Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 18, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000834285 | ||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-17007 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2486815 | ||
Entity Address, Address Line One | 50 South 16th Street | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19102 | ||
City Area Code | 215 | ||
Local Phone Number | 735-4422 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | FRBK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 212,546,594 | ||
Entity Common Stock, Shares Outstanding | 63,787,064 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | Livingston, NJ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 14,072 | $ 29,746 |
Interest bearing deposits with banks | 104,812 | 745,554 |
Cash and cash equivalents | 118,884 | 775,300 |
Investment securities available for sale, at fair value | 1,075,366 | 528,508 |
Investment securities held to maturity, at amortized cost (fair value of $1,647,360 and $836,972, respectively) | 1,660,292 | 814,936 |
Equity securities | 9,173 | 9,039 |
Restricted stock, at cost | 3,510 | 3,039 |
Mortgage loans held for sale, at fair value | 8,538 | 50,387 |
Other loans held for sale | 5,224 | 2,983 |
Loans receivable (net of allowance for loan losses of $18,964 and $12,975, respectively) | 2,488,401 | 2,632,367 |
Premises and equipment, net | 127,440 | 123,170 |
Other real estate owned, net | 360 | 1,188 |
Accrued interest receivable | 15,073 | 16,120 |
Operating lease right-of-use asset | 75,627 | 72,946 |
Other assets | 38,768 | 35,752 |
Total Assets | 5,626,656 | 5,065,735 |
Deposits | ||
Demand - non-interest bearing | 1,404,360 | 1,006,876 |
Demand - interest bearing | 2,283,779 | 1,776,995 |
Money market and savings | 1,305,096 | 1,043,519 |
Time deposits | 197,945 | 186,361 |
Total Deposits | 5,191,180 | 4,013,751 |
Other borrowings | 0 | 633,866 |
Accrued interest payable | 550 | 926 |
Other liabilities | 17,636 | 20,232 |
Operating lease liability | 81,770 | 77,576 |
Subordinated debt | 11,278 | 11,271 |
Total Liabilities | 5,302,414 | 4,757,622 |
Commitments and contingencies (see note 12) | ||
Shareholders’ Equity | ||
Preferred stock, par value $0.01 per share; liquidation preference $25.00 per share; 10,000,000 shares authorized; share issued 2,000,000 as of December 31, 2021 and December 31, 2020; shares outstanding 2,000,000 as of December 31, 2021 and December 31, 2020 | 20 | 20 |
Common stock, par value $0.01 per share: 100,000,000 shares authorized; shares issued 59,471,998 as of December 31, 2021 and 59,388,623 as of December 31, 2020; shares outstanding 58,943,153 as of December 31, 2021 and 58,859,778 as of December 31, 2020 | 595 | 594 |
Additional paid in capital | 324,618 | 322,321 |
Retained earnings / accumulated deficit | 13,591 | (8,085) |
Treasury stock at cost (503,408 shares as of December 31, 2021 and December 31, 2020) | (3,725) | (3,725) |
Stock held by deferred compensation plan (25,437 shares as of December 31, 2021 and December 31, 2020) | (183) | (183) |
Accumulated other comprehensive loss | (10,674) | (2,829) |
Total Shareholders’ Equity | 324,242 | 308,113 |
Total Liabilities and Shareholders’ Equity | $ 5,626,656 | $ 5,065,735 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities held to maturity, at fair value | $ 1,647,360 | $ 836,972 |
Loans receivable, allowance for loan losses | $ 18,964 | $ 12,975 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation value per share (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 2,000,000 | 2,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 59,471,998 | 59,388,623 |
Common stock, shares outstanding (in shares) | 58,943,153 | 58,859,778 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Interest and fees on taxable loans | $ 113,217 | $ 91,177 | $ 72,808 |
Interest and fees on tax-exempt loans | 1,677 | 2,115 | 1,689 |
Interest and dividends on taxable investment securities | 32,131 | 21,059 | 27,459 |
Interest and dividends on tax-exempt investment securities | 325 | 85 | 337 |
Interest on federal funds sold and other interest-earning assets | 453 | 514 | 2,571 |
Total interest income | 147,803 | 114,950 | 104,864 |
Interest expense: | |||
Demand - interest bearing | 13,107 | 12,645 | 15,621 |
Money market and savings | 3,720 | 6,247 | 6,796 |
Time deposits | 1,511 | 3,859 | 3,850 |
Other borrowings | 253 | 367 | 790 |
Total interest expense | 18,591 | 23,118 | 27,057 |
Net interest income | 129,212 | 91,832 | 77,807 |
Provision for loan losses | 5,750 | 4,200 | 1,905 |
Net interest income after provision for loan losses | 123,462 | 87,632 | 75,902 |
Non-interest income: | |||
Non-interest income | 14,556 | 11,226 | 7,755 |
Gain on sales of SBA loans | 3,214 | 1,741 | 3,187 |
Gain on sale or call of investment securities | 2 | 2,760 | 1,103 |
Other non-interest income | 603 | 168 | 214 |
Total non-interest income | 32,745 | 36,235 | 23,738 |
Non-interest expenses: | |||
Salaries and employee benefits | 59,255 | 56,277 | 53,888 |
Occupancy | 15,105 | 14,033 | 11,565 |
Depreciation and amortization | 8,416 | 8,177 | 6,482 |
Legal | 1,667 | 1,164 | 1,335 |
Other real estate owned | 844 | 459 | 2,109 |
Appraisal and other loan expenses | 2,076 | 2,368 | 1,829 |
Advertising | 673 | 1,240 | 1,930 |
Data processing | 7,758 | 6,471 | 5,220 |
Insurance | 1,165 | 1,172 | 1,070 |
Professional fees | 3,790 | 3,058 | 2,589 |
Debit card processing | 3,326 | 3,587 | 2,467 |
Regulatory assessments and costs | 3,478 | 2,549 | 1,228 |
Taxes, other | 2,716 | 916 | 837 |
Goodwill impairment | 0 | 5,011 | 0 |
Other operating expenses | 12,236 | 10,941 | 11,941 |
Total non-interest expense | 122,505 | 117,423 | 104,490 |
Income (loss) before provision (benefit) for income taxes | 33,702 | 6,444 | (4,850) |
Provision (benefit) for income taxes | 8,526 | 1,390 | (1,350) |
Net income (loss) | 25,176 | 5,054 | (3,500) |
Preferred stock dividends | 3,500 | 923 | 0 |
Net income (loss) available to common stockholders | $ 21,676 | $ 4,131 | $ (3,500) |
Net income (loss) per share | |||
Basic earnings per common share (in dollars per share) | $ 0.37 | $ 0.07 | $ (0.06) |
Diluted earnings per common share (in dollars per share) | $ 0.33 | $ 0.07 | $ (0.06) |
Loan and Servicing Fees [Member] | |||
Non-interest income: | |||
Non-interest income | $ 2,959 | $ 2,920 | $ 1,568 |
Mortgage Banking [Member] | |||
Non-interest income: | |||
Non-interest income | 12,014 | 17,588 | 10,125 |
Deposit Account [Member] | |||
Non-interest income: | |||
Non-interest income | $ 13,953 | $ 11,058 | $ 7,541 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 25,176 | $ 5,054 | $ (3,500) |
Unrealized gain/(loss) on securities (pre-tax $(12,924), $5,789, and $5,120, respectively) | (9,646) | 4,320 | 4,284 |
Reclassification adjustment for securities losses (gains) (pre-tax $(2), $(2,760) and $(1,103), respectively) | (1) | (2,060) | (823) |
Net unrealized gains/(losses) on securities | (9,647) | 2,260 | 3,461 |
Amortization of net unrealized holding losses during the period (pre-tax $2,414, $3,018, and $1,658, respectively) | 1,802 | 2,252 | 1,125 |
Total other comprehensive income (loss) | (7,845) | 4,512 | 4,586 |
Total comprehensive income | $ 17,331 | $ 9,566 | $ 1,086 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized gain (loss) on securities, pre-tax | $ (12,924) | $ 5,789 | $ 5,120 |
Reclassification adjustment for impairment charge, pre-tax | (2) | (2,760) | (1,103) |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 2,414 | $ 3,018 | $ 1,658 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 25,176,000 | $ 5,054,000 | $ (3,500,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Goodwill impairment | 0 | 5,011,000 | 0 |
Provision for loan losses | 5,750,000 | 4,200,000 | 1,905,000 |
Write down of other real estate owned | 722,000 | 31,000 | 286,000 |
Depreciation and amortization | 8,416,000 | 8,177,000 | 6,482,000 |
Deferred income taxes | (452,000) | 910,000 | 1,744,000 |
Stock based compensation | 2,093,000 | 1,918,000 | 2,632,000 |
Gain on sale or call of investment securities | (2,000) | (2,760,000) | (1,103,000) |
Fair value adjustments on equity securities | 134,000 | 0 | 0 |
Amortization of premiums on investment securities | 8,494,000 | 7,480,000 | 3,730,000 |
Accretion of discounts on retained SBA loans | (937,000) | (880,000) | (1,411,000) |
Fair value adjustments on SBA servicing assets | 654,000 | 358,000 | 1,364,000 |
Proceeds from sales of SBA loans originated for sale | 29,121,000 | 25,470,000 | 46,951,000 |
SBA loans originated for sale | (28,148,000) | (23,708,000) | (41,364,000) |
Gains on sales of SBA loans originated for sale | (3,214,000) | (1,741,000) | (3,187,000) |
Proceeds from sales of mortgage loans originated for sale | 409,224,000 | 479,324,000 | 335,991,000 |
Mortgage loans originated for sale | (363,762,000) | (504,488,000) | (317,881,000) |
Fair value adjustment for mortgage loans originated for sale | 1,981,000 | (1,915,000) | 454,000 |
Gains on mortgage loans originated for sale | (11,612,000) | (12,981,000) | (8,117,000) |
Amortization of debt issuance costs | 7,000 | 6,000 | 6,000 |
Non-cash expense related to leases | 406,000 | 532,000 | 1,128,000 |
Repayment of operating lease liabilities | (5,586,000) | (4,935,000) | (3,727,000) |
Net decrease (increase) in accrued interest receivable and other assets | 275,000 | (7,845,000) | (8,464,000) |
Net increase in accrued interest payable and other liabilities | 3,886,000 | 12,053,000 | 5,414,000 |
Net cash provided by (used in) operating activities | 82,626,000 | (10,729,000) | 19,333,000 |
Cash flows from investing activities | |||
Purchase of investment securities available for sale | (705,751,000) | (284,015,000) | (338,500,000) |
Purchase of equity securities | 0 | (9,039,000) | 0 |
Purchase of investment securities held to maturity | (1,117,256,000) | (402,554,000) | 0 |
Proceeds from the sale of securities available for sale | 0 | 125,222,000 | 54,742,000 |
Proceeds from the paydown, maturity, or call of securities available for sale | 141,894,000 | 170,874,000 | 69,012,000 |
Proceeds from the paydown, maturity, or call of securities held to maturity | 269,761,000 | 232,238,000 | 116,486,000 |
Net (purchase) redemption of restricted stock | (471,000) | (293,000) | 3,008,000 |
Net decrease (increase) in loans | 144,733,000 | (896,991,000) | (312,665,000) |
Net proceeds from sale of other real estate owned | 466,000 | 744,000 | 5,072,000 |
Premises and equipment expenditures | (12,686,000) | (14,391,000) | (35,777,000) |
Net cash used in investing activities | (1,279,310,000) | (1,078,205,000) | (438,622,000) |
Cash flows from financing activities | |||
Net proceeds from issuance of preferred stock | 0 | 48,325,000 | 0 |
Net proceeds from exercise of stock options | 205,166 | 41,305 | 261,143 |
Net increase in demand, money market and savings deposits | 1,165,845,000 | 1,051,806,000 | 536,974,000 |
Net increase (decrease) in time deposits | 11,584,000 | (37,218,000) | 69,322,000 |
Repayment of short-term borrowings | 0 | 0 | (91,422,000) |
Net (repayment) increase in other borrowings | (633,866,000) | 633,866,000 | 0 |
Preferred stock dividends paid | (3,500,000) | (923,000) | 0 |
Return of short swing profit | 0 | 18,000 | 0 |
Net cash provided by financing activities | 540,268,000 | 1,695,915,000 | 515,135,000 |
Net (decrease) increase in cash and cash equivalents | (656,416,000) | 606,981,000 | 95,846,000 |
Cash and cash equivalents, beginning of year | 775,300,000 | 168,319,000 | 72,473,000 |
Cash and cash equivalents, end of year | 118,884,000 | 775,300,000 | 168,319,000 |
Supplemental disclosures | |||
Interest paid | 18,967,000 | 23,822,000 | 25,985,000 |
Income taxes paid | 10,540,000 | 0 | 0 |
Non-cash transfers from loans receivable to other real estate owned | 360,000 | 233,000 | 1,225,000 |
Non-cash transfers from loans held for sale to loans receivable | 5,940,000 | 0 | 0 |
Lease liabilities arising from obtaining right-of-use assets | $ 9,915,000 | $ 11,194,000 | $ 74,382,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-Based Payments [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance at Dec. 31, 2018 | $ 0 | $ 593 | $ 269,147 | $ (8,716) | $ (3,725) | $ (183) | $ (11,927) | [1] | $ 245,189 | |
Net income (loss) | (3,500) | (3,500) | ||||||||
Other comprehensive income, net of tax | 4,586 | [1] | 4,586 | |||||||
Stock based compensation | 2,632 | 2,632 | ||||||||
Options exercised | 1 | 260 | 261 | |||||||
Balance at Dec. 31, 2019 | 0 | 594 | 272,039 | (12,216) | (3,725) | (183) | (7,341) | [1] | 249,168 | |
Net income (loss) | 5,054 | 5,054 | ||||||||
Other comprehensive income, net of tax | 4,512 | [1] | 4,512 | |||||||
Stock based compensation | 1,918 | 1,918 | ||||||||
Options exercised | 41 | 41 | ||||||||
Preferred stock dividends | [2] | (923) | (923) | |||||||
Proceeds from shares issued under preferred stock offering | 20 | 48,305 | 48,325 | |||||||
Return of short swing profit | 18 | 18 | ||||||||
Balance at Dec. 31, 2020 | 20 | 594 | 322,321 | (8,085) | (3,725) | (183) | (2,829) | [1] | 308,113 | |
Net income (loss) | 25,176 | 25,176 | ||||||||
Other comprehensive income, net of tax | (7,845) | [1] | (7,845) | |||||||
Stock based compensation | 2,093 | 2,093 | ||||||||
Options exercised | 1 | 204 | 205 | |||||||
Preferred stock dividends | [3] | (3,500) | (3,500) | |||||||
Balance at Dec. 31, 2021 | $ 20 | $ 595 | $ 324,618 | $ 13,591 | $ (3,725) | $ (183) | $ (10,674) | [1] | $ 324,242 | |
[1]All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income.[2]Dividends per share of $0.46 were declared on preferred stock for the twelve months ended December 31, 2020[3]Dividends per share of $1.76 were declared on preferred stock for the twelve months ended December 31, 2021 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options exercised, shares (in shares) | 83,375 | 17,000 | 53,550 |
Shares issued (in shares) | 2,000,000 | ||
Offering costs | $ 1,675 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of Operations Republic First Bancorp, Inc. (the “Company”) is a one 2016, 2018, The Company and Republic encounter vigorous competition for market share in the geographic areas they serve from bank holding companies, national, regional and other community banks, thrift institutions, credit unions and other non-bank financial organizations, such as mutual fund companies, insurance companies and brokerage companies. The Company and Republic are subject to federal and state regulations governing virtually all aspects of their activities, including but not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may The coronavirus (“COVID- 19” 150 0.00% 0.25% March 2020. 19 The economic downturn that began in the U.S. as a result of the government-mandated business closures and stay-at-home orders significantly impacted the labor market, consumer spending, business investment and profitability. As a result, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) in March 2020 19 December 2020, In a period of economic contraction, elevated levels of loan losses and lost interest income may 19 19 third 19 The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 4 not one Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety 90 Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. Effective March 26, 2020, zero 19 December 31, 2021 2020. Investment Securities Held to Maturity Available for Sale may Equity Securities Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security until maturity and the likelihood of the Company not not not Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2021 2020. At December 31, 2021 December 31, 2020, December 31, 2021 December 31, 2021 December 31, 2020, $143,000 Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of operations. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of operations. Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance in FASB ASC 815, Derivatives and Hedging 30 90 not not 23 Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of operations. Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of operations. There were no 2021. Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may The Company has one reportable segment: Community Banking. The community banking segment primarily encompasses the commercial loan and deposit activities of the Bank, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Oak Mortgage was acquired by the Bank in 2016 December 31, 2017 On January 1, 2018, July 31, 2018 no two July 31, 2019, no December 31, 2019. At March 31, 2020, June 30, 2020, September 30, 2020, 19 March 31, 2020 June 30, 2020, not September 30, 2020, no Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, residential mortgages, and PPP loans. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flows to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may third Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second may may Residential mortgage loans are secured by one four first 80% Paycheck Protection Program (“PPP”) loans, created through the Small Business Administration (“SBA”) and Treasury Department from a provision in the CARES Act, are SBA-guaranteed loans to small business to pay their employees, rent, mortgage interest, and utilities. PPP loans will be forgiven subject to clients’ providing documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 90 may may Allowance for Loan Losses The allowance for loan losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for loan losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for loan losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for loan losses is dependent, to a great extent, on the general economy and other conditions that may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no In estimating the allowance for loan losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1 Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2 National, regional and local economic and business conditions as well as the condition of various segments. 3 Nature and volume of the portfolio and terms of loans. 4 Experience, ability and depth of lending management and staff. 5 Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6 Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7 Existence and effect of any concentration of credit and changes in the level of such concentrations. 8 Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial, consumer, and residential loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Pursuant to the CARES Act, loan modifications made between March 1, 2020 December 30, 2020 60 19 not not 30 December 31, 2019. December 2020, January 1, 2022 60 19 90 90 Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may may not Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities 860 Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans, which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others 815 December 31, 2021 2022, 2023, 2024, 2026. no December 31, 2021 December 31, 2020. Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized. Operating Leases The Company enters into lease agreements to obtain the right to use assets (“ROU”) for its business operations, substantially all of which are real estate. Lease liabilities and ROU assets are recognized when the Company enters into operating leases and represent its obligations and rights to use these assets over the period of the leases and may Operating lease liabilities include fixed and in-substance fixed payments for the contractual duration of the lease, adjusted for renewals or terminations which were considered probable of exercise when measured. During 2021, one not may The amortization of operating lease ROU assets and the accretion of operating lease liabilities are reported together as fixed lease expense and are included in net occupancy expense within noninterest expense. The fixed lease expense is recognized on a straight-line basis over the life of the lease. The Company has elected to exclude leases with original terms of less than one no Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not not The Company accounts for uncertain tax positions if it is more likely than not, not 50 not 50 not not The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 2005 1.5 December 31, 2021, 2005 2005 2005 one four 2005 November 14, 2015 On April 29, 2014, 2014 “2014 may 2014 no may not December 31, 2021, 2014 twelve December 31, 2021, 2014 On April 27, 2021, 2021 “2021 may 2021 may December 31, 2021, 2021 Earnings Per Share Earnings per share (“EPS”) consists of two twelve December 31, 2021 2020 twelve December 31, 2019. The calculation of EPS for the years ended December 31, 2021, 2020, 2019 (dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) attributable to basic common shareholders $ 21,676 $ 4,131 $ (3,500 ) Weighted average shares outstanding 58,891 58,853 58,833 Net income (loss) per share – basic $ 0.37 $ 0.07 $ (0.06 ) Preferred stock dividends $ 3,500 $ 923 $ - Net income (loss) attributable to diluted common shareholders $ 25,176 $ 4,131 $ (3,500 ) Weighted average shares outstanding (including dilutive CSEs) 75,952 58,904 58,833 Net income (loss) per share – diluted $ 0.33 $ 0.07 $ (0.06 ) The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) 2021 2020 2019 Anti-dilutive securities Share based compensation awards 5,492 5,848 4,979 Convertible preferred stock - 5,556 - Total anti-dilutive securities 5,492 11,404 4,979 Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of operations and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. Trust Preferred Securities The Company has sponsored two not 1 1 8 Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 not 810 not not 810 The Company does not 810 Treasury Stock Common stock purchased for treasury is recorded at cost. Recent Accounting Pronouncements ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2016 13 2016 13 January 1, 2020, 2016 13 January 1, 2022. first 2022, The Company approved an accounting policy for credit losses in compliance with CECL and established a CECL governance and approval process. The Company contracted with a third 2016 13 four The Company incurred a $2.2 million after-tax reduction to stockholders’ equity balance, in connection with the adoption of ASU 2016 13 January 1, 2022, not January 1, 2022, 2016 13 not 326. 9A: ASU 2020 04 In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 January 1, 2020 December 31, 2022. one December 31, 2022. no ASU 2021 01 In January 2021, 2021 01, Reference Rate Reform (Topic 848 848 March 12, 2020 January 1, 2020 December 31, 2022. one December 31, 2022. no |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities A summary of the amortized cost and market value of securities available for sale, securities held to maturity, and equity securities at December 31, 2021 2020 At December 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government agencies $ 25,671 $ - $ (743 ) $ 24,928 Collateralized mortgage obligations 375,570 989 (5,010 ) 371,549 Agency mortgage-backed securities 446,740 254 (5,511 ) 441,483 Municipal securities 6,596 344 - 6,940 Corporate bonds 232,395 1,480 (3,409 ) 230,466 Investment securities available for sale $ 1,086,972 $ 3,067 $ (14,673 ) $ 1,075,366 Held to maturity U.S. Government agencies $ 66,438 $ 1,549 $ - $ 67,987 Collateralized mortgage obligations 400,424 4,607 (8,803 ) 396,228 Agency mortgage-backed securities 1,193,430 2,295 (12,580 ) 1,183,145 Investment securities held to maturity $ 1,660,292 $ 8,451 $ (21,383 ) $ 1,647,360 Equity securities $ 9,173 ( 1 Equity securities consist of investments in non-cumulative preferred stock. At December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government agencies $ 32,312 $ - $ (426 ) $ 31,886 Collateralized mortgage obligations 218,232 3,584 (270 ) 221,546 Agency mortgage-backed securities 149,325 1,204 (1 ) 150,528 Municipal securities 8,201 24 - 8,225 Corporate bonds 119,118 595 (3,390 ) 116,323 Investment securities available for sale $ 527,188 $ 5,407 $ (4,087 ) $ 528,508 Held to maturity U.S. Government agencies $ 82,093 $ 4,185 $ - $ 86,278 Collateralized mortgage obligations 363,363 12,687 (231 ) 375,819 Agency mortgage-backed securities 369,480 5,640 (245 ) 374,875 Investment securities held to maturity $ 814,936 $ 22,512 $ (476 ) $ 836,972 Equity securities $ 9,039 ( 1 Equity securities consist of investments in non-cumulative preferred stock. The following table presents investment securities by stated maturity at December 31, 2021. no Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 34,335 $ 34,157 $ 4 $ 4 After 1 year to 5 years 102,194 102,007 66,434 67,983 After 5 years to 10 years 32,017 32,099 - - After 10 years 96,116 94,071 - - Collateralized mortgage obligations 375,570 371,549 400,424 396,228 Agency mortgage-backed securities 446,740 441,483 1,193,430 1,183,145 Total investment securities $ 1,086,972 $ 1,075,366 $ 1,660,292 $ 1,647,360 The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities, and certain corporate entities. Equity securities consist of investments in non-cumulative preferred stock. At December 31, 2021, December 31, 2021 December 31, 2020. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not December 31, 2021, 2020 2019. At December 31, 2021 2020, The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021 2020: At December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ 24,928 $ 743 $ 24,928 $ 743 Collateralized mortgage obligations 188,416 2,982 57,708 2,028 246,124 5,010 Agency mortgage-backed securities 365,859 4,896 39,928 615 405,787 5,511 Municipal securities - - - - - - Corporate bonds 154,436 2,281 33,351 1.128 187,787 3,409 Investment Securities Available for Sale $ 708,711 $ 10,159 $ 155,915 $ 4,514 $ 864,626 $ 14,673 At December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 183,376 6,719 81,994 2,084 265,370 8,803 Agency mortgage-backed securities 899,231 10,815 61,756 1,765 960,987 12,580 Investment Securities Held to Maturity $ 1,082,607 $ 17,534 $ 143,750 $ 3,849 $ 1,226,357 $ 21,383 At December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ 31,886 $ 426 $ 31,886 $ 426 Collateralized mortgage obligations 99,497 270 - - 99,497 270 Agency mortgage-backed securities 20,934 1 - - 20,934 1 Municipal securities - - - - - - Corporate bonds 4,559 39 54,649 3,351 59,208 3,390 Investment Securities Available for Sale $ 124,990 $ 310 $ 86,535 $ 3,777 $ 211,525 $ 4,087 At December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 62,603 231 - - 62,603 231 Agency mortgage-backed securities 54,537 245 - - 54,537 245 Investment Securities Held to Maturity $ 117,140 $ 476 $ - $ - $ 117,140 $ 476 Unrealized losses on securities in the investment portfolio amounted to $36.1 million with a total fair value of $2.1 billion as of December 31, 2021 December 31, 2020. not not The Company held four U.S. Government agency securities, 27 collateralized mortgage obligations and 61 agency mortgage-backed securities that were in an unrealized loss position at December 31, 2021. December 31, 2021. All municipal securities held in the investment portfolio are reviewed on least a quarterly basis for impairment. Each bond carries an investment grade rating by either Moody’s or Standard & Poor’s. In addition, the Company periodically conducts its own independent review on each issuer to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania and New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. At December 31, 2021, At December 31, 2021, not fifteen four There were no proceeds from the sale of securities during the twelve December 31, 2021. December 31, 2021 Proceeds associated with the sale of securities available for sale in 2020 December 31, 2020 2019 December 31, 2019 In December 2018, December 31, 2021, ten July 2014. |
