Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Mar. 13, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 63,863,592 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 15,670 | $ 14,072 |
Interest bearing deposits with banks | 36,782 | 104,812 |
Cash and cash equivalents | 52,452 | 118,884 |
Investment securities available for sale, at fair value | 999,521 | 1,075,366 |
Investment securities held to maturity, at amortized cost (fair value of $1,267,546 and $1,647,360, respectively) | 1,562,376 | 1,660,292 |
Equity securities | 6,627 | 9,173 |
Restricted stock, at cost | 21,907 | 3,510 |
Mortgage loans held for sale, at fair value | 6,038 | 8,538 |
Other loans held for sale | 4,785 | 5,224 |
Loans receivable (net of allowance for credit losses of $25,255 and $18,964, respectively) | 3,035,597 | 2,488,401 |
Premises and equipment, net | 130,902 | 127,440 |
Other real estate owned, net | 876 | 360 |
Accrued interest receivable | 18,783 | 15,073 |
Operating lease right-of-use asset | 73,135 | 75,627 |
Other assets | 86,255 | 38,768 |
Total Assets | 5,999,254 | 5,626,656 |
Deposits | ||
Demand - non-interest bearing | 1,418,060 | 1,404,360 |
Demand - interest bearing | 2,497,761 | 2,283,779 |
Money market and savings | 1,217,580 | 1,305,096 |
Time deposits | 118,183 | 197,945 |
Total Deposits | 5,251,584 | 5,191,180 |
Other borrowings | 442,500 | 0 |
Accrued interest payable | 401 | 550 |
Other liabilities | 24,409 | 17,636 |
Operating lease liability | 79,620 | 81,770 |
Subordinated debt | 11,282 | 11,278 |
Total Liabilities | 5,809,796 | 5,302,414 |
Commitments and contingencies (see note 4) | 0 | 0 |
Shareholders’ Equity | ||
Preferred stock, par value $0.01 per share; liquidation preference $25.00 per share; 10,000,000 shares authorized; shares issued 1,471,000 as of September 30, 2022 and 2,000,000 as of December 31, 2021; shares outstanding 1,471,000 as of September 30, 2022 and 2,000,000 as of December 31, 2021 | 15 | 20 |
Common stock, par value $0.01 per share: 100,000,000 shares authorized; shares issued 64,315,909 as of September 30, 2022 and 59,471,998 as of December 31, 2021; shares outstanding 63,787,064 as of September 30, 2022 and 58,943,153 as of December 31, 2021 | 643 | 595 |
Additional paid in capital | 326,549 | 324,618 |
Retained earnings | 19,601 | 13,591 |
Treasury stock at cost (503,408 shares as of September 30, 2022 and December 31, 2021) | (3,725) | (3,725) |
Stock held by deferred compensation plan (25,437 shares as of September 30, 2022 and December 31, 2021) | (183) | (183) |
Accumulated other comprehensive loss | (153,442) | (10,674) |
Total Shareholders’ Equity | 189,458 | 324,242 |
Total Liabilities and Shareholders’ Equity | $ 5,999,254 | $ 5,626,656 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investment securities held to maturity, at fair value | $ 1,267,546 | $ 1,647,360 |
Loans receivable, allowance for loan losses | $ 25,255 | $ 18,964 |
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) | 1,471,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 1,471,000 | 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) | 64,315,909 | 59,471,998 |
Common stock, shares outstanding (in shares) | 63,787,064 | 58,943,153 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Interest and fees on taxable loans | $ 30,653 | $ 26,954 | $ 83,304 | $ 84,453 |
Interest and fees on tax-exempt loans | 605 | 426 | 1,573 | 1,290 |
Interest and dividends on taxable investment securities | 14,304 | 8,128 | 41,749 | 21,273 |
Interest and dividends on tax-exempt investment securities | 392 | 89 | 875 | 242 |
Interest on federal funds sold and other interest-earning assets | 54 | 181 | 179 | 294 |
Total interest income | 46,008 | 35,778 | 127,680 | 107,552 |
Interest expense: | ||||
Demand- interest bearing | 4,798 | 3,165 | 9,536 | 9,706 |
Money market and savings | 845 | 837 | 2,419 | 2,888 |
Time deposits | 139 | 281 | 607 | 1,245 |
Other borrowings | 2,227 | 53 | 2,579 | 200 |
Total interest expense | 8,009 | 4,336 | 15,141 | 14,039 |
Net interest income | 37,999 | 31,442 | 112,539 | 93,513 |
Provision for credit losses | 3,998 | 900 | 4,756 | 3,900 |
Net interest income after provision for credit losses | 34,001 | 30,542 | 107,783 | 89,613 |
Non-interest income: | ||||
Non-interest income | 4,131 | 3,333 | 8,948 | 11,127 |
Gain on sales of SBA loans | 502 | 641 | 1,713 | 2,035 |
Net (loss) gain on sale or call of investment securities | (46) | 0 | (46) | 2 |
Other non-interest income | 463 | 50 | (1,295) | 624 |
Total non-interest income | 5,742 | 7,317 | 14,962 | 25,272 |
Non-interest expenses: | ||||
Salaries and employee benefits | 16,276 | 14,640 | 47,157 | 44,216 |
Occupancy | 3,982 | 3,630 | 11,382 | 11,238 |
Depreciation and amortization | 2,193 | 2,059 | 6,455 | 6,368 |
Legal | 3,617 | 265 | 10,943 | 776 |
Other real estate owned | 317 | 119 | 409 | 710 |
Appraisal and other loan expenses | 428 | 410 | 815 | 1,669 |
Advertising | 231 | 192 | 675 | 482 |
Data processing | 1,574 | 2,472 | 5,609 | 5,991 |
Insurance | 179 | 304 | 660 | 938 |
Professional fees | 1,875 | 800 | 3,895 | 2,371 |
Debit card processing | 991 | 743 | 2,723 | 2,527 |
Regulatory assessments and costs | 1,101 | 904 | 3,290 | 2,511 |
Taxes, other | 757 | 978 | 2,071 | 2,083 |
Other operating expenses | 4,193 | 2,259 | 11,075 | 7,760 |
Total non-interest expense | 37,714 | 29,775 | 107,159 | 89,640 |
Income before provision for income taxes | 2,029 | 8,084 | 15,586 | 25,245 |
Provision for income taxes | 476 | 1,988 | 3,805 | 6,147 |
Net income | 1,553 | 6,096 | 11,781 | 19,098 |
Preferred stock dividends | 644 | 875 | 2,154 | 2,625 |
Net income available to common shareholders | $ 909 | $ 5,221 | $ 9,627 | $ 16,473 |
Net income per share | ||||
Basic earnings per common share (in dollars per share) | $ 0.01 | $ 0.09 | $ 0.15 | $ 0.28 |
Diluted earnings per common share (in dollars per share) | $ 0.01 | $ 0.08 | $ 0.14 | $ 0.25 |
Loan and Servicing Fees [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 311 | $ 946 | $ 1,500 | $ 2,239 |
Mortgage Banking [Member] | ||||
Non-interest income: | ||||
Non-interest income | 844 | 2,397 | 2,847 | 9,869 |
Deposit Account [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 3,668 | $ 3,283 | $ 10,243 | $ 10,503 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) | $ 1,553 | $ 6,096 | $ 11,781 | $ 19,098 |
Other comprehensive income (loss), net of tax | ||||
Unrealized (losses) on securities (pre-tax ($60,669), ($4,158), ($191,991), and ($5,717), respectively) | (45,277) | (3,102) | (143,283) | (4,265) |
Reclassification adjustment for securities losses (gains) (pre-tax $46, ($2), $46, and ($2), respectively) | 34 | (1) | 34 | (1) |
Net unrealized gains (losses) on securities | (45,243) | (3,103) | (143,249) | (4,266) |
Amortization of net unrealized holding losses to income during the period (pre-tax $178, $499, $644, and $1,998 respectively) | 133 | 373 | 481 | 1,491 |
Total other comprehensive income (loss) | (45,110) | (2,730) | (142,768) | (2,775) |
Total comprehensive (loss) income | $ (43,557) | $ 3,366 | $ (130,987) | $ 16,323 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | $ (60,669) | $ (4,158) | $ (191,991) | $ (5,717) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 46 | (2) | 46 | (2) |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 178 | $ 499 | $ 644 | $ 1,998 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 11,781,000 | $ 19,098,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 4,756,000 | 3,900,000 |
Write down of other real estate owned | 328,000 | 670,000 |
Depreciation and amortization | 6,455,000 | 6,368,000 |
Stock based compensation | 1,255,000 | 1,562,000 |
Loss (gain) on sale or call of investment securities | 46,000 | (2,000) |
Fair value adjustments on equity securities | 2,546,000 | (192,000) |
Amortization of premiums on investment securities | 3,973,000 | 6,394,000 |
Accretion of discounts on retained SBA loans | (971,000) | (709,000) |
Fair value adjustments on SBA servicing assets | 1,004,000 | 545,000 |
Proceeds from sales of SBA loans originated for sale | 21,535,000 | 22,489,000 |
SBA loans originated for sale | (19,383,000) | (22,380,000) |
Gains on sales of SBA loans originated for sale | (1,713,000) | (2,035,000) |
Proceeds from sales of mortgage loans originated for sale | 84,904,000 | 344,087,000 |
Mortgage loans originated for sale | (81,056,000) | (298,521,000) |
Fair value adjustment for mortgage loans originated for sale | 311,000 | 1,920,000 |
Gains on sales of mortgage loans originated for sale | (2,062,000) | (9,572,000) |
Amortization of debt issuance costs | 5,000 | 5,000 |
Non-cash expense related to leases | 344,000 | 249,000 |
Repayment of operating lease liabilities | (4,216,000) | (4,179,000) |
Net (increase) decrease in accrued interest receivable and other assets | (3,821,000) | 1,392,000 |
Net increase (decrease) in accrued interest payable and other liabilities | 10,909,000 | (384,000) |
Net cash provided by operating activities | 36,930,000 | 70,705,000 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (251,859,000) | (464,868,000) |
Purchase of investment securities held to maturity | (51,145,000) | (764,947,000) |
Proceeds from the sale of securities available for sale | 34,073,000 | 0 |
