000 | $ 65,849,000 | $ 52,388,000 | $ 42,342,000 | $ 24,498,000 | $ 21,398,000 | |
Shareholders' equity | (904,510,000) | (876,853,000) | (893,421,000) | (867,891,000) | (862,198,000) | (852,401,000) | |
Accrued interest receivable on held to maturity debt securities | 1,940,000 | ||||||
Allowance for credit losses on available-for-sale portfolio | 0 | ||||||
Accrued interest receivable on available for sale debt securities | 4,110,000 | ||||||
Accrued interest on loans | 14,300,000 | ||||||
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Shareholders' equity | (507,531,000) | (483,944,000) | (478,489,000) | $ (441,846,000) | $ (430,709,000) | $ (417,764,000) | |
Unfunded Loan Commitment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 10,025,000 | 582,000 | 600,000 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 14,600,000 | 14,575,000 | |||||
Shareholders' equity | $ 17,051,000 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Shareholders' equity | 17,100,000 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | Unfunded Loan Commitment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 7,504,000 | 7,500,000 | |||||
Cumulative Effect, Period Of Adoption, Adjustment | PCI Loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 100,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2021USD ($)$ / sharesshares | Jun. 01, 2020USD ($)director$ / sharesshares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ 831 | $ 895 | $ 1,228 | $ 1,408 | ||
Stock-based compensation tax benefit | 191 | $ 206 | $ 282 | $ 324 | ||
Long-Term Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted during the period | shares | 26,350 | |||||
Fair market value of shares granted (in dollars per share) | $ / shares | $ 35.19 | |||||
Unrecognized compensation expense | 2,065 | $ 2,065 | ||||
Unrecognized compensation expense, period for recognition | 1 year 9 months 18 days | |||||
Long-Term Restricted Stock | Next Twelve Months | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | 1,255 | $ 1,255 | ||||
Long-Term Restricted Stock | Remaining Quarters of 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 797 | $ 797 | ||||
Non-employee Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ 320 | $ 352 | ||||
Director equity grants granted, value | $ 32 | |||||
Number of directors | director | 10 | |||||
Number of shares granted during the period | shares | 7,050 | 14,146 | ||||
Number of shares granted per director | shares | 705 | 1,286 | ||||
Fair market value of shares granted (in dollars per share) | $ / shares | $ 45.41 | $ 24.87 | ||||
First Bancorp 2014 Equity Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares remaining available for grant | shares | 523,295 | 523,295 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Outstanding Restricted Stock) (Details) - Long-Term Restricted Stock | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Units | |
Nonvested, beginning (in shares) | shares | 172,105 |
Granted during the period (in shares) | shares | 26,350 |
Vested during the period (in shares) | shares | (19,415) |
Forfeited or expired during the period (in shares) | shares | (8,011) |
Nonvested, ending (in shares) | shares | 171,029 |
Weighted-Average Grant-Date Fair Value | |
Nonvested, beginning (in dollars per share) | $ / shares | $ 33.80 |
Granted during the period (in dollars per share) | $ / shares | 35.19 |
Vested during the period (in dollars per share) | $ / shares | 41.03 |
Forfeited or expired during the period (in dollars per share) | $ / shares | 38 |
Nonvested, ending (in dollars per share) | $ / shares | $ 33 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic EPS: | ||||
Net income | $ 29,285 | $ 16,352 | $ 57,479 | $ 34,532 |
Less: income allocated to participating securities | (163) | (96) | (341) | (200) |
Basic EPS per common share | $ 29,122 | $ 16,256 | $ 57,138 | $ 34,332 |
Basic (in shares) | 28,331,456 | 28,799,828 | 28,344,633 | 29,015,308 |
Basic (in dollars per share) | $ 1.03 | $ 0.56 | $ 2.02 | $ 1.18 |
Diluted EPS: | ||||
Net income | $ 29,285 | $ 16,352 | $ 57,479 | $ 34,532 |
Effect of Dilutive Securities | 0 | 0 | 0 | 0 |
Diluted EPS per common share | $ 29,285 | $ 16,352 | $ 57,479 | $ 34,532 |
Basic (in shares) | 28,331,456 | 28,799,828 | 28,344,633 | 29,015,308 |
Effect of Dilutive Securities (in shares) | 158,575 | 169,900 | 169,309 | 169,113 |
Diluted (in shares) | 28,490,031 | 28,969,728 | 28,513,942 | 29,184,421 |
Diluted (in dollars per share) | $ 1.03 | $ 0.56 | $ 2.02 | $ 1.18 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | Jun. 30, 2021 | Jun. 30, 2020 |
Earnings Per Share [Abstract] | ||
Stock options outstanding (in shares) | 0 | 0 |
Securities (Summary of Book Val
Securities (Summary of Book Values and Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Amortized Cost | $ 2,114,614 | $ 1,432,684 |
Fair Value | 2,115,153 | 1,453,132 |
Unrealized Gains | 19,999 | 22,963 |
Unrealized (Losses) | (19,460) | (2,515) |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 291,728 | 167,551 |
Fair Value | 292,774 | 170,734 |
Unrealized Gains | 3,247 | 3,348 |
Unrealized (Losses) | (2,201) | (165) |
Government-sponsored enterprise securities | ||
Fair Value | ||
Amortized Cost | 70,015 | 70,016 |
Fair Value | 67,872 | 70,206 |
Unrealized Gains | 0 | 371 |
Unrealized (Losses) | (2,143) | (181) |
Mortgage-backed securities | ||
Fair Value | ||
Amortized Cost | 2,000,949 | 1,318,998 |
Fair Value | 2,002,319 | 1,337,706 |
Unrealized Gains | 18,541 | 20,832 |
Unrealized (Losses) | (17,171) | (2,124) |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 24,267 | 29,959 |
Fair Value | 25,236 | 30,900 |
Unrealized Gains | 969 | 941 |
Unrealized (Losses) | 0 | 0 |
Corporate bonds | ||
Fair Value | ||
Amortized Cost | 43,650 | 43,670 |
Fair Value | 44,962 | 45,220 |
Unrealized Gains | 1,458 | 1,760 |
Unrealized (Losses) | (146) | (210) |
State and local governments | ||
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 267,461 | 137,592 |
Fair Value | 267,538 | 139,834 |
Unrealized Gains | 2,278 | 2,407 |
Unrealized (Losses) | $ (2,201) | $ (165) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security$ / sharesshares | Dec. 31, 2020USD ($)security | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Private mortgage-backed security fair value | $ 900,000 | $ 1,000,000 | |
Number of securities held in an unrealized loss position | security | 155 | 69 | |
Impairment charges on available for sale securities | $ 0 | ||
Impairment charges on held to maturity securities | $ 0 | ||
Investment securities, pledged as collateral for public deposits | $ 812,763,000 | $ 630,303,000 | |
FHLB stock and FRB stock, cost | 21,690,000 | 23,526,000 | |
FHLB, cost | 3,970,000 | 5,855,000 | |
FRB stock | $ 17,720,000 | $ 17,671,000 | |
Visa, Inc | Common Class B | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Stock owned (in shares) | shares | 12,356 | ||
Investment without readily determinable fair value | $ 0 | ||
Visa, Inc | Common Class A | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Conversion price (in dollars per share) | $ / shares | $ 1.62 | ||
Conversion of stock (in shares) | shares | 20,051 |
Securities (Schedule of Informa
Securities (Schedule of Information Regarding Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | $ 1,347,801 | $ 555,070 |
Unrealized Losses, AFS and HTM | 21,319 | 2,348 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 17,449 | 7,003 |
Unrealized Losses, AFS and HTM | 342 | 332 |
Total | ||
Fair Value, AFS and HTM | 1,365,250 | 562,073 |
Unrealized Losses, AFS and HTM | 21,661 | 2,680 |
Government-sponsored enterprise securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 67,872 | 29,812 |
Unrealized Losses, AFS | 2,143 | 181 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 0 | 0 |
Unrealized Losses, AFS | 0 | 0 |
Total | ||
Fair Value, AFS | 67,872 | 29,812 |
Unrealized Losses, AFS | 2,143 | 181 |