Note 4 - Loans Receivable
Note 4 - Loans Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Receivable The following table sets forth the Company’s gross loans by major categories as of December 31, 2021 2020: (dollars in thousands) December 31, 2021 December 31, 2020 Commercial real estate $ 780,311 $ 705,748 Construction and land development 216,008 142,821 Commercial and industrial 252,376 200,188 Owner occupied real estate 526,570 475,206 Consumer and other 83,487 102,368 Residential mortgage 536,332 395,174 Paycheck protection program 119,039 636,637 Total loans receivable 2,514,123 2,658,142 Deferred costs (fees) (6,758 ) (12,800 ) Allowance for loan losses (18,964 ) (12,975 ) Net loans receivable $ 2,488,401 $ 2,632,367 The Company disaggregates its loan portfolio into groups of loans with similar risk characteristics for purposes of estimating the allowance for loan losses. The Company’s loan groups include commercial real estate, construction and land development, commercial and industrial, owner occupied real estate, consumer, residential mortgages, and PPP loans. PPP loans are fully guaranteed by the U.S. Government and as such have no Included in loans are loans due from directors and other related parties of $18.9 million at December 31, 2021, December 31, 2020, $4.2 $2.0 December 31, 2020 $14.9 December 31, 2020. |
Note 5 - Allowances for Loan Lo
Note 5 - Allowances for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | 5. Allowances for Loan Losses The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the years ended December 31, 2021, 2020, 2019: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Year ended December, 2021 Allowance for loan losses: Beginning balance: $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Charge-offs (311 ) - (61 ) - (117 ) - - - (489 ) Recoveries 33 - 462 64 169 - - - 728 Provisions 1,686 596 1,088 720 (146 ) 1,897 - (91 ) 5,750 Ending balance $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Year ended December, 2020 Allowance for loan losses: Beginning Balance: $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Charge-offs - - (333 ) (48 ) (107 ) (67 ) - - (555 ) Recoveries - 3 48 1 12 - - - 64 Provisions (credits) 1,351 257 721 129 228 1,387 - 127 4,200 Ending balance $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Year ended December, 2019 Allowance for loan losses: Beginning Balance: $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ - $ 118 $ 8,615 Charge-offs - - (1,356 ) - (126 ) - - - (1,482 ) Recoveries - - 217 2 9 - - - 228 Provisions (credits) 581 (89 ) 316 257 130 811 - (101 ) 1,905 Ending balance $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of December 31, 2021 2020: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2021 Allowance for loan losses: Individually evaluated for impairment $ 992 $ - $ 1,169 $ 582 $ - $ - $ - $ - $ 2,743 Collectively evaluated for impairment 4,810 1,544 1,687 2,576 629 4,922 - 53 16,221 Total allowance for loan losses $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Loans receivable: Loans evaluated individually $ 4,493 $ - $ 2,558 $ 9,593 $ 1,075 $ 701 $ - $ - $ 18,420 Loans evaluated collectively 775,818 216,008 249,818 516,977 82,412 535,631 119,039 - 2,495,703 Total loans receivable $ 780,311 $ 216,008 $ 252,376 $ 526,570 $ 83,487 $ 536,332 $ 119,039 $ - $ 2,514,123 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2020 Allowance for loan losses: Individually evaluated for impairment $ 418 $ - $ 51 $ 122 $ - $ - $ - $ - $ 591 Collectively evaluated for impairment 3,976 948 1,316 2,252 723 3,025 - 144 12,384 Total allowance for loan losses $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Loans receivable: Loans evaluated individually $ 9,048 $ 2,963 $ 3,955 $ 1,302 $ 701 $ - $ - $ 17,969 Loans evaluated collectively 696,700 142,821 197,225 471,251 101,066 394,473 636,637 - 2,640,173 Total loans receivable $ 705,748 $ 142,821 $ 200,188 $ 475,206 $ 102,368 $ 395,174 $ 636,637 $ - $ 2,658,142 A loan is considered impaired, when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include internally classified accruing loans. The following table summarizes information with regard to impaired loans by loan portfolio class as of December 31, 2021 2020: December 31, 2021 December 31, 2020 ( dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 479 $ 691 $ - $ 5,033 $ 5,040 $ - Construction and land development - - - - - - Commercial and industrial 80 81 - 2,608 2,794 - Owner occupied real estate 2,080 2,080 - 3,198 3,407 - Consumer and other 1,075 1,422 - 1,302 1,556 - Residential mortgage 701 768 - 701 768 - Paycheck protection program - - - - - - Total 4,415 $ 5,042 $ - $ 12,842 $ 13,565 $ - With an allowance recorded: Commercial real estate $ 4,014 $ 4,536 $ 992 $ 4,015 $ 4,536 $ 418 Construction and land development - - - - - - Commercial and industrial 2,478 2,616 1,169 355 371 51 Owner occupied real estate 7,513 7,532 582 757 775 122 Consumer and other - - - - - - Residential mortgage - - - - - - Paycheck protection program - - - - - - Total $ 14,005 $ 14,684 $ 2,743 $ 5,127 $ 5,682 $ 591 Total: Commercial real estate $ 4,493 $ 5,227 $ 992 $ 9,048 $ 9,576 $ 418 Construction and land development - - - - - - Commercial and industrial 2,558 2,697 1,169 2,963 3,165 51 Owner occupied real estate 9,593 9,612 582 3,955 4,182 122 Consumer and other 1,075 1,422 - 1,302 1,556 - Residential mortgage 701 768 - 701 768 - Paycheck protection program - - - - - - Total $ 18,420 $ 19,726 $ 2,743 $ 17,969 $ 19,247 $ 591 The following table presents additional information regarding the Company’s impaired loans for the years ended December 31, 2021, 2020, 2019: Years Ended December 31, 2021 2020 2019 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 403 $ 1 $ 6,279 $ 288 $ 6,463 $ 289 Construction and land development - - - - - - Commercial and industrial 1,853 - 2,645 3 2,144 5 Owner occupied real estate 3,530 48 2,964 93 1,908 38 Consumer and other 1,197 17 1,224 47 909 20 Residential mortgage 897 - 755 4 461 2 Paycheck protection program 2 - - - - - Total $ 7,882 $ 66 $ 13,867 $ 435 $ 11,885 $ 354 With an allowance recorded: Commercial real estate $ 4,129 $ 1 $ 4,015 $ - $ 4,281 $ 1 Construction and land development - - - - - - Commercial and industrial 706 - 454 - 838 - Owner occupied real estate 2,415 46 1,287 39 1,071 31 Consumer and other - - - - 30 - Residential mortgage - - 24 4 - - Paycheck protection program - - - - - - Total $ 7,250 $ 47 $ 5,780 $ 43 $ 6,220 $ 32 Total: Commercial real estate $ 4,532 $ 2 $ 10,294 $ 288 $ 10,744 $ 290 Construction and land development - - - - - - Commercial and industrial 2,559 - 3,099 3 2,982 5 Owner occupied real estate 5,945 94 4,251 132 2,979 69 Consumer and other 1,197 17 1,224 47 939 20 Residential mortgage 897 - 779 8 461 2 Paycheck protection program 2 - - - - - Total $ 15,132 $ 113 $ 19,647 $ 478 $ 18,105 $ 386 The total average recorded investment on the Company’s impaired loans for the years ended December 31, 2021, 2020, 2019 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2021 2020: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2021 Commercial real estate $ - $ - $ 4,493 $ 4,493 $ 775,818 $ 780,311 $ - Construction and land development - - - - 216,008 216,008 - Commercial and industrial - - 2,558 2,558 249,818 252,376 - Owner occupied real estate - 4,139 3,714 7,853 518,717 526,570 - Consumer and other 92 20 1,080 1,192 82,295 83,487 5 Residential mortgage 3,165 - 701 3,866 532,466 536,332 - Paycheck protection program 1,594 547 318 2,459 116,580 119,039 318 Total $ 4,851 $ 4,706 $ 12,864 $ 22,421 $ 2,491,702 $ 2,514,123 $ 323 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2020 Commercial real estate $ - $ 97 $ 4,421 $ 4,518 $ 701,230 $ 705,748 $ - Construction and land development - - - - 142,821 142,821 - Commercial and industrial 1,648 - 2,963 4,611 195,577 200,188 - Owner occupied real estate 581 813 2,859 4,253 470,953 475,206 - Consumer and other 92 28 1,302 1,422 100,946 102,368 - Residential mortgage - - 1,313 1,313 393,861 395,174 612 Paycheck protection program - - - - 636,637 636,637 - Total $ 2,321 $ 938 $ 12,858 $ 16,117 $ 2,642,025 $ 2,658,142 $ 612 The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within our internal risk rating system as of December 31, 2021 2020: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2021: Commercial real estate $ 775,818 $ - $ 4,493 $ - $ 780,311 Construction and land development 216,008 - - - 216,008 Commercial and industrial 249,818 - 2,558 - 252,376 Owner occupied real estate 516,741 236 9,593 - 526,570 Consumer and other 82,412 - 1,075 - 83,487 Residential mortgage 535,631 - 701 - 536,332 Paycheck protection program 119,039 - - - 119,039 Total $ 2,495,467 $ 236 $ 18,420 $ - $ 2,514,123 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2020: Commercial real estate $ 701,151 $ 80 $ 4,517 $ - $ 705,748 Construction and land development 142,821 - - - 142,821 Commercial and industrial 197,225 - 2,963 - 200,188 Owner occupied real estate 470,732 519 3,955 - 475,206 Consumer and other 101,066 - 1,302 - 102,368 Residential mortgage 394,473 - 701 - 395,174 Paycheck protection program 636,637 - - - 636,637 Total $ 2,644,105 $ 599 $ 13,438 $ - $ 2,658,142 The following table shows non-accrual loans by class as of December 31, 2021 2020: (dollars in thousands) December 31, 2021 December 31, 2020 Commercial real estate $ 4,493 $ 4,421 Construction and land development - - Commercial and industrial 2,558 2,963 Owner occupied real estate 3,714 2,859 Consumer and other 1,075 1,302 Residential mortgage 701 701 Paycheck protection program - - Total $ 12,541 $ 12,246 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $700,000, $718,000, and $548,000, for 2021, 2020, 2019, Troubled Debt Restructurings A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not may Pursuant to the CARES Act, loan modifications made between March 1, 2020 December 30, 2020 60 19 not not 30 December 31, 2019. December 2020, January 1, 2022 60 19 December 31, 2021, December 31, 2020, December 31, 2020, December 31, 2020 90 second The following table summarizes information with regard to outstanding troubled debt restructurings at December 31, 2021 2020: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2021 Commercial real estate - $ - $ - $ - Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total - $ - $ - $ - December 31, 2020 Commercial real estate 1 $ 4,530 $ - $ 4,530 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total 1 $ 4,530 $ - $ 4,530 All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may not After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. There were no loan modifications made during the twelve December 31, 2021, 2020, 2019 December 31, 2021 2020. 2021. There was one residential mortgage in the process of foreclosure as of December 31, 2021 December 31, 2020. no December 31, 2021 2020. |
Note 6 - Other Real Estate Owne
Note 6 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Real Estate Owned [Text Block] | 6. Other Real Estate Owned Other real estate owned consists of properties acquired as a result of foreclosures or deeds in-lieu-of foreclosure. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. As of December 31, 2021, two The following table presents a reconciliation of other real estate owned for the years ended December 31, 2021, 2020, 2019: (dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Beginning Balance, January 1 st $ 1,188 $ 1,730 $ 6,223 Additions 360 233 1,225 Valuation adjustments (722 ) (31 ) (646 ) Dispositions (466 ) (744 ) (5,072 ) Ending Balance $ 360 $ 1,188 $ 1,730 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Premises and Equipment A summary of premises and equipment is as follows: (dollars in thousands) December 31, 2021 December 31, 2020 Land $ 19,767 $ 21,304 Buildings 69,973 65,936 Leasehold improvements 32,831 31,909 Furniture, fixtures and equipment 36,304 33,400 Construction in progress 17,677 11,842 176,552 164,391 Less accumulated depreciation (49,112 ) (41,221 ) Net premises and equipment $ 127,440 $ 123,170 Depreciation expense on premises and equipment amounted to approximately $8.4 million, $8.2 million, and $6.5 million in 2021, 2020, 2019, December 31, 2021. |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Borrowings Republic has a line of credit with FHLB of Pittsburgh with a maximum borrowing capacity of $1.3 billion as of December 31, 2021. December 31, 2021 2020, December 31, 2021 2020. December 31, 2021 2020, 2021 2020. December 31, 2021, 2021 2020. Republic has a line of credit in the amount of $10.0 million available for the purchase of federal funds through the ACBB. At December 31, 2021 2020, 2021 2020. Republic also has a line of credit with Zions Bank of $15.0 million to assist in managing our liquidity position. At December 31, 2021 2020, 2021 2020. As part of the CARES Act, the Federal Reserve Bank of Philadelphia offered secured discounted borrowings to banks that originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. The Company did not December 31, 2021 July 30, 2021. 0.35% December 31, 2020. Trust Preferred Securities: The Company has two not 1 1 In December 2006, 2037, 3 may five On June 28, 2007, 2037, 3 Deferred issuance costs included in subordinated debt were $63,000 and $70,000 at December 31, 2021 December 31, 2020, December 31, 2021, 2020, 2019, |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 9. Deposits The following is a breakdown, by contractual maturities of the Company’s time deposits for the years 2022 2026. (dollars in thousands) 2022 2023 2024 2025 2026 Thereafter Total Time Deposits $ 166,031 $ 24,591 $ 2,682 $ 2,637 $ 2,004 $ - $ 197,945 Certificates of deposit of $250,000 December 31, 2021 2020, December 31, 2021 2020, December 31, 2020 December 31, 2020. December 31, 2021 2020 December 31, 2021 2020, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2021, 2020, 2019 (dollars in thousands) 2021 2020 2019 Current Federal $ 5,968 $ 810 $ 394 State 2,106 1,490 - Deferred Federal 483 417 (1,524 ) State (31 ) (1,327 ) (220 ) Total provision (benefit) for income taxes $ 8,526 $ 1,390 $ (1,350 ) The following table reconciles the difference between the actual tax provision and the amount per the statutory federal income tax rate of 21.0% for the year ended December 31, 2021, December 31, 2020 December 31, 2019. (dollars in thousands) 2021 2020 2019 Tax provision computed at federal statutory rate $ 7,077 $ 1,353 $ (1,018 ) State income tax, net of federal benefit 1,639 360 (260 ) Tax exempt interest (419 ) (461 ) (425 ) Other 229 138 353 Total provision (benefit) for income taxes $ 8,526 $ 1,390 $ (1,350 ) The significant components of the Company’s net deferred tax asset as of December 31, 2021 2020 (dollars in thousands) 2021 2020 Deferred tax assets Allowance for loan losses $ 4,811 $ 3,291 Deferred compensation 674 641 Unrealized losses on securities available for sale 3,628 960 Deferred fees on PPP loans 1,110 3,737 Foreclosed real estate write-downs 1,147 985 Interest income on non-accrual loans 810 706 Stock option expense 2,263 1,780 Goodwill 805 890 Other 1,396 1,033 Total deferred tax assets 16,644 14,023 Deferred tax liabilities Deferred loan costs 1,303 1,818 Premises and equipment 1,111 191 Total deferred tax liabilities 2,414 2,009 Net deferred tax asset $ 14,230 $ 12,014 The Company’s net deferred tax asset increased to $14.2 million at December 31, 2021 December 31, 2020. December 31, 2021 2020 The $14.2 million net deferred tax asset as of December 31, 2021 December 31, 2021. December 31, 2021. We evaluate the carrying amount of our deferred tax assets on a quarterly basis or more frequently, if necessary, in accordance with the guidance provided in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740 740 not 50% not not not In assessing the need for a valuation allowance, we carefully weighed both positive and negative evidence currently available. Judgment is required when considering the relative impact of such evidence. The weight given to the potential effect of positive and negative evidence must be commensurate with the extent to which it can be objectively verified. The Company is in a four five 2014, December 31, 2021, no Conversely, the effects of the COVID- 19 may Based on the guidance provided in FASB Accounting Standards Codification Topic 740 740 December 31, 2021 not not December 31, 2021. The net deferred tax asset balance was $14.2 million as of December 31, 2021 December 31, 2020. The Company accounts for uncertain tax positions if it is more likely than not, not December 31, 2021. December 31, 2021, 2020, 2019. December 31, 2017. not 2018 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments With Off-balance Sheet Risk [Text Block] | 11. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Credit risk is defined as the possibility of sustaining a loss due to the failure of the other parties to a financial instrument to perform in accordance with the terms of the contract. The maximum exposure to credit loss under commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same underwriting standards and policies in making credit commitments as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent potential credit risk are commitments to extend credit of approximately $549.8 million and $428.9 million and standby letters of credit of approximately $18.0 million and $16.6 million at December 31, 2021 2020, December 31, 2021, Commitments to extend credit are agreements to lend to a customer as long as there is no not may Standby letters of credit are conditional commitments issued that guarantee the performance of a customer to a third may December 31, 2021 2020 not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies The Company and Republic are from time to time a party (plaintiff or defendant) to lawsuits that are in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not On March 8, 2022, 2022 On March 29, 2022, As of the date of this filing, Mr. Norcross has filed papers with the Court dismissing the actions without prejudice. On September 19, 2022, two three As a result of shareholder activism and related lawsuits, an independent investigation commissioned by the Company’s audit committee and other ongoing legal matters the Company has incurred a significant amount of legal expenses, including reimbursement requests from current and former indemnified directors in accordance with the Company’s Articles of Incorporation and Bylaws, during 2022 nine September 30, 2022 |
Note 13 - Regulatory Capital
Note 13 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 13. Regulatory Capital Dividend payments by Republic to the Company are subject to the Pennsylvania Banking Code of 1965 no may may no 2022, State and Federal regulatory authorities have adopted standards for the maintenance of adequate levels of capital by Republic. Federal banking agencies impose four 1 1 The following table presents the Company’s and Republic’s capital regulatory ratios calculated based on Basel III guidelines at December 31, 2021 2020: (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 2021: Total risk based capital Republic $ 347,030 11.43 % $ 242,787 8.00 % $ 318,658 10.50 % $ 303,484 10.00 % Company 360,175 11.83 % 243,591 8.00 % 319,713 10.50 % - - % Tier one risk based capital Republic 328,066 10.81 % 182,091 6.00 % 257,962 8.50 % 242,787 8.00 % Company 341,211 11.21 % 182,693 6.00 % 258,816 8.50 % - - % CET 1 risk based capital Republic 328,066 10.81 % 136,568 4.50 % 212,439 7.00 % 197,265 6.50 % Company 281,886 9.26 % 137,020 4.50 % 213,142 7.00 % - - % Tier one leveraged capital Republic 322,097 5.85 % 224,247 4.00 % 224,247 4.00 % 280,309 5.00 % Company 324,242 6.08 % 224,656 4.00 % 224,656 4.00 % - - % At December 31, 2020: Total risk based capital Republic $ 298,291 12.36 % $ 193,062 8.00 % $ 253,394 10.50 % $ 241,327 10.00 % Company 326,554 13.50 % 193,498 8.00 % 253,967 10.50 % - - % Tier one risk based capital Republic 285,316 11.82 % 144,796 6.00 % 205,128 8.50 % 193,062 8.00 % Company 313,579 12.96 % 145,124 6.00 % 205,592 8.50 % - - % CET 1 risk based capital Republic 285,316 11.82 % 108,597 4.50 % 168,929 7.00 % 156,863 6.50 % Company 254,254 10.51 % 108,843 4.50 % 169,311 7.00 % - - % Tier one leveraged capital Republic 287,114 7.44 % 153,414 4.00 % 153,414 4.00 % 191,767 5.00 % Company 308,113 8.17 % 153,621 4.00 % 153,621 4.00 % - - % Management believes that Republic met, as of December 31, 2021, December 31, 2021 2020, no Under the capital rules, risk-based capital ratios are calculated by dividing common equity Tier 1, 1, one 1 1 1 |
Note 14 - Benefit Plans