Proceeds from the paydown, maturity, or call of securities available for sale | 99,986,000 | 104,147,000 |
Proceeds from the paydown, maturity, or call of securities held to maturity | 147,394,000 | 201,255,000 |
Net purchase of restricted stock | (18,397,000) | (471,000) |
Net (increase) decrease in loans | (555,295,000) | 149,212,000 |
Net proceeds from sale of other real estate owned | 329,000 | 155,000 |
Premises and equipment expenditures | (9,917,000) | (8,499,000) |
Net cash used in investing activities | (604,831,000) | (784,016,000) |
Cash flows from financing activities | ||
Net proceeds from exercise of stock options | 719,000 | 140,000 |
Net increase in demand, money market and savings deposits | 140,166,000 | 947,213,000 |
Net (decrease) increase in time deposits | (79,762,000) | 11,117,000 |
Net increase (repayment) in other borrowings | 442,500,000 | (633,866,000) |
Preferred stock dividends paid | (2,154,000) | (2,625,000) |
Net cash provided by financing activities | 501,469,000 | 321,979,000 |
Net decrease in cash and cash equivalents | (66,432,000) | (391,332,000) |
Cash and cash equivalents, beginning of year | 118,884,000 | 775,300,000 |
Cash and cash equivalents, end of period | 52,452,000 | 383,968,000 |
Supplemental disclosures | ||
Interest paid | 15,290,000 | 13,595,000 |
Income taxes paid | 3,486,000 | 8,540,000 |
Non-cash transfers from loans receivable to other real estate owned | 1,173,000 | 168,000 |
Non-cash transfers from loans held for sale to loans receivable | 476,000 | 0 |
Lease liabilities arising from obtaining right-of-use assets | $ 3,272,000 | $ 8,175,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2020 | $ 20 | $ 594 | $ 322,321 | $ (8,085) | $ (3,725) | $ (183) | $ (2,829) | [1] | $ 308,113 | |||
Net income (loss) | 19,098 | 19,098 | ||||||||||
Preferred stock dividends paid | [2] | (2,625) | (2,625) | |||||||||
Other comprehensive income (loss), net of tax | (2,775) | [1] | (2,775) | |||||||||
Stock based compensation | 1,562 | 1,562 | ||||||||||
Options exercised | 140 | 140 | ||||||||||
Balance at Sep. 30, 2021 | 20 | 594 | 324,023 | 8,388 | (3,725) | (183) | (5,604) | [1] | 323,513 | |||
Balance at Jun. 30, 2021 | 20 | 594 | 323,442 | 3,167 | (3,725) | (183) | (2,874) | [1] | 320,441 | |||
Net income (loss) | 6,096 | 6,096 | ||||||||||
Preferred stock dividends paid | [3] | (875) | (875) | |||||||||
Other comprehensive income (loss), net of tax | (2,730) | [1] | (2,730) | |||||||||
Stock based compensation | 532 | 532 | ||||||||||
Options exercised | 49 | 49 | ||||||||||
Balance at Sep. 30, 2021 | 20 | 594 | 324,023 | 8,388 | (3,725) | (183) | (5,604) | [1] | 323,513 | |||
Balance at Dec. 31, 2021 | $ (3,617) | $ (3,617) | 20 | 595 | 324,618 | 13,591 | (3,725) | (183) | (10,674) | [1] | 324,242 | |
Net income (loss) | 6,235 | 6,235 | ||||||||||
Balance at Mar. 31, 2022 | 15,343 | 275,736 | ||||||||||
Balance at Dec. 31, 2021 | (3,617) | (3,617) | 20 | 595 | 324,618 | 13,591 | (3,725) | (183) | (10,674) | [1] | 324,242 | |
Net income (loss) | 5,730 | 10,228 | ||||||||||
Balance at Jun. 30, 2022 | 15 | 643 | 326,031 | 18,692 | (3,725) | (183) | (108,332) | [1] | 233,141 | |||
Balance at Dec. 31, 2021 | $ (3,617) | $ (3,617) | 20 | 595 | 324,618 | 13,591 | (3,725) | (183) | (10,674) | [1] | 324,242 | |
Net income (loss) | 11,781 | 11,781 | ||||||||||
Preferred stock dividends paid | (2,154) | (2,154) | ||||||||||
Other comprehensive income (loss), net of tax | (142,768) | [1] | (142,768) | |||||||||
Stock based compensation | 1,255 | 1,255 | ||||||||||
Units vested | 2 | (2) | 0 | |||||||||
Options exercised | 2 | 717 | 719 | |||||||||
Conversion of preferred stock to common stock | (5) | 44 | (39) | 0 | ||||||||
Balance at Sep. 30, 2022 | 15 | 643 | 326,549 | 19,601 | (3,725) | (183) | (153,442) | [1] | 189,458 | |||
Balance at Mar. 31, 2022 | 15,343 | 275,736 | ||||||||||
Net income (loss) | 3,993 | 3,993 | ||||||||||
Balance at Jun. 30, 2022 | 15 | 643 | 326,031 | 18,692 | (3,725) | (183) | (108,332) | [1] | 233,141 | |||
Net income (loss) | 1,553 | 1,553 | ||||||||||
Preferred stock dividends paid | [3] | (644) | (644) | |||||||||
Other comprehensive income (loss), net of tax | (45,110) | [1] | (45,110) | |||||||||
Stock based compensation | 426 | 426 | ||||||||||
Units vested | 0 | 0 | 0 | |||||||||
Options exercised | 92 | 92 | ||||||||||
Balance at Sep. 30, 2022 | $ 15 | $ 643 | $ 326,549 | $ 19,601 | $ (3,725) | $ (183) | $ (153,442) | [1] | $ 189,458 | |||
[1]All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income.[2]Dividends per share of $0.88 and $0.88 were declared and paid on preferred stock for the six months ended June 30, 2022 and June 30, 2021[3]Dividends per share of $0.44 and $0.44 were declared and paid on preferred stock for the three months ended June 30, 2022 and June 30, 2021 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Conversion of Preferred Stock to Common Stock [Member] | ||
Conversion of stock, shares converted (in shares) | 529,000 | |
Conversion of stock, shares issued (in shares) | 4,408,324 | |
Units vested, shares (in shares) | 104 | 176,579 |
Options exercised, shares (in shares) | 31,000 | 259,008 |
Options exercised, shares (in shares) | 31,000 | 259,008 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Republic First Bancorp, Inc. (the “Company”) is a one 2016, 2018, two two 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 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 (“U.S. 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. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to United States Securities and Exchange Commission (“SEC”) Form 10 10 X. not three nine September 30, 2022 not may December 31, 2022 |
Note 2 - Changes to Previously
Note 2 - Changes to Previously Reported Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2: Correction of Immaterial Errors in Previously Filed Financial Statements Subsequent to filing the Form 10 first second 2022, March 31, 2022 June 30, 2022. March 31, 2022 June 30, 2022. The correction of the immaterial errors in the Company’s previously reported allowance for credit losses and related provision for credit losses relate to the implementation of the Company’s new allowance methodology in connection with the adoption of ASU 2016 13, Financial Instruments-Credit Losses (Topic 326 2022. March 31, 2022 June 30, 2022 The Company also corrected an immaterial error for an under accrual of legal fees for the quarter ended March 31, 2022, June 30, 2022. For the three March 31, 2022, three June 30, 2022, March 31, 2022 June 30, 2022 March 31, 2022 The following table presents the impact of the correction of immaterial errors on the consolidated statement of financial condition at March 31, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected ASSETS Loans receivable (net of allowance for credit losses) $ 2,534,653 $ (642 ) $ 2,534,011 Other assets 56,008 425 56,433 Total Assets $ 5,700,682 $ (217 ) $ 5,700,465 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Other liabilities $ 18,767 $ 1,060 $ 19,827 Total Liabilities 5,423,669 1,060 5,424,729 Shareholders' Equity Retained earnings 16,620 (1,277 ) 15,343 Total Shareholders' Equity 277,013 (1,277 ) 275,736 Total Liabilities and Shareholders' Equity $ 5,700,682 $ (217 ) $ 5,700,465 The following table presents the impact of the correction of immaterial errors on the consolidated statement of income for the three March 31, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ 620 $ (692 ) $ (72 ) Net interest income after provision for credit losses 35,520 692 36,212 Non-interest expenses Legal 467 537 1,004 Total non-interest expense 31,658 537 32,195 Net income before provision for income taxes 8,209 155 8,364 Provision for income taxes 2,090 39 2,129 Net income $ 6,119 $ 116 $ 6,235 Net income available to common shareholders $ 5,253 $ 116 $ 5,369 Net income per share Basic earnings per common share $ 0.09 $ - $ 0.09 Diluted earnings per common share $ 0.08 $ - $ 0.08 The following table presents the impact of the correction of immaterial errors on the consolidated statement of comprehensive income for the three March 31, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 6,119 $ 116 $ 6,235 Total comprehensive (loss) income $ (45,043 ) $ 116 $ (44,927 ) The following table presents the impact of the correction of immaterial errors on the consolidated statement of cash flows for the three March 31, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Cash flows from operating activities Net income $ 6,119 $ 116 $ 6,235 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 620 (692 ) (72 ) Increase in accrued interest receivable and other assets (1,188 ) 39 (1,149 ) Net increase (decrease) in accrued interest payable and other liabilities 2,320 537 2,857 Net cash provided by operating activities $ 16,582 $ - $ 16,582 The following table presents the impact of the correction of immaterial errors on the consolidated statement of changes in shareholders’ equity for the three March 31, 2022: As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance January 1, 2022 $ 13,591 $ 324,242 $ - $ 13,591 $ 324,242 Adjustment for adoption of ASC 2016-23, net of tax (2,224 ) (2,224 ) (1,393 ) (3,617 ) (3,617 ) Net income 6,119 6,119 116 6,235 6,235 Balance March 31, 2022 $ 16,620 $ 277,013 $ (1,277 ) $ 15,343 $ 275,736 The Company recorded a net decrease to retained earnings of $3.6 million (as previously reported $2.2 million) as of January 1, 2022 326. 