Mortgage-backed securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | 1,189,049 | 497,992 |
Unrealized Losses, AFS and HTM | 16,975 | 1,957 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 12,596 | 6,168 |
Unrealized Losses, AFS and HTM | 196 | 167 |
Total | ||
Fair Value, AFS and HTM | 1,201,645 | 504,160 |
Unrealized Losses, AFS and HTM | 17,171 | 2,124 |
Corporate bonds | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 0 | 3,956 |
Unrealized Losses, AFS | 0 | 45 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 4,853 | 835 |
Unrealized Losses, AFS | 146 | 165 |
Total | ||
Fair Value, AFS | 4,853 | 4,791 |
Unrealized Losses, AFS | 146 | 210 |
State and local governments | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, HTM | 90,880 | 23,310 |
Unrealized Losses, HTM | 2,201 | 165 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, HTM | 0 | 0 |
Unrealized Losses, HTM | 0 | 0 |
Total | ||
Fair Value, HTM | 90,880 | 23,310 |
Unrealized Losses, HTM | $ 2,201 | $ 165 |
Securities (Schedule of Book Va
Securities (Schedule of Book Values and Fair Values of Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due within one year | $ 0 | |
Due after one year but within five years | 28,650 | |
Due after five years but within ten years | 74,015 | |
Due after ten years | 11,000 | |
Mortgage-backed securities | 2,000,949 | |
Amortized Cost | 2,114,614 | $ 1,432,684 |
Fair Value | ||
Due within one year | 0 | |
Due after one year but within five years | 29,931 | |
Due after five years but within ten years | 72,409 | |
Due after ten years | 10,494 | |
Mortgage-backed securities | 2,002,319 | |
Total securities | 2,115,153 | 1,453,132 |
Amortized Cost | ||
Due within one year | 1,262 | |
Due after one year but within five years | 537 | |
Due after five years but within ten years | 8,766 | |
Due after ten years | 256,896 | |
Mortgage-backed securities | 24,267 | |
Amortized Cost | 291,728 | 167,551 |
Fair Value | ||
Due within one year | 1,283 | |
Due after one year but within five years | 553 | |
Due after five years but within ten years | 8,825 | |
Due after ten years | 256,877 | |
Mortgage-backed securities | 25,236 | |
Total securities | $ 292,774 | $ 170,734 |
Loans, Allowance for Credit L_3
Loans, Allowance for Credit Losses, and Asset Quality Information (Summary of Major Categories of Total Loans Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 4,786,846 | $ 4,735,013 | $ 4,776,911 | |
Unamortized net deferred loan fees | (4,782) | (3,698) | (6,848) | |
Loans | $ 4,782,064 | 4,731,315 | 4,770,063 | |
Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 100.00% | 100.00% | ||
SBA Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 158,695 | 169,662 | ||
SBA Loans, Guaranteed Portion | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 32,315 | 33,959 | ||
SBA Loans, Unguaranteed Portion | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 126,380 | 135,703 | ||
SBA Loans, Sold Portion | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 426,940 | 395,398 | ||
Commercial, financial, and agricultural | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 704,096 | 782,549 | 723,053 | |
Commercial, financial, and agricultural | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 17.00% | 15.00% | ||
Real estate, commercial | Real estate – construction, land development & other land loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 566,417 | 570,672 | 648,590 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 12.00% | 12.00% | ||
Real estate, commercial | Real estate – mortgage – commercial and other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 2,262,492 | 2,049,203 | 1,959,078 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 43.00% | 47.00% | ||
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 914,318 | 972,378 | 1,076,411 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 21.00% | 19.00% | ||
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 285,595 | 306,256 | 318,618 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 6.00% | 6.00% | ||
Consumer loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 53,928 | $ 53,955 | $ 51,161 | |
Consumer loans | Loan Category Concentration Risk | Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage | 1.00% | 1.00% |
Loans, Allowance for Credit L_4
Loans, Allowance for Credit Losses, and Asset Quality Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
PPP loans approved and funded | $ 155,500 | $ 240,500 | ||||
Unamortized net deferred loan fees | 4,782 | $ 6,848 | 3,698 | |||
Unamortized discount on loans acquired | 5,300 | |||||
Payments that exceeded carrying amount of PCI loans | 414 | |||||
Loan discount accretion income | 341 | |||||
Additional loan interest income | 59 | |||||
Recovery | 14 | |||||
Interest income on restructured loans | $ 1,100 | |||||
Loans, gross | 4,786,846 | 4,776,911 | 4,735,013 | |||
Allowance for loan losses | 65,849 | 65,022 | 42,342 | 52,388 | $ 24,498 | $ 21,398 |
Special Mention Loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 39,600 | 61,260 | ||||
Classified | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 56,200 | |||||
Consumer loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 53,928 | 51,161 | 53,955 | |||
Allowance for loan losses | 2,297 | 2,363 | $ 1,223 | 1,478 | $ 1,015 | $ 972 |
Consumer loans | Special Mention Loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 3 | |||||
Consumer loans | Classified | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | $ 346 | |||||
Real Estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Threshold percentage to write-off nonaccrual loans | 90.00% | |||||
Hotel | Minimum | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Threshold percentage to write-off nonaccrual loans | 10.00% | |||||
Hotel | Maximum | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Threshold percentage to write-off nonaccrual loans | 25.00% | |||||
Non Real Estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Threshold percentage to write-off nonaccrual loans | 75.00% | |||||
Real estate – mortgage – residential (1-4 family) first mortgages | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Presold mortgages in process of settlement | $ 2,600 | 1,900 | ||||
Unfunded Loan Commitment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Allowance for loan losses | $ 582 | 10,025 | 600 | |||
SBA PPP loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Unamortized net deferred loan fees | 6,200 | 6,000 | ||||
SBA Loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Remaining unaccreted discount | $ 7,000 | 7,300 | ||||
Purchased Non-Impaired Loans | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Remaining unaccreted discount | $ 7,900 |
Loans, Allowance for Credit L_5
Loans, Allowance for Credit Losses, and Asset Quality Information (Changes in Recorded Investment and Accretable Yield of PCI Loans) (Details) - Purchased Credit Impaired Loans - PCI Loans, Accretable Discount $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance at beginning of period | $ 4,149 |
Accretion | (742) |
Reclassification from (to) nonaccretable difference | 366 |
Other, net | (510) |
Balance at end of period | $ 3,263 |
Loans, Allowance for Credit L_6
Loans, Allowance for Credit Losses, and Asset Quality Information (Summary of Nonperforming Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Nonaccrual loans | $ 32,993 | $ 35,076 | |
Loans | 4,782,064 | 4,731,315 | $ 4,770,063 |
Foreclosed properties | 826 | 2,424 | |
Nonperforming assets | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Nonaccrual loans | 32,993 | 35,076 | |
TDRs - accruing | 8,026 | 9,497 | |
Accruing loans > 90 days past due | 0 | 0 | |
Loans | 41,019 | 44,573 | |
Foreclosed properties | 826 | 2,424 | |
Total nonperforming assets | $ 41,845 | $ 46,997 |
Loans, Allowance for Credit L_7
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | $ 13,825 | |
Nonaccrual Loans with an Allowance | 19,168 | |
Nonaccrual loans | 32,993 | $ 35,076 |