Note 14 - Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 14. Benefit Plans Defined Contribution Plan The Company has a defined contribution plan pursuant to the provision of 401 2021, 2020, 2019. Directors and Officers Plans The Company has agreements that provide for an annuity payment upon the retirement or death of certain directors and officers, ranging from $15,000 to $25,000 per year for ten 2001 December 31, 2021 December 31, 2020, December 31, 2021, 2020, 2019 December 31, 2021 December 31, 2020 The Company maintains a deferred compensation plan for the benefit of certain officers and directors. The plan permitted certain participants to make elective contributions to their accounts, subject to applicable provisions of the Internal Revenue Code. In addition, the Company made discretionary contributions to participant accounts. Company contributions were subject to vesting, and generally vested three As of December 31, 2021 2020, 2021 2020. 2019 not No 2021, 2020, 2019. December 31, 2021, |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not not may The Company follows the guidance issued under ASC 820, Fair Value Measurement, ASC 820 1 3 three 820 Level 1 Level 2 not Level 3 no An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2021 December 31, 2020 (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2021 Assets: U.S. Government agencies $ 24,928 $ - $ 24,928 $ - Collateralized mortgage obligations 371,549 - 371,549 - Agency mortgage-backed securities 441,483 - 441,483 - Municipal securities 6,940 - 6,940 - Corporate bonds 230,466 - 227,841 2,625 Investment securities available for sale $ 1,075,366 $ 1,072,741 $ 2,625 Equity securities 9,173 9,173 - - Mortgage Loans Held for Sale $ 8,538 $ - $ 8,538 $ - SBA Servicing Assets 4,705 - - 4,705 Interest Rate Lock Commitments 378 - 378 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 5 - 5 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 96 - 96 - Mandatory Forward Loan Sales Commitments 44 - 44 - December 31, 2020 Assets: U.S. Government agencies $ 31,886 $ - $ 31,886 $ - Collateralized mortgage obligations 221,546 - 221,546 - Agency mortgage-backed securities 150,528 - 150,528 - Municipal securities 8,225 - 8,225 - Corporate bonds 116,323 - 113,692 2,631 Investment securities available for sale $ 528,508 $ 525,877 $ 2,631 Equity Securities 9,039 9,039 - - Mortgage Loans Held for Sale $ 50,387 $ - $ 50,387 $ - SBA Servicing Assets 4,626 - - 4,626 Interest Rate Lock Commitments 1,580 - 1,580 - Best Efforts Forward Loan Sales Commitments 2 - 2 - Mandatory Forward Loan Sales Commitments - - - - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 612 - 612 - Mandatory Forward Loan Sales Commitments 800 - 800 - The following table presents an analysis of the activity in the SBA servicing assets for the years ended December 31, 2021, 2020, 2019: (dollars in thousands) 2021 2020 2019 Beginning balance, January 1 st $ 4,626 $ 4,447 $ 4,785 Additions 733 537 1,026 Fair value adjustments (654 ) (358 ) (1,364 ) Ending balance, December 31 st $ 4,705 $ 4,626 $ 4,447 Fair value adjustments are recorded as loan and servicing fees on the statement of operations. Servicing fee income, not December 31, 2021, 2020, 2019, December 31, 2021 December 31, 2020 The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3 December 31, 2021, 2020, 2019: 2021 2020 2019 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,631 $ 2,820 $ 3,069 Unrealized gains (losses) (6 ) (189 ) (249 ) Proceeds from sales - - - Realized losses - - - Balance, December 31 st $ 2,625 $ 2,631 $ 2,820 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2021 2020, (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2021: Impaired loans $ 11,664 $ - $ - $ 11,664 Other real estate owned 360 - - 360 December 31, 2020: Impaired loans $ 5,678 $ - $ - $ 5,678 Other real estate owned 364 - - 364 The table below presents additional quantitative information about Level 3 Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) December 31, 2021 Corporate bonds $ 2,625 Discounted Cash Flows Discount Rate (3.42%) SBA servicing assets $ 4,705 Discounted Cash Flows Conditional Prepayment Rate (13.93%) Discount Rate (10.00%) Impaired loans $ 11,664 Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 27% (16%) (3) Sales Price Liquidation expenses (2) (12%) (3) Estimated Value of Insurance Proceeds (4) Other real estate owned $ 360 Appraised Value of Collateral (1) Liquidation expenses (2) (19%) (3) Sales Price Liquidation expenses (2) (13%) (3) December 31, 2020 Corporate bonds $ 2,631 Discounted Cash Flows Discount Rate (3.48%) SBA servicing assets $ 4,626 Discounted Cash Flows Conditional Prepayment Rate (13.22%) Discount Rate (10.00%) Impaired loans $ 5,678 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 23% (12%) (3) Other real estate owned $ 364 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 16% (13%) (3) ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 not ( 2 Appraisals may ( 3 The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. ( 4 The valuation technique is determined based on estimated insurance proceeds and litigation. The significant unobservable inputs for impaired loans and other real estate owned are the appraised value or an agreed upon sales price. These values are adjusted for estimated costs to sell which are incremental direct costs to transact a sale such as broker commissions, legal fees, closing costs and title transfer fees. The costs must be considered essential to the sale and would not not Fair Value Assumptions The following information should not may not December 31, 2021 December 31, 2020: Investment Securities The fair value of investment securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1 2 not 3 3 3 1 The types of instruments valued based on matrix pricing in active markets include all of the Company’s U.S. government and agency securities, corporate bonds, and municipal obligations held in the investment securities portfolio. Such instruments are generally classified within Level 2 820 10, not Level 3 not may 3 third one 3 The corporate bond included in Level 3 2 2010 not Mortgage Loans Held for Sale (Carried at Fair Value) The fair value of mortgage loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 twelve December 31, 2021 December 31, 2020, The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that Republic is contractually entitled to receive at maturity as of December 31, 2021 December 31, 2020 ( Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2021 $ 8,538 $ 8,241 $ 297 December 31, 2020 $ 50,387 $ 48,109 $ 2,278 Changes in the excess carrying amount over aggregate unpaid principal balance are recorded in the statement of operations in mortgage banking income. Republic did not 90 December 31, 2021 December 31, 2020. Interest Rate Lock Commitments ( IRLC ) The Company determines the value of IRLCs by comparing the market price to the price locked in with the customer, adding fees or points to be collected at closing, subtracting commissions to be paid at closing, and subtracting estimated remaining loan origination costs to the bank based on the processing status of the loan. The Company also considers pull-through as it determines the fair value of IRLCs. Factors that affect pull-through rates include the origination channel, current mortgage interest rates in the market versus the interest rate incorporated in the IRLC, the purpose of the mortgage (purchase versus financing), the stage of completion of the underlying application and underwriting process, and the time remaining until the IRLC expires. IRLCs are classified within Level 2 Best Efforts Forward Loan Sales Commitments Best efforts forward loan sales commitments are classified within Level 2 Mandatory Forward Loan Sales Commitments Fair values for mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Due to the observable inputs used by Republic, best efforts mandatory loan sales commitments are classified within Level 2 Impaired Loans (Carried at Lower of Cost or Fair Value) Impaired loans are those that the Company has measured impairment based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third 3 Other Real Estate Owned (Carried at Lower of Cost or Fair Value) These assets are carried at the lower of cost or fair value. Fair value is determined through valuations periodically performed by third December 31, 2021 December 31, 2020, 3 SBA Servicing Asset (Carried at Fair Value) The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet. An updated fair value is obtained from an independent third The Company uses assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. At December 31, 2021 December 31, 2020, (dollars in thousands) December 31, 2021 December 31, 2020 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,705 $ 4,626 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 4 % 2 % Adjustable-rate SBA loans 96 % 98 % Total 100 % 100 % Weighted Average Remaining Term (in years) 19.6 20.0 Prepayment Speed 13.93 % 13.22 % Effect on fair value of a 10% increase $ (204 ) $ (170 ) Effect on fair value of a 20% increase (393 ) (329 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (148 ) $ (152 ) Effect on fair value of a 20% increase (288 ) (295 ) The sensitivity calculations above are hypothetical and should not may not one may Off-Balance Sheet Financial Instruments (Disclosed at notional amounts) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Company’s financial instruments at December 31, 2021 Fair Value Measurements at December 31, 2021 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 118,884 $ 118,884 $ 118,884 $ - $ - Investment securities available for sale 1,075,366 1,075,366 - 1,072,741 2,625 Investment securities held to maturity 1,660,292 1,647,360 - 1,647,360 - Equity securities 9,173 9,173 9,173 - - Restricted stock 3,510 N/A N/A N/A N/A Loans held for sale 13,762 13,762 - 8,538 5,224 Loans receivable, net 2,488,401 2,475,944 - - 2,475,944 SBA servicing assets 4,705 4,705 - - 4,705 Accrued interest receivable 15,073 15,073 - 15,073 - Interest rate lock commitments 378 378 - 378 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 5 5 - 5 - Financial liabilities: Deposits Demand, savings and money market $ 4,993,235 $ 4,993,235 $ - $ 4,993,235 $ - Time 197,945 197,764 - 197,764 - Subordinated debt 11,278 8,644 - - 8,644 Accrued interest payable 550 550 - 550 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 96 96 - 96 - Mandatory forward loan sales commitments 44 44 - 44 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - The estimated fair values of the Company’s financial instruments at December 31, 2020 Fair Value Measurements at December 31, 2020 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 775,300 $ 775,300 $ 775,300 $ - $ - Investment securities available for sale 528,508 528,508 - 525,877 2,631 Investment securities held to maturity 814,936 836,972 - 836,972 - Equity securities 9,039 9,039 9,039 - - Restricted stock 3,039 N/A N/A N/A - Loans held for sale 53,370 53,370 - 50,387 2,983 Loans receivable, net 2,632,367 2,618,104 - - 2,618,104 SBA servicing assets 4,626 4,626 - - 4,626 Accrued interest receivable 16,120 16,120 - 16,120 - Interest rate lock commitments 1,580 1,580 - 1,580 - Best efforts forward loan sales commitments 2 2 - 2 - Mandatory forward loan sales commitments - - - - - Financial liabilities: Deposits Demand, savings and money market $ 3,827,390 $ 3,827,390 $ - $ 3,827,390 $ - Time 186,361 187,292 - 187,292 - Subordinated debt 11,271 8,026 - - 8,026 Accrued interest payable 926 926 - 926 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 612 612 - 612 - Mandatory forward loan sales commitments 800 800 - 800 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 16 - Stock Based Compensat
Note 16 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 16. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 2005 1.5 December 31, 2020, 2005 2005 2005 one four 2005 November 14, 2015 On April 29, 2014, 2014 “2014 may 2014 no may December 31, 2021, 2014 twelve December 31, 2021, 2014 2021, one four ten On April 27, 2021, 2021 “2021 may 2021 may December 31, 2021, 2021 The Company utilized the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. During 2021, 2020 2019. December 31, 2021, 2021, Information regarding stock based compensation related to stock options for the years ended December 31, 2021, 2020, 2019 2021 2020 2019 Stock based compensation expense recognized $ 1,480,000 $ 1,918,000 $ 2,632,000 Number of unvested stock options 1,643,740 2,514,800 2,367,515 Fair value of unvested stock options $ 2,859,062 $ 4,702,676 $ 6,108,271 Amount remaining to be recognized as expense $ 1,155,748 $ 2,788,559 $ 3,574,740 The remaining amount of $1.2 million will be recognized ratably as expense through December 2024. A summary of stock option exercises and related proceeds during the years end December 31, 2021, 2020, 2019 For the Years Ended December 31, 2021 2020 2019 Number of options exercised 83,375 17,000 53,550 Cash received $ 205,166 $ 41,305 $ 261,143 Intrinsic value $ 81,614 $ 10,410 $ 72,187 Tax benefit $ 333 $ 355 $ 5,159 A summary of stock option activity under the plans as of December 31, 2021, 2020, 2019 For the Years Ended December 31, 2021 2020 2019 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 5,899,425 $ 5.44 4,979,475 $ 6.05 3,861,650 $ 5.96 Granted - - 1,270,450 2.98 1,356,500 6.35 Exercised (83,375 ) 2.46 (17,000 ) 2.43 (53,550 ) 4.88 Forfeited (483,275 ) 5.32 (333,500 ) 5.34 (185,125 ) 6.76 Outstanding, end of year 5,332,775 $ 5.50 5,899,425 $ 5.44 4,979,475 $ 6.05 Options exercisable at year-end 3,689,035 $ 5.91 3,384,625 $ 5.67 2,611,960 $ 5.28 Weighted average fair value of options granted during the year $ - $ 0.91 $ 2.15 The following table summarizes information about options outstanding at December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $1.90 to $3.53 1,482,675 6.4 $ 2.85 511,923 $ 2.61 $3.55 to $3.94 559,850 2.8 3.60 557,850 3.60 $3.99 to $7.85 1,585,625 6.2 5.73 1,128,625 5.52 $8.00 to $9.45 1,704,625 5.6 8.22 1,490,637 8.19 5,332,775 $ 5.50 3,689,035 $ 5.90 A roll-forward of non-vested options during the year ended December 31, 2021 Number of Shares Weighted- Average Grant Date Fair Value Nonvested, beginning of year 2,514,800 $ 1.87 Granted - - Vested (641,384 ) 2.57 Forfeited (229,676 ) 1.75 Nonvested, end of year 1,643,740 $ 1.74 The Company granted stock units under the 2014 December 31, 2021. The following table details the Stock Units for the year ended December 31, 2021: Year Ended December 31, 2021 Number of Units Weighted Average Grant Date Fair Value Beginning balance - $ - Granted 551,179 3.36 Vested - - Forfeited (34,666 ) 3.34 Ending balance 516,513 $ 3.36 Information regarding stock based compensation related to RSUs for the year ended December 31, 2021 2021 Stock based compensation expense recognized $ 613,497 Number of unvested stock units 516,513 Fair value of unvested stock units $ 1,849,595 Amount remaining to be recognized as expense $ 1,236,098 The remaining unrecognized expense amount of $1,236,098 will be recognized ratably as expense through December 2025. |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company has one reportable segment: community banking. The community banking segment primarily encompasses the commercial loan and deposit activities of Republic, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Mortgage loans in Delaware and Florida are primarily made to local customers that have second not |
Note 18 - Transactions With Aff
Note 18 - Transactions With Affiliates and Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. The Company made payments to related parties in the amount of $993,000, $690,000, and $1.4 million during 2021, 2020, 2019, 2021, 2020, 2019 February 2021, August 2022. 2021, 2020, 2019 The Company paid $120,000 during 2021, 2020 2019 The Company utilized the services of a commercial real estate firm to assist with the acquisition of properties for development of branch locations. This firm earned commissions of $190,000, $246,000, and $170,000 for the years ended December 31, 2021, 2020, 2019, December 31, 2020 2019 |
Note 19 - Parent Company Financ
Note 19 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 19. The following financial statements for Republic First Bancorp, Inc. (Parent Company) should be read in conjunction with the consolidated financial statements and the other notes related to the consolidated financial statements. Balance Sheet December 31, 2021 2020 (Dollars in thousands) December 31, 2021 December 31, 2020 ASSETS Cash $ 3,017 $ 22,872 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 341 341 Investment in subsidiaries 322,097 287,114 Other assets 10,197 9,347 Total Assets $ 335,652 $ 319,674 LIABILITIES AND SHAREHOLDERS EQUITY Liabilities Accrued expenses $ 132 $ 290 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 11,278 11,271 Total Liabilities 11,410 11,561 Shareholders’ Equity Total Shareholders’ Equity 324,242 308,113 Total Liabilities and Shareholders’ Equity $ 335,652 $ 319,674 Statements of Operations, Comprehensive Income, and Changes in Shareholders Equity For the years ended December 31, 2021, 2020, 2019 (Dollars in thousands) 2021 2020 2019 Interest income $ 6 $ 9 $ 14 Total income 6 9 14 Trust preferred interest expense 214 297 476 Other expenses 3,284 2,805 3,662 Total expenses 3,498 3,102 4,138 Net loss before taxes (3,492 ) (3,093 ) (4,124 ) Benefit for income taxes (840 ) (703 ) (917 ) Loss before undistributed income of subsidiaries (2,652 ) (2,390 ) (3,207 ) Equity in undistributed income of subsidiaries 27,828 7,444 (293 ) Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Total other comprehensive income (loss) (7,845 ) 4,512 4,586 Total comprehensive income $ 17,331 $ 9,566 $ 1,086 Shareholders equity, beginning of year $ 308,113 $ 249,168 $ 245,189 Stock based compensation 2,093 1,918 2,632 Exercise of stock options 205 41 261 Proceeds from shares issued under preferred stock offering ( 2,000,000 1,675 - 48,325 - Preferred stock dividends (3,500 ) (923 ) - Return of short swing profit - 18 Net income (loss) 25,176 5,054 (3,500 ) Total other comprehensive income (loss) (7,845 ) 4,512 4,586 Shareholders equity, end of year $ 324,242 $ 308,113 $ 249,168 Statements of Cash Flows For the years ended December 31, 2021, 2020, 2019 (Dollars in thousands) 2021 2020 2019 Cash flows from operating activities: Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Adjustments to reconcile net (loss) income to net cash used in operating activities: Share based compensation 2,093 1,918 2,632 Amortization of debt issuance costs 7 6 6 Increase in other assets (850 ) (707 ) (1,069 ) Net increase (decrease) in other liabilities (158 ) 257 (18 ) Equity in undistributed income of subsidiaries (27,828 ) (7,444 ) 293 Net cash used in operating activities (1,560 ) (916 ) (1,656 ) Cash flows from investing activities: Investment in subsidiary (15,000 ) (30,000 ) (20,000 ) Net cash used in investing activities (15,000 ) (30,000 ) (20,000 ) Cash flows from financing activities: Proceeds from shares issued under preferred stock offering ( 2,000,000 1,675 - 48,325 Preferred share dividends (3,500 ) (923 ) Return of short swing profit - 18 Exercise of stock options 205 41 261 Net cash provided by financing activities (3,295 ) 47,461 261 Increase (decrease) in cash (19,855 ) 16,545 (21,395 ) Cash, beginning of period 22,872 6,327 27,722 Cash, end of period $ 3,017 $ 22,872 $ 6,327 |
Note 20 - Quarterly Financial D
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 20. Quarterly Financial Data (unaudited) The following represents summarized unaudited quarterly financial data of the Company for each of the quarters ended during 2021 2020. Summary of Selected Quarterly Consolidated Financial Data (dollars in thousands, except per share data) For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 2021 Interest income $ 40,251 $ 35,778 $ 35,354 $ 36,420 Interest expense 4,552 4,336 4,715 4,988 Net interest income 35,699 31,442 30,639 31,432 Provision for loan losses 1,850 900 - 3,000 Non-interest income 7,473 7,317 7,680 10,275 Non-interest expense 32,865 29,775 30,519 29,347 Provision (benefit) for income taxes 2,379 1,988 1,866 2,292 Net income (loss) $ 6,078 $ 6,096 $ 5,934 $ 7,068 Preferred stock dividends 875 875 875 875 Net income available to common shareholders $ 5,203 $ 5,221 $ 5,059 $ 6,193 Net income (loss) per share (1) Basic $ 0.09 $ 0.09 $ 0.09 $ 0.11 Diluted $ 0.08 $ 0.08 $ 0.08 $ 0.09 2020 Interest income $ 31,248 $ 28,560 $ 27,859 $ 27,283 Interest expense 5,527 5,630 5,432 6,529 Net interest income 25,721 22,930 22,427 20,754 Provision for loan losses 1,400 850 1,000 950 Non-interest income 11,235 10,031 8,424 6,545 Non-interest expense 29,907 33,580 26,664 27,272 Provision (benefit) for income taxes 1,548 (503 ) 675 (330 ) Net income (loss) $ 4,101 $ (967 ) $ 2,512 $ (593 ) Preferred stock dividends 923 - - - Net income available to common shareholders $ 3,178 $ (967 ) $ 2,512 $ (593 ) Net income (loss) per share (1) Basic $ 0.05 $ (0.02 ) $ 0.04 $ (0.01 ) Diluted $ 0.05 $ (0.02 ) $ 0.04 $ (0.01 ) ( 1 Quarterly net income per share does not |
Note 21 - Changes in Accumulate
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 21. Changes in Accumulated Other Comprehensive Income (Loss) By Component ( 1 The following table presents the changes in accumulated other comprehensive loss by component, net of taxes, for the years ended December 31, 2021, 2020, 2019. Unrealized Gains ( Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2021 $ 985 $ (3,814 ) $ (2,829 ) Unrealized loss on securities (9,646 ) - (9,646 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (1 ) 1,802 1,801 Net current-period other comprehensive income (9,647 ) 1,802 (7,845 ) Total change in accumulated other comprehensive income (9,647 ) 1,802 (7,845 ) Balance December 31, 2021 $ (8,662 ) $ (2,012 ) $ (10,674 ) Balance January 1, 2020 $ (1,275 ) $ (6,066 ) $ (7,341 ) Unrealized gain on securities 4,320 - 4,320 Amounts reclassified from accumulated other comprehensive income to net income (2) (2,060 ) 2,252 192 Net current-period other comprehensive income 2,260 2,252 4,512 Total change in accumulated other comprehensive income 2,260 2,252 4,512 Balance December 31, 2020 $ 985 $ (3,814 ) $ (2,829 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 4,284 - 4,284 Amounts reclassified from accumulated other comprehensive income to net income (2) (823 ) 1,125 302 Net current-period other comprehensive income 3,461 1,125 4,586 Total change in accumulated other comprehensive income (loss) 3,461 1,125 4,586 Balance December 31, 2019 $ (1,275 ) $ (6,066 ) $ (7,341 ) ( 1 All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. ( 2 Reclassification amounts are reported as gains/losses on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Operations. |
Note 22 - Goodwill
Note 22 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 22. Goodwill In connection with the review of our financial condition in light of the COVID- 19 2020. September 30, 2020. In 2016, July 2016 (dollars in thousands) Balance December 31, 2019 Additions/ Adjustments Write-offs Amortization Balance December 31, 2020 Amortization Period (in years) Goodwill $ 5,011 $ - $ (5,011 ) $ - $ - None |
Note 23 - Derivatives and Risk
Note 23 - Derivatives and Risk Management Activities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 23. Derivatives and Risk Management Activities Republic did not twelve December 31, 2021 2020. not December 31, 2021 December 31, 2020 ( December 31, 2021 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 378 $ 14,419 Best efforts forward loan sales commitments Other Assets 5 3,222 Mandatory forward loan sales commitments Other Assets 5 1,667 Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 96 11,197 Mandatory forward loan sales commitments Other Liabilities 44 6,460 December 31, 2020 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 1,580 $ 48,223 Best efforts forward loan sales commitments Other Assets 2 2,069 Mandatory forward loan sales commitments Other Assets - - Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 612 46,154 Mandatory forward loan sales commitments Other Liabilities 800 48,373 The following table summarizes the amounts recorded in Republic’s statement of operations for derivative instruments not twelve December 31, 2021, 2020, 2019 Twelve Months Ended December 31, 2021 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (1,202 ) Best efforts forward loan sales commitments Mortgage banking income 3 Mandatory forward loan sales commitments Mortgage banking income 5 Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income 516 Mandatory forward loan sales commitments Mortgage banking income 756 Twelve Months Ended December 31, 2020 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 1,218 Best efforts forward loan sales commitments Mortgage banking income (2 ) Mandatory forward loan sales commitments Mortgage banking income (2 ) Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income (479 ) Mandatory forward loan sales commitments Mortgage banking income (717 ) Twelve Months Ended December 31, 2019 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (48 ) Best efforts forward loan sales commitments Mortgage banking income (1 ) Mandatory forward loan sales commitments Mortgage banking income (8 ) Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income 5 Mandatory forward loan sales commitments Mortgage banking income 147 The fair value of Republic’s IRLCs, best efforts forward loan sales commitments, and mandatory forward loan sales commitments are based upon the estimated value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for ( 1 2 |
Note 24 - Revenue Recognition
Note 24 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 24. Revenue Recognition The following table presents non-interest income, segregated by revenue streams that are in-scope and out-of-scope of ASC 606, Revenue from Contracts with Customers twelve December 31, 2021, 2020, 2019. Twelve Months Ended December 31, (dollars in thousands) 2021 2020 2019 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 13,953 $ 11,058 $ 7,541 Other non-interest income 603 168 214 Non-interest income (in-scope of Topic 606) 14,556 11,226 7,755 Non-interest income (out-of-scope of Topic 606) 18,189 25,009 15,983 Total non-interest income $ 32,745 $ 36,235 $ 23,738 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s non-interest revenue streams are largely based on transaction activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not not December 31, 2021, 2020, 2019, not Contract Acquisition Costs In connection with the adoption of Topic 606, not not one 606, not |
Note 25 - Leases
Note 25 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 25. Leases We have operating lease agreements for certain land, buildings, and equipment. In some instances, a lease may not 842 not At December 31, 2021, not one 44 June 2022 August 2059 five ten No December 31, 2021. At December 31, 2020, not one forty-two August 2021 August 2059 five ten No December 31, 2020. The discount rate used in determining the operating lease liability obligation for each individual lease was the assumed incremental borrowing rate for the Company that corresponded with the remaining lease term as of January 1, 2019 December 31, 2021 2020, The following table presents operating lease costs net of sublease income for the twelve December 31, 2021 2020. Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 (dollars in thousands) Operating lease cost $ 8,650 $ 7,915 Sublease income - - Total lease cost $ 8,650 $ 7,915 The following table presents a maturity analysis of total operating lease liability obligations and reconciliation of the undiscounted cash flows to total operating lease liability obligations at December 31, 2021 2020. December 31, 2021 December 31, 2020 (dollars in thousands) Operating lease payments due: Within one year $ 8,134 $ 8,260 One to three years 15,062 15,719 Three to five years 13,820 14,938 More than five years 78,867 85,176 Total undiscounted cash flows 115,883 124,093 Discount on cash flows (34,113 ) (46,517 ) Total operating lease liability obligations $ 81,770 $ 77,576 The following table presents cash and non-cash activities for the twelve December 31, 2021 2020. Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,244 $ 7,383 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 8,808 $ 10,973 |