326 3: March 31, 2022 January 1, 2022 As Previously Reported Adjustments As Corrected (dollars in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported Under ASC 326 As Reported Under ASC 326 Impact of ASC 326 Adoption Assets: Loans $ 2,514,123 $ 2,514,123 $ - - $ 2,514,123 $ - ACL on Loans: Commercial real estate 5,892 5,802 90 (1,555 ) 4,337 (1,465 ) Construction and land development 1,841 1,544 297 806 2,647 1,103 Commercial and industrial 2,316 2,856 (540 ) 1,102 3,418 562 Owner occupied real estate 5,207 3,158 2,049 1,707 6,914 3,756 Consumer and other 663 629 34 4 667 38 Residential mortgage 6,025 4,922 1,103 (804 ) 5,221 299 Paycheck protection program - - - - - - Unallocated - 53 (53 ) - - (53 ) Total ACL on Loans $ 21,944 $ 18,964 $ 2,980 $ 1,260 $ 23,204 $ 4,240 Liabilities: ACL on off-balance sheet commitments $ - $ - $ - $ 597 $ 597 $ 597 Tax effect $ 756 $ 464 $ 1,220 Shareholders' equity: $ 2,224 $ 1,393 $ 3,617 The following table sets forth the Company’s gross loans by major category pre and post the correction of immaterial errors as of March 31, 2022 6: March 31, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Total loans receivable $ 2,562,068 $ - $ 2,562,068 Deferred costs (fees) (4,901 ) - (4,901 ) Allowance for credit losses (22,514 ) (642 ) (23,156 ) Net loans receivable $ 2,534,653 $ (642 ) $ 2,534,011 The following tables provide a summary of the allowance for credit losses and balance of loans receivable by loan class and by impairment method pre and post the correction of immaterial errors as of March 31, 2022 6: March 31, 2022: March 31, 2022 As Previously Reported (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ 915 $ - $ 2,268 $ 323 $ 103 $ - $ - $ - $ 3,609 Collectively evaluated for impairment 4,455 1,268 1,177 4,461 815 6,729 - - 18,905 Total allowance for credit losses $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Adjustments (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment (1,322 ) 842 1,039 1,382 (190 ) (1,109 ) - - 642 Total allowance for credit losses $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 As Corrected (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ 915 $ - $ 2,268 $ 323 $ 103 $ - $ - $ - $ 3,609 Collectively evaluated for impairment 3,133 2,110 2,216 5,843 625 5,620 - - 19,547 Total allowance for credit losses $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class pre and post the correction of immaterial errors at and for the three March 31, 2022 6: March 31, 2022: Three months ended March 31, 2022 As Previously Reported (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 Allowance for Credit Losses: Beginning balance January 1, 2022: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 - $ 53 $ 18,964 Day 1 effect of CECL 90 297 (540 ) 2,049 34 1,103 - (53 ) 2,980 Charge-offs - - - - (67 ) - - - (67 ) Recoveries - - 10 7 - - - - 17 Provisions (522 ) (573 ) 1,119 (430 ) 322 704 - - 620 Ending balance March 31, 2022: $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Adjustments (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 Allowance for Credit Losses: Beginning balance January 1, 2022 - - - - - - - - - Day 1 effect of CECL (1,555 ) 806 1,102 1,707 4 (804 ) - - 1,260 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions 233 36 (63 ) (325 ) (194 ) (305 ) - - (618 ) Ending balance March 31, 2022: $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 As Corrected (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residentia l Mortgage Paycheck Protection Program Unallocated Total Allowance for Credit Losses: Beginning balance January 1, 2022 $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 - (53 ) 4,240 Charge-offs - - - - (67 ) - - - (67 ) Recoveries - - 10 7 - - - - 17 Provisions (credits) (1) (289 ) (537 ) 1,056 (755 ) 128 399 - - 2 Ending balance March 31, 2022: $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 ( 1 The ACL on off-balance sheet commitments as of March 31, 2022 The following table presents the impact of the correction of immaterial errors on the Company’s regulatory capital ratios at March 31, 2022: (dollars in thousands) Actual At March 31, 2022: As Previously Reported Adjustment Corrected Total risk based capital Republic 11.25 % -0.02 % 11.23 % Company 11.61 % -0.02 % 11.59 % Tier one risk based capital Republic 10.54 % -0.04 % 10.50 % Company 10.90 % -0.04 % 10.86 % CET 1 risk based capital Republic 10.54 % -0.04 % 10.50 % Company 9.45 % -0.04 % 9.41 % Tier one leveraged capital Republic 5.83 % -0.02 % 5.81 % Company 6.04 % -0.02 % 6.02 % Refer to Item 2: June 30, 2022 The following table presents the impact of the correction of immaterial errors on the consolidated statement of financial condition at June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Adjusted ASSETS Loans receivable (net of allowance for credit losses) $ 2,731,556 $ (1,870 ) $ 2,729,686 Other assets 72,283 593 72,876 Total Assets $ 5,856,882 $ (1,277 ) $ 5,855,605 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Other liabilities $ 22,954 $ 505 $ 23,459 Total Liabilities $ 5,621,959 $ 505 $ 5,622,464 Shareholders' Equity Retained earnings $ 20,474 $ (1,782 ) $ 18,692 Total Shareholders' Equity 234,923 (1,782 ) 233,141 Total Liabilities and Shareholders' Equity $ 5,856,882 $ (1,277 ) $ 5,855,605 The following table presents the impact of the correction of immaterial error on the consolidated statement of income for the three June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ (380 ) $ 1,210 $ 830 Net interest income after provision for credit losses 38,780 (1,210 ) 37,570 Non-interest expenses Legal 6,859 (537 ) 6,322 Total non-interest expense 37,787 (537 ) 37,250 Net income before provision for income taxes 5,866 (673 ) 5,193 Provision for income taxes 1,368 (168 ) 1,200 Net income $ 4,498 $ (505 ) $ 3,993 Net income available to common shareholders $ 3,854 $ (505 ) $ 3,349 Net income per share Basic earnings per common share 0.06 (0.01 ) 0.05 Diluted earnings per common share 0.06 (0.01 ) 0.05 The following table presents the impact of the correction of immaterial errors on the consolidated statement of income for the six June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ 240 $ 518 $ 758 Net interest income after provision for credit losses 74,300 (518 ) 73,782 Net income before provision for income taxes 14,075 (518 ) 13,557 Provision for income taxes 3,458 (129 ) 3,329 Net income $ 10,617 $ (389 ) $ 10,228 Net income available to common shareholders $ 9,107 $ (389 ) $ 8,718 Net income per share Basic earnings per common share 0.15 (0.01 ) 0.14 Diluted earnings per common share 0.14 (0.01 ) 0.13 The following table presents the impact of the correction of immaterial errors on the consolidated statement of comprehensive income for the three June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 4,498 $ (505 ) $ 3,993 Total comprehensive (loss) income $ (41,998 ) $ (505 ) $ (42,503 ) The following table presents the impact of the correction of immaterial errors on the consolidated statement of comprehensive income for the six June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 10,617 $ (389 ) $ 10,228 Total comprehensive (loss) income $ (87,041 ) $ (389 ) $ (87,430 ) The following table presents the impact of the correction of immaterial errors on the consolidated statement of cash flows for the six June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Cash flows from operating activities Net income $ 10,617 $ (389 ) $ 10,228 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 240 518 758 Increase in accrued interest receivable and other assets (2,435 ) (129 ) (2,564 ) Net cash provided by operating activities $ 27,418 $ - $ 27,418 The following table presents the impact of the correction of immaterial errors on the consolidated statement of shareholders’ equity for the three June 30, 2022: As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance April 1, 2022 $ 16,620 $ 277,013 $ (1,277 ) $ 15,343 $ 275,736 Net income 4,489 4,498 (505 ) 3,993 3,993 Balance June 30, 2022 $ 20,474 $ 234,923 $ (1,782 ) $ 18,692 $ 233,141 The following table presents the impact of the correction of immaterial errors on the consolidated statement of shareholders’ equity for the six June 30, 2022: As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance January 1, 2022 $ 13,591 $ 324,242 $ - $ 13,591 $ 324,242 Adjustment for adoption of ASC 2016-23, net of tax (2,224 ) (2,224 ) (1,393 ) (3,617 ) (3,617 ) Net income 6,119 10,617 (389 ) 5,730 10,228 Balance June 30, 2022 $ 20,474 $ 234,923 $ (1,782 ) $ 18,692 $ 233,141 The following table sets forth the Company’s gross loans by major category pre and post the correction of immaterial errors as of June 30, 2022 6: June 30, 2022: (dollars in thousands) As Previously Reported Adjustments As Corrected Total loans receivable $ 2,754,394 $ - $ 2,754,394 Deferred costs (fees) (3,711 ) - (3,711 ) Allowance for credit losses (19,127 ) (1,870 ) (20,997 ) Net loans receivable $ 2,731,556 $ (1,870 ) $ 2,729,686 The following tables detail activity in the allowance for credit losses pre and post the correction of immaterial errors for the three six June 30, 2022 6: June 30, 2022. 