Commercial, financial, and agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 0 | |
Nonaccrual Loans with an Allowance | 9,476 | |
Nonaccrual loans | 9,476 | 9,681 |
Real estate, commercial | Real estate – construction, land development & other land loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 221 | |
Nonaccrual Loans with an Allowance | 172 | |
Nonaccrual loans | 393 | 643 |
Real estate, commercial | Real estate – mortgage – commercial and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 11,467 | |
Nonaccrual Loans with an Allowance | 4,419 | |
Nonaccrual loans | 15,886 | 17,191 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 1,759 | |
Nonaccrual Loans with an Allowance | 4,006 | |
Nonaccrual loans | 5,765 | 6,048 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 378 | |
Nonaccrual Loans with an Allowance | 967 | |
Nonaccrual loans | 1,345 | 1,333 |
Consumer loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual Loans with No Allowance | 0 | |
Nonaccrual Loans with an Allowance | 128 | |
Nonaccrual loans | $ 128 | $ 180 |
Loans, Allowance for Credit L_8
Loans, Allowance for Credit Losses, and Asset Quality Information - Accrued Interest Receivable Written Off (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | $ 568 |
Commercial, financial, and agricultural | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | 156 |
Real estate, commercial | Real estate – construction, land development & other land loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | 390 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | 15 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | 7 |
Consumer loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Accrued interest receivable written off | $ 0 |
Loans, Allowance for Credit L_9
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Analysis of Payment Status of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | $ 32,993 | $ 35,076 | |
Loans, gross | 4,786,846 | 4,735,013 | $ 4,776,911 |
Unamortized net deferred loan fees | (4,782) | (3,698) | (6,848) |
Total loans | 4,782,064 | 4,731,315 | 4,770,063 |
Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 3,354 | 16,318 | |
Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 859 | 5,271 | |
Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 719 | |
Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 4,749,640 | 4,677,629 | |
Purchased credit impaired | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 0 | ||
Loans, gross | 8,591 | ||
Purchased credit impaired | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 328 | ||
Purchased credit impaired | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 112 | ||
Purchased credit impaired | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 719 | ||
Purchased credit impaired | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 7,432 | ||
Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 9,476 | 9,681 | |
Loans, gross | 704,096 | 782,549 | 723,053 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 634 | 1,464 | |
Commercial, financial, and agricultural | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 33 | 1,101 | |
Commercial, financial, and agricultural | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Commercial, financial, and agricultural | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 693,953 | 770,166 | |
Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 393 | 643 | |
Loans, gross | 566,417 | 570,672 | 648,590 |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 65 | 572 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 565,959 | 569,307 | |
Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 15,886 | 17,191 | |
Loans, gross | 2,262,492 | 2,049,203 | 1,959,078 |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,425 | 2,540 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 3,111 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,245,181 | 2,022,422 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 5,765 | 6,048 | |
Loans, gross | 914,318 | 972,378 | 1,076,411 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 672 | 10,146 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 610 | 869 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 907,271 | 951,088 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 1,345 | 1,333 | |
Loans, gross | 285,595 | 306,256 | 318,618 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 474 | 1,088 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 159 | 42 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 283,617 | 303,693 | |
Consumer loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 128 | 180 | |
Loans, gross | 53,928 | 53,955 | $ 51,161 |
Consumer loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 84 | 180 | |
Consumer loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 57 | 36 | |
Consumer loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 0 | 0 | |
Consumer loans | Accruing Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 53,659 | 53,521 | |
Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 704,096 | 782,412 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 566,417 | 570,522 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 2,262,492 | 2,045,264 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 914,318 | 968,151 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 285,595 | 306,156 | |
Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | $ 53,928 | $ 53,917 |
Loans, Allowance for Credit _10
Loans, Allowance for Credit Losses, and Asset Quality Information - Collateral Dependent Loans (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | $ 23,214 |
Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 2,853 |
Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 5,522 |
Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 648 |
Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 14,187 |
Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 4 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 5,522 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 5,522 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 513 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 513 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – construction, land development & other land loans | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 14,322 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 135 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 14,187 |
Real estate, commercial | Accruing 30-59 Days Past Due | Real estate – mortgage – commercial and other | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 2,475 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 2,475 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – residential (1-4 family) first mortgages | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 378 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 378 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Real estate, mortgage | Accruing 30-59 Days Past Due | Real estate – mortgage – home equity loans / lines of credit | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Consumer loans | Accruing 30-59 Days Past Due | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 4 |
Consumer loans | Accruing 30-59 Days Past Due | Residential Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Consumer loans | Accruing 30-59 Days Past Due | Business Assets | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Consumer loans | Accruing 30-59 Days Past Due | Land | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Consumer loans | Accruing 30-59 Days Past Due | Commercial Property | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | 0 |
Consumer loans | Accruing 30-59 Days Past Due | Other | |
Loans and Leases Receivable Disclosure [Line Items] | |
Total Collateral-Dependent Loans | $ 4 |
Loans, Allowance for Credit _11