Note 26 - Preferred Stock
Note 26 - Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 26 Preferred Stock On August 26, 2020, March 1, June 1, September 1, December 1 first December 1, 2020. December 31, 2021 December 31, 2020. Holders of shares of Series A Preferred Stock may August 26, 2025, may 20 30 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may The coronavirus (“COVID- 19” 150 0.00% 0.25% March 2020. 19 The economic downturn that began in the U.S. as a result of the government-mandated business closures and stay-at-home orders significantly impacted the labor market, consumer spending, business investment and profitability. As a result, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) in March 2020 19 December 2020, In a period of economic contraction, elevated levels of loan losses and lost interest income may 19 19 third 19 The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 4 not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety 90 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. Effective March 26, 2020, zero 19 December 31, 2021 2020. |
Investment, Policy [Policy Text Block] | Investment Securities Held to Maturity Available for Sale may Equity Securities Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security until maturity and the likelihood of the Company not not not |
Restricted Stock [Policy Text Block] | Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2021 2020. At December 31, 2021 December 31, 2020, December 31, 2021 December 31, 2021 December 31, 2020, $143,000 |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of operations. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of operations. |
Derivatives, Policy [Policy Text Block] | Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance in FASB ASC 815, Derivatives and Hedging 30 90 not not 23 |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of operations. |
Mandatory Forward Loan Sales Commitments, Policy [Policy Text Block] | Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of operations. There were no 2021. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may The Company has one reportable segment: Community Banking. The community banking segment primarily encompasses the commercial loan and deposit activities of the Bank, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Oak Mortgage was acquired by the Bank in 2016 December 31, 2017 On January 1, 2018, July 31, 2018 no two July 31, 2019, no December 31, 2019. At March 31, 2020, June 30, 2020, September 30, 2020, 19 March 31, 2020 June 30, 2020, not September 30, 2020, no |
Financing Receivable [Policy Text Block] | Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, residential mortgages, and PPP loans. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flows to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may third Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second may may Residential mortgage loans are secured by one four first 80% Paycheck Protection Program (“PPP”) loans, created through the Small Business Administration (“SBA”) and Treasury Department from a provision in the CARES Act, are SBA-guaranteed loans to small business to pay their employees, rent, mortgage interest, and utilities. PPP loans will be forgiven subject to clients’ providing documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 90 may may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for loan losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for loan losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for loan losses is dependent, to a great extent, on the general economy and other conditions that may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no In estimating the allowance for loan losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include: 1 Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2 National, regional and local economic and business conditions as well as the condition of various segments. 3 Nature and volume of the portfolio and terms of loans. 4 Experience, ability and depth of lending management and staff. 5 Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 6 Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7 Existence and effect of any concentration of credit and changes in the level of such concentrations. 8 Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial, consumer, and residential loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Pursuant to the CARES Act, loan modifications made between March 1, 2020 December 30, 2020 60 19 not not 30 December 31, 2019. December 2020, January 1, 2022 60 19 90 90 Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may not In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may may not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities 860 Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 |
Financing Receivable, Held-for-sale [Policy Text Block] | Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans, which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others 815 December 31, 2021 2022, 2023, 2024, 2026. no December 31, 2021 December 31, 2020. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized. |
Lessee, Leases [Policy Text Block] | Operating Leases The Company enters into lease agreements to obtain the right to use assets (“ROU”) for its business operations, substantially all of which are real estate. Lease liabilities and ROU assets are recognized when the Company enters into operating leases and represent its obligations and rights to use these assets over the period of the leases and may Operating lease liabilities include fixed and in-substance fixed payments for the contractual duration of the lease, adjusted for renewals or terminations which were considered probable of exercise when measured. During 2021, one not may The amortization of operating lease ROU assets and the accretion of operating lease liabilities are reported together as fixed lease expense and are included in net occupancy expense within noninterest expense. The fixed lease expense is recognized on a straight-line basis over the life of the lease. The Company has elected to exclude leases with original terms of less than one no |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. |
Advertising Cost [Policy Text Block] | Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax accounting guidance results in two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not not The Company accounts for uncertain tax positions if it is more likely than not, not 50 not 50 not not The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. |
Share-Based Payment Arrangement [Policy Text Block] | Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 2005 1.5 December 31, 2021, 2005 2005 2005 one four 2005 November 14, 2015 On April 29, 2014, 2014 “2014 may 2014 no may not December 31, 2021, 2014 twelve December 31, 2021, 2014 On April 27, 2021, 2021 “2021 may 2021 may December 31, 2021, 2021 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share (“EPS”) consists of two twelve December 31, 2021 2020 twelve December 31, 2019. The calculation of EPS for the years ended December 31, 2021, 2020, 2019 (dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) attributable to basic common shareholders $ 21,676 $ 4,131 $ (3,500 ) Weighted average shares outstanding 58,891 58,853 58,833 Net income (loss) per share – basic $ 0.37 $ 0.07 $ (0.06 ) Preferred stock dividends $ 3,500 $ 923 $ - Net income (loss) attributable to diluted common shareholders $ 25,176 $ 4,131 $ (3,500 ) Weighted average shares outstanding (including dilutive CSEs) 75,952 58,904 58,833 Net income (loss) per share – diluted $ 0.33 $ 0.07 $ (0.06 ) The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not (in thousands) 2021 2020 2019 Anti-dilutive securities Share based compensation awards 5,492 5,848 4,979 Convertible preferred stock - 5,556 - Total anti-dilutive securities 5,492 11,404 4,979 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of operations and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. |
Trust Preferred Securities [Policy Text Block] | Trust Preferred Securities The Company has sponsored two not 1 1 8 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation 810 not 810 not not 810 The Company does not 810 |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Common stock purchased for treasury is recorded at cost. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 2016 13 2016 13 2016 13 January 1, 2020, 2016 13 January 1, 2022. first 2022, The Company approved an accounting policy for credit losses in compliance with CECL and established a CECL governance and approval process. The Company contracted with a third 2016 13 four The Company incurred a $2.2 million after-tax reduction to stockholders’ equity balance, in connection with the adoption of ASU 2016 13 January 1, 2022, not January 1, 2022, 2016 13 not 326. 9A: ASU 2020 04 In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 January 1, 2020 December 31, 2022. one December 31, 2022. no ASU 2021 01 In January 2021, 2021 01, Reference Rate Reform (Topic 848 848 March 12, 2020 January 1, 2020 December 31, 2022. one December 31, 2022. no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) attributable to basic common shareholders $ 21,676 $ 4,131 $ (3,500 ) Weighted average shares outstanding 58,891 58,853 58,833 Net income (loss) per share – basic $ 0.37 $ 0.07 $ (0.06 ) Preferred stock dividends $ 3,500 $ 923 $ - Net income (loss) attributable to diluted common shareholders $ 25,176 $ 4,131 $ (3,500 ) Weighted average shares outstanding (including dilutive CSEs) 75,952 58,904 58,833 Net income (loss) per share – diluted $ 0.33 $ 0.07 $ (0.06 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) 2021 2020 2019 Anti-dilutive securities Share based compensation awards 5,492 5,848 4,979 Convertible preferred stock - 5,556 - Total anti-dilutive securities 5,492 11,404 4,979 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At December 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government agencies $ 25,671 $ - $ (743 ) $ 24,928 Collateralized mortgage obligations 375,570 989 (5,010 ) 371,549 Agency mortgage-backed securities 446,740 254 (5,511 ) 441,483 Municipal securities 6,596 344 - 6,940 Corporate bonds 232,395 1,480 (3,409 ) 230,466 Investment securities available for sale $ 1,086,972 $ 3,067 $ (14,673 ) $ 1,075,366 Held to maturity U.S. Government agencies $ 66,438 $ 1,549 $ - $ 67,987 Collateralized mortgage obligations 400,424 4,607 (8,803 ) 396,228 Agency mortgage-backed securities 1,193,430 2,295 (12,580 ) 1,183,145 Investment securities held to maturity $ 1,660,292 $ 8,451 $ (21,383 ) $ 1,647,360 Equity securities $ 9,173 At December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale U.S. Government agencies $ 32,312 $ - $ (426 ) $ 31,886 Collateralized mortgage obligations 218,232 3,584 (270 ) 221,546 Agency mortgage-backed securities 149,325 1,204 (1 ) 150,528 Municipal securities 8,201 24 - 8,225 Corporate bonds 119,118 595 (3,390 ) 116,323 Investment securities available for sale $ 527,188 $ 5,407 $ (4,087 ) $ 528,508 Held to maturity U.S. Government agencies $ 82,093 $ 4,185 $ - $ 86,278 Collateralized mortgage obligations 363,363 12,687 (231 ) 375,819 Agency mortgage-backed securities 369,480 5,640 (245 ) 374,875 Investment securities held to maturity $ 814,936 $ 22,512 $ (476 ) $ 836,972 Equity securities $ 9,039 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 34,335 $ 34,157 $ 4 $ 4 After 1 year to 5 years 102,194 102,007 66,434 67,983 After 5 years to 10 years 32,017 32,099 - - After 10 years 96,116 94,071 - - Collateralized mortgage obligations 375,570 371,549 400,424 396,228 Agency mortgage-backed securities 446,740 441,483 1,193,430 1,183,145 Total investment securities $ 1,086,972 $ 1,075,366 $ 1,660,292 $ 1,647,360 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | At December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ 24,928 $ 743 $ 24,928 $ 743 Collateralized mortgage obligations 188,416 2,982 57,708 2,028 246,124 5,010 Agency mortgage-backed securities 365,859 4,896 39,928 615 405,787 5,511 Municipal securities - - - - - - Corporate bonds 154,436 2,281 33,351 1.128 187,787 3,409 Investment Securities Available for Sale $ 708,711 $ 10,159 $ 155,915 $ 4,514 $ 864,626 $ 14,673 At December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 183,376 6,719 81,994 2,084 265,370 8,803 Agency mortgage-backed securities 899,231 10,815 61,756 1,765 960,987 12,580 Investment Securities Held to Maturity $ 1,082,607 $ 17,534 $ 143,750 $ 3,849 $ 1,226,357 $ 21,383 At December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ 31,886 $ 426 $ 31,886 $ 426 Collateralized mortgage obligations 99,497 270 - - 99,497 270 Agency mortgage-backed securities 20,934 1 - - 20,934 1 Municipal securities - - - - - - Corporate bonds 4,559 39 54,649 3,351 59,208 3,390 Investment Securities Available for Sale $ 124,990 $ 310 $ 86,535 $ 3,777 $ 211,525 $ 4,087 At December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 62,603 231 - - 62,603 231 Agency mortgage-backed securities 54,537 245 - - 54,537 245 Investment Securities Held to Maturity $ 117,140 $ 476 $ - $ - $ 117,140 $ 476 |
Note 4 - Loans Receivable (Tabl
Note 4 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) December 31, 2021 December 31, 2020 Commercial real estate $ 780,311 $ 705,748 Construction and land development 216,008 142,821 Commercial and industrial 252,376 200,188 Owner occupied real estate 526,570 475,206 Consumer and other 83,487 102,368 Residential mortgage 536,332 395,174 Paycheck protection program 119,039 636,637 Total loans receivable 2,514,123 2,658,142 Deferred costs (fees) (6,758 ) (12,800 ) Allowance for loan losses (18,964 ) (12,975 ) Net loans receivable $ 2,488,401 $ 2,632,367 |
Note 5 - Allowances for Loan _2
Note 5 - Allowances for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Year ended December, 2021 Allowance for loan losses: Beginning balance: $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Charge-offs (311 ) - (61 ) - (117 ) - - - (489 ) Recoveries 33 - 462 64 169 - - - 728 Provisions 1,686 596 1,088 720 (146 ) 1,897 - (91 ) 5,750 Ending balance $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Year ended December, 2020 Allowance for loan losses: Beginning Balance: $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Charge-offs - - (333 ) (48 ) (107 ) (67 ) - - (555 ) Recoveries - 3 48 1 12 - - - 64 Provisions (credits) 1,351 257 721 129 228 1,387 - 127 4,200 Ending balance $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Year ended December, 2019 Allowance for loan losses: Beginning Balance: $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ - $ 118 $ 8,615 Charge-offs - - (1,356 ) - (126 ) - - - (1,482 ) Recoveries - - 217 2 9 - - - 228 Provisions (credits) 581 (89 ) 316 257 130 811 - (101 ) 1,905 Ending balance $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2021 Allowance for loan losses: Individually evaluated for impairment $ 992 $ - $ 1,169 $ 582 $ - $ - $ - $ - $ 2,743 Collectively evaluated for impairment 4,810 1,544 1,687 2,576 629 4,922 - 53 16,221 Total allowance for loan losses $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Loans receivable: Loans evaluated individually $ 4,493 $ - $ 2,558 $ 9,593 $ 1,075 $ 701 $ - $ - $ 18,420 Loans evaluated collectively 775,818 216,008 249,818 516,977 82,412 535,631 119,039 - 2,495,703 Total loans receivable $ 780,311 $ 216,008 $ 252,376 $ 526,570 $ 83,487 $ 536,332 $ 119,039 $ - $ 2,514,123 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2020 Allowance for loan losses: Individually evaluated for impairment $ 418 $ - $ 51 $ 122 $ - $ - $ - $ - $ 591 Collectively evaluated for impairment 3,976 948 1,316 2,252 723 3,025 - 144 12,384 Total allowance for loan losses $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Loans receivable: Loans evaluated individually $ 9,048 $ 2,963 $ 3,955 $ 1,302 $ 701 $ - $ - $ 17,969 Loans evaluated collectively 696,700 142,821 197,225 471,251 101,066 394,473 636,637 - 2,640,173 Total loans receivable $ 705,748 $ 142,821 $ 200,188 $ 475,206 $ 102,368 $ 395,174 $ 636,637 $ - $ 2,658,142 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 December 31, 2020 ( dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 479 $ 691 $ - $ 5,033 $ 5,040 $ - Construction and land development - - - - - - Commercial and industrial 80 81 - 2,608 2,794 - Owner occupied real estate 2,080 2,080 - 3,198 3,407 - Consumer and other 1,075 1,422 - 1,302 1,556 - Residential mortgage 701 768 - 701 768 - Paycheck protection program - - - - - - Total 4,415 $ 5,042 $ - $ 12,842 $ 13,565 $ - With an allowance recorded: Commercial real estate $ 4,014 $ 4,536 $ 992 $ 4,015 $ 4,536 $ 418 Construction and land development - - - - - - Commercial and industrial 2,478 2,616 1,169 355 371 51 Owner occupied real estate 7,513 7,532 582 757 775 122 Consumer and other - - - - - - Residential mortgage - - - - - - Paycheck protection program - - - - - - Total $ 14,005 $ 14,684 $ 2,743 $ 5,127 $ 5,682 $ 591 Total: Commercial real estate $ 4,493 $ 5,227 $ 992 $ 9,048 $ 9,576 $ 418 Construction and land development - - - - - - Commercial and industrial 2,558 2,697 1,169 2,963 3,165 51 Owner occupied real estate 9,593 9,612 582 3,955 4,182 122 Consumer and other 1,075 1,422 - 1,302 1,556 - Residential mortgage 701 768 - 701 768 - Paycheck protection program - - - - - - Total $ 18,420 $ 19,726 $ 2,743 $ 17,969 $ 19,247 $ 591 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Years Ended December 31, 2021 2020 2019 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 403 $ 1 $ 6,279 $ 288 $ 6,463 $ 289 Construction and land development - - - - - - Commercial and industrial 1,853 - 2,645 3 2,144 5 Owner occupied real estate 3,530 48 2,964 93 1,908 38 Consumer and other 1,197 17 1,224 47 909 20 Residential mortgage 897 - 755 4 461 2 Paycheck protection program 2 - - - - - Total $ 7,882 $ 66 $ 13,867 $ 435 $ 11,885 $ 354 With an allowance recorded: Commercial real estate $ 4,129 $ 1 $ 4,015 $ - $ 4,281 $ 1 Construction and land development - - - - - - Commercial and industrial 706 - 454 - 838 - Owner occupied real estate 2,415 46 1,287 39 1,071 31 Consumer and other - - - - 30 - Residential mortgage - - 24 4 - - Paycheck protection program - - - - - - Total $ 7,250 $ 47 $ 5,780 $ 43 $ 6,220 $ 32 Total: Commercial real estate $ 4,532 $ 2 $ 10,294 $ 288 $ 10,744 $ 290 Construction and land development - - - - - - Commercial and industrial 2,559 - 3,099 3 2,982 5 Owner occupied real estate 5,945 94 4,251 132 2,979 69 Consumer and other 1,197 17 1,224 47 939 20 Residential mortgage 897 - 779 8 461 2 Paycheck protection program 2 - - - - - Total $ 15,132 $ 113 $ 19,647 $ 478 $ 18,105 $ 386 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2021 Commercial real estate $ - $ - $ 4,493 $ 4,493 $ 775,818 $ 780,311 $ - Construction and land development - - - - 216,008 216,008 - Commercial and industrial - - 2,558 2,558 249,818 252,376 - Owner occupied real estate - 4,139 3,714 7,853 518,717 526,570 - Consumer and other 92 20 1,080 1,192 82,295 83,487 5 Residential mortgage 3,165 - 701 3,866 532,466 536,332 - Paycheck protection program 1,594 547 318 2,459 116,580 119,039 318 Total $ 4,851 $ 4,706 $ 12,864 $ 22,421 $ 2,491,702 $ 2,514,123 $ 323 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2020 Commercial real estate $ - $ 97 $ 4,421 $ 4,518 $ 701,230 $ 705,748 $ - Construction and land development - - - - 142,821 142,821 - Commercial and industrial 1,648 - 2,963 4,611 195,577 200,188 - Owner occupied real estate 581 813 2,859 4,253 470,953 475,206 - Consumer and other 92 28 1,302 1,422 100,946 102,368 - Residential mortgage - - 1,313 1,313 393,861 395,174 612 Paycheck protection program - - - - 636,637 636,637 - Total $ 2,321 $ 938 $ 12,858 $ 16,117 $ 2,642,025 $ 2,658,142 $ 612 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2021: Commercial real estate $ 775,818 $ - $ 4,493 $ - $ 780,311 Construction and land development 216,008 - - - 216,008 Commercial and industrial 249,818 - 2,558 - 252,376 Owner occupied real estate 516,741 236 9,593 - 526,570 Consumer and other 82,412 - 1,075 - 83,487 Residential mortgage 535,631 - 701 - 536,332 Paycheck protection program 119,039 - - - 119,039 Total $ 2,495,467 $ 236 $ 18,420 $ - $ 2,514,123 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2020: Commercial real estate $ 701,151 $ 80 $ 4,517 $ - $ 705,748 Construction and land development 142,821 - - - 142,821 Commercial and industrial 197,225 - 2,963 - 200,188 Owner occupied real estate 470,732 519 3,955 - 475,206 Consumer and other 101,066 - 1,302 - 102,368 Residential mortgage 394,473 - 701 - 395,174 Paycheck protection program 636,637 - - - 636,637 Total $ 2,644,105 $ 599 $ 13,438 $ - $ 2,658,142 |
Financing Receivable, Nonaccrual [Table Text Block] | (dollars in thousands) December 31, 2021 December 31, 2020 Commercial real estate $ 4,493 $ 4,421 Construction and land development - - Commercial and industrial 2,558 2,963 Owner occupied real estate 3,714 2,859 Consumer and other 1,075 1,302 Residential mortgage 701 701 Paycheck protection program - - Total $ 12,541 $ 12,246 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs December 31, 2021 Commercial real estate - $ - $ - $ - Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total - $ - $ - $ - December 31, 2020 Commercial real estate 1 $ 4,530 $ - $ 4,530 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total 1 $ 4,530 $ - $ 4,530 |
Note 6 - Other Real Estate Ow_2
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | (dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Beginning Balance, January 1 st $ 1,188 $ 1,730 $ 6,223 Additions 360 233 1,225 Valuation adjustments (722 ) (31 ) (646 ) Dispositions (466 ) (744 ) (5,072 ) Ending Balance $ 360 $ 1,188 $ 1,730 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) December 31, 2021 December 31, 2020 Land $ 19,767 $ 21,304 Buildings 69,973 65,936 Leasehold improvements 32,831 31,909 Furniture, fixtures and equipment 36,304 33,400 Construction in progress 17,677 11,842 176,552 164,391 Less accumulated depreciation (49,112 ) (41,221 ) Net premises and equipment $ 127,440 $ 123,170 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Scheduled Maturities of Time Deposits [Table Text Block] | (dollars in thousands) 2022 2023 2024 2025 2026 Thereafter Total Time Deposits $ 166,031 $ 24,591 $ 2,682 $ 2,637 $ 2,004 $ - $ 197,945 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2021 2020 2019 Current Federal $ 5,968 $ 810 $ 394 State 2,106 1,490 - Deferred Federal 483 417 (1,524 ) State (31 ) (1,327 ) (220 ) Total provision (benefit) for income taxes $ 8,526 $ 1,390 $ (1,350 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (dollars in thousands) 2021 2020 2019 Tax provision computed at federal statutory rate $ 7,077 $ 1,353 $ (1,018 ) State income tax, net of federal benefit 1,639 360 (260 ) Tax exempt interest (419 ) (461 ) (425 ) Other 229 138 353 Total provision (benefit) for income taxes $ 8,526 $ 1,390 $ (1,350 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2021 2020 Deferred tax assets Allowance for loan losses $ 4,811 $ 3,291 Deferred compensation 674 641 Unrealized losses on securities available for sale 3,628 960 Deferred fees on PPP loans 1,110 3,737 Foreclosed real estate write-downs 1,147 985 Interest income on non-accrual loans 810 706 Stock option expense 2,263 1,780 Goodwill 805 890 Other 1,396 1,033 Total deferred tax assets 16,644 14,023 Deferred tax liabilities Deferred loan costs 1,303 1,818 Premises and equipment 1,111 191 Total deferred tax liabilities 2,414 2,009 Net deferred tax asset $ 14,230 $ 12,014 |
Note 13 - Regulatory Capital (T