2016 13 January 1, 2022 As Previously Reported (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Charge-offs (621 ) - (2,161 ) (787 ) (115 ) - - - (3,684 ) Recoveries - - 7 590 80 - - - 677 Provisions (credits) 104 (472 ) (147 ) (448 ) (164 ) 747 - - (380 ) Ending balance: June 30, 2022: $ 4,853 $ 796 $ 1,144 $ 4,139 $ 719 $ 7,476 $ - $ - $ 19,127 Adjustments (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions (credits) 10 (116 ) 140 442 162 590 - - 1,228 Ending balance: June 30, 2022: $ (1,312 ) $ 726 $ 1,179 $ 1,824 $ (28 ) $ (519 ) $ - $ - $ 1,870 As Corrected (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 Charge-offs (621 ) - (2,161 ) (787 ) (115 ) - - - (3,684 ) Recoveries - - 7 590 80 - - - 677 Provisions (credits) (1) 114 (588 ) (7 ) (6 ) (2 ) 1,337 - - 848 Ending balance: June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 ( 1 The ACL on off-balance sheet commitments as of June 30, 2022 As Previously Reported (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL 90 297 (540 ) 2,049 34 1,103 - (53 ) 2,980 Charge-offs (621 ) - (2,161 ) (787 ) (182 ) - - - (3,751 ) Recoveries - - 16 597 81 - - - 694 Provisions (credits) (418 ) (1,045 ) 973 (878 ) 157 1,451 - - 240 Ending balance June 30, 2022: $ 4,853 $ 796 $ 1,144 $ 4,139 $ 719 $ 7,476 $ - $ - $ 19,127 Adjustments (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ - $ - $ - $ - $ - $ - $ - $ - $ - Day 1 effect of CECL (1,555 ) 806 1,102 1,707 4 (804 ) - - 1,260 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions (credits) 243 (80 ) 77 117 (32 ) 285 - - 610 Ending balance June 30, 2022: $ (1,312 ) $ 726 $ 1,179 $ 1,824 $ (28 ) $ (519 ) $ - $ - $ 1,870 As Corrected (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 - (53 ) 4,240 Charge-offs (621 ) - (2,161 ) (787 ) (182 ) - - - (3,751 ) Recoveries - - 16 597 81 - - - 694 Provisions (credits) (1) (175 ) (1,125 ) 1,050 (761 ) 125 1,736 - - 850 Ending balance June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 ( 1 The ACL on off-balance sheet commitments as of June 30, 2022 The following table presents the impact of the correction of immaterial errors on the Company’s regulatory capital ratios at June 30, 2022. (dollars in thousands) Actual At June 30, 2022: As Previously Reported Adjustment Corrected Total risk based capital Republic 10.81 % 0.00 % 10.81 % Company 10.97 % 0.00 % 10.97 % Tier one risk based capital Republic 10.24 % -0.06 % 10.18 % Company 10.40 % -0.05 % 10.35 % CET 1 risk based capital Republic 10.24 % -0.06 % 10.18 % Company 9.03 % -0.05 % 8.98 % Tier one leveraged capital Republic 5.83 % -0.03 % 5.80 % Company 5.94 % -0.03 % 5.91 % Refer to Item 2: |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3: Risks and Uncertainties 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” 2022, 425 4.25% 4.50% The effects of geopolitical conflict, inflationary pressures, higher interest rates and potential recessionary conditions may may third 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 credit losses and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. 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 income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. 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 12: Use of Estimates 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 credit losses for in-scope financial instruments including investments of debt securities, loans, unfunded commitments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, the composition 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. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for credit losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may The Company adopted ASU 2016 13, Financial Instruments-Credit Losses (Topic 326 January 1, 2022. 2016 13 third 2016 13 In evaluating the Company’s ability to recover deferred tax assets, management considers available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. A material reduction in estimated future taxable income may Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (the “2005 2005 2005 1.5 September 30, 2022, 2005 2005 2005 one four 2005 November 14, 2015. On April 29, 2014, 2014 “2014 may 2014 no may not September 30, 2022, 2014 nine September 30, 2022, 2014 On April 27, 2021, 2021 “2021 may 2021 may September 30, 2022, 2021 The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. During the nine September 30, 2022 2021, September 30, 2022, September 30, 2021, nine September 30, 2022, nine September 30, 2021, Information regarding stock-based compensation for the nine September 30, 2022 2021 2022 2021 Stock-based compensation expense recognized $ 366,000 $ 1,133,000 Number of unvested stock options 687,806 1,754,089 Fair value of unvested stock options $ 19,290 $ 2,918,535 Amount remaining to be recognized as expense $ 367,765 $ 1,493,293 The remaining unrecognized expense amount of $367,765 will be recognized ratably as expense through December 2024. The Company granted stock units under the 2014 nine September 30, 2022 2021. The following table details the Stock Units under the 2014 three nine September 30, 2022 September 30, 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 1,013,442 $ 4.66 524,863 $ 3.35 Granted - - 2,500 3.45 Vested (104 ) 3.42 - - Forfeited (70,011 ) 5.14 (3,300 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 516,513 $ 3.36 - $ - Granted 714,167 5.16 532,513 3.35 Vested (176,579 ) 3.42 - - Forfeited (110,774 ) 4.69 (8.450 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Information regarding stock unit compensation under the 2014 nine September 30, 2022 2021 2022 2021 Stock based compensation expense recognized $ 885,000 $ 428,756 Number of unvested stock units 943,327 524,063 Fair value of unvested stock units $ 2,624,235 $ 1,783,518 Amount remaining to be recognized as expense $ 3,464,152 $ 1,354,762 The remaining unrecognized expense amount of $3,464,152 will be recognized ratably as expense through June 2026. The Company granted stock units under the 2021 nine September 30, 2022. The following table details the Stock Units under the 2021 three nine September 30, 2022. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance - $ - - $ - Granted 41,400 3.59 41,400 3.59 Vested - - - - Forfeited (500 ) 3.59 (500 ) 3.59 Ending balance 40,900 $ 3.59 40,900 $ 3.59 Information regarding stock unit compensation under the 2021 nine September 30, 2022 2021 2022 2021 Stock based compensation expense recognized $ 4,000 $ - Number of unvested stock units 40,900 - Fair value of unvested stock units $ 115,747 $ - Amount remaining to be recognized as expense $ 142,406 $ - The remaining unrecognized expense amount of $142,406 will be recognized ratably as expense through August 2026. Earnings per Share Earnings per share (“EPS”) consists of two three nine September 30, 2022 September 30, 2021. The calculation of EPS for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to basic common shareholders $ 909 $ 5,221 $ 9,627 $ 16,473 Weighted average shares outstanding 63,767 58,895 62,265 58,877 Net income per share – basic $ 0.01 $ 0.09 $ 0.15 $ 0.28 Preferred stock dividends $ 644 $ 875 $ 2,154 $ 2,625 Net income attributable to diluted common shareholders $ 1,553 $ 6,096 $ 11,781 $ 19,098 Weighted average shares outstanding (including dilutive CSEs) 76,209 75,876 75,995 75,946 Net income per share – diluted $ 0.01 $ 0.08 $ 0.14 $ 0.25 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods. These securities were not (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities Share based compensation awards 5,690 5,771 5,348 5,683 Convertible preferred stock - - - - Total anti-dilutive securities 5,690 5,771 5,348 5,683 Recent Accounting Pronouncements ASU 2016 13 The Company adopted ASU 2016 13, Financial Instruments-Credit Losses (Topic 326 January 1, 2022. 2016 13 third 2016 13 Section 4014 2016 13, 19 December 31, 2020, January 1, 2020. Section 540 2021, 4014 2021, first 19 January 1, 2022. The Company elected to delay the implementation of ASU 2016 13 2020 2021. 2016 13 one 19 2016 13 first 2020 2021, 2016 13 January 1, 2022. The Company adopted ASC 326 January 1, 2022 326 January 1, 2022 326. An analysis of the impact of adoption of ASC 326 January 1, 2022 2: An analysis of the allowance for credit losses for the three March 31, 2022 June 30, 2022 2: 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 ASU 2022 02 In March 2022, No. 2022 02, "Financial Instruments - Credit Losses (Topic 326 310 40, 326 20, January 1, 2023. No. 2022 02 not |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4: The Company and Republic are from time to time parties (plaintiff or defendant) to lawsuits 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 September 19, 2022, two Vernon Hill et al. v. Lisa Jacobs, et al., No. 220901684. December 12, 2022. two three three February 27, 2023, On November 22, 2022, George E. Norcross, III, et al. v. Republic First Bancorp, Inc. No. 221102195, 2022 not December 6, 2022, January 18, 2023, April 25, 2023, not May 31, 2023, On November 28, 2022, Hill and Interarch v. Republic First Bancorp, Inc. et al. No. 2:22 04735, February 10, 2023. two |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5: 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 areas surrounding its branches. Mortgage loans in Delaware and Florida are primarily made to local customers that have second not |