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Activity in Allowance for Loan Losses for Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 65,849 | $ 24,498 | $ 52,388 | $ 21,398 | $ 21,398 |
Charge-offs | (2,131) | (2,460) | (4,448) | (5,773) | (8,502) |
Recoveries | 1,304 | 1,006 | 2,507 | 1,829 | 4,453 |
Provisions | 0 | 19,298 | 0 | 24,888 | 35,039 |
Ending balance | 65,022 | 42,342 | 65,022 | 42,342 | 52,388 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 2,766 | 2,766 | 6,551 | ||
Collectively evaluated for impairment | 39,412 | 39,412 | 45,699 | ||
Purchased credit impaired | 164 | 164 | 138 | ||
Loans receivable: | |||||
Loans, gross | 4,786,846 | 4,776,911 | 4,786,846 | 4,776,911 | 4,735,013 |
Unamortized net deferred loan fees | (4,782) | (6,848) | (4,782) | (6,848) | (3,698) |
Total loans | 4,782,064 | 4,770,063 | 4,782,064 | 4,770,063 | 4,731,315 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 35,466 | 35,466 | 36,281 | ||
Collectively evaluated for impairment | 4,731,703 | 4,731,703 | 4,690,141 | ||
Purchased credit impaired | 9,742 | 9,742 | 8,591 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 14,575 | ||||
Ending balance | 14,575 | ||||
Commercial, financial, and agricultural | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 13,606 | 4,204 | 11,316 | 4,553 | 4,553 |
Charge-offs | (550) | (1,471) | (1,988) | (3,931) | (5,608) |
Recoveries | 153 | 260 | 667 | 477 | 745 |
Provisions | 1,600 | 2,996 | 1,747 | 4,890 | 11,626 |
Ending balance | 14,809 | 5,989 | 14,809 | 5,989 | 11,316 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 830 | 830 | 3,546 | ||
Collectively evaluated for impairment | 5,117 | 5,117 | 7,742 | ||
Purchased credit impaired | 42 | 42 | 28 | ||
Loans receivable: | |||||
Loans, gross | 704,096 | 723,053 | 704,096 | 723,053 | 782,549 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 6,736 | 6,736 | 7,700 | ||
Collectively evaluated for impairment | 716,132 | 716,132 | 774,712 | ||
Purchased credit impaired | 185 | 185 | 137 | ||
Commercial, financial, and agricultural | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 3,067 | ||||
Ending balance | 3,067 | ||||
Real estate, commercial | Real estate – construction, land development & other land loans | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 10,134 | 2,599 | 5,355 | 1,976 | 1,976 |
Charge-offs | 0 | (5) | (66) | (45) | (51) |
Recoveries | 392 | 353 | 686 | 643 | 1,552 |
Provisions | (422) | 2,730 | (2,011) | 3,103 | 1,878 |
Ending balance | 10,104 | 5,677 | 10,104 | 5,677 | 5,355 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 67 | 67 | 30 | ||
Collectively evaluated for impairment | 5,610 | 5,610 | 5,325 | ||
Purchased credit impaired | 0 | 0 | 0 | ||
Loans receivable: | |||||
Loans, gross | 566,417 | 648,590 | 566,417 | 648,590 | 570,672 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 965 | 965 | 677 | ||
Collectively evaluated for impairment | 644,747 | 644,747 | 569,845 | ||
Purchased credit impaired | 2,878 | 2,878 | 150 | ||
Real estate, commercial | Real estate – construction, land development & other land loans | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 6,140 | ||||
Ending balance | 6,140 | ||||
Real estate, commercial | Real estate – mortgage – commercial and other | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 26,507 | 10,913 | 23,603 | 8,938 | 8,938 |
Charge-offs | (1,324) | (282) | (1,834) | (545) | (968) |
Recoveries | 78 | 55 | 340 | 102 | 621 |
Provisions | 97 | 8,069 | 3,506 | 10,260 | 15,012 |
Ending balance | 25,358 | 18,755 | 25,358 | 18,755 | 23,603 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 1,052 | 1,052 | 2,175 | ||
Collectively evaluated for impairment | 17,699 | 17,699 | 21,428 | ||
Purchased credit impaired | 4 | 4 | 0 | ||
Loans receivable: | |||||
Loans, gross | 2,262,492 | 1,959,078 | 2,262,492 | 1,959,078 | 2,049,203 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 17,697 | 17,697 | 18,582 | ||
Collectively evaluated for impairment | 1,940,059 | 1,940,059 | 2,026,682 | ||
Purchased credit impaired | 1,322 | 1,322 | 3,939 | ||
Real estate, commercial | Real estate – mortgage – commercial and other | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | (257) | ||||
Ending balance | (257) | ||||
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 8,996 | 4,373 | 8,048 | 3,832 | 3,832 |
Charge-offs | (76) | (279) | (114) | (474) | (478) |
Recoveries | 236 | 224 | 323 | 315 | 754 |
Provisions | (505) | 4,021 | (2,190) | 4,666 | 3,940 |
Ending balance | 8,651 | 8,339 | 8,651 | 8,339 | 8,048 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 817 | 817 | 800 | ||
Collectively evaluated for impairment | 7,412 | 7,412 | 7,141 | ||
Purchased credit impaired | 110 | 110 | 107 | ||
Loans receivable: | |||||
Loans, gross | 914,318 | 1,076,411 | 914,318 | 1,076,411 | 972,378 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 9,743 | 9,743 | 9,303 | ||
Collectively evaluated for impairment | 1,061,470 | 1,061,470 | 958,848 | ||
Purchased credit impaired | 5,198 | 5,198 | 4,227 | ||
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,584 | ||||
Ending balance | 2,584 | ||||
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 4,309 | 1,394 | 2,375 | 1,127 | 1,127 |
Charge-offs | (8) | (313) | (139) | (381) | (524) |
Recoveries | 218 | 83 | 229 | 166 | 487 |
Provisions | (782) | 1,195 | (1,308) | 1,447 | 1,285 |
Ending balance | 3,737 | 2,359 | 3,737 | 2,359 | 2,375 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,359 | 2,359 | 2,375 | ||
Purchased credit impaired | 0 | 0 | 0 | ||
Loans receivable: | |||||
Loans, gross | 285,595 | 318,618 | 285,595 | 318,618 | 306,256 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 325 | 325 | 15 | ||
Collectively evaluated for impairment | 318,198 | 318,198 | 306,141 | ||
Purchased credit impaired | 95 | 95 | 100 | ||
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,580 | ||||
Ending balance | 2,580 | ||||
Consumer loans | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2,297 | 1,015 | 1,478 | 972 | 972 |
Charge-offs | (173) | (110) | (307) | (397) | (873) |
Recoveries | 227 | 31 | 262 | 126 | 294 |
Provisions | 12 | 287 | 256 | 522 | 1,085 |
Ending balance | 2,363 | 1,223 | 2,363 | 1,223 | 1,478 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,215 | 1,215 | 1,475 | ||
Purchased credit impaired | 8 | 8 | 3 | ||
Loans receivable: | |||||
Loans, gross | 53,928 | 51,161 | 53,928 | 51,161 | 53,955 |
Ending balances: Loans | |||||
Individually evaluated for impairment | 0 | 0 | 4 | ||
Collectively evaluated for impairment | 51,097 | 51,097 | 53,913 | ||
Purchased credit impaired | 64 | 64 | 38 | ||
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 674 | ||||
Ending balance | 674 | ||||
Unallocated | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 0 | 0 | 213 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provisions | 0 | 0 | 0 | 0 | 213 |
Ending balance | $ 0 | 0 | 0 | 0 | 213 |
Ending balances: Allowance for loan losses | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 213 | ||
Purchased credit impaired | 0 | 0 | 0 | ||
Loans receivable: | |||||
Loans, gross | 0 | 0 | 0 | ||
Ending balances: Loans | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Purchased credit impaired | $ 0 | $ 0 | 0 | ||
Unallocated | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ (213) | ||||
Ending balance | $ (213) |
Loans, Allowance for Credit _12
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | $ 20,139 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 22,613 | |
Impaired loans with no related allowance - Average Recorded Investment | $ 14,796 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 16,142 | |
Impaired loans with allowance - Unpaid Principal Balance | 17,442 | |
Impaired loans with related allowance - Related Allowance | 6,551 | |
Impaired loans with related allowance - Average Recorded Investment | 16,634 | |
Commercial, financial, and agricultural | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 3,688 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 4,325 | |