Note 13 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (dollars in thousands) Actual Minimum Capital Adequacy Minimum Capital Adequacy with Capital Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio At December 31, 2021: Total risk based capital Republic $ 347,030 11.43 % $ 242,787 8.00 % $ 318,658 10.50 % $ 303,484 10.00 % Company 360,175 11.83 % 243,591 8.00 % 319,713 10.50 % - - % Tier one risk based capital Republic 328,066 10.81 % 182,091 6.00 % 257,962 8.50 % 242,787 8.00 % Company 341,211 11.21 % 182,693 6.00 % 258,816 8.50 % - - % CET 1 risk based capital Republic 328,066 10.81 % 136,568 4.50 % 212,439 7.00 % 197,265 6.50 % Company 281,886 9.26 % 137,020 4.50 % 213,142 7.00 % - - % Tier one leveraged capital Republic 322,097 5.85 % 224,247 4.00 % 224,247 4.00 % 280,309 5.00 % Company 324,242 6.08 % 224,656 4.00 % 224,656 4.00 % - - % At December 31, 2020: Total risk based capital Republic $ 298,291 12.36 % $ 193,062 8.00 % $ 253,394 10.50 % $ 241,327 10.00 % Company 326,554 13.50 % 193,498 8.00 % 253,967 10.50 % - - % Tier one risk based capital Republic 285,316 11.82 % 144,796 6.00 % 205,128 8.50 % 193,062 8.00 % Company 313,579 12.96 % 145,124 6.00 % 205,592 8.50 % - - % CET 1 risk based capital Republic 285,316 11.82 % 108,597 4.50 % 168,929 7.00 % 156,863 6.50 % Company 254,254 10.51 % 108,843 4.50 % 169,311 7.00 % - - % Tier one leveraged capital Republic 287,114 7.44 % 153,414 4.00 % 153,414 4.00 % 191,767 5.00 % Company 308,113 8.17 % 153,621 4.00 % 153,621 4.00 % - - % |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2021 Assets: U.S. Government agencies $ 24,928 $ - $ 24,928 $ - Collateralized mortgage obligations 371,549 - 371,549 - Agency mortgage-backed securities 441,483 - 441,483 - Municipal securities 6,940 - 6,940 - Corporate bonds 230,466 - 227,841 2,625 Investment securities available for sale $ 1,075,366 $ 1,072,741 $ 2,625 Equity securities 9,173 9,173 - - Mortgage Loans Held for Sale $ 8,538 $ - $ 8,538 $ - SBA Servicing Assets 4,705 - - 4,705 Interest Rate Lock Commitments 378 - 378 - Best Efforts Forward Loan Sales Commitments 5 - 5 - Mandatory Forward Loan Sales Commitments 5 - 5 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 96 - 96 - Mandatory Forward Loan Sales Commitments 44 - 44 - December 31, 2020 Assets: U.S. Government agencies $ 31,886 $ - $ 31,886 $ - Collateralized mortgage obligations 221,546 - 221,546 - Agency mortgage-backed securities 150,528 - 150,528 - Municipal securities 8,225 - 8,225 - Corporate bonds 116,323 - 113,692 2,631 Investment securities available for sale $ 528,508 $ 525,877 $ 2,631 Equity Securities 9,039 9,039 - - Mortgage Loans Held for Sale $ 50,387 $ - $ 50,387 $ - SBA Servicing Assets 4,626 - - 4,626 Interest Rate Lock Commitments 1,580 - 1,580 - Best Efforts Forward Loan Sales Commitments 2 - 2 - Mandatory Forward Loan Sales Commitments - - - - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 612 - 612 - Mandatory Forward Loan Sales Commitments 800 - 800 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | (dollars in thousands) 2021 2020 2019 Beginning balance, January 1 st $ 4,626 $ 4,447 $ 4,785 Additions 733 537 1,026 Fair value adjustments (654 ) (358 ) (1,364 ) Ending balance, December 31 st $ 4,705 $ 4,626 $ 4,447 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2021 2020 2019 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,631 $ 2,820 $ 3,069 Unrealized gains (losses) (6 ) (189 ) (249 ) Proceeds from sales - - - Realized losses - - - Balance, December 31 st $ 2,625 $ 2,631 $ 2,820 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs December 31, 2021: Impaired loans $ 11,664 $ - $ - $ 11,664 Other real estate owned 360 - - 360 December 31, 2020: Impaired loans $ 5,678 $ - $ - $ 5,678 Other real estate owned 364 - - 364 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) December 31, 2021 Corporate bonds $ 2,625 Discounted Cash Flows Discount Rate (3.42%) SBA servicing assets $ 4,705 Discounted Cash Flows Conditional Prepayment Rate (13.93%) Discount Rate (10.00%) Impaired loans $ 11,664 Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 27% (16%) (3) Sales Price Liquidation expenses (2) (12%) (3) Estimated Value of Insurance Proceeds (4) Other real estate owned $ 360 Appraised Value of Collateral (1) Liquidation expenses (2) (19%) (3) Sales Price Liquidation expenses (2) (13%) (3) December 31, 2020 Corporate bonds $ 2,631 Discounted Cash Flows Discount Rate (3.48%) SBA servicing assets $ 4,626 Discounted Cash Flows Conditional Prepayment Rate (13.22%) Discount Rate (10.00%) Impaired loans $ 5,678 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 23% (12%) (3) Other real estate owned $ 364 Appraised Value of Collateral (1) Liquidation expenses (2) 7% - 16% (13%) (3) |
Fair Value Option, Disclosures [Table Text Block] | Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance December 31, 2021 $ 8,538 $ 8,241 $ 297 December 31, 2020 $ 50,387 $ 48,109 $ 2,278 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) December 31, 2021 December 31, 2020 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,705 $ 4,626 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 4 % 2 % Adjustable-rate SBA loans 96 % 98 % Total 100 % 100 % Weighted Average Remaining Term (in years) 19.6 20.0 Prepayment Speed 13.93 % 13.22 % Effect on fair value of a 10% increase $ (204 ) $ (170 ) Effect on fair value of a 20% increase (393 ) (329 ) Weighted Average Discount Rate 10.00 % 10.00 % Effect on fair value of a 10% increase $ (148 ) $ (152 ) Effect on fair value of a 20% increase (288 ) (295 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2021 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 118,884 $ 118,884 $ 118,884 $ - $ - Investment securities available for sale 1,075,366 1,075,366 - 1,072,741 2,625 Investment securities held to maturity 1,660,292 1,647,360 - 1,647,360 - Equity securities 9,173 9,173 9,173 - - Restricted stock 3,510 N/A N/A N/A N/A Loans held for sale 13,762 13,762 - 8,538 5,224 Loans receivable, net 2,488,401 2,475,944 - - 2,475,944 SBA servicing assets 4,705 4,705 - - 4,705 Accrued interest receivable 15,073 15,073 - 15,073 - Interest rate lock commitments 378 378 - 378 - Best efforts forward loan sales commitments 5 5 - 5 - Mandatory forward loan sales commitments 5 5 - 5 - Financial liabilities: Deposits Demand, savings and money market $ 4,993,235 $ 4,993,235 $ - $ 4,993,235 $ - Time 197,945 197,764 - 197,764 - Subordinated debt 11,278 8,644 - - 8,644 Accrued interest payable 550 550 - 550 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 96 96 - 96 - Mandatory forward loan sales commitments 44 44 - 44 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements at December 31, 2020 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 775,300 $ 775,300 $ 775,300 $ - $ - Investment securities available for sale 528,508 528,508 - 525,877 2,631 Investment securities held to maturity 814,936 836,972 - 836,972 - Equity securities 9,039 9,039 9,039 - - Restricted stock 3,039 N/A N/A N/A - Loans held for sale 53,370 53,370 - 50,387 2,983 Loans receivable, net 2,632,367 2,618,104 - - 2,618,104 SBA servicing assets 4,626 4,626 - - 4,626 Accrued interest receivable 16,120 16,120 - 16,120 - Interest rate lock commitments 1,580 1,580 - 1,580 - Best efforts forward loan sales commitments 2 2 - 2 - Mandatory forward loan sales commitments - - - - - Financial liabilities: Deposits Demand, savings and money market $ 3,827,390 $ 3,827,390 $ - $ 3,827,390 $ - Time 186,361 187,292 - 187,292 - Subordinated debt 11,271 8,026 - - 8,026 Accrued interest payable 926 926 - 926 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 612 612 - 612 - Mandatory forward loan sales commitments 800 800 - 800 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 16 - Stock Based Compens_2
Note 16 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | 2021 2020 2019 Stock based compensation expense recognized $ 1,480,000 $ 1,918,000 $ 2,632,000 Number of unvested stock options 1,643,740 2,514,800 2,367,515 Fair value of unvested stock options $ 2,859,062 $ 4,702,676 $ 6,108,271 Amount remaining to be recognized as expense $ 1,155,748 $ 2,788,559 $ 3,574,740 2021 Stock based compensation expense recognized $ 613,497 Number of unvested stock units 516,513 Fair value of unvested stock units $ 1,849,595 Amount remaining to be recognized as expense $ 1,236,098 |
Schedule of Share-based Compensation, Options, Exercises [Table Text Block] | For the Years Ended December 31, 2021 2020 2019 Number of options exercised 83,375 17,000 53,550 Cash received $ 205,166 $ 41,305 $ 261,143 Intrinsic value $ 81,614 $ 10,410 $ 72,187 Tax benefit $ 333 $ 355 $ 5,159 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | For the Years Ended December 31, 2021 2020 2019 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding, beginning of year 5,899,425 $ 5.44 4,979,475 $ 6.05 3,861,650 $ 5.96 Granted - - 1,270,450 2.98 1,356,500 6.35 Exercised (83,375 ) 2.46 (17,000 ) 2.43 (53,550 ) 4.88 Forfeited (483,275 ) 5.32 (333,500 ) 5.34 (185,125 ) 6.76 Outstanding, end of year 5,332,775 $ 5.50 5,899,425 $ 5.44 4,979,475 $ 6.05 Options exercisable at year-end 3,689,035 $ 5.91 3,384,625 $ 5.67 2,611,960 $ 5.28 Weighted average fair value of options granted during the year $ - $ 0.91 $ 2.15 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $1.90 to $3.53 1,482,675 6.4 $ 2.85 511,923 $ 2.61 $3.55 to $3.94 559,850 2.8 3.60 557,850 3.60 $3.99 to $7.85 1,585,625 6.2 5.73 1,128,625 5.52 $8.00 to $9.45 1,704,625 5.6 8.22 1,490,637 8.19 5,332,775 $ 5.50 3,689,035 $ 5.90 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Shares Weighted- Average Grant Date Fair Value Nonvested, beginning of year 2,514,800 $ 1.87 Granted - - Vested (641,384 ) 2.57 Forfeited (229,676 ) 1.75 Nonvested, end of year 1,643,740 $ 1.74 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Year Ended December 31, 2021 Number of Units Weighted Average Grant Date Fair Value Beginning balance - $ - Granted 551,179 3.36 Vested - - Forfeited (34,666 ) 3.34 Ending balance 516,513 $ 3.36 |
Note 19 - Parent Company Fina_2
Note 19 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2021 December 31, 2020 ASSETS Cash $ 3,017 $ 22,872 Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation 341 341 Investment in subsidiaries 322,097 287,114 Other assets 10,197 9,347 Total Assets $ 335,652 $ 319,674 LIABILITIES AND SHAREHOLDERS EQUITY Liabilities Accrued expenses $ 132 $ 290 Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation 11,278 11,271 Total Liabilities 11,410 11,561 Shareholders’ Equity Total Shareholders’ Equity 324,242 308,113 Total Liabilities and Shareholders’ Equity $ 335,652 $ 319,674 |
Statements of Operations Comprehensive Income (Loss) and Changes in Shareholders Equity [Table Text Block] | 2021 2020 2019 Interest income $ 6 $ 9 $ 14 Total income 6 9 14 Trust preferred interest expense 214 297 476 Other expenses 3,284 2,805 3,662 Total expenses 3,498 3,102 4,138 Net loss before taxes (3,492 ) (3,093 ) (4,124 ) Benefit for income taxes (840 ) (703 ) (917 ) Loss before undistributed income of subsidiaries (2,652 ) (2,390 ) (3,207 ) Equity in undistributed income of subsidiaries 27,828 7,444 (293 ) Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Total other comprehensive income (loss) (7,845 ) 4,512 4,586 Total comprehensive income $ 17,331 $ 9,566 $ 1,086 Shareholders equity, beginning of year $ 308,113 $ 249,168 $ 245,189 Stock based compensation 2,093 1,918 2,632 Exercise of stock options 205 41 261 Proceeds from shares issued under preferred stock offering ( 2,000,000 1,675 - 48,325 - Preferred stock dividends (3,500 ) (923 ) - Return of short swing profit - 18 Net income (loss) 25,176 5,054 (3,500 ) Total other comprehensive income (loss) (7,845 ) 4,512 4,586 Shareholders equity, end of year $ 324,242 $ 308,113 $ 249,168 |
Condensed Cash Flow Statement [Table Text Block] | 2021 2020 2019 Cash flows from operating activities: Net income (loss) $ 25,176 $ 5,054 $ (3,500 ) Adjustments to reconcile net (loss) income to net cash used in operating activities: Share based compensation 2,093 1,918 2,632 Amortization of debt issuance costs 7 6 6 Increase in other assets (850 ) (707 ) (1,069 ) Net increase (decrease) in other liabilities (158 ) 257 (18 ) Equity in undistributed income of subsidiaries (27,828 ) (7,444 ) 293 Net cash used in operating activities (1,560 ) (916 ) (1,656 ) Cash flows from investing activities: Investment in subsidiary (15,000 ) (30,000 ) (20,000 ) Net cash used in investing activities (15,000 ) (30,000 ) (20,000 ) Cash flows from financing activities: Proceeds from shares issued under preferred stock offering ( 2,000,000 1,675 - 48,325 Preferred share dividends (3,500 ) (923 ) Return of short swing profit - 18 Exercise of stock options 205 41 261 Net cash provided by financing activities (3,295 ) 47,461 261 Increase (decrease) in cash (19,855 ) 16,545 (21,395 ) Cash, beginning of period 22,872 6,327 27,722 Cash, end of period $ 3,017 $ 22,872 $ 6,327 |
Note 20 - Quarterly Financial_2
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the Quarter Ended December 31 st September 30 th June 30 th March 31 st 2021 Interest income $ 40,251 $ 35,778 $ 35,354 $ 36,420 Interest expense 4,552 4,336 4,715 4,988 Net interest income 35,699 31,442 30,639 31,432 Provision for loan losses 1,850 900 - 3,000 Non-interest income 7,473 7,317 7,680 10,275 Non-interest expense 32,865 29,775 30,519 29,347 Provision (benefit) for income taxes 2,379 1,988 1,866 2,292 Net income (loss) $ 6,078 $ 6,096 $ 5,934 $ 7,068 Preferred stock dividends 875 875 875 875 Net income available to common shareholders $ 5,203 $ 5,221 $ 5,059 $ 6,193 Net income (loss) per share (1) Basic $ 0.09 $ 0.09 $ 0.09 $ 0.11 Diluted $ 0.08 $ 0.08 $ 0.08 $ 0.09 2020 Interest income $ 31,248 $ 28,560 $ 27,859 $ 27,283 Interest expense 5,527 5,630 5,432 6,529 Net interest income 25,721 22,930 22,427 20,754 Provision for loan losses 1,400 850 1,000 950 Non-interest income 11,235 10,031 8,424 6,545 Non-interest expense 29,907 33,580 26,664 27,272 Provision (benefit) for income taxes 1,548 (503 ) 675 (330 ) Net income (loss) $ 4,101 $ (967 ) $ 2,512 $ (593 ) Preferred stock dividends 923 - - - Net income available to common shareholders $ 3,178 $ (967 ) $ 2,512 $ (593 ) Net income (loss) per share (1) Basic $ 0.05 $ (0.02 ) $ 0.04 $ (0.01 ) Diluted $ 0.05 $ (0.02 ) $ 0.04 $ (0.01 ) |
Note 21 - Changes in Accumula_2
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains ( Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2021 $ 985 $ (3,814 ) $ (2,829 ) Unrealized loss on securities (9,646 ) - (9,646 ) Amounts reclassified from accumulated other comprehensive income to net income (2) (1 ) 1,802 1,801 Net current-period other comprehensive income (9,647 ) 1,802 (7,845 ) Total change in accumulated other comprehensive income (9,647 ) 1,802 (7,845 ) Balance December 31, 2021 $ (8,662 ) $ (2,012 ) $ (10,674 ) Balance January 1, 2020 $ (1,275 ) $ (6,066 ) $ (7,341 ) Unrealized gain on securities 4,320 - 4,320 Amounts reclassified from accumulated other comprehensive income to net income (2) (2,060 ) 2,252 192 Net current-period other comprehensive income 2,260 2,252 4,512 Total change in accumulated other comprehensive income 2,260 2,252 4,512 Balance December 31, 2020 $ 985 $ (3,814 ) $ (2,829 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 4,284 - 4,284 Amounts reclassified from accumulated other comprehensive income to net income (2) (823 ) 1,125 302 Net current-period other comprehensive income 3,461 1,125 4,586 Total change in accumulated other comprehensive income (loss) 3,461 1,125 4,586 Balance December 31, 2019 $ (1,275 ) $ (6,066 ) $ (7,341 ) |
Note 22 - Goodwill (Tables)
Note 22 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) Balance December 31, 2019 Additions/ Adjustments Write-offs Amortization Balance December 31, 2020 Amortization Period (in years) Goodwill $ 5,011 $ - $ (5,011 ) $ - $ - None |
Note 23 - Derivatives and Ris_2
Note 23 - Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | December 31, 2021 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 378 $ 14,419 Best efforts forward loan sales commitments Other Assets 5 3,222 Mandatory forward loan sales commitments Other Assets 5 1,667 Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 96 11,197 Mandatory forward loan sales commitments Other Liabilities 44 6,460 December 31, 2020 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 1,580 $ 48,223 Best efforts forward loan sales commitments Other Assets 2 2,069 Mandatory forward loan sales commitments Other Assets - - Liability derivatives: IRLC’s Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 612 46,154 Mandatory forward loan sales commitments Other Liabilities 800 48,373 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | Twelve Months Ended December 31, 2021 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (1,202 ) Best efforts forward loan sales commitments Mortgage banking income 3 Mandatory forward loan sales commitments Mortgage banking income 5 Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income 516 Mandatory forward loan sales commitments Mortgage banking income 756 Twelve Months Ended December 31, 2020 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ 1,218 Best efforts forward loan sales commitments Mortgage banking income (2 ) Mandatory forward loan sales commitments Mortgage banking income (2 ) Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income (479 ) Mandatory forward loan sales commitments Mortgage banking income (717 ) Twelve Months Ended December 31, 2019 Income Statement Presentation Gain/(Loss) Asset derivatives: IRLC’s Mortgage banking income $ (48 ) Best efforts forward loan sales commitments Mortgage banking income (1 ) Mandatory forward loan sales commitments Mortgage banking income (8 ) Liability derivatives: IRLC’s Mortgage banking income $ - Best efforts forward loan sales commitments Mortgage banking income 5 Mandatory forward loan sales commitments Mortgage banking income 147 |
Note 24 - Revenue Recognition (
Note 24 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31, (dollars in thousands) 2021 2020 2019 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 13,953 $ 11,058 $ 7,541 Other non-interest income 603 168 214 Non-interest income (in-scope of Topic 606) 14,556 11,226 7,755 Non-interest income (out-of-scope of Topic 606) 18,189 25,009 15,983 Total non-interest income $ 32,745 $ 36,235 $ 23,738 |
Note 25 - Leases (Tables)
Note 25 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 (dollars in thousands) Operating lease cost $ 8,650 $ 7,915 Sublease income - - Total lease cost $ 8,650 $ 7,915 Twelve Months Ended December 31, 2021 Twelve Months Ended December 31, 2020 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,244 $ 7,383 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 8,808 $ 10,973 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2021 December 31, 2020 (dollars in thousands) Operating lease payments due: Within one year $ 8,134 $ 8,260 One to three years 15,062 15,719 Three to five years 13,820 14,938 More than five years 78,867 85,176 Total undiscounted cash flows 115,883 124,093 Discount on cash flows (34,113 ) (46,517 ) Total operating lease liability obligations $ 81,770 $ 77,576 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Dec. 31, 2021 |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 2 |
Number of Trust Preferred Securities Issued | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended | 12 Months Ended | ||||||
Apr. 29, 2014 shares | Sep. 30, 2020 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | Jan. 01, 2022 USD ($) | Apr. 27, 2021 shares | Dec. 31, 2018 USD ($) | |
Restricted Cash and Cash Equivalents, Total | $ 0 | $ 0 | ||||||
Federal Home Loan Bank Stock | $ 3,400,000 | 2,900,000 | ||||||
Number of Reportable Segments | 1 | |||||||
Goodwill, Ending Balance | 0 | $ 5,011,000 | ||||||
Goodwill, Impairment Loss | $ 5,000,000 | $ 0 | $ 5,011,000 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | 1,270,450 | 1,356,500 | |||||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25% | |||||||
Liabilities, Total | $ 5,302,414,000 | $ 4,757,622,000 | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 324,242,000 | 308,113,000 | $ 249,168,000 | $ 245,189,000 | ||||
Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,200,000 | |||||||
Atlantic Community Bankers Bank (ACBB) [Member] | ||||||||
Liabilities, Total | 341,000 | |||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Other Investments, Total | $ 341,000 | |||||||
The 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 1,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 6,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 2,600,000 | |||||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10% | |||||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | Stock Unit [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | shares | 551,179 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 1,850,000 | |||||||
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 7,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | |||||||
Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Minimum [Member] | The 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
Maximum [Member] | The 2005 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
Building [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 13 years | |||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | |||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||||||
Financial Standby Letter of Credit [Member] | ||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 18,000,000 | |||||||
Performance Guarantee Expiring in 2022 [Member] | ||||||||
Guarantor Obligations, Current Carrying Value | 16,400,000 | |||||||
Performance Guarantee Expiring in 2023 [Member] | ||||||||
Guarantor Obligations, Current Carrying Value | 1,400,000 | |||||||
Performance Guarantee Expiring in 2024 [Member] | ||||||||
Guarantor Obligations, Current Carrying Value | 127,000 | |||||||
Performance Guarantee Expiring in 2026 [Member] | ||||||||
Guarantor Obligations, Current Carrying Value | 56,000 | |||||||
Atlantic Community Bankers Bank (ACBB) [Member] | ||||||||
Federal Home Loan Bank Stock | $ 143,000 | $ 143,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||||||
Net income (loss) attributable to basic common shareholders | $ 5,203 | $ 5,221 | $ 5,059 | $ 6,193 | $ 3,178 | $ (967) | $ 2,512 | $ (593) | $ 21,676 | $ 4,131 | $ (3,500) | ||||||||
Weighted average shares outstanding (in shares) | 58,891 | 58,853 | 58,833 | ||||||||||||||||
Net income (loss) per share – basic (in dollars per share) | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.11 | [1] | $ 0.05 | [1] | $ (0.02) | [1] | $ 0.04 | [1] | $ (0.01) | [1] | $ 0.37 | $ 0.07 | $ (0.06) |
Preferred stock dividends | $ 875 | $ 875 | $ 875 | $ 875 | $ 923 | $ 0 | $ 0 | $ 0 | $ 3,500 | $ 923 | $ 0 | ||||||||
Net income (loss) attributable to diluted common shareholders | $ 25,176 | $ 4,131 | $ (3,500) | ||||||||||||||||
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 75,952 | 58,904 | 58,833 | ||||||||||||||||
Net income (loss) per share – diluted (in dollars per share) | $ 0.08 | [1] | $ 0.08 | [1] | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.05 | [1] | $ (0.02) | [1] | $ 0.04 | [1] | $ (0.01) | [1] | $ 0.33 | $ 0.07 | $ (0.06) |
[1]Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Anti-dilutive securities (in shares) | 5,492 | 11,404 | 4,979 |
Share-Based Payment Arrangement [Member] | |||
Anti-dilutive securities (in shares) | 5,492 | 5,848 | 4,979 |
Convertible Preferred Stock [Member] | |||
Anti-dilutive securities (in shares) | 0 | 5,556 | 0 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) | 12 Months Ended | |||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Restricted | 1,200,000,000 | 1,200,000,000 | ||
Securities, Continuous Loss Position, Accumulated Loss | 36,100,000 | 4,600,000 | ||
Securities, Continuous Unrealized Loss Position, Fair Value | 2,100,000,000 | 328,700,000 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 125,222,000 | 54,742,000 | |
Debt Securities, Available-for-sale, Realized Gain | 2,000 | 3,000,000 | 1,200,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | 1,000 | 700,000 | 280,000 | |
Debt Securities, Available-for-sale, Realized Loss | 230,000 | 67,000 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | $ 2,800,000 | $ 1,100,000 | ||
Debt Securities, Available-for-sale, Transfer, Amount | $ 230,100,000 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities, Transferred to Held-to-maturity, before Tax | $ (9,400,000) | |||
Unrealized Loss Associated with Transferred Securities | $ 2,700,000 | |||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | |||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 27 | 23 | ||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 4 | |||
Agency Mortgage-backed Securities [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 61 | |||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 0 | |||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 15 | |||
Collateralized Mortgage-Backed Securities [Member] | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Total, available for sale, amortized cost | $ 1,086,972 | $ 527,188 | |
Investment securities available for sale, gross unrealized gains | 3,067 | 5,407 | |
Investment securities available for sale, gross unrealized losses | (14,673) | (4,087) | |
Investment securities available for sale, at fair value | 1,075,366 | 528,508 | |
Investment securities held to maturity, at amortized cost | 1,660,292 | 814,936 | |
Investment securities held to maturity, gross unrealized gains | 8,451 | 22,512 | |
Investment securities held to maturity, gross unrealized losses | (21,383) | (476) | |
Investment securities held to maturity, at fair value | 1,647,360 | 836,972 | |
Equity securities (1) | 9,173 | 9,039 | |
Noncumulative Preferred Stock [Member] | |||
Equity securities (1) | [1] | 9,173 | 9,039 |
US Government Agencies Debt Securities [Member] | |||
Total, available for sale, amortized cost | 25,671 | 32,312 | |
Investment securities available for sale, gross unrealized gains | 0 | 0 | |
Investment securities available for sale, gross unrealized losses | (743) | (426) | |
Investment securities available for sale, at fair value | 24,928 | 31,886 | |
Investment securities held to maturity, at amortized cost | 66,438 | 82,093 | |
Investment securities held to maturity, gross unrealized gains | 1,549 | 4,185 | |
Investment securities held to maturity, gross unrealized losses | 0 | 0 | |
Investment securities held to maturity, at fair value | 67,987 | 86,278 | |
Collateralized Mortgage Obligations [Member] | |||
Total, available for sale, amortized cost | 375,570 | 218,232 | |
Investment securities available for sale, gross unrealized gains | 989 | 3,584 | |
Investment securities available for sale, gross unrealized losses | (5,010) | (270) | |
Investment securities available for sale, at fair value | 371,549 | 221,546 | |
Investment securities held to maturity, at amortized cost | 400,424 | 363,363 | |
Investment securities held to maturity, gross unrealized gains | 4,607 | 12,687 | |
Investment securities held to maturity, gross unrealized losses | (8,803) | (231) | |
Investment securities held to maturity, at fair value | 396,228 | 375,819 | |