Note 6 - Investment Securities
Note 6 - Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6: A summary of the amortized cost and market value of securities available for sale, securities held to maturity, and equity securities as of September 30, 2022 December 31, 2021 September 30, 2022 (dollars in thousands) Amortized Cost Gross Unrealized / Unrecognized Gains Gross Unrealized / Unrecognized Losses Fair Value Available for sale U.S. Government agencies $ 19,806 $ - $ (1,411 ) $ 18,395 Collateralized mortgage obligations 388,019 - (67,004 ) 321,015 Agency mortgage-backed securities 510,269 10 (94,257 ) 416,022 Municipal securities 52,128 1 (6,356 ) 45,773 Corporate bonds 232,842 635 (35,161 ) 198,316 Investment securities available for sale $ 1,203,064 $ 646 $ (204,189 ) $ 999,521 Held to maturity U.S. Government agencies $ 52,788 $ - $ (4,764 ) $ 48,024 Collateralized mortgage obligations 374,421 32 (67,589 ) 306,864 Agency mortgage-backed securities 1,135,167 - (222,509 ) 912,658 Investment securities held to maturity $ 1,562,376 $ 32 $ (294,862 ) $ 1,267,546 Equity securities $ 6,627 ( 1 Equity securities consist of investments in non-cumulative preferred stock. December 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized / Unrecognized Gains Gross Unrealized / Unrecognized 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. The following table presents investment securities by stated maturity as of September 30, 2022. no Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 35,899 $ 29,762 $ - $ - After 1 year to 5 years 95,090 89,803 52,788 48,024 After 5 years to 10 years 67,549 60,572 - - After 10 years 106,238 82,347 - - Collateralized mortgage obligations 388,019 321,015 374,421 306,864 Agency mortgage-backed securities 510,269 416,022 1,135,167 912,658 Total investment securities $ 1,203,064 $ 999,521 $ 1,562,376 $ 1,267,546 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. There were no September 30, 2022 December 31, 2021. no 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 adoption of CECL on January 1, 2022 no no The Company evaluates investment securities that are in an unrealized/unrecognized loss position on a quarterly basis and more frequently when warranted in order to determine if the decline in fair value is below the amortized cost of the asset. Accounting standards require the evaluation of the discounted cash flows when estimating expected credit losses to determine if a credit loss has occurred. In the event of a credit loss, that amount must be recognized against income in the current period. The portion of the unrealized loss related to other factors, such as liquidity conditions in the market or the current interest rate environment, is recorded in accumulated other comprehensive income (loss) for investment securities classified available for sale. There were no nine September 30, 2022 December 31, 2021. The following tables show the fair value and gross unrealized/unrecognized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized/unrecognized loss position as of September 30, 2022 December 31, 2021: September 30, 2022 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 $ - $ - $ 18,396 $ 1,411 $ 18,396 $ 1,411 Collateralized mortgage obligations 155,546 23,587 165,469 43,417 321,015 67,004 Agency mortgage-backed securities 193,757 39,579 221,572 54,678 415,329 94,257 Municipal securities 44,747 6,356 - - 44,747 6,356 Corporate bonds 100,336 14,864 89,344 20,297 189,680 35,161 Investment Securities Available for Sale $ 494,386 $ 84,386 $ 494,781 $ 119,803 $ 989,167 $ 204,189 September 30, 2022 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses U.S. Government agencies $ 48,025 $ 4,764 $ - $ - $ 48,025 $ 4,764 Collateralized mortgage obligations 125,412 14,609 177,469 52,980 302,881 67,589 Agency mortgage-backed securities 349,870 76,429 562,788 146,080 912,658 222,509 Investment Securities Held to Maturity $ 523,307 $ 95,802 $ 740,257 $ 199,060 $ 1,263,564 $ 294,862 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 December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized 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 Unrealized/unrecognized losses on securities in the investment portfolio amounted to $499.1 million with a total fair value of $2.3 billion as of September 30, 2022 December 31, 2021. not The Company held 17 September 30, 2022. September 30, 2022. 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 New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. As of September 30, 2022, On September 30, 2022, not Proceeds associated with the sale of securities available for sale during the three nine September 30, 2022 three nine September 30, 2022 $12,000. three nine September 30, 2021. There was no allowance for credit losses recorded for debt securities available for sale at either September 30, 2022 December 31, 2021. three nine September 30, 2022 2021, no |
Note 7 - Loans Receivable and A
Note 7 - Loans Receivable and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 7: The following table sets forth the Company’s gross loans by major category as of September 30, 2022 December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Commercial real estate $ 915,494 $ 780,311 Construction and land development 226,627 216,008 Commercial and industrial 303,518 252,376 Owner occupied real estate 557,496 526,570 Consumer and other 95,618 83,487 Residential mortgage 954,679 536,332 Paycheck protection program 10,787 119,039 Total loans receivable 3,064,219 2,514,123 Deferred costs (fees) (3,367 ) (6,758 ) Allowance for credit losses (25,255 ) (18,964 ) Net loans receivable $ 3,035,597 $ 2,488,401 The Company disaggregates its loan portfolio into groups of loans with similar risk characteristics for purposes of estimating the allowance for credit 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 Paycheck Protection Program (“PPP”) loans, which are fully guaranteed by the U.S. Government and as such have no 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 September 30, 2022 December 31, 2021. (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 September 30, 2022 Commercial real estate $ 76 $ 777 $ 600 $ 1,453 $ 914,041 $ 915,494 $ - Construction and land development - - 9,052 9,052 217,575 226,627 - Commercial and industrial 5,729 248 304 6,281 297,237 303,518 - Owner occupied real estate 5,008 - 2,759 7,767 549,729 557,496 - Consumer and other 594 261 815 1,670 93,948 95,618 15 Residential mortgage - 334 - 334 954,345 954,679 - Paycheck protection program 388 1,687 1,920 3,995 6,792 10,787 1,920 Total $ 11,795 $ 3,307 $ 15,450 $ 30,552 $ 3,033,667 $ 3,064,219 $ 1,935 (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 Credit Quality Indicators: The Company places all commercial loans into various credit risk rating categories based on an assessment of the expected ability of the borrowers to properly service their debt. The assessment considers numerous factors including, but not Special Mention: may Substandard: not Doubtful: Loans not The following table presents the classes of the loan portfolio summarized by the amortized cost basis by origination year and the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2022: Loans Amortized Cost Basis by Origination Year (dollar in thousands) September 30, 2022 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Commercial Real Estate Pass $ 190,987 $ 206,253 $ 131,546 $ 111,402 $ 74,899 $ 191,218 $ 8,593 $ 914,898 Special Mention - - - - - - - - Substandard - - 470 - - 126 - 596 Doubtful - - - - - - - - Total Commercial Real Estate $ 190,987 $ 206,253 $ 132,016 $ 111,402 $ 74,899 $ 191,344 $ 8,593 $ 915,494 Construction & Land Development Pass $ 23,633 $ 104,483 $ 62,342 $ 18,849 $ 55 $ 5,340 $ 2,874 $ 217,576 Special Mention - - - - - - - - Substandard - - 9,051 - - - - 9,051 Doubtful - - - - - - - - Total Construction $ 23,633 $ 104,483 $ 71,394 $ 18,849 $ 55 $ 5,340 $ 2,874 $ 226,627 Commercial & Industrial Pass $ 82,914 $ 34,435 $ 15,145 $ 11,650 $ 10,407 $ 18,336 $ 130,227 $ 303,114 Special Mention - - - - - - 100 100 Substandard - - - - - 304 - 304 Doubtful - - - - - - - - Total Commercial & Industrial $ 82,914 $ 34,435 $ 15,145 $ 11,650 $ 10,407 $ 18,640 $ 130,327 $ 303,518 Owner Occupied Real Estate Pass $ 79,930 $ 96,545 $ 86,586 $ 42,541 $ 70,982 $ 152,707 $ 18,823 $ 548,114 Special Mention - - - 555 - 232 - 787 Substandard - - - 4,125 116 4,354 - 8,595 Doubtful - - - - - - - - Total Owner Occupied $ 79,930 $ 96,545 $ 86,586 $ 47,221 $ 71,098 $ 157,293 $ 18,823 $ 557,496 Consumer & Other Pass $ 5,730 $ 1,892 $ 1,625 $ 1,659 $ 1,240 $ 2,418 $ 80,253 $ 94,817 Special Mention - - - - - - - - Substandard - - - - 109 23 669 801 Doubtful - - - - - - - - Total Consumer & Other $ 5,730 $ 1,892 $ 1,625 $ 1,659 $ 1,349 $ 2,441 $ 80,922 $ 95,618 Residential Mortgage Pass $ 458,724 $ 14,950 $ 82,611 $ 146,293 $ 222,535 $ 29,566 $ - $ 954,679 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Residential Mortgage $ 458,724 $ 14,950 $ 82,611 $ 146,293 $ 222,535 $ 29,566 $ - $ 954,679 Paycheck Protection Program Pass $ - $ 9,480 $ 1,307 $ - $ - $ - $ - $ 10,787 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Paycheck Protection $ - $ 9,480 $ 1,307 $ - $ - $ - $ - $ 