Impaired loans with no related allowance - Average Recorded Investment | 750 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 4,012 | |
Impaired loans with allowance - Unpaid Principal Balance | 4,398 | |
Impaired loans with related allowance - Related Allowance | 3,546 | |
Impaired loans with related allowance - Average Recorded Investment | 5,139 | |
Real estate, commercial | Real estate – construction, land development & other land loans | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 554 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 694 | |
Impaired loans with no related allowance - Average Recorded Investment | 308 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 123 | |
Impaired loans with allowance - Unpaid Principal Balance | 131 | |
Impaired loans with related allowance - Related Allowance | 30 | |
Impaired loans with related allowance - Average Recorded Investment | 502 | |
Real estate, commercial | Real estate – mortgage – commercial and other | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 11,763 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 13,107 | |
Impaired loans with no related allowance - Average Recorded Investment | 9,026 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 6,819 | |
Impaired loans with allowance - Unpaid Principal Balance | 7,552 | |
Impaired loans with related allowance - Related Allowance | 2,175 | |
Impaired loans with related allowance - Average Recorded Investment | 5,786 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4,115 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 4,456 | |
Impaired loans with no related allowance - Average Recorded Investment | 4,447 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 5,188 | |
Impaired loans with allowance - Unpaid Principal Balance | 5,361 | |
Impaired loans with related allowance - Related Allowance | 800 | |
Impaired loans with related allowance - Average Recorded Investment | 5,186 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 15 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 27 | |
Impaired loans with no related allowance - Average Recorded Investment | 264 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 0 | |
Impaired loans with allowance - Unpaid Principal Balance | 0 | |
Impaired loans with related allowance - Related Allowance | 0 | |
Impaired loans with related allowance - Average Recorded Investment | 21 | |
Consumer loans | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4 | |
Impaired loans with no related allowance - Unpaid Principal Balance | 4 | |
Impaired loans with no related allowance - Average Recorded Investment | 1 | |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 0 | |
Impaired loans with allowance - Unpaid Principal Balance | 0 | |
Impaired loans with related allowance - Related Allowance | $ 0 | |
Impaired loans with related allowance - Average Recorded Investment | $ 0 |
Loans, Allowance for Credit _13
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Recorded Investment in Loans by Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | $ 1,156,539 | ||
2020 | 1,334,495 | ||
2019 | 597,858 | ||
2018 | 381,836 | ||
2017 | 296,387 | ||
Prior | 575,556 | ||
Revolving | 444,175 | ||
Total | 4,786,846 | $ 4,735,013 | $ 4,776,911 |
Unamortized net deferred loan fees | (4,782) | (3,698) | (6,848) |
Total loans | 4,782,064 | 4,731,315 | 4,770,063 |
Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 704,096 | 782,549 | 723,053 |
Commercial, financial, and agricultural | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 704,096 | 782,412 | |
Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 9,568 | ||
2020 | 25,485 | ||
2019 | 4,686 | ||
2018 | 2,410 | ||
2017 | 996 | ||
Prior | 921 | ||
Revolving | 9,862 | ||
Total | 53,928 | 53,955 | 51,161 |
Consumer loans | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 53,928 | 53,917 | |
Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 196,042 | ||
2020 | 184,582 | ||
2019 | 100,730 | ||
2018 | 89,630 | ||
2017 | 18,658 | ||
Prior | 25,022 | ||
Revolving | 89,432 | ||
Total | 704,096 | ||
Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 211,359 | ||
2020 | 252,331 | ||
2019 | 55,020 | ||
2018 | 10,770 | ||
2017 | 13,060 | ||
Prior | 10,948 | ||
Revolving | 12,929 | ||
Total | 566,417 | 570,672 | 648,590 |
Real estate – construction, land development & other land loans | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 566,417 | 570,522 | |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 104,827 | ||
2020 | 214,535 | ||
2019 | 125,162 | ||
2018 | 86,882 | ||
2017 | 93,162 | ||
Prior | 280,845 | ||
Revolving | 8,905 | ||
Total | 914,318 | 972,378 | 1,076,411 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 914,318 | 968,151 | |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 1,370 | ||
2020 | 535 | ||
2019 | 841 | ||
2018 | 1,379 | ||
2017 | 282 | ||
Prior | 1,988 | ||
Revolving | 279,200 | ||
Total | 285,595 | 306,256 | 318,618 |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 285,595 | 306,156 | |
Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 633,373 | ||
2020 | 657,027 | ||
2019 | 311,419 | ||
2018 | 190,765 | ||
2017 | 170,229 | ||
Prior | 255,832 | ||
Revolving | 43,847 | ||
Total | 2,262,492 | 2,049,203 | $ 1,959,078 |
Real estate – mortgage – commercial and other | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 2,262,492 | 2,045,264 | |
Purchased credit impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 8,591 | ||
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 4,613,259 | ||
Pass | Commercial, financial, and agricultural | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 762,091 | ||
Pass | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 9,564 | ||
2020 | 25,411 | ||
2019 | 4,660 | ||
2018 | 2,393 | ||
2017 | 987 | ||
Prior | 861 | ||
Revolving | 9,703 | ||
Total | 53,579 | ||
Pass | Consumer loans | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 53,488 | ||
Pass | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 196,025 | ||
2020 | 183,879 | ||
2019 | 96,149 | ||
2018 | 78,898 | ||
2017 | 18,263 | ||
Prior | 24,935 | ||
Revolving | 88,325 | ||
Total | 686,474 | ||
Pass | Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 211,053 | ||
2020 | 251,155 | ||
2019 | 50,615 | ||
2018 | 10,583 | ||
2017 | 12,887 | ||
Prior | 10,797 | ||
Revolving | 12,915 | ||
Total | 560,005 | ||
Pass | Real estate – construction, land development & other land loans | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 560,845 | ||
Pass | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 103,275 | ||
2020 | 213,061 | ||
2019 | 124,409 | ||
2018 | 85,317 | ||
2017 | 92,248 | ||
Prior | 264,553 | ||
Revolving | 7,931 | ||
Total | 890,794 | ||
Pass | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 943,455 | ||
Pass | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 1,358 | ||
2020 | 424 | ||
2019 | 758 | ||
2018 | 1,379 | ||
2017 | 282 | ||
Prior | 1,334 | ||
Revolving | 272,050 | ||
Total | 277,585 | ||
Pass | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 297,795 | ||
Pass | Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 624,944 | ||
2020 | 648,750 | ||
2019 | 306,306 | ||
2018 | 182,547 | ||
2017 | 163,321 | ||
Prior | 253,697 | ||
Revolving | 43,030 | ||
Total | 2,222,595 | ||
Pass | Real estate – mortgage – commercial and other | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,988,684 | ||
Pass | Purchased credit impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 6,901 | ||
Special Mention Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 39,600 | 61,260 | |
Special Mention Loans | Commercial, financial, and agricultural | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 9,553 | ||
Special Mention Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 3 | ||
Total | 3 | ||
Special Mention Loans | Consumer loans | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 80 | ||