Agency Mortgage-backed Securities [Member] | |||
Total, available for sale, amortized cost | 446,740 | 149,325 | |
Investment securities available for sale, gross unrealized gains | 254 | 1,204 | |
Investment securities available for sale, gross unrealized losses | (5,511) | (1) | |
Investment securities available for sale, at fair value | 441,483 | 150,528 | |
Investment securities held to maturity, at amortized cost | 1,193,430 | 369,480 | |
Investment securities held to maturity, gross unrealized gains | 2,295 | 5,640 | |
Investment securities held to maturity, gross unrealized losses | (12,580) | (245) | |
Investment securities held to maturity, at fair value | 1,183,145 | 374,875 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Total, available for sale, amortized cost | 6,596 | 8,201 | |
Investment securities available for sale, gross unrealized gains | 344 | 24 | |
Investment securities available for sale, gross unrealized losses | 0 | 0 | |
Investment securities available for sale, at fair value | 6,940 | 8,225 | |
Corporate Debt Securities [Member] | |||
Total, available for sale, amortized cost | 232,395 | 119,118 | |
Investment securities available for sale, gross unrealized gains | 1,480 | 595 | |
Investment securities available for sale, gross unrealized losses | (3,409) | (3,390) | |
Investment securities available for sale, at fair value | $ 230,466 | $ 116,323 | |
[1]Equity securities consist of investments in non-cumulative preferred stock. |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due in 1 year or less, available for sale, amortized cost | $ 34,335 | |
Due in 1 year or less, available for sale, fair value | 34,157 | |
Due in 1 year or less, held to maturity, amortized cost | 4 | |
Due in 1 year or less, held to maturity, fair value | 4 | |
After 1 year to 5 years, available for sale, amortized cost | 102,194 | |
After 1 year to 5 years, available for sale, fair value | 102,007 | |
After 1 year to 5 years, held to maturity, amortized cost | 66,434 | |
After 1 year to 5 years, held to maturity, fair value | 67,983 | |
After 5 years to 10 years, available for sale, amortized cost | 32,017 | |
After 5 years to 10 years, available for sale, fair value | 32,099 | |
After 5 years to 10 years, held to maturity, amortized cost | 0 | |
After 5 years to 10 years, held to maturity, fair value | 0 | |
After 10 years, available for sale, amortized cost | 96,116 | |
After 10 years, available for sale, fair value | 94,071 | |
After 10 years, held to maturity, amortized cost | 0 | |
After 10 years, held to maturity, fair value | 0 | |
Total, available for sale, amortized cost | 1,086,972 | $ 527,188 |
Investment securities available for sale, at fair value | 1,075,366 | 528,508 |
Investment securities held to maturity, amortized cost | 1,660,292 | 814,936 |
Investment securities held to maturity, at fair value | 1,647,360 | 836,972 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 375,570 | |
No specific maturity date, available for sale, fair value | 371,549 | |
No specific maturity date, held to maturity, amortized cost | 400,424 | |
No specific maturity date, held to maturity, fair value | 396,228 | |
Total, available for sale, amortized cost | 375,570 | 218,232 |
Investment securities available for sale, at fair value | 371,549 | 221,546 |
Investment securities held to maturity, amortized cost | 400,424 | 363,363 |
Investment securities held to maturity, at fair value | 396,228 | $ 375,819 |
Collateralized Mortgage-Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 446,740 | |
No specific maturity date, available for sale, fair value | 441,483 | |
No specific maturity date, held to maturity, amortized cost | 1,193,430 | |
No specific maturity date, held to maturity, fair value | $ 1,183,145 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 708,711,000 | $ 124,990,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 10,159,000 | 310,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 155,915,000 | 86,535,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 4,514,000 | 3,777,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 864,626,000 | 211,525,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 14,673,000 | 4,087,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 1,082,607,000 | 117,140,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 17,534,000 | 476,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 143,750,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,849,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, fair value | 1,226,357,000 | 117,140,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 21,383,000 | 476,000 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 24,928,000 | 31,886,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 743,000 | 426,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 24,928,000 | 31,886,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 743,000 | 426,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Held to maturity securities in a continuous unrealized loss position, fair value | 0 | 0 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 0 | 0 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 188,416,000 | 99,497,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,982,000 | 270,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 57,708,000 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,028,000 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 246,124,000 | 99,497,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 5,010,000 | 270,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 183,376,000 | 62,603,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,719,000 | 231,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 81,994,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 2,084,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, fair value | 265,370,000 | 62,603,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 8,803,000 | 231,000 |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 365,859,000 | 20,934,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,896,000 | 1,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 39,928,000 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 615,000 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 405,787,000 | 20,934,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 5,511,000 | 1,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 899,231,000 | 54,537,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 10,815,000 | 245,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 61,756,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,765,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, fair value | 960,987,000 | 54,537,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 12,580,000 | 245,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 154,436,000 | 4,559,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,281,000 | 39,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 33,351,000 | 54,649,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,128 | 3,351,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 187,787,000 | 59,208,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 3,409,000 | $ 3,390,000 |
Note 4 - Loans Receivable (Deta
Note 4 - Loans Receivable (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 18.9 | $ 16.7 |
Loans and Leases Receivable, Related Parties, Period Increase (Decrease), Total | 2.2 | |
Loans and Leases Receivable, Related Parties, Additions | 4.2 | |
Loans and Leases Receivable, Related Parties, Proceeds | $ 2 | |
Previously Reported [Member] | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 14.9 |
Note 4 - Loans Receivable - Gro
Note 4 - Loans Receivable - Gross Loans by Major Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 2,514,123 | $ 2,658,142 |
Deferred costs (fees) | (6,758) | (12,800) |
Allowance for loan losses | (18,964) | (12,975) |
Net loans receivable | 2,488,401 | 2,632,367 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 780,311 | 705,748 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 216,008 | 142,821 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 252,376 | 200,188 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 526,570 | 475,206 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 83,487 | 102,368 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 536,332 | 395,174 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable | $ 119,039 | $ 636,637 |
Note 5 - Allowances for Loan _3
Note 5 - Allowances for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Impaired Financing Receivable, Average Recorded Investment, Total | $ 15,132,000 | $ 19,647,000 | $ 18,105,000 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 113,000 | 478,000 | 386,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 700,000 | $ 718,000 | $ 548,000 |
Financing Receivable, Number of Payment Deferrals | 0 | 21 | |
Financing Receivable, Deferred Payments | $ 16,000,000 | ||
Financing Receivable, Customers with Deferred Loan Payments, Percentage of Total Loans | 1% | ||
Financing Receivable, Deferred Payments, Principal | $ 4,000,000 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Number of Mortgage Loans in Process of Foreclosure | 1 | 1 | |
Second Deferred Loans [Member] | |||
Financing Receivable, Number of Payment Deferrals | 13 | ||
Financing Receivable, Deferred Payments | $ 13,000,000 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Number of Payment Deferrals | 8 | ||
Financing Receivable, Deferred Payments | $ 3,000,000 |
Note 5 - Allowances for Loan _4
Note 5 - Allowances for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 12,975 | $ 9,266 | $ 12,975 | $ 9,266 | $ 8,615 | ||||||
Charge-offs | (489) | (555) | (1,482) | ||||||||
Recoveries | 728 | 64 | 228 | ||||||||
Provision for loan losses | $ 1,850 | $ 900 | $ 0 | 3,000 | $ 1,400 | $ 850 | $ 1,000 | 950 | 5,750 | 4,200 | 1,905 |
Ending balance | 18,964 | 12,975 | 18,964 | 12,975 | 9,266 | ||||||
Allowance for loan losses, individually evaluated for impairment | 2,743 | 591 | 2,743 | 591 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 16,221 | 12,384 | 16,221 | 12,384 | |||||||
Total allowance for loan losses | 18,964 | 12,975 | 18,964 | 12,975 | 9,266 | ||||||
Loans evaluated individually | 18,420 | 17,969 | 18,420 | 17,969 | |||||||
Loans evaluated collectively | 2,495,703 | 2,640,173 | 2,495,703 | 2,640,173 | |||||||
Total loans receivable | 2,514,123 | 2,658,142 | 2,514,123 | 2,658,142 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Beginning balance | 4,394 | 3,043 | 4,394 | 3,043 | 2,462 | ||||||
Charge-offs | (311) | 0 | 0 | ||||||||
Recoveries | 33 | 0 | 0 | ||||||||
Provision for loan losses | 1,686 | 1,351 | 581 | ||||||||
Ending balance | 5,802 | 4,394 | 5,802 | 4,394 | 3,043 | ||||||
Allowance for loan losses, individually evaluated for impairment | 992 | 418 | 992 | 418 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 4,810 | 3,976 | 4,810 | 3,976 | |||||||
Total allowance for loan losses | 5,802 | 4,394 | 5,802 | 4,394 | 3,043 | ||||||
Loans evaluated individually | 4,493 | 9,048 | 4,493 | 9,048 | |||||||
Loans evaluated collectively | 775,818 | 696,700 | 775,818 | 696,700 | |||||||
Total loans receivable | 780,311 | 705,748 | 780,311 | 705,748 | |||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||||
Beginning balance | 948 | 688 | 948 | 688 | 777 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 3 | 0 | ||||||||
Provision for loan losses | 596 | 257 | (89) | ||||||||
Ending balance | 1,544 | 948 | 1,544 | 948 | 688 | ||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 1,544 | 948 | 1,544 | 948 | |||||||
Total allowance for loan losses | 1,544 | 948 | 1,544 | 948 | 688 | ||||||
Loans evaluated individually | 0 | 0 | |||||||||
Loans evaluated collectively | 216,008 | 142,821 | 216,008 | 142,821 | |||||||
Total loans receivable | 216,008 | 142,821 | 216,008 | 142,821 | |||||||
Commercial Portfolio Segment [Member] | |||||||||||
Beginning balance | 1,367 | 931 | 1,367 | 931 | 1,754 | ||||||
Charge-offs | (61) | (333) | (1,356) | ||||||||
Recoveries | 462 | 48 | 217 | ||||||||
Provision for loan losses | 1,088 | 721 | 316 | ||||||||
Ending balance | 2,856 | 1,367 | 2,856 | 1,367 | 931 | ||||||
Allowance for loan losses, individually evaluated for impairment | 1,169 | 51 | 1,169 | 51 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 1,687 | 1,316 | 1,687 | 1,316 | |||||||
Total allowance for loan losses | 2,856 | 1,367 | 2,856 | 1,367 | 931 | ||||||
Loans evaluated individually | 2,558 | 2,963 | 2,558 | 2,963 | |||||||
Loans evaluated collectively | 249,818 | 197,225 | 249,818 | 197,225 | |||||||
Total loans receivable | 252,376 | 200,188 | 252,376 | 200,188 | |||||||
Owner Occupied Real Estate [Member] | |||||||||||
Beginning balance | 2,374 | 2,292 | 2,374 | 2,292 | 2,033 | ||||||
Charge-offs | 0 | (48) | 0 | ||||||||
Recoveries | 64 | 1 | 2 | ||||||||
Provision for loan losses | 720 | 129 | 257 | ||||||||
Ending balance | 3,158 | 2,374 | 3,158 | 2,374 | 2,292 | ||||||
Allowance for loan losses, individually evaluated for impairment | 582 | 122 | 582 | 122 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 2,576 | 2,252 | 2,576 | 2,252 | |||||||
Total allowance for loan losses | 3,158 | 2,374 | 3,158 | 2,374 | 2,292 | ||||||
Loans evaluated individually | 9,593 | 3,955 | 9,593 | 3,955 | |||||||
Loans evaluated collectively | 516,977 | 471,251 | 516,977 | 471,251 | |||||||
Total loans receivable | 526,570 | 475,206 | 526,570 | 475,206 | |||||||
Consumer Portfolio Segment [Member] | |||||||||||
Beginning balance | 723 | 590 | 723 | 590 | 577 | ||||||
Charge-offs | (117) | (107) | (126) | ||||||||
Recoveries | 169 | 12 | 9 | ||||||||
Provision for loan losses | (146) | 228 | 130 | ||||||||
Ending balance | 629 | 723 | 629 | 723 | 590 | ||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 629 | 723 | 629 | 723 | |||||||
Total allowance for loan losses | 629 | 723 | 629 | 723 | 590 | ||||||
Loans evaluated individually | 1,075 | 1,302 | 1,075 | 1,302 | |||||||
Loans evaluated collectively | 82,412 | 101,066 | 82,412 | 101,066 | |||||||
Total loans receivable | 83,487 | 102,368 | 83,487 | 102,368 | |||||||
Residential Portfolio Segment [Member] | |||||||||||
Beginning balance | 3,025 | 1,705 | 3,025 | 1,705 | 894 | ||||||
Charge-offs | 0 | (67) | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | 1,897 | 1,387 | 811 | ||||||||
Ending balance | 4,922 | 3,025 | 4,922 | 3,025 | 1,705 | ||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 4,922 | 3,025 | 4,922 | 3,025 | |||||||
Total allowance for loan losses | 4,922 | 3,025 | 4,922 | 3,025 | 1,705 | ||||||
Loans evaluated individually | 701 | 701 | 701 | 701 | |||||||
Loans evaluated collectively | 535,631 | 394,473 | 535,631 | 394,473 | |||||||
Total loans receivable | 536,332 | 395,174 | 536,332 | 395,174 | |||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | ||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Total allowance for loan losses | 0 | 0 | 0 | 0 | 0 | ||||||
Loans evaluated individually | 0 | 0 | 0 | 0 | |||||||
Loans evaluated collectively | 119,039 | 636,637 | 119,039 | 636,637 | |||||||
Total loans receivable | 119,039 | 636,637 | 119,039 | 636,637 | |||||||
Unallocated Financing Receivables [Member] | |||||||||||
Beginning balance | $ 144 | $ 17 | 144 | 17 | 118 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | (91) | 127 | (101) | ||||||||
Ending balance | 53 | 144 | 53 | 144 | 17 | ||||||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses, collectively evaluated for impairment | 53 | 144 | 53 | 144 | |||||||
Total allowance for loan losses | 53 | 144 | 53 | 144 | $ 17 | ||||||
Loans evaluated individually | 0 | 0 | 0 | 0 | |||||||
Loans evaluated collectively | 0 | 0 | 0 | 0 | |||||||
Total loans receivable | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Allowances for Loan _5
Note 5 - Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
With no related allowance - Recorded investment | $ 4,415 | $ 12,842 |
With no related allowance - Unpaid principal balance | 5,042 | 13,565 |
With an related allowance - Recorded investment | 14,005 | 5,127 |
With related allowance, Unpaid principal balance | 14,684 | 5,682 |
Related allowance | 2,743 | 591 |
Recorded investment | 18,420 | 17,969 |
Unpaid principal balance | 19,726 | 19,247 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 479 | 5,033 |
With no related allowance - Unpaid principal balance | 691 | 5,040 |
With an related allowance - Recorded investment | 4,014 | 4,015 |
With related allowance, Unpaid principal balance | 4,536 | 4,536 |
Related allowance | 992 | 418 |
Recorded investment | 4,493 | 9,048 |
Unpaid principal balance | 5,227 | 9,576 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 0 | 0 |
With no related allowance - Unpaid principal balance | 0 | 0 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 80 | 2,608 |
With no related allowance - Unpaid principal balance | 81 | 2,794 |
With an related allowance - Recorded investment | 2,478 | 355 |
With related allowance, Unpaid principal balance | 2,616 | 371 |
Related allowance | 1,169 | 51 |
Recorded investment | 2,558 | 2,963 |
Unpaid principal balance | 2,697 | 3,165 |
Owner Occupied Real Estate [Member] | ||
With no related allowance - Recorded investment | 2,080 | 3,198 |
With no related allowance - Unpaid principal balance | 2,080 | 3,407 |
With an related allowance - Recorded investment | 7,513 | 757 |
With related allowance, Unpaid principal balance | 7,532 | 775 |
Related allowance | 582 | 122 |
Recorded investment | 9,593 | 3,955 |
Unpaid principal balance | 9,612 | 4,182 |
Consumer Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 1,075 | 1,302 |
With no related allowance - Unpaid principal balance | 1,422 | 1,556 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 1,075 | 1,302 |
Unpaid principal balance | 1,422 | 1,556 |
Residential Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 701 | 701 |
With no related allowance - Unpaid principal balance | 768 | 768 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 701 | 701 |
Unpaid principal balance | 768 | 768 |
Paycheck Protection Program CARES Act [Member] | ||
With no related allowance - Recorded investment | 0 | 0 |
With no related allowance - Unpaid principal balance | 0 | 0 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | $ 0 | $ 0 |
Note 5 - Allowances for Loan _6
Note 5 - Allowances for Loan Losses - Impaired Loans, Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
With no related allowance recorded - Average recorded investment | $ 7,882 | $ 13,867 | $ 11,885 |
With no related allowance recorded - Interest income recognized | 66 | 435 | 354 |
With related allowance - Average recorded investment | 7,250 | 5,780 | 6,220 |
With related allowance - Interest income recognized | 47 | 43 | 32 |
Average recorded investment | 15,132 | 19,647 | 18,105 |
Interest income recognized | 113 | 478 | 386 |
Commercial Real Estate Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 403 | 6,279 | 6,463 |
With no related allowance recorded - Interest income recognized | 1 | 288 | 289 |
With related allowance - Average recorded investment | 4,129 | 4,015 | 4,281 |
With related allowance - Interest income recognized | 1 | 0 | 1 |
Average recorded investment | 4,532 | 10,294 | 10,744 |
Interest income recognized | 2 | 288 | 290 |
Construction and Land Development Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 0 | 0 | 0 |
With no related allowance recorded - Interest income recognized | 0 | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 | 0 |
Average recorded investment | 0 | 0 | 0 |
Interest income recognized | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 1,853 | 2,645 | 2,144 |
With no related allowance recorded - Interest income recognized | 0 | 3 | 5 |
With related allowance - Average recorded investment | 706 | 454 | 838 |
With related allowance - Interest income recognized | 0 | 0 | 0 |
Average recorded investment | 2,559 | 3,099 | 2,982 |
Interest income recognized | 0 | 3 | 5 |
Owner Occupied Real Estate [Member] | |||
With no related allowance recorded - Average recorded investment | 3,530 | 2,964 | 1,908 |
With no related allowance recorded - Interest income recognized | 48 | 93 | 38 |
With related allowance - Average recorded investment | 2,415 | 1,287 | 1,071 |
With related allowance - Interest income recognized | 46 | 39 | 31 |
Average recorded investment | 5,945 | 4,251 | 2,979 |
Interest income recognized | 94 | 132 | 69 |
Consumer Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 1,197 | 1,224 | 909 |
With no related allowance recorded - Interest income recognized | 17 | 47 | 20 |
With related allowance - Average recorded investment | 0 | 0 | 30 |
With related allowance - Interest income recognized | 0 | 0 | 0 |
Average recorded investment | 1,197 | 1,224 | 939 |
Interest income recognized | 17 | 47 | 20 |
Residential Portfolio Segment [Member] | |||
With no related allowance recorded - Average recorded investment | 897 | 755 | 461 |
With no related allowance recorded - Interest income recognized | 0 | 4 | 2 |
With related allowance - Average recorded investment | 0 | 24 | 0 |
With related allowance - Interest income recognized | 0 | 4 | 0 |
Average recorded investment | 897 | 779 | 461 |
Interest income recognized | 0 | 8 | 2 |
Paycheck Protection Program CARES Act [Member] | |||
With no related allowance recorded - Average recorded investment | 2 | 0 | 0 |
With no related allowance recorded - Interest income recognized | 0 | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 | 0 |
Average recorded investment | 2 | 0 | 0 |
Interest income recognized | $ 0 | $ 0 | $ 0 |
Note 5 - Allowances for Loan _7
Note 5 - Allowances for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 2,514,123 | $ 2,658,142 |
Loans receivable greater than 90 days and accruing | 323 | 612 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 4,851 | 2,321 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 4,706 | 938 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 12,864 | 12,858 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 22,421 | 16,117 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 2,491,702 | 2,642,025 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 780,311 | 705,748 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 97 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 4,493 | 4,421 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 4,493 | 4,518 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 775,818 | 701,230 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 216,008 | 142,821 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 216,008 | 142,821 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 252,376 | 200,188 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 1,648 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 2,558 | 2,963 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 2,558 | 4,611 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 249,818 | 195,577 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 526,570 | 475,206 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Owner Occupied Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 581 |
Owner Occupied Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 4,139 | 813 |
Owner Occupied Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 3,714 | 2,859 |
Owner Occupied Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 7,853 | 4,253 |
Owner Occupied Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 518,717 | 470,953 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 83,487 | 102,368 |
Loans receivable greater than 90 days and accruing | 5 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 92 | 92 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 20 | 28 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 1,080 | 1,302 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 1,192 | 1,422 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 82,295 | 100,946 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 536,332 | 395,174 |
Loans receivable greater than 90 days and accruing | 0 | 612 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 3,165 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 701 | 1,313 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 3,866 | 1,313 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 532,466 | 393,861 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable | 119,039 | 636,637 |
Loans receivable greater than 90 days and accruing | 318 | 0 |
Paycheck Protection Program CARES Act [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 1,594 | 0 |
Paycheck Protection Program CARES Act [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 547 | 0 |
Paycheck Protection Program CARES Act [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 318 | 0 |
Paycheck Protection Program CARES Act [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 2,459 | 0 |
Paycheck Protection Program CARES Act [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | $ 116,580 | $ 636,637 |
Note 5 - Allowances for Loan _8
Note 5 - Allowances for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans receivable | $ 2,514,123 | $ 2,658,142 |
Pass [Member] | ||
Loans receivable | 2,495,467 | 2,644,105 |
Special Mention [Member] | ||
Loans receivable | 236 | 599 |
Substandard [Member] | ||
Loans receivable | 18,420 | 13,438 |
Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 780,311 | 705,748 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 775,818 | 701,151 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 80 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 4,493 | 4,517 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 216,008 | 142,821 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 216,008 | 142,821 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 252,376 | 200,188 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 249,818 | 197,225 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 2,558 | 2,963 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 526,570 | 475,206 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 516,741 | 470,732 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 236 | 519 |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 9,593 | 3,955 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 83,487 | 102,368 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 82,412 | 101,066 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 1,075 | 1,302 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 536,332 | 395,174 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 535,631 | 394,473 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 701 | 701 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable | 119,039 | 636,637 |
Paycheck Protection Program CARES Act [Member] | Pass [Member] | ||
Loans receivable | 119,039 | 636,637 |
Paycheck Protection Program CARES Act [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Paycheck Protection Program CARES Act [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Paycheck Protection Program CARES Act [Member] | Doubtful [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 5 - Allowances for Loan _9
Note 5 - Allowances for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-accrual loans | $ 12,541 | $ 12,246 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 4,493 | 4,421 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 2,558 | 2,963 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 3,714 | 2,859 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 1,075 | 1,302 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 701 | 701 |
Paycheck Protection Program CARES Act [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 5 - Allowances for Loan_10
Note 5 - Allowances for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Number of Loans | 0 | 1 |
Troubled debt restructurings, accrual status | $ 0 | $ 4,530 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 4,530 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 0 | 1 |
Troubled debt restructurings, accrual status | $ 0 | $ 4,530 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 4,530 |
Construction and Land Development Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Paycheck Protection Program CARES Act [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Note 6 - Other Real Estate Ow_3
Note 6 - Other Real Estate Owned - Reconciliation of Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning Balance | $ 1,188 | $ 1,730 | $ 6,223 |
Additions | 360 | 233 | 1,225 |
Valuation adjustments | (722) | (31) | (646) |
Dispositions | (466) | (744) | (5,072) |
Ending Balance | $ 360 | $ 1,188 | $ 1,730 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Depreciation, Total | $ 8,400 | $ 8,200 | $ 6,500 |
Property, Plant and Equipment, Gross, Ending Balance | 176,552 | 164,391 | |
Construction in Progress Land Purchased | $ 10,100 | ||
Number of Specific Store Locations | 4 | ||
Cost of Completion | $ 7,600 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | $ 17,677 | $ 11,842 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and equipment | $ 176,552 | $ 164,391 |
Less accumulated depreciation | (49,112) | (41,221) |
Net premises and equipment | 127,440 | 123,170 |
Land [Member] | ||
Premises and equipment | 19,767 | 21,304 |
Building [Member] | ||
Premises and equipment | 69,973 | 65,936 |
Leasehold Improvements [Member] | ||
Premises and equipment | 32,831 | 31,909 |
Furniture and Fixtures [Member] | ||
Premises and equipment | 36,304 | 33,400 |
Construction in Progress [Member] | ||
Premises and equipment | $ 17,677 | $ 11,842 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 28, 2007 | Dec. 31, 2006 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25% | ||||
Amortization of Debt Issuance Costs | $ 7,000 | $ 6,000 | $ 6,000 | ||
Subordinated Debt [Member] | |||||
Debt Issuance Costs, Net, Total | 63,000 | 70,000 | |||
Republic Capital Trust II [Member] | |||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 6,000,000 | ||||
Proceeds from Issuance of Common Stock | 200,000 | ||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | |||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 6,200,000 | ||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | ||||
Republic Capital Trust III [Member] | |||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 5,000,000 | ||||
Proceeds from Issuance of Common Stock | 200,000 | ||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | |||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,200,000 | ||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||
Correspondent Bank [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||
Long-term Line of Credit, Total | 0 | 0 | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | 0 | |||
Zions Bank [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||||
Long-term Line of Credit, Total | 0 | 0 | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | 0 | |||
Overnight Advances [Member] | |||||
Collateralized Financings, Total | 1,800,000,000 | ||||
Paycheck Protection Program Liquidity Facility [Member] | Federal Home Loan Bank Advances [Member] | |||||
Debt Instrument, Collateral Amount | 0 | 633,900,000 | |||
Debt Instrument, Face Amount | 633,900,000 | ||||
Federal Home Loan Bank of Pittsburgh [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | ||||
Long-term Line of Credit, Total | 0 | 0 | |||
Short-term Debt, Total | 0 | 0 | |||
Letters of Credit Outstanding, Amount | 100,000,000 | 150,000,000 | |||
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Advances [Member] | |||||
Long-term Line of Credit, Total | $ 0 | 0 | |||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 0 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 82,900,000 | $ 88,400,000 |
Related Party Deposit Liabilities | 103,900,000 | 102,800,000 |
Brokered Deposits | 1,000,000 | 1,000,000 |
Bank Overdrafts | $ 501,000 | 227,000 |
Previously Reported [Member] | ||
Related Party Deposit Liabilities | $ 98,000,000 |
Note 9 - Deposits - Contractual
Note 9 - Deposits - Contractual Maturities of the Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, 2022 | $ 166,031 | |
Time Deposits, 2023 | 24,591 | |
Time Deposits, 2024 | 2,682 | |
Time Deposits, 2025 | 2,637 | |
Time Deposits, 2026 | 2,004 | |
Time Deposits, Thereafter | 0 | |
Time Deposits, Total | $ 197,945 | $ 186,361 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Percent, Total | 25% | 22% | |
Deferred Tax Assets, Deferred Fees on PPP Loans | $ 1,110 | $ 3,737 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 13,100 | ||
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss | 4,811 | 3,291 | |
Deferred Tax Asset, Debt Securities, Available-for-Sale, Unrealized Loss | $ 3,628 | 960 | |
Number of Additional Stores Added | 14 | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | ||
Liability for Uncertainty in Income Taxes, Current | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | $ 0 |
Other Noncurrent Assets [Member] | |||
Deferred Income Tax Assets, Net, Total | $ 14,200 | $ 12,000 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ 5,968 | $ 810 | $ 394 |
State | 2,106 | 1,490 | 0 |
Federal | 483 | 417 | (1,524) |
State | (31) | (1,327) | (220) |
Total provision (benefit) for income taxes | $ 8,526 | $ 1,390 | $ (1,350) |
Note 10 - Income Taxes - Inco_2
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax provision computed at federal statutory rate | $ 7,077 | $ 1,353 | $ (1,018) | ||||||||
State income tax, net of federal benefit | 1,639 | 360 | (260) | ||||||||
Tax exempt interest | (419) | (461) | (425) | ||||||||
Other | 229 | 138 | 353 | ||||||||
Total provision (benefit) for income taxes | $ 2,379 | $ 1,988 | $ 1,866 | $ 2,292 | $ 1,548 | $ (503) | $ 675 | $ (330) | $ 8,526 | $ 1,390 | $ (1,350) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses | $ 4,811 | $ 3,291 |
Deferred compensation | 674 | 641 |
Unrealized losses on securities available for sale | 3,628 | 960 |
Deferred fees on PPP loans | 1,110 | 3,737 |
Foreclosed real estate write-downs | 1,147 | 985 |
Interest income on non-accrual loans | 810 | 706 |
Stock option expense | 2,263 | 1,780 |
Goodwill | 805 | 890 |
Other | 1,396 | 1,033 |
Total deferred tax assets | 16,644 | 14,023 |
Deferred loan costs | 1,303 | 1,818 |
Premises and equipment | 1,111 | 191 |
Total deferred tax liabilities | 2,414 | 2,009 |
Net deferred tax asset | $ 14,230 | $ 12,014 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Standby Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 18 | $ 16.6 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 549.8 | $ 428.9 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Legal Fees | $ 1,667 | $ 1,164 | $ 1,335 | |
Forecast [Member] | ||||
Legal Fees | $ 10,300 |
Note 13 - Regulatory Capital (D
Note 13 - Regulatory Capital (Details Textual) $ in Millions | Dec. 31, 2021 USD ($) | Dec. 31, 2020 |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 83.5 | |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Capital Conservation Buffer | 2.50% | |
Subsidiaries [Member] | ||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Note 13 - Regulatory Capital -
Note 13 - Regulatory Capital - Capital Regulatory Ratios (Details) $ in Thousands | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Capital | $ 360,175 | $ 326,554 |
Capital to risk-weighted assets | 0.1183 | 0.1350 |
Capital required for capital adequacy | $ 243,591 | $ 193,498 |
Capital required for capital adequacy to risk-weighted assets | 0.0800 | 0.0800 |
Capital required for capital adequacy, with capital buffer | $ 319,713 | $ 253,967 |
Capital required for capital adequacy to risk-weighted assets, with capital buffer | 10.50% | 10.50% |
Tier one risk-based capital | $ 341,211 | $ 313,579 |
Tier one risk-based capital to risk-weighted assets | 0.1121 | 0.1296 |
Tier one risk-based capital required for capital adequacy | $ 182,693 | $ 145,124 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 0.0600 | 0.0600 |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 258,816 | $ 205,592 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 8.50% | 8.50% |
Common equity tier one risk-based capital | $ 281,886 | $ 254,254 |
Common equity tier one risk-based capital to risk-weighted assets | 0.0926 | 0.1051 |
Common equity tier one risk-based capital required for capital adequacy | $ 137,020 | $ 108,843 |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 213,142 | $ 169,311 |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 7% | 7% |
Tier one leverage capital | $ 324,242 | $ 308,113 |
Tier one leverage capital to average assets | 0.0608 | 0.0817 |
Tier one leverage capital required for capital adequacy | $ 224,656 | $ 153,621 |
Tier one leverage capital required for capital adequacy to risk average assets | 0.0400 | 0.0400 |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 224,656 | $ 153,621 |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4% | 4% |
Subsidiaries [Member] | ||
Capital | $ 347,030 | $ 298,291 |
Capital to risk-weighted assets | 0.1143 | 0.1236 |
Capital required for capital adequacy | $ 242,787 | $ 193,062 |
Capital required for capital adequacy to risk-weighted assets | 0.0800 | 0.0800 |
Capital required for capital adequacy, with capital buffer | $ 318,658 | $ 253,394 |
Capital required for capital adequacy to risk-weighted assets, with capital buffer | 10.50% | 10.50% |
Capital required to be well capitalized | $ 303,484 | $ 241,327 |
Capital required to be well capitalized to risk-weighted assets | 0.1000 | 0.1000 |
Tier one risk-based capital | $ 328,066 | $ 285,316 |
Tier one risk-based capital to risk-weighted assets | 0.1081 | 0.1182 |
Tier one risk-based capital required for capital adequacy | $ 182,091 | $ 144,796 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 0.0600 | 0.0600 |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 257,962 | $ 205,128 |
Tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 8.50% | 8.50% |
Tier one risk-based capital required to be well capitalized | $ 242,787 | $ 193,062 |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 0.0800 | 0.0800 |
Common equity tier one risk-based capital | $ 328,066 | $ 285,316 |
Common equity tier one risk-based capital to risk-weighted assets | 0.1081 | 0.1182 |
Common equity tier one risk-based capital required for capital adequacy | $ 136,568 | $ 108,597 |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 212,439 | $ 168,929 |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets, with capital buffer | 7% | 7% |
Common equity tier one risk-based capital required to be well capitalized | $ 197,265 | $ 156,863 |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% |
Tier one leverage capital | $ 322,097 | $ 287,114 |
Tier one leverage capital to average assets | 0.0585 | 0.0744 |
Tier one leverage capital required for capital adequacy | $ 224,247 | $ 153,414 |
Tier one leverage capital required for capital adequacy to risk average assets | 0.0400 | 0.0400 |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 224,247 | $ 153,414 |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4% | 4% |
Tier one leverage capitalrequired to be well capitalized | $ 280,309 | $ 191,767 |
Tier one leverage capitalrequired to be well capitalized to average assets | 0.0500 | 0.0500 |
Note 14 - Benefit Plans (Detail
Note 14 - Benefit Plans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4% | ||
Defined Contribution Plan, Cost | $ 1,400,000 | $ 1,500,000 | $ 1,200,000 |
Annuity Payment, Maximum Contractual Term (Year) | 10 years | ||
Retirement Age to Be Attained to Receive Postretirement Benefits | 65 | ||
Liability, Defined Benefit Pension Plan | $ 1,100,000 | 1,100,000 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 25,000 | 6,000 | 16,000 |
Deferred Compensation Plan, Benefits, Number of Years to Vest (Year) | 3 years | ||
Deferred Compensation Plan, Shares Acquired (in shares) | shares | 0 | ||
Deferred Compensation Plan, Amount Vested | $ 1,600,000 | 1,400,000 | |
Deferred Compensation Arrangement With Individual, Expense Reduction | $ 13,000 | $ 10,000 | |
Deferred Compensation Arrangement With Individual, Expense | $ 2,000 | ||
Deferred Compensation Plan, Shares Held (in shares) | shares | 25,437 | 25,437 | |
Other Assets [Member] | |||
Cash Surrender Value of Life Insurance | $ 1,700,000 | $ 2,600,000 | |
Minimum [Member] | |||
Annual Annuity Payments | 15,000 | ||
Maximum [Member] | |||
Annual Annuity Payments | $ 25,000 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 14,556,000 | $ 11,226,000 | $ 7,755,000 |
Servicing Asset, Total | 218,900,000 | 208,700,000 | |
Interest and Fee Income, Loans Held-for-sale, Mortgages | $ 735,000 | $ 846,000 | |
SBA Servicing Assets [Member] | |||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10% | 10% | |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20% | 20% | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Mortgages Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 | |
Shareholder Service [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,200,000 | $ 1,800,000 | $ 1,900,000 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale, at fair value | $ 1,075,366 | $ 528,508 | ||
Equity securities | 9,173 | 9,039 | ||
SBA Servicing Assets | 4,705 | 4,626 | $ 4,447 | $ 4,785 |
US Government Agencies Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 24,928 | 31,886 | ||
Collateralized Mortgage Obligations [Member] | ||||
Investment securities available for sale, at fair value | 371,549 | 221,546 | ||
Agency Mortgage-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 441,483 | 150,528 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 6,940 | 8,225 | ||
Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 230,466 | 116,323 | ||
Fair Value, Recurring [Member] | ||||
Investment securities available for sale, at fair value | 1,075,366 | 528,508 | ||
Equity securities | 9,173 | 9,039 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 8,538 | 50,387 | ||
SBA Servicing Assets | 4,705 | 4,626 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | ||||
Equity securities | 9,173 | 9,039 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
SBA Servicing Assets | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 1,072,741 | 525,877 | ||
Equity securities | 0 | 0 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 8,538 | 50,387 | ||
SBA Servicing Assets | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 2,625 | 2,631 | ||
Equity securities | 0 | 0 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
SBA Servicing Assets | 4,705 | 4,626 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 24,928 | 31,886 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 24,928 | 31,886 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||||
Investment securities available for sale, at fair value | 371,549 | 221,546 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 371,549 | 221,546 | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||||
Investment securities available for sale, at fair value | 441,483 | 150,528 | ||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 441,483 | 150,528 | ||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 6,940 | 8,225 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 6,940 | 8,225 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Investment securities available for sale, at fair value | 230,466 | 116,323 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Investment securities available for sale, at fair value | 227,841 | 113,692 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Investment securities available for sale, at fair value | 2,625 | 2,631 | ||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Asset | 378 | 1,580 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 378 | 1,580 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Asset | 5 | 2 | ||
Derivative Liability | 96 | 612 | ||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 5 | 2 | ||
Derivative Liability | 96 | 612 | ||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Asset | 5 | 0 | ||
Derivative Liability | 44 | 800 | ||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 0 | 0 | ||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset | 5 | 0 | ||
Derivative Liability | 44 | 800 | ||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset | 0 | 0 | ||
Derivative Liability | $ 0 | $ 0 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 4,626 | $ 4,447 | $ 4,785 |
Additions | 733 | 537 | 1,026 |
Fair value adjustments | (654) | (358) | (1,364) |
Balance | $ 4,705 | $ 4,626 | $ 4,447 |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - Corporate Debt Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 2,631 | $ 2,820 | $ 3,069 |
Unrealized gains (losses) | (6) | (189) | (249) |
Proceeds from sales | 0 | 0 | 0 |
Realized losses | 0 | 0 | 0 |
Balance | $ 2,625 | $ 2,631 | $ 2,820 |
Note 15 - Fair Value Measurem_7
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans | $ 11,664 | $ 5,678 |
Other real estate owned | 360 | 364 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 11,664 | 5,678 |
Other real estate owned | $ 360 | $ 364 |
Note 15 - Fair Value Measurem_8
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 2,625 | $ 2,631 | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | |||
Corporate bonds | (3.42) | ||
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Corporate bonds | (3.48) | ||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 4,705 | $ 4,626 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
SBA servicing assets | (10) | (10) | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Conditional Prepayment Rate [Member] | Weighted Average [Member] | |||
SBA servicing assets | (13.93) | (13.22) | |
Valuation, Market Approach [Member] | Impaired Loans [Member] | |||
Fair Value | [1],[2] | $ 11,664 | $ 5,678 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Impaired loans | [3] | (16) | (12) |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Impaired loans | [3] | 11 | 0 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Impaired loans | [3] | 27 | 23 |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | |||
Fair Value | [1],[2] | $ 360 | $ 364 |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | |||
Other real estate owned | [3] | (19) | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Other real estate owned | [3] | (13) | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Other real estate owned | [3] | 7 | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Other real estate owned | [3] | 16 | |
Valuation Technique, Consensus Pricing Model [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Impaired loans | (12) | ||
Valuation Technique, Consensus Pricing Model [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Other real estate owned | [3] | (13) | |
[1]Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.[2]Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable.[3]The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
Note 15 - Fair Value Measurem_9
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Aggregate Unpaid Principal Balance | $ 8,241 | $ 48,109 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 297 | 2,278 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 8,538 | $ 50,387 |
Note 15 - Fair Value Measure_10
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value of SBA Servicing Asset | $ 4,705 | $ 4,626 | $ 4,447 | $ 4,785 |
Composition of SBA loans serviced for others | 100% | 100% | ||
Weighted Average Remaining Term (in years) (Year) | 19 years 7 months 6 days | 20 years | ||
Prepayment Speed | 13.93% | 13.22% | ||
Effect on fair value of a 10% increase | $ (204) | $ (170) | ||
Effect on fair value of a 20% increase | $ (393) | $ (329) | ||
Weighted Average Discount Rate | 10% | 10% | ||
Effect on fair value of a 10% increase | $ (148) | $ (152) | ||
Effect on fair value of a 20% increase | $ (288) | $ (295) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 4% | 2% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 96% | 98% |
Note 15 - Fair Value Measure_11
Note 15 - Fair Value Measurements and Fair Values of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale, at fair value | $ 1,075,366 | $ 528,508 | ||
Equity securities | 9,173 | 9,039 | ||
Fair Value of SBA Servicing Asset | 4,705 | 4,626 | $ 4,447 | $ 4,785 |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 118,884 | 775,300 | ||
Investment securities available for sale, at fair value | 1,075,366 | 528,508 | ||
Investment securities held to maturity | 1,660,292 | 814,936 | ||
Equity securities | 9,173 | 9,039 | ||
Restricted stock | 3,510 | 3,039 | ||
Loans held for sale | 13,762 | 53,370 | ||
Loans receivable, net | 2,488,401 | 2,632,367 | ||
Fair Value of SBA Servicing Asset | 4,705 | 4,626 | ||
Accrued interest receivable | 15,073 | 16,120 | ||
Demand, savings and money market | 4,993,235 | 3,827,390 | ||
Time | 197,945 | 186,361 | ||
Subordinated debt | 11,278 | 11,271 | ||
Accrued interest payable | 550 | 926 | ||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 378 | 1,580 | ||
Derivative liability | 0 | 0 | ||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 2 | ||
Derivative liability | 96 | 612 | ||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 5 | 0 | ||
Derivative liability | 44 | 800 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 118,884 | 775,300 | ||
Investment securities available for sale, at fair value | 1,075,366 | 528,508 | ||
Investment securities held to maturity | 1,647,360 | 836,972 | ||
Equity securities | 9,173 | 9,039 | ||
Loans held for sale | 13,762 | 53,370 | ||
Loans receivable, net | 2,475,944 | 2,618,104 | ||
Fair Value of SBA Servicing Asset | 4,705 | 4,626 | ||
Accrued interest receivable | 15,073 | 16,120 | ||
Demand, savings and money market | 4,993,235 | 3,827,390 | ||
Time | 197,764 | 187,292 | ||
Subordinated debt | 8,644 | 8,026 | ||
Accrued interest payable | 550 | 926 | ||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 378 | 1,580 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 2 | ||
Derivative liability | 96 | 612 | ||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 5 | 0 | ||
Derivative liability | 44 | 800 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 118,884 | 775,300 | ||
Investment securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Equity securities | 9,173 | 9,039 | ||
Loans held for sale | 0 | 0 | ||
Loans receivable, net | 0 | 0 | ||
Fair Value of SBA Servicing Asset | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Demand, savings and money market | 0 | 0 | ||
Time | 0 | 0 | ||
Subordinated debt | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale, at fair value | 1,072,741 | 525,877 | ||
Investment securities held to maturity | 1,647,360 | 836,972 | ||
Equity securities | 0 | 0 | ||
Loans held for sale | 8,538 | 50,387 | ||
Loans receivable, net | 0 | 0 | ||
Fair Value of SBA Servicing Asset | 0 | 0 | ||
Accrued interest receivable | 15,073 | 16,120 | ||
Demand, savings and money market | 4,993,235 | 3,827,390 | ||
Time | 197,764 | 187,292 | ||
Subordinated debt | 0 | 0 | ||