10,787 Total Pass $ 841,918 $ 468,038 $ 381,162 $ 332,394 $ 380,118 $ 399,585 $ 240,770 $ 3,043,985 Special Mention - - - 555 - 232 100 887 Substandard - - 9,521 4,125 225 4,807 669 19,347 Doubtful - - - - - - - - Total Loans $ 841,918 $ 468,038 $ 390,683 $ 337,074 $ 380,343 $ 404,624 $ 241,539 $ 3,064,219 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 the Company’s internal risk rating system as of December 31, 2021: (dollars in thousands) Pass Special Mention Substandard Doubtful Total 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 The following table shows non-accrual loans by class as of September 30, 2022 December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Commercial real estate $ 600 $ 4,493 Construction and land development 9,052 - Commercial and industrial 304 2,558 Owner occupied real estate 2,759 3,714 Consumer and other 800 1,075 Residential mortgage - 701 Paycheck protection program - - Total $ 13,515 $ 12,541 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $289,000 and $546,451 for the nine September 30, 2022 2021, The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2022: ( dollars in thousands) Real Estate Business Asset Total Commercial real estate $ 600 $ - $ 600 Construction and land development 9,052 - 9,052 Commercial and industrial 304 - 304 Owner occupied real estate 8,596 - 8,596 Consumer and other 800 - 800 Residential mortgage - - - Paycheck protection program - - - Total $ 19,352 $ - $ 19,352 Impaired loans December 31, 2021 three nine September 30, 2021, January 1, 2022. The following table summarizes information regarding impaired loans by loan portfolio class as of December 31, 2021: December 31, 2021 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 479 $ 691 $ - Construction and land development - - - Commercial and industrial 80 81 - Owner occupied real estate 2,080 2,080 - Consumer and other 1,075 1,422 - Residential mortgage 701 768 - Paycheck protection program - - - Total $ 4,415 $ 5,042 $ - With an allowance recorded: Commercial real estate $ 4,014 $ 4,536 $ 992 Construction and land development - - - Commercial and industrial 2,478 2,616 1,169 Owner occupied real estate 7,513 7,532 582 Consumer and other - - - Residential mortgage - - - Paycheck protection program - - - Total $ 14,005 $ 14,684 $ 2,743 Total: Commercial real estate $ 4,493 $ 5,227 $ 992 Construction and land development - - - Commercial and industrial 2,558 2,697 1,169 Owner occupied real estate 9,593 9,612 582 Consumer and other 1,075 1,422 - Residential mortgage 701 768 - Paycheck protection program - - - Total $ 18,420 $ 19,726 $ 2,743 The following table presents additional information regarding the Company’s impaired loans for the three nine September 30, 2021: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 440 $ 2 $ 385 $ 2 Construction and land development - - - - Commercial and industrial 2,298 - 2,297 - Owner occupied real estate 3,387 52 3,892 73 Consumer and other 1,204 14 1,227 14 Residential mortgage 830 - 946 - Paycheck protection program 2 - 3 - Total $ 8,161 $ 68 $ 8,750 $ 89 With an allowance recorded: Commercial real estate $ 4,086 $ 3 $ 4,158 $ 6 Construction and land development - - - - Commercial and industrial 265 - 263 - Owner occupied real estate 1,105 10 1,140 20 Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total $ 5,456 $ 13 $ 5,561 $ 26 Total: Commercial real estate $ 4,526 $ 5 $ 4,543 $ 8 Construction and land development - - - - Commercial and industrial 2,563 - 2,560 - Owner occupied real estate 4,492 62 5,032 93 Consumer and other 1,204 14 1,227 14 Residential mortgage 830 - 946 - Paycheck protection program 2 - 3 - Total $ 13,617 $ 81 $ 14,311 $ 115 The following tables detail activity in the allowance for credit losses for the three nine September 30, 2022 three nine September 30, 2021. 2016 13 January 1, 2022 January 1, 2022 326, one not (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 Allowance for Credit Losses: Beginning balance June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 Charge-offs - - - - (27 ) - - - (27 ) Recoveries 215 - 149 - 22 - - - 386 Provisions (credits) (1) 82 388 465 298 54 2,612 - - 3,899 Ending balance September 30, 2022: $ 3,838 $ 1,910 $ 2,937 $ 6,261 $ 740 $ 9,569 $ - $ - $ 25,255 ( 1 Provision to roll forward the allowance for credit losses excludes a provision of $99,000 for off-balance sheet commitments. The ACL on off-balance sheet commitments as of September 30, 2022 (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 (53 ) 4,240 Charge-offs (621 ) - (2,161 ) (787 ) (209 ) - - - (3,778 ) Recoveries 215 - 166 597 102 - - - 1,080 Provisions (credits) (1) (93 ) (737 ) 1,514 (463 ) 180 4,348 - - 4,749 Ending balance September 30, 2022: $ 3,838 $ 1,910 $ 2,937 $ 6,261 $ 740 $ 9,569 $ - $ - $ 25,255 ( 1 Provision to roll forward the allowance for credit losses excludes a provision of $7,000 for off-balance sheet commitments. The ACL on off-balance sheet commitments as of September 30, 2022 (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 Allowance for Loan Losses: Beginning balance June 30, 2021: $ 5,919 $ 1,133 $ 1,503 $ 2,440 $ 717 $ 4,270 $ - $ 128 $ 16,110 Charge-offs - - - - (1 ) - - - (1 ) Recoveries - - 12 48 149 - - - 209 Provisions (credits) 265 (43 ) 181 420 (213 ) 282 - 8 900 Ending balance September 30, 2021: $ 6,184 $ 1,090 $ 1,696 $ 2,908 $ 652 $ 4,552 $ - $ 136 $ 17,218 (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 Allowance for Loan Losses: Beginning balance December 31, 2020: $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Charge-offs - - (60 ) - (48 ) - - - (108 ) Recoveries - - 162 88 201 - - - 451 Provisions (credits) 1,790 142 227 446 (224 ) 1,527 - (8 ) 3,900 Ending balance September 30, 2021: $ 6,184 $ 1,090 $ 1,696 $ 2,908 $ 652 $ 4,552 $ - $ 136 $ 17,218 Allowance for Credit Losses on Off Balance Sheet Commitments The following table presets the activity in the allowance for credit losses for off balance sheet commitments for the nine September 30, 2022: Allowance for Credit Losses on Off Balance Sheet Commitments December 31, 2021 Pre-ASC 326 Impact of Provision September 30, 2022 (dollars in thousands) Adoption adopting ASC 326 (Credit) Ending ACL ACL on off-balance sheet commitments $ - $ 597 $ 7 $ 604 Total ACL $ - $ 597 $ 7 $ 604 Troubled Debt Restructurings A modification to the contractual terms of a loan that 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 September 30, 2022 December 31, 2021, may not There were no three nine September 30, 2022 September 30, 2021 After a loan is determined to be a TDR, the Company continues to track its performance under the most recent restructured terms. There were no three nine September 30, 2022. no December 31, 2021. 2021. There were no September 30, 2022. one December 31, 2021. September 30, 2022 December 31, 2021. |
Note 8 - Other Borrowings
Note 8 - Other Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 8: We have established a line of credit with the Federal Home Loan Bank (“FHLB”) of Pittsburgh. Our maximum borrowing capacity with the FHLB was $1.5 billion at September 30, 2022 December 31, 2021. September 30, 2022, December 31, 2021. |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 9: 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 as of September 30, 2022 December 31, 2021 (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 September 30, 2022 Assets: U.S. Government agencies $ 18,395 $ - $ 18,395 $ - Collateralized mortgage obligations 321,015 - 321,015 - Agency mortgage-backed securities 416,022 - 416,022 - Municipal securities 45,773 - 45,773 - Corporate bonds 198,316 - 194,808 3,508 Investment securities available for sale $ 999,521 $ 996,013 $ 3,508 Equity securities 6,627 6,627 - - Mortgage Loans Held for Sale $ 6,038 $ - $ 6,038 $ - SBA Servicing Assets 4,181 - - 4,181 Interest Rate Lock Commitments 38 - 38 - Best Efforts Forward Loan Sales Commitments 114 - 114 - Mandatory Forward Loan Sales Commitments 94 - 94 - Liabilities: Interest Rate Lock Commitments 60 - 60 - Best Efforts Forward Loan Sales Commitments 6 - 6 - Mandatory Forward Loan Sales Commitments 5 - 5 - 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 - The following tables present an analysis of the activity in the SBA servicing assets for the three nine September 30, 2022 2021: Three Months Ended September 30, (dollars in thousands) 2022 2021 Beginning balance, July 1 st $ 4,318 $ 4,641 Additions 197 178 Fair value adjustments (334 ) (247 ) Ending balance, September 30 th $ 4,181 $ 4,572 Nine Months Ended September 30, (dollars in thousands) 2022 2021 Beginning balance, January 1 st $ 4,705 $ 4,626 Additions 480 491 Fair value adjustments (1,004 ) (545 ) Ending balance, September 30 th $ 4,181 $ 4,572 Fair value adjustments are recorded as loan and servicing fees on the statement of income. Servicing fee income, not three September 30, 2022 2021, not nine September 30, 2022 2021, September 30, 2022 December 31, 2021 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 three nine September 30, 2022 2021: Three Months Ended September 30, 2022 2021 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, July 1 st $ 3,109 $ 2,603 Unrealized gains (losses) 399 - Proceeds from sales - - Realized losses - - Balance, September 30 th $ 3,508 $ 2,603 Nine Months Ended September 30, 2022 2021 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,625 $ 2,631 Unrealized gains (losses) 883 (28 ) Proceeds from sales - - Realized losses - - Balance, September 30 th $ 3,508 $ 2,603 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used as of September 30, 2022 December 31, 2021 (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 September 30, 2022 Individually evaluated loans $ 514 $ - $ - $ 514 Other real estate owned 876 - - 876 December 31, 2021 Impaired loans $ 11,664 $ - $ - $ 11,664 Other real estate owned 360 - - 360 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) September 30, 2022 Corporate bonds $ 3,508 Discounted Cash Flows Discount Rate (9.35%) SBA servicing assets $ 4,318 Discounted Cash Flows Conditional Prepayment Rate Discount Rate (14.85%)(12.25%) Individually evaluated loans $ 755 Appraised Value of Collateral (1) Liquidation expenses (2) 13% - 16%(14%) (3) Other real estate owned $ 876 Appraised Value of Collateral (1) Liquidation expenses (2) 12% - 34%(24%) (3) Sales Price Liquidation expenses (2) (17%) (3) 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 Discount Rate (13.93%)(10.00%) Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 27%(16%) (3) Impaired loans $ 11,664 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) ( 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 September 30, 2022 December 31, 2021. 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 three nine September 30, 2022, three nine September 30, 2021, 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 June 30, 2022 December 31, 2021 ( Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance September 30, 2022 $ 6,038 $ 5,994 $ 44 December 31, 2021 $ 8,538 $ 8,241 $ 297 Changes in the excess carrying amount over aggregate unpaid principal balance are recorded in the statement of income in mortgage banking income. As of September 30, 2022, no 90 not 90 December 31, 2021. Interest Rate Lock Commitments The Company determines the value of IRLC’s 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 IRLC’s. 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 Individually Evaluated Collateral Dependent Loans When a loan is individually evaluated, it is valued at the lower of cost or fair value. Collateral dependent loans which are individually evaluated and carried at fair value have been partially charged off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may 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 September 30, 2022 December 31, 2021, 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. As of September 30, 2022 December 31, 2021, 10% (dollars in thousands) September 30, 2022 December 31, 2021 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,181 $ 4,705 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 3 % 4 % Adjustable-rate SBA loans 97 % 96 % Total 100 % 100 % Weighted Average Remaining Term (in years) 19.5 19.6 Prepayment Speed 14.85 % 13.93 % Effect on fair value of a 10% increase $ (169 ) $ (204 ) Effect on fair value of a 20% increase (326 ) (393 ) Weighted Average Discount Rate 12.25 % 10.00 % Effect on fair value of a 10% increase $ (152 ) $ (148 ) Effect on fair value of a 20% increase (293 ) (288 ) 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 as of September 30, 2022 Fair Value Measurements as of September 30, 2022 (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 $ 52,452 $ 52,452 $ 52,452 $ - $ - Investment securities available for sale 999,521 999,521 - 996,013 3,508 Investment securities held to maturity 1,562,376 1,267,546 - 1,267,546 - Equity securities 6,627 6,627 6,627 - - Restricted stock 21,907 N/A N/A N/A N/A Loans held for sale 10,823 10,823 - 6,038 4,785 Loans receivable, net 3,035,597 3,032,619 - - 3,032,619 SBA servicing assets 4,181 4,181 - - 4,181 Accrued interest receivable 18,783 18,783 - 18,783 - Interest rate lock commitments 38 38 - 38 - Best efforts forward loan sales commitments 114 114 - 114 - Mandatory forward loan sales commitments 94 94 - 94 - Financial liabilities: Deposits Demand, savings and money market $ 5,133,401 $ 5,133,401 $ - $ 5,133,401 $ - Time 118,183 112,233 - 112,233 - Subordinated debt 11,282 8,798 - - 8,798 Other borrowings 442,500 442,500 - 442,500 - Accrued interest payable 401 401 - 401 - Interest rate lock commitments 60 60 - 60 - Best efforts forward loan sales commitments 6 6 - 6 - Mandatory forward loan sales commitments 5 5 - 5 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - The estimated fair values of the Company’s financial instruments as of December 31, 2021 Fair Value Measurements as of 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 - - - - - |
Note 10 - Changes in Accumulate
Note 10 - Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 10: 1 The following table presents the changes in accumulated other comprehensive (loss) income by component for the three nine September 30, 2022 2021, December 31, 2021. 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 July 1, 2022 $ (106,668 ) $ (1,664 ) $ (108,332 ) Unrealized loss on securities (45,277 ) - (45,277 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) 34 133 167 Net current-period other comprehensive (loss) income (45,243 ) 133 (45,110 ) Total change in accumulated other comprehensive (loss) income (45,243 ) 133 (45,110 ) Balance September 30, 2022 $ (151,911 ) $ (1,531 ) $ (153,442 ) Balance July 1, 2021 $ (177 ) $ (2,697 ) $ (2,874 ) Unrealized loss on securities (3,104 ) - (3,104 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) - 374 374 Net current-period other comprehensive income (3,104 ) 374 (2,730 ) Total change in accumulated other comprehensive income (3,104 ) 374 (2,730 ) Balance September 30, 2021 $ (3,281 ) $ (2,323 ) $ (5,604 ) Balance January 1, 2022 $ (8,662 ) $ (2,012 ) $ (10,674 ) Unrealized loss on securities (143,283 ) - (143,283 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) 34 481 515 Net current-period other comprehensive (loss) income (143,249 ) 481 (142,768 ) Total change in accumulated other comprehensive (loss) income (143,249 ) 481 (142,768 ) Balance September 30, 2022 $ (151,911 ) $ (1,531 ) $ (153,442 ) Balance January 1, 2021 $ 985 $ (3,814 ) $ (2,829 ) Unrealized loss on securities (4,265 ) - (4,265 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) (1 ) 1,491 1,490 Net current-period other comprehensive (loss) income (4,266 ) 1,491 (2,775 ) Total change in accumulated other comprehensive (loss) income (4,266 ) 1,491 (2,775 ) Balance September 30, 2021 $ (3,281 ) $ (2,323 ) $ (5,604 ) ( 1 All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. ( 2 Reclassification amounts are reported as gains on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 11: Equity On August 26, 2020, March 1, June 1, September 1, December 1 three nine September 30, 2022, three nine September 30, 2021, Holders of shares of Series A Preferred Stock may August 26, 2025, may 20 30 nine September 30, 2022, |
Note 12 - Derivatives and Risk
Note 12 - Derivatives and Risk Management Activities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12: Republic did not nine September 30, 2022 nine September 30, 2021. not September 30, 2022 December 31, 2021 ( September 30, 2022 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 38 $ 2,464 Best efforts forward loan sales commitments Other Assets 114 5,930 Mandatory forward loan sales commitments Other Assets 94 5,187 Liability derivatives: IRLC’s Other Liabilities $ 60 $ 3,945 Best efforts forward loan sales commitments Other Liabilities 6 479 Mandatory forward loan sales commitments Other Liabilities 5 804 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 The following tables summarize the amounts recorded in Republic’s statement of income for derivative instruments not three nine September 30, 2022 2021 Statement of Income Presentation Three Months Ended September 30, 2022 Gain/(Loss) Nine Months Ended September 30, 2022 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (126 ) $ (340 ) Best efforts forward loan sales commitments Mortgage banking income 68 109 Mandatory forward loan sales commitments Mortgage banking income 51 89 Liability derivatives: IRLCs Mortgage banking income $ (39 ) $ (60 ) Best efforts forward loan sales commitments Mortgage banking income 31 90 Mandatory forward loan sales commitments Mortgage banking income 1 39 Statement of Income Presentation Three Months Ended September 30, 2021 Gain/(Loss) Nine Months Ended September 30, 2021 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (211 ) $ (987 ) Best efforts forward loan sales commitments Mortgage banking income 65 65 Mandatory forward loan sales commitments Mortgage banking income 41 43 Liability derivatives: IRLCs Mortgage banking income $ - $ - Best efforts forward loan sales commitments Mortgage banking income 158 503 Mandatory forward loan sales commitments Mortgage banking income 79 767 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 13 - Revenue from Contract
Note 13 - Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 13: 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, three nine September 30, 2022 2021. Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 3,668 $ 3,283 $ 10,243 $ 10,503 Other non-interest income 463 50 (1,295 ) 624 Non-interest income (in-scope of Topic 606) 4,131 3,333 8,948 11,127 Non-interest income (out-of-scope of Topic 606) 1,611 3,984 6,014 14,145 Total non-interest income $ 5,742 $ 7,317 $ 14,962 $ 25,272 |
Note 14 - Leases
Note 14 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 14: We have operating lease agreements for certain land, buildings, and equipment. In some instances, a lease may not 842 not As of September 30, 2022, not one December 2022 August 2059. five ten No September 30, 2022. September 30, 2022. As of September 30, 2021, 44 seventeen not one 44 December 2021 August 2059. five ten No September 30, 2021. September 30, 2021. The following table presents operating lease costs net of sublease income for the three nine September 30, 2022 2021. Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (dollars in thousands) Operating lease cost $ 2,157 $ 2,142 $ 6,526 $ 6,416 Sublease income - - - - Total lease cost $ 2,157 $ 2,142 $ 6,526 $ 6,416 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 September 30, 2022 2021. September 30, 2022 September 30, 2021 (dollars in thousands) Operating lease payments due: Within one year $ 2,135 $ 2,102 One to three years 15,717 15,755 Three to five years 14,123 14,960 More than five years 80,240 85,180 Total undiscounted cash flows 112,215 117,997 Discount on cash flows (32,595 ) (34,614 ) Total operating lease liability obligations $ 79,620 $ 83,383 The following table presents cash and non-cash activities for the three nine September 30 2022 2021. Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,099 $ 2,097 $ 6,182 $ 6,167 Non-cash investing and financing activities Additions to Operating leases – right of use Asset New operating lease liability obligation $ 585 $ 52 $ 3,272 $ 8,174 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15: On December 22, 2022, five December 22, 2022. The Company reassessed classification of certain investments, and effective December 2022, On March 10, 2023 The Capital Raise includes (i) Common Stock of the Company, par value $0.01 per share (“Common Stock”), (ii) Series B Convertible Preferred Stock, par value $0.01 (“Series B Preferred Stock”), authorized by the Board through the Company’s existing blank check preferred provision, which will have no may no At closing, in exchange for the cash consideration of $2.25 per share of Common Stock equivalent securities on an as-converted basis, the Company will issue to each purchaser a mix of voting Common Stock and Series B Preferred Stock agreed by the Company and the purchaser. In consideration of Castle Creek’s role as the anchor investor, the Company will also issue to Castle Creek a Warrant for 1,300,000 shares of Non-Voting Common Stock (or equivalent Series B Preferred Stock) with a strike price of $2.25 per share of Non-Voting Common Stock. The Warrant has a seven May 2023. In 2020, September 30, 2022. March 12, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties 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” 2022, 425 4.25% 4.50% The effects of geopolitical conflict, inflationary pressures, higher interest rates and potential recessionary conditions may may third 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 credit losses and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. |
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 income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. |
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 12: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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 credit losses for in-scope financial instruments including investments of debt securities, loans, unfunded commitments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, the composition 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. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for credit losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may The Company adopted ASU 2016 13, Financial Instruments-Credit Losses (Topic 326 January 1, 2022. 2016 13 third 2016 13 In evaluating the Company’s ability to recover deferred tax assets, management considers available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. A material reduction in estimated future taxable income may |
Share-Based Payment Arrangement, Director [Policy Text Block] | Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (the “2005 2005 2005 1.5 September 30, 2022, 2005 2005 2005 one four 2005 November 14, 2015. On April 29, 2014, 2014 “2014 may 2014 no may not September 30, 2022, 2014 nine September 30, 2022, 2014 On April 27, 2021, 2021 “2021 may 2021 may September 30, 2022, 2021 The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. During the nine September 30, 2022 2021, September 30, 2022, September 30, 2021, nine September 30, 2022, nine September 30, 2021, Information regarding stock-based compensation for the nine September 30, 2022 2021 2022 2021 Stock-based compensation expense recognized $ 366,000 $ 1,133,000 Number of unvested stock options 687,806 1,754,089 Fair value of unvested stock options $ 19,290 $ 2,918,535 Amount remaining to be recognized as expense $ 367,765 $ 1,493,293 The remaining unrecognized expense amount of $367,765 will be recognized ratably as expense through December 2024. The Company granted stock units under the 2014 nine September 30, 2022 2021. The following table details the Stock Units under the 2014 three nine September 30, 2022 September 30, 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 1,013,442 $ 4.66 524,863 $ 3.35 Granted - - 2,500 3.45 Vested (104 ) 3.42 - - Forfeited (70,011 ) 5.14 (3,300 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 516,513 $ 3.36 - $ - Granted 714,167 5.16 532,513 3.35 Vested (176,579 ) 3.42 - - Forfeited (110,774 ) 4.69 (8.450 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Information regarding stock unit compensation under the 2014 nine September 30, 2022 2021 2022 2021 Stock based compensation expense recognized $ 885,000 $ 428,756 Number of unvested stock units 943,327 524,063 Fair value of unvested stock units $ 2,624,235 $ 1,783,518 Amount remaining to be recognized as expense $ 3,464,152 $ 1,354,762 The remaining unrecognized expense amount of $3,464,152 will be recognized ratably as expense through June 2026. The Company granted stock units under the 2021 nine September 30, 2022. The following table details the Stock Units under the 2021 three nine September 30, 2022. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance - $ - - $ - Granted 41,400 3.59 41,400 3.59 Vested - - - - Forfeited (500 ) 3.59 (500 ) 3.59 Ending balance 40,900 $ 3.59 40,900 $ 3.59 Information regarding stock unit compensation under the 2021 nine September 30, 2022 2021 2022 2021 Stock based compensation expense recognized $ 4,000 $ - Number of unvested stock units 40,900 - Fair value of unvested stock units $ 115,747 $ - Amount remaining to be recognized as expense $ 142,406 $ - The remaining unrecognized expense amount of $142,406 will be recognized ratably as expense through August 2026. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) consists of two three nine September 30, 2022 September 30, 2021. The calculation of EPS for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to basic common shareholders $ 909 $ 5,221 $ 9,627 $ 16,473 Weighted average shares outstanding 63,767 58,895 62,265 58,877 Net income per share – basic $ 0.01 $ 0.09 $ 0.15 $ 0.28 Preferred stock dividends $ 644 $ 875 $ 2,154 $ 2,625 Net income attributable to diluted common shareholders $ 1,553 $ 6,096 $ 11,781 $ 19,098 Weighted average shares outstanding (including dilutive CSEs) 76,209 75,876 75,995 75,946 Net income per share – diluted $ 0.01 $ 0.08 $ 0.14 $ 0.25 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods. These securities were not (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities Share based compensation awards 5,690 5,771 5,348 5,683 Convertible preferred stock - - - - Total anti-dilutive securities 5,690 5,771 5,348 5,683 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2016 13 The Company adopted ASU 2016 13, Financial Instruments-Credit Losses (Topic 326 January 1, 2022. 2016 13 third 2016 13 Section 4014 2016 13, 19 December 31, 2020, January 1, 2020. Section 540 2021, 4014 2021, first 19 January 1, 2022. The Company elected to delay the implementation of ASU 2016 13 2020 2021. 2016 13 one 19 2016 13 first 2020 2021, 2016 13 January 1, 2022. The Company adopted ASC 326 January 1, 2022 326 January 1, 2022 326. An analysis of the impact of adoption of ASC 326 January 1, 2022 2: An analysis of the allowance for credit losses for the three March 31, 2022 June 30, 2022 2: 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 ASU 2022 02 In March 2022, No. 2022 02, "Financial Instruments - Credit Losses (Topic 326 310 40, 326 20, January 1, 2023. No. 2022 02 not |
Note 2 - Changes to Previousl_2
Note 2 - Changes to Previously Reported Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | (dollars in thousands) As Previously Reported Adjustments As Corrected ASSETS Loans receivable (net of allowance for credit losses) $ 2,534,653 $ (642 ) $ 2,534,011 Other assets 56,008 425 56,433 Total Assets $ 5,700,682 $ (217 ) $ 5,700,465 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Other liabilities $ 18,767 $ 1,060 $ 19,827 Total Liabilities 5,423,