Special Mention Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 17 | ||
2020 | 600 | ||
2019 | 3,199 | ||
2018 | 2,713 | ||
2017 | 202 | ||
Prior | 34 | ||
Revolving | 664 | ||
Total | 7,429 | ||
Special Mention Loans | Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 220 | ||
2020 | 761 | ||
2019 | 4,283 | ||
2018 | 1 | ||
2017 | 114 | ||
Prior | 28 | ||
Revolving | 12 | ||
Total | 5,419 | ||
Special Mention Loans | Real estate – construction, land development & other land loans | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 7,877 | ||
Special Mention Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 1,182 | ||
2020 | 1,310 | ||
2019 | 205 | ||
2018 | 167 | ||
2017 | 373 | ||
Prior | 3,170 | ||
Revolving | 96 | ||
Total | 6,503 | ||
Special Mention Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 7,609 | ||
Special Mention Loans | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 17 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 19 | ||
Revolving | 1,151 | ||
Total | 1,187 | ||
Special Mention Loans | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,468 | ||
Special Mention Loans | Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 3,889 | ||
2020 | 5,245 | ||
2019 | 2,593 | ||
2018 | 2,780 | ||
2017 | 2,290 | ||
Prior | 1,479 | ||
Revolving | 817 | ||
Total | 19,093 | ||
Special Mention Loans | Real estate – mortgage – commercial and other | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 34,588 | ||
Special Mention Loans | Purchased credit impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 85 | ||
Classified | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 56,200 | ||
Classified | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 4 | ||
2020 | 74 | ||
2019 | 26 | ||
2018 | 17 | ||
2017 | 9 | ||
Prior | 60 | ||
Revolving | 156 | ||
Total | 346 | ||
Classified | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 0 | ||
2020 | 103 | ||
2019 | 1,382 | ||
2018 | 8,019 | ||
2017 | 193 | ||
Prior | 53 | ||
Revolving | 443 | ||
Total | 10,193 | ||
Classified | Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 86 | ||
2020 | 415 | ||
2019 | 122 | ||
2018 | 186 | ||
2017 | 59 | ||
Prior | 123 | ||
Revolving | 2 | ||
Total | 993 | ||
Classified | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 370 | ||
2020 | 164 | ||
2019 | 548 | ||
2018 | 1,398 | ||
2017 | 541 | ||
Prior | 13,122 | ||
Revolving | 878 | ||
Total | 17,021 | ||
Classified | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 12 | ||
2020 | 111 | ||
2019 | 66 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 635 | ||
Revolving | 5,999 | ||
Total | 6,823 | ||
Classified | Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021 | 4,540 | ||
2020 | 3,032 | ||
2019 | 2,520 | ||
2018 | 5,438 | ||
2017 | 4,618 | ||
Prior | 656 | ||
Revolving | 0 | ||
Total | $ 20,804 | ||
Classified Accruing Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 25,418 | ||
Classified Accruing Loans | Commercial, financial, and agricultural | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,087 | ||
Classified Accruing Loans | Consumer loans | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 169 | ||
Classified Accruing Loans | Real estate – construction, land development & other land loans | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,157 | ||
Classified Accruing Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 11,039 | ||
Classified Accruing Loans | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 5,560 | ||
Classified Accruing Loans | Real estate – mortgage – commercial and other | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 4,801 | ||
Classified Accruing Loans | Purchased credit impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,605 | ||
Classified Nonaccrual Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 35,076 | ||
Classified Nonaccrual Loans | Commercial, financial, and agricultural | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 9,681 | ||
Classified Nonaccrual Loans | Consumer loans | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 180 | ||
Classified Nonaccrual Loans | Real estate – construction, land development & other land loans | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 643 | ||
Classified Nonaccrual Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 6,048 | ||
Classified Nonaccrual Loans | Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,333 | ||
Classified Nonaccrual Loans | Real estate – mortgage – commercial and other | Real estate, commercial | Loans, Excluding Purchased Credit Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 17,191 | ||
Classified Nonaccrual Loans | Purchased credit impaired | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 0 |
Loans, Allowance for Credit _14
Loans, Allowance for Credit Losses, and Asset Quality Information (Schedule of Information of Loans Modified in Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 8 | 3 | 10 | 5 |
Pre- Modification Restructured Balances | $ 2,655 | $ 142 | $ 2,926 | $ 285 |
Post- Modification Restructured Balances | $ 2,655 | $ 145 | $ 2,923 | $ 288 |
Commercial, financial, and agricultural | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 2 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 143 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 143 |
Commercial, financial, and agricultural | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2 | 0 | 3 | 0 |
Pre- Modification Restructured Balances | $ 715 | $ 0 | $ 826 | $ 0 |
Post- Modification Restructured Balances | $ 715 | $ 0 | $ 823 | $ 0 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Pre- Modification Restructured Balances | $ 0 | $ 67 | $ 0 | $ 67 |
Post- Modification Restructured Balances | $ 0 | $ 67 | $ 0 | $ 67 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 0 |
Pre- Modification Restructured Balances | $ 75 | $ 0 | $ 75 | $ 0 |
Post- Modification Restructured Balances | $ 75 | $ 0 | $ 75 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 1 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 160 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 160 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 3 | 0 | 3 | 0 |
Pre- Modification Restructured Balances | $ 1,569 | $ 0 | $ 1,569 | $ 0 |
Post- Modification Restructured Balances | $ 1,569 | $ 0 | $ 1,569 | $ 0 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 2 | 1 | 2 |
Pre- Modification Restructured Balances | $ 33 | $ 75 | $ 33 | $ 75 |
Post- Modification Restructured Balances | $ 33 | $ 78 | $ 33 | $ 78 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 0 |
Pre- Modification Restructured Balances | $ 263 | $ 0 | $ 263 | $ 0 |
Post- Modification Restructured Balances | $ 263 | $ 0 | $ 263 | $ 0 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer loans | TDRs – Accruing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer loans | TDRs – Nonaccrual | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Allowance for Credit _15
Loans, Allowance for Credit Losses, and Asset Quality Information - Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 65,849 | $ 24,498 | $ 52,388 | $ 21,398 | $ 21,398 |
Charge-offs | (2,131) | (2,460) | (4,448) | (5,773) | (8,502) |
Recoveries | 1,304 | 1,006 | 2,507 | 1,829 | 4,453 |
Provisions | 0 | 19,298 | 0 | 24,888 | 35,039 |
Ending balance | 65,022 | $ 42,342 | 65,022 | $ 42,342 | 52,388 |
Cumulative Effect, Period Of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 14,575 | ||||
Ending balance | 14,575 | ||||
Unfunded Loan Commitment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 582 | 600 | |||
Charge-offs | 0 | ||||
Recoveries | 0 | ||||
Provisions | 1,939 | ||||
Ending balance | 10,025 | $ 10,025 | $ 600 | ||
Unfunded Loan Commitment | Cumulative Effect, Period Of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | $ 7,504 |
Loans, Allowance for Credit _16
Loans, Allowance for Credit Losses, and Asset Quality Information - TDRs that Subsequently Defaulted (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 274 | $ 0 | $ 274 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 274 | $ 0 | $ 274 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Summary of the Gross Carrying Amount and Accumulated Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortizable intangible assets: | ||
Gross Carrying Amount | $ 43,471 | $ 47,432 |
Accumulated Amortization | 32,409 | 32,066 |
Unamortizable intangible assets: | ||
Goodwill | 231,906 | 239,272 |
Customer lists | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 2,700 | 7,613 |
Accumulated Amortization | 1,141 | 2,814 |
Core deposit intangibles | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 28,440 | 28,440 |
Accumulated Amortization | 25,115 | 23,832 |
SBA servicing asset | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 11,291 | 9,976 |
Accumulated Amortization | 5,202 | 4,188 |
Other | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 1,040 | 1,403 |
Accumulated Amortization | $ 951 | $ 1,232 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Servicing asset, remaining amortization | $ 6,089,000 | $ 6,089,000 | ||||
Servicing assets recorded | 1,315,000 | $ 704,000 | ||||
Amortization of SBA servicing assets | 1,014,000 | 1,416,000 | ||||
Servicing assets, impairment charge | 500,000 | |||||
SBA loans | 426,900,000 | 426,900,000 | $ 395,400,000 | |||
Amortization of intangible assets | 845,000 | $ 978,000 | 1,742,000 | $ 2,033,000 | ||
Goodwill impairment | $ 0 | |||||
First Bank Insurance Services | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Goodwill | 7,400,000 | 7,400,000 | ||||
Total intangible assets | 10,200,000 | 10,200,000 | ||||
First Bank Insurance Services | Discontinued Operations, Disposed of by Sale | Customer lists | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Finite-lived intangible assets | $ 2,800,000 | $ 2,800,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of the Estimated Amortization Expense) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
July 1, 2021 to December 31, 2021 | $ 1,337 |
2022 | 1,994 |
2023 | 1,037 |
2024 | 392 |
2025 | 213 |
Thereafter | 0 |
Total | $ 4,973 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)plan | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)plan | Jun. 30, 2020USD ($) | |
Retirement Benefits [Abstract] | ||||
Number of defined benefit plans | plan | 2 | 2 | ||
Net periodic pension cost (income) | $ 126,000 | $ 215,000 | $ 317,000 | $ 431,000 |
Contributions to plan | 0 | |||
Expected contributions to plan | $ 0 | $ 0 |
Pension Plans (Components of Pe
Pension Plans (Components of Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 124 | 360 | 469 | 723 |
Expected return on plan assets | (203) | (325) | (528) | (650) |
Amortization of net (gain)/loss | 205 | 180 | 376 | 358 |
Net periodic pension cost | 126 | 215 | 317 | 431 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 104 | 305 | 410 | 613 |
Expected return on plan assets | (203) | (325) | (528) | (650) |
Amortization of net (gain)/loss | 158 | 221 | 368 | 440 |
Net periodic pension cost | 59 | 201 | 250 | 403 |
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 20 | 55 | 59 | 110 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net (gain)/loss | 47 | (41) | 8 | (82) |
Net periodic pension cost | $ 67 | $ 14 | $ 67 | $ 28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | $ (725) | $ 14,350 |
Unrealized Gain (Loss) on Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | 539 | 20,448 |
Deferred tax asset (liability) | (124) | (4,699) |
Total accumulated other comprehensive income (loss) | 415 | 15,749 |
Postretirement Plans Asset (Liability) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | (1,441) | (1,817) |
Deferred tax asset (liability) | 301 | 418 |
Total accumulated other comprehensive income (loss) | (1,140) | (1,399) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | $ (725) | $ 14,350 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 893,421 | $ 852,401 |
Other comprehensive income (loss) before reclassifications | (15,334) | 18,128 |
Amounts reclassified from accumulated other comprehensive income | 259 | (5,905) |
Net current-period other comprehensive income (loss) | (15,075) | 12,223 |
Ending balance | 904,510 | 867,891 |
Unrealized Gain (Loss) on Securities Available for Sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 15,749 | 7,504 |
Other comprehensive income (loss) before reclassifications | (15,334) | 18,128 |
Amounts reclassified from accumulated other comprehensive income | 0 | (6,180) |
Net current-period other comprehensive income (loss) | (15,334) | 11,948 |
Ending balance | 415 | 19,452 |
Postretirement Plans Asset (Liability) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (1,399) | (2,381) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 259 | 275 |
Net current-period other comprehensive income (loss) | 259 | 275 |
Ending balance | (1,140) | (2,106) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 14,350 | 5,123 |
Ending balance | $ (725) | $ 17,346 |
Fair Value (Financial instrumen
Fair Value (Financial instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 2,115,153 | $ 1,453,132 |
Foreclosed properties | 826 | 2,424 |
Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 67,872 | 70,206 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,002,319 | 1,337,706 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Presold mortgages in process of settlement | 13,762 | 42,271 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,115,153 | 1,453,132 |
Presold mortgages in process of settlement | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 67,872 | 70,206 |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,002,319 | 1,337,706 |
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 44,962 | 45,220 |
Significant Other Observable Inputs (Level 2) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 9,203 | 16,000 |
Foreclosed properties | 378 | 1,484 |
Significant Unobservable Inputs (Level 3) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Presold mortgages in process of settlement | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 13,963 | 22,142 |
Foreclosed properties | 378 | 1,484 |
Estimated Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,115,153 | 1,453,132 |
Presold mortgages in process of settlement | 13,762 | 42,271 |
Estimated Fair Value | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 67,872 | 70,206 |
Estimated Fair Value | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,002,319 | 1,337,706 |
Estimated Fair Value | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 44,962 | 45,220 |
Estimated Fair Value | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | 13,963 | 22,142 |
Foreclosed properties | $ 378 | $ 1,484 |
Fair Value (Level 3 Assets and
Fair Value (Level 3 Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate | $ 826 | $ 2,424 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral-dependent loans | 9,203 | 16,000 |
Cash flow dependent | 4,760 | 6,142 |
Foreclosed real estate | $ 378 | $ 1,484 |
Significant Unobservable Inputs (Level 3) | Appraised value | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.10 | 0.10 |
Foreclosed real estate, measurement input | 0.10 | 0.10 |
Significant Unobservable Inputs (Level 3) | Minimum | PV of expected cash flows | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.04 | 0.04 |
Significant Unobservable Inputs (Level 3) | Maximum | PV of expected cash flows | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.11 | 0.11 |
Significant Unobservable Inputs (Level 3) | Weighted Average | PV of expected cash flows | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.0612 | 0.0621 |
Fair Value (Schedule of Carryin
Fair Value (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | $ 83,851 | $ 93,724 |
Securities held to maturity | 291,728 | 167,551 |
Total loans, net of allowance | 4,717,042 | 4,678,927 |
Accrued interest receivable | 20,357 | 20,272 |
Bank-owned life insurance | 108,209 | 106,974 |
SBA Servicing Asset | 426,900 | 395,400 |
Accrued interest payable | 710 | 904 |
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | 83,851 | 93,724 |
Due from banks, interest-bearing | 391,375 | 273,566 |
Accrued interest receivable | 20,357 | 20,272 |
Bank-owned life insurance | 108,209 | 106,974 |
Carrying Amount | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | 291,728 | 167,551 |
SBA loans held for sale | 5,480 | 6,077 |
Deposits | 7,171,358 | 6,273,596 |
Borrowings | 61,252 | 61,829 |
Accrued interest payable | 710 | 904 |
Carrying Amount | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans, net of allowance | 4,717,042 | 4,678,927 |
SBA Servicing Asset | 6,089 | 5,788 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | 83,851 | 93,724 |
Due from banks, interest-bearing | 391,375 | 273,566 |
Accrued interest receivable | 20,357 | 20,272 |
Bank-owned life insurance | 108,209 | 106,974 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | 292,774 | 170,734 |
SBA loans held for sale | 6,297 | 7,465 |
Deposits | 7,172,244 | 6,275,329 |
Borrowings | 53,962 | 53,321 |
Accrued interest payable | 710 | 904 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans, net of allowance | 4,704,356 | 4,661,197 |
SBA Servicing Asset | 7,066 | 6,569 |
Commitments to extend credit | $ 10,025 | $ 461 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | $ 2,824 | $ 2,289 | $ 5,557 | $ 5,626 |
Other service charges, commissions, and fees: | ||||
Interchange income | 4,409 | 3,086 | 7,933 | 5,972 |
Other service charges and fees | 2,087 | 1,538 | 4,085 | 2,721 |
Commissions from sales of insurance and financial products: | ||||
Insurance income | 1,393 | 1,363 | 2,719 | 2,561 |
Wealth management income | 1,073 | 727 | 1,937 | 1,597 |
SBA consulting fees | 2,187 | 3,739 | 4,951 | 4,766 |
Noninterest income (in-scope of ASC 606) | 13,973 | 12,742 | 27,182 | 23,243 |
Noninterest income (out-of-scope of ASC 606) | 7,401 | 13,451 | 14,861 | 16,655 |
Total noninterest income | $ 21,374 | $ 26,193 | $ 42,043 | $ 39,898 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred revenue | $ 0.4 | $ 1.4 |
Deferred revenue realized | $ 1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)branch_office | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Weighted average remaining lease term | 19 years 1 month 6 days | ||
Weighted average discount rate | 3.33% | ||
Total operating lease expense | $ 1,300 | $ 1,400 | |
Operating right-of-use lease assets | 16,432 | $ 17,514 | |
Lease liabilities | $ 16,893 | $ 17,900 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Option extension period | 5 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Option extension period | 10 years | ||
Land and Building | |||
Lessee, Lease, Description [Line Items] | |||
Number of branch locations | branch_office | 7 | ||
Land | |||
Lessee, Lease, Description [Line Items] | |||
Number of branch locations | branch_office | 8 |
Leases (Schedule of Estimated L
Leases (Schedule of Estimated Lease Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
July 1, 2021 to December 31, 2021 | $ 1,028 | |
2022 | 1,659 | |
2023 | 1,592 | |
2024 | 1,499 | |
2025 | 1,318 | |
Thereafter | 18,380 | |
Total undiscounted lease payments | 25,476 | |
Less effect of discounting | (8,583) | |
Present value of estimated lease payments (lease liability) | $ 16,893 | $ 17,900 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jan. 31, 2021 | |
Equity [Abstract] | |||
Shares repurchased (in shares) | 106,744 | 680,695 | |
Average stock price (in dollars per share) | $ 37.81 | $ 32.96 | |
Cost of repurchase | $ 4,000,000 | $ 22,000,000 | |
Repurchase authorized amount | $ 20,000,000 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 63,743 | $ 64,409 |
Unamortized discount on acquired borrowings | (2,491) | (2,580) |
Total borrowings | $ 61,252 | $ 61,829 |
Weighted average interest rate | 2.17% | 2.22% |
FHLB Principal Reducing Credit due July 24, 2023 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 102 | $ 124 |
Fixed rate | 1.00% | 1.00% |
FHLB Principal Reducing Credit due December 22, 2023 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 972 | $ 991 |
Fixed rate | 1.25% | 1.25% |
FHLB Principal Reducing Credit due January 15, 2026 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 5,000 | $ 5,500 |
Fixed rate | 1.98% | 1.98% |
FHLB Principal Reducing Credit due June 26, 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 230 | $ 235 |
Fixed rate | 0.25% | 0.25% |
FHLB Principal Reducing Credit due July 17, 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 47 | $ 49 |
Fixed rate | 0.00% | 0.00% |
FHLB Principal Reducing Credit due August 18, 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 170 | $ 174 |
Fixed rate | 1.00% | 1.00% |
FHLB Principal Reducing Credit due August 22, 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 170 | $ 174 |
Fixed rate | 1.00% | 1.00% |
FHLB Principal Reducing Credit due December 20, 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 348 | $ 355 |
Fixed rate | 0.50% | 0.50% |
FHLB Principal Reducing Credit due April 7, 2022 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 103 | |
Fixed rate | 1.00% | |
Trust Preferred Securities due January 23, 2034 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 20,620 | $ 20,620 |
Weighted average interest rate | 2.89% | 2.91% |
Basis spread on variable rate (as a percent) | 2.70% | 2.70% |
Trust Preferred Securities due June 15, 2036 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 25,774 | $ 25,774 |
Weighted average interest rate | 1.51% | 1.61% |
Basis spread on variable rate (as a percent) | 1.39% | 1.39% |
Trust Preferred Securities due January 7, 2035 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 10,310 | $ 10,310 |
Weighted average interest rate | 2.18% | 2.24% |
Basis spread on variable rate (as a percent) | 2.00% | 2.00% |
Disposition (Details)
Disposition (Details) - USD ($) $ in Thousands | Jul. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2021 |
Bankers Insurance, LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash held | $ 555 | ||
Discontinued Operations, Disposed of by Sale | First Bank Insurance Services | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration for the sale | 13,000 | ||
Future earn-out payment | 1,000 | ||
Gain on sale | 1,700 | ||
Total intangible assets | 10,200 | ||
Goodwill | 7,400 | ||
Discontinued Operations, Disposed of by Sale | First Bank Insurance Services | Forecast | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash received from sale | $ 500 | ||
Discontinued Operations, Disposed of by Sale | First Bank Insurance Services | Subsequent Event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash received from sale | $ 11,900 | ||
Number of shares received | 1 | ||
Value of shares received | $ 600 | ||
Discontinued Operations, Disposed of by Sale | First Bank Insurance Services | Customer lists | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Finite-lived intangible assets | $ 2,800 |
Pending Acquisition (Details)
Pending Acquisition (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)location | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Assets | $ 8,200,582 | $ 7,289,751 | |||
Loans | 4,782,064 | 4,731,315 | $ 4,770,063 | ||
Deposits | $ 7,171,358 | $ 6,273,596 | |||
Select Bank | |||||
Business Acquisition [Line Items] | |||||
Number of banking locations | location | 22 | ||||
Assets | $ 1,800,000 | ||||
Loans | 1,300,000 | ||||
Deposits | $ 1,600,000 | ||||
Select | |||||
Business Acquisition [Line Items] | |||||
Total consideration | $ 314,300 | ||||
Acquisition price per share (in dollars per share) | $ / shares | $ 18.10 | ||||
Common Stock Portion, number of First Bancorp's stock for each share of Select common stock converted (in shares) | shares | 0.408 |