Accrued interest payable | 550 | 926 | ||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 378 | 1,580 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 2 | ||
Derivative liability | 96 | 612 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 5 | 0 | ||
Derivative liability | 44 | 800 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities available for sale, at fair value | 2,625 | 2,631 | ||
Investment securities held to maturity | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Restricted stock | 0 | |||
Loans held for sale | 5,224 | 2,983 | ||
Loans receivable, net | 2,475,944 | 2,618,104 | ||
Fair Value of SBA Servicing Asset | 4,705 | 4,626 | ||
Accrued interest receivable | 0 | 0 | ||
Demand, savings and money market | 0 | 0 | ||
Time | 0 | 0 | ||
Subordinated debt | 8,644 | 8,026 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Standby letters-of-credit | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 0 | 0 | ||
Derivative liability | $ 0 | $ 0 |
Note 16 - Stock Based Compens_3
Note 16 - Stock Based Compensation (Details Textual) - USD ($) | 12 Months Ended | ||||
Apr. 29, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 641,384 | 918,790 | 842,898 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 5,332,775 | 5,899,425 | 4,979,475 | 3,861,650 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 3,689,035 | 3,384,625 | 2,611,960 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 634,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 483,275 | 333,500 | 185,125 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value Amount | $ 1,000,000 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,500,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,600,000 | ||||
The 2021 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 7,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,200,000 | ||||
Share-Based Payment Arrangement, Option [Member] | Stock Options and Restricted Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Payment Arrangement, Option [Member] | Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Share-Based Payment Arrangement, Option [Member] | Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-Based Payment Arrangement, Option [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,600,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10% | ||||
Stock Unit [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,236,098 | ||||
Stock Unit [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 551,179 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 1,850,000 |
Note 16 - Stock Based Compens_4
Note 16 - Stock Based Compensation - Stock-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of unvested stock options (in shares) | 1,643,740 | 2,514,800 | 2,367,515 |
Fair value of unvested stock options | $ 2,859,062 | $ 4,702,676 | $ 6,108,271 |
Amount remaining to be recognized as expense | 1,155,748 | 2,788,559 | 3,574,740 |
Share-Based Payment Arrangement, Option [Member] | |||
Stock based compensation expense recognized | 1,480,000 | $ 1,918,000 | $ 2,632,000 |
Amount remaining to be recognized as expense | 1,200,000 | ||
Stock Unit [Member] | |||
Stock based compensation expense recognized | $ 613,497 | ||
Number of unvested stock units (in shares) | 516,513 | 0 | |
Fair value of unvested stock units | $ 1,849,595 | ||
Amount remaining to be recognized as expense | $ 1,236,098 |
Note 16 - Stock Based Compens_5
Note 16 - Stock Based Compensation - Stock Option Exercises (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of options exercised (in shares) | 83,375 | 17,000 | 53,550 |
Net proceeds from exercise of stock options | $ 205,166 | $ 41,305 | $ 261,143 |
Intrinsic value | 81,614 | 10,410 | 72,187 |
Share-Based Payment Arrangement, Option [Member] | |||
Tax benefit | $ 333 | $ 355 | $ 5,159 |
Note 16 - Stock Based Compens_6
Note 16 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, beginning of year, shares (in shares) | 5,899,425 | 4,979,475 | 3,861,650 |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 5.44 | $ 6.05 | $ 5.96 |
Granted, number of shares (in shares) | 0 | 1,270,450 | 1,356,500 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 2.98 | $ 6.35 |
Exercised, shares (in shares) | (83,375) | (17,000) | (53,550) |
Exercise, weighted average exercise price (in dollars per share) | $ 2.46 | $ 2.43 | $ 4.88 |
Forfeited, shares (in shares) | (483,275) | (333,500) | (185,125) |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.32 | $ 5.34 | $ 6.76 |
Outstanding, end of year, shares (in shares) | 5,332,775 | 5,899,425 | 4,979,475 |
Outstanding, end of year, weighted average exercise price (in dollars per share) | $ 5.50 | $ 5.44 | $ 6.05 |
Options exercisable at year-end, shares (in shares) | 3,689,035 | 3,384,625 | 2,611,960 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 5.91 | $ 5.67 | $ 5.28 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 0.91 | $ 2.15 |
Note 16 - Stock Based Compens_7
Note 16 - Stock Based Compensation - Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Options outstanding (in shares) | shares | 5,332,775 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.50 |
Options exercisable, shares (in shares) | shares | 3,689,035 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 5.90 |
Range 1 [Member] | |
Lower range limit (in dollars per share) | 1.90 |
Upper range limit (in dollars per share) | $ 3.53 |
Options outstanding (in shares) | shares | 1,482,675 |
Options outstanding, weighted-average remaining contractual life (Year) | 6 years 4 months 24 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.85 |
Options exercisable, shares (in shares) | shares | 511,923 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.61 |
Range 2 [Member] | |
Lower range limit (in dollars per share) | 3.55 |
Upper range limit (in dollars per share) | $ 3.94 |
Options outstanding (in shares) | shares | 559,850 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 9 months 18 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.60 |
Options exercisable, shares (in shares) | shares | 557,850 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.60 |
Range 3 [Member] | |
Lower range limit (in dollars per share) | 3.99 |
Upper range limit (in dollars per share) | $ 7.85 |
Options outstanding (in shares) | shares | 1,585,625 |
Options outstanding, weighted-average remaining contractual life (Year) | 6 years 2 months 12 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.73 |
Options exercisable, shares (in shares) | shares | 1,128,625 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 5.52 |
Range 4 [Member] | |
Lower range limit (in dollars per share) | 8 |
Upper range limit (in dollars per share) | $ 9.45 |
Options outstanding (in shares) | shares | 1,704,625 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 7 months 6 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 8.22 |
Options exercisable, shares (in shares) | shares | 1,490,637 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 8.19 |
Note 16 - Stock Based Compens_8
Note 16 - Stock Based Compensation - Roll-forward of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nonvested, beginning year, number of shares (in shares) | 2,514,800 | 2,367,515 | |
Granted, number of shares (in shares) | 0 | 1,270,450 | 1,356,500 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 0.91 | $ 2.15 |
Vested, number of shares (in shares) | (641,384) | (918,790) | (842,898) |
Nonvested, end of year, number of shares (in shares) | 1,643,740 | 2,514,800 | 2,367,515 |
Non-vested Option [Member] | |||
Nonvested, beginning year, number of shares (in shares) | 2,514,800 | ||
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.87 | ||
Granted, number of shares (in shares) | 0 | ||
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 0 | ||
Vested, number of shares (in shares) | (641,384) | ||
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.57 | ||
Forfeited, number of shares (in shares) | (229,676) | ||
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.75 | ||
Nonvested, end of year, number of shares (in shares) | 1,643,740 | 2,514,800 | |
Nonvested, end of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 1.74 | $ 1.87 |
Note 16 - Stock Based Compens_9
Note 16 - Stock Based Compensation - Stock Units Activity (Details) - Stock Unit [Member] | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Beginning balance, number of units (in shares) | shares | 0 |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted, number of units (in shares) | shares | 551,179 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.36 |
Vested, number of units (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited, number of units (in shares) | shares | (34,666) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.34 |
Ending balance, number of units (in shares) | shares | 516,513 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.36 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 1 |
Note 18 - Transactions With A_2
Note 18 - Transactions With Affiliates and Related Parties (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction, Amounts of Transaction | $ 993,000 | $ 690,000 | $ 1,400,000 |
Glassboro Properties, LLC. [Member] | |||
Related Party Transaction, Amounts of Transaction | 177,000 | 177,000 | 158,000 |
Purchase of Marketing and Graphic Design Services [Member] | InterArch [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 696,000 | 390,000 | 1,100,000 |
Vernon W Hill [Member] | |||
Major Shareholder Ownership Percentage | 9.90% | ||
Public Relations Services [Member] | Brian Communications [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 120,000 | 120,000 | 120,000 |
Commissions [Member] | Business Associate of the Company’s Former Chairman and CEO [Member] | |||
Related Party Transaction, Amounts of Transaction | 190,000 | 246,000 | 170,000 |
Payments for Commissions | $ 0 | $ 0 | $ 0 |
Note 19 - Parent Company Fina_3
Note 19 - Parent Company Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets | $ 38,768 | $ 35,752 | ||
Total Assets | 5,626,656 | 5,065,735 | ||
Total Liabilities | 5,302,414 | 4,757,622 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 324,242 | 308,113 | $ 249,168 | $ 245,189 |
Total Liabilities and Shareholders’ Equity | 5,626,656 | 5,065,735 | ||
Parent Company [Member] | ||||
Cash | 3,017 | 22,872 | ||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation | 341 | 341 | ||
Investment in subsidiaries | 322,097 | 287,114 | ||
Other assets | 10,197 | 9,347 | ||
Total Assets | 335,652 | 319,674 | ||
Accrued expenses | 132 | 290 | ||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation | 11,278 | 11,271 | ||
Total Liabilities | 11,410 | 11,561 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 324,242 | 308,113 | $ 249,168 | $ 245,189 |
Total Liabilities and Shareholders’ Equity | $ 335,652 | $ 319,674 |
Note 19 - Parent Company Fina_4
Note 19 - Parent Company Financial Information - Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Interest income | $ 35,699 | $ 31,442 | $ 30,639 | $ 31,432 | $ 25,721 | $ 22,930 | $ 22,427 | $ 20,754 | $ 129,212 | $ 91,832 | $ 77,807 | ||
Provision (benefit) for income taxes | 2,379 | 1,988 | 1,866 | 2,292 | 1,548 | (503) | 675 | (330) | 8,526 | 1,390 | (1,350) | ||
Net income (loss) | 6,078 | $ 6,096 | $ 5,934 | 7,068 | 4,101 | $ (967) | $ 2,512 | (593) | 25,176 | 5,054 | (3,500) | ||
Other comprehensive income, net of tax | (7,845) | 4,512 | 4,586 | ||||||||||
Total comprehensive income | 17,331 | 9,566 | 1,086 | ||||||||||
Balance | 308,113 | 249,168 | 308,113 | 249,168 | 245,189 | ||||||||
Stock based compensation | 2,093 | 1,918 | 2,632 | ||||||||||
Options exercised | 205 | 41 | 261 | ||||||||||
Proceeds from shares issued under preferred stock offering | 48,325 | ||||||||||||
Preferred stock dividends | (3,500) | [1] | (923) | [2] | |||||||||
Return of short swing profit | 18 | ||||||||||||
Balance | 324,242 | 308,113 | 324,242 | 308,113 | 249,168 | ||||||||
Parent Company [Member] | |||||||||||||
Interest income | 6 | 9 | 14 | ||||||||||
Total income | 6 | 9 | 14 | ||||||||||
Trust preferred interest expense | 214 | 297 | 476 | ||||||||||
Other expenses | 3,284 | 2,805 | 3,662 | ||||||||||
Total expenses | 3,498 | 3,102 | 4,138 | ||||||||||
Net loss before taxes | (3,492) | (3,093) | (4,124) | ||||||||||
Provision (benefit) for income taxes | (840) | (703) | (917) | ||||||||||
Loss before undistributed income of subsidiaries | (2,652) | (2,390) | (3,207) | ||||||||||
Equity in undistributed income of subsidiaries | 27,828 | 7,444 | (293) | ||||||||||
Net income (loss) | 25,176 | 5,054 | (3,500) | ||||||||||
Other comprehensive income, net of tax | (7,845) | 4,512 | 4,586 | ||||||||||
Total comprehensive income | 17,331 | 9,566 | 1,086 | ||||||||||
Balance | $ 308,113 | $ 249,168 | 308,113 | 249,168 | 245,189 | ||||||||
Stock based compensation | 2,093 | 1,918 | 2,632 | ||||||||||
Options exercised | 205 | 41 | 261 | ||||||||||
Preferred stock dividends | (3,500) | (923) | 0 | ||||||||||
Return of short swing profit | 0 | 18 | |||||||||||
Balance | $ 324,242 | $ 308,113 | 324,242 | 308,113 | 249,168 | ||||||||
Parent Company [Member] | Series A Preferred Stock [Member] | |||||||||||||
Proceeds from shares issued under preferred stock offering | $ 0 | $ 48,325 | $ 0 | ||||||||||
[1]Dividends per share of $1.76 were declared on preferred stock for the twelve months ended December 31, 2021[2]Dividends per share of $0.46 were declared on preferred stock for the twelve months ended December 31, 2020 |
Note 19 - Parent Company Fina_5
Note 19 - Parent Company Financial Information - Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders' Equity (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares issued (in shares) | 2,000,000 | ||
Offering costs | $ 1,675 | ||
Series A Preferred Stock [Member] | |||
Shares issued (in shares) | 2,000,000 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | |||
Shares issued (in shares) | 2,000,000 | ||
Offering costs | $ 1,675 |
Note 19 - Parent Company Fina_6
Note 19 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 6,078,000 | $ 6,096,000 | $ 5,934,000 | $ 7,068,000 | $ 4,101,000 | $ (967,000) | $ 2,512,000 | $ (593,000) | $ 25,176,000 | $ 5,054,000 | $ (3,500,000) |
Share based compensation | 2,093,000 | 1,918,000 | 2,632,000 | ||||||||
Amortization of debt issuance costs | 7,000 | 6,000 | 6,000 | ||||||||
Net cash used in operating activities | 82,626,000 | (10,729,000) | 19,333,000 | ||||||||
Net cash used in investing activities | (1,279,310,000) | (1,078,205,000) | (438,622,000) | ||||||||
Net proceeds from issuance of preferred stock | 0 | 48,325,000 | 0 | ||||||||
Preferred share dividends | 3,500,000 | 923,000 | 0 | ||||||||
Return of short swing profit | 0 | 18,000 | 0 | ||||||||
Net proceeds from exercise of stock options | 205,166 | 41,305 | 261,143 | ||||||||
Net cash provided by financing activities | 540,268,000 | 1,695,915,000 | 515,135,000 | ||||||||
Increase (decrease) in cash | (656,416,000) | 606,981,000 | 95,846,000 | ||||||||
Cash and cash equivalents, beginning of year | 775,300,000 | 168,319,000 | 775,300,000 | 168,319,000 | 72,473,000 | ||||||
Cash and cash equivalents, end of year | 118,884,000 | 775,300,000 | 118,884,000 | 775,300,000 | 168,319,000 | ||||||
Parent Company [Member] | |||||||||||
Net income (loss) | 25,176,000 | 5,054,000 | (3,500,000) | ||||||||
Share based compensation | 2,093,000 | 1,918,000 | 2,632,000 | ||||||||
Amortization of debt issuance costs | 7,000 | 6,000 | 6,000 | ||||||||
Increase in other assets | (850,000) | (707,000) | (1,069,000) | ||||||||
Net increase (decrease) in other liabilities | (158,000) | 257,000 | (18,000) | ||||||||
Equity in undistributed income of subsidiaries | (27,828,000) | (7,444,000) | 293,000 | ||||||||
Net cash used in operating activities | (1,560,000) | (916,000) | (1,656,000) | ||||||||
Investment in subsidiary | (15,000,000) | (30,000,000) | (20,000,000) | ||||||||
Net cash used in investing activities | (15,000,000) | (30,000,000) | (20,000,000) | ||||||||
Net proceeds from issuance of preferred stock | 0 | 48,325,000 | |||||||||
Preferred share dividends | (3,500,000) | (923,000) | |||||||||
Return of short swing profit | 0 | 18,000 | |||||||||
Net proceeds from exercise of stock options | 205,000 | 41,000 | 261,000 | ||||||||
Net cash provided by financing activities | (3,295,000) | 47,461,000 | 261,000 | ||||||||
Increase (decrease) in cash | (19,855,000) | 16,545,000 | (21,395,000) | ||||||||
Cash and cash equivalents, beginning of year | $ 22,872,000 | $ 6,327,000 | 22,872,000 | 6,327,000 | 27,722,000 | ||||||
Cash and cash equivalents, end of year | $ 3,017,000 | $ 22,872,000 | $ 3,017,000 | $ 22,872,000 | $ 6,327,000 |
Note 19 - Parent Company Fina_7
Note 19 - Parent Company Financial Information - Statements of Cash Flows (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares issued (in shares) | 2,000,000 | ||
Offering costs | $ 1,675 | ||
Series A Preferred Stock [Member] | |||
Shares issued (in shares) | 2,000,000 | ||
Parent Company [Member] | Series A Preferred Stock [Member] | |||
Shares issued (in shares) | 2,000,000 | ||
Offering costs | $ 1,675 |
Note 20 - Quarterly Financial_3
Note 20 - Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||||||
Interest income | $ 40,251 | $ 35,778 | $ 35,354 | $ 36,420 | $ 31,248 | $ 28,560 | $ 27,859 | $ 27,283 | $ 147,803 | $ 114,950 | $ 104,864 | ||||||||
Interest expense | 4,552 | 4,336 | 4,715 | 4,988 | 5,527 | 5,630 | 5,432 | 6,529 | 18,591 | 23,118 | 27,057 | ||||||||
Interest income | 35,699 | 31,442 | 30,639 | 31,432 | 25,721 | 22,930 | 22,427 | 20,754 | 129,212 | 91,832 | 77,807 | ||||||||
Provision for loan losses | 1,850 | 900 | 0 | 3,000 | 1,400 | 850 | 1,000 | 950 | 5,750 | 4,200 | 1,905 | ||||||||
Non-interest income | 7,473 | 7,317 | 7,680 | 10,275 | 11,235 | 10,031 | 8,424 | 6,545 | 32,745 | 36,235 | 23,738 | ||||||||
Non-interest expense | 32,865 | 29,775 | 30,519 | 29,347 | 29,907 | 33,580 | 26,664 | 27,272 | 122,505 | 117,423 | 104,490 | ||||||||
Provision (benefit) for income taxes | 2,379 | 1,988 | 1,866 | 2,292 | 1,548 | (503) | 675 | (330) | 8,526 | 1,390 | (1,350) | ||||||||
Net income (loss) | 6,078 | 6,096 | 5,934 | 7,068 | 4,101 | (967) | 2,512 | (593) | 25,176 | 5,054 | (3,500) | ||||||||
Preferred stock dividends | 875 | 875 | 875 | 875 | 923 | 0 | 0 | 0 | 3,500 | 923 | 0 | ||||||||
Net income available to common shareholders | $ 5,203 | $ 5,221 | $ 5,059 | $ 6,193 | $ 3,178 | $ (967) | $ 2,512 | $ (593) | $ 21,676 | $ 4,131 | $ (3,500) | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.09 | [1] | $ 0.11 | [1] | $ 0.05 | [1] | $ (0.02) | [1] | $ 0.04 | [1] | $ (0.01) | [1] | $ 0.37 | $ 0.07 | $ (0.06) |
Diluted earnings per common share (in dollars per share) | $ 0.08 | [1] | $ 0.08 | [1] | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.05 | [1] | $ (0.02) | [1] | $ 0.04 | [1] | $ (0.01) | [1] | $ 0.33 | $ 0.07 | $ (0.06) |
[1]Quarterly net income per share does not add to full year net income per share due to rounding. |
Note 21 - Changes in Accumula_3
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Balance | $ 308,113 | $ 249,168 | $ 245,189 | |||
Unrealized loss on securities | (9,647) | 2,260 | 3,461 | |||
Total other comprehensive income (loss) | (7,845) | 4,512 | 4,586 | |||
Balance | 324,242 | 308,113 | 249,168 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||||
Balance | [1] | 985 | (1,275) | (4,736) | ||
Unrealized loss on securities | (9,646) | 4,320 | [1] | 4,284 | [1] | |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (1) | (2,060) | (823) | ||
Total other comprehensive income (loss) | [1] | (9,647) | 2,260 | 3,461 | ||
Total change in accumulated other comprehensive income | [1] | (9,647) | 2,260 | 3,461 | ||
Balance | [1] | (8,662) | 985 | (1,275) | ||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||||
Balance | [1] | (3,814) | (6,066) | (7,191) | ||
Unrealized loss on securities | 0 | 0 | [1] | 0 | [1] | |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 1,802 | 2,252 | 1,125 | ||
Total other comprehensive income (loss) | [1] | 1,802 | 2,252 | 1,125 | ||
Total change in accumulated other comprehensive income | [1] | 1,802 | 2,252 | 1,125 | ||
Balance | [1] | (2,012) | (3,814) | (6,066) | ||
AOCI Attributable to Parent [Member] | ||||||
Balance | [1] | (2,829) | (7,341) | (11,927) | ||
Unrealized loss on securities | (9,646) | 4,320 | [1] | 4,284 | [1] | |
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 1,801 | 192 | 302 | ||
Total other comprehensive income (loss) | [1] | (7,845) | 4,512 | 4,586 | ||
Total change in accumulated other comprehensive income | [1] | (7,845) | 4,512 | 4,586 | ||
Balance | [1] | $ (10,674) | $ (2,829) | $ (7,341) | ||
[1]All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income.[2]Reclassification amounts are reported as gains/losses on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 22 - Goodwill - Summary of
Note 22 - Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | $ 5,011 | $ 0 | $ 5,011 | |
Goodwill, additions/adjustments | 0 | |||
Goodwill, write-offs | $ (5,000) | $ 0 | (5,011) | $ 0 |
Goodwill | $ 0 | $ 5,011 |
Note 23 - Derivatives and Ris_3
Note 23 - Derivatives and Risk Management Activities (Details Textual) Pure in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 23 - Derivatives and Ris_4
Note 23 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 5 | $ 2 |
Derivative Asset, Notional Amount | 3,222 | 2,069 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 5 | 0 |
Derivative Asset, Notional Amount | 1,667 | 0 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 378 | 1,580 |
Derivative Asset, Notional Amount | 14,419 | 48,223 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 96 | 612 |
Derivative Liability, Notional Amount | 11,197 | 46,154 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 44 | 800 |
Derivative Liability, Notional Amount | 6,460 | 48,373 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | 0 | 0 |
Derivative Liability, Notional Amount | $ 0 | $ 0 |
Note 23 - Derivatives and Ris_5
Note 23 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Mortgage Banking Income [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | $ 516 | $ (479) | $ 5 |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | 756 | (717) | 147 |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | |||
Derivative Gain (Loss), Net | 3 | (2) | (1) |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | |||
Derivative Gain (Loss), Net | 5 | (2) | (8) |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | 0 | 0 | 0 |
Interest Rate Lock Commitments [Member] | Asset Derivatives [Member] | |||
Derivative Gain (Loss), Net | $ (1,202) | $ 1,218 | $ (48) |
Note 24 - Revenue Recognition_2
Note 24 - Revenue Recognition (Details Textual) $ in Thousands | Jan. 01, 2021 USD ($) |
Contract Acquisition Costs [Member] | |
Capitalized Contract Cost, Net, Total | $ 0 |
Note 24 - Revenue Recognition -
Note 24 - Revenue Recognition - Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-interest income | $ 14,556 | $ 11,226 | $ 7,755 | ||||||||
Non-interest income (out-of-scope of Topic 606) | 18,189 | 25,009 | 15,983 | ||||||||
Total non-interest income | $ 7,473 | $ 7,317 | $ 7,680 | $ 10,275 | $ 11,235 | $ 10,031 | $ 8,424 | $ 6,545 | 32,745 | 36,235 | 23,738 |
Deposit Account [Member] | |||||||||||
Non-interest income | 13,953 | 11,058 | 7,541 | ||||||||
Other Non-interest Income From Customers [Member] | |||||||||||
Non-interest income | $ 603 | $ 168 | $ 214 |
Note 25 - Leases (Details Textu
Note 25 - Leases (Details Textual) | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Number of Leases | 44 | 42 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 19 years 18 days | 21 years 14 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.35% | 3.33% |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | 10 years |
Branch Stores [Member] | ||
Lessee, Operating Lease, Number of Leases | 20 | 20 |
Offices [Member] | ||
Lessee, Operating Lease, Number of Leases | 7 | 7 |
Leases for Equipment [Member] | ||
Lessee, Operating Lease, Number of Leases | 17 | 15 |
Note 25 - Leases - Operating Le
Note 25 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 8,650 | $ 7,915 |
Sublease income | 0 | 0 |
Total lease cost | 8,650 | 7,915 |
Operating cash flows from operating leases | 8,244 | 7,383 |
New operating lease liability obligation | $ 8,808 | $ 10,973 |
Note 25 - Leases - Maturity Ana
Note 25 - Leases - Maturity Analysis of Operating Lease Liability Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Within one year | $ 8,134 | $ 8,260 |
One to three years | 15,062 | 15,719 |
Three to five years | 13,820 | 14,938 |
More than five years | 78,867 | 85,176 |
Total undiscounted cash flows | 115,883 | 124,093 |
Discount on cash flows | (34,113) | (46,517) |
Total operating lease liability obligations | $ 81,770 | $ 77,576 |
Note 26 - Preferred Stock (Deta
Note 26 - Preferred Stock (Details Textual) - USD ($) | 12 Months Ended | |||
Aug. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 48,325,000 | $ 0 | |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 3,500,000 | 923,000 | $ 0 | |
Series A Preferred Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | |||
Preferred Stock, Dividend Rate, Percentage | 7% | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 48,300,000 | |||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 3,500,000 | $ 923,000 | ||
Preferred Stock, Conversion Price (in dollars per share) | $ 3 | |||
Preferred Stock, Mandatory Conversion, Percentage Stock Price Exceeds Conversion Price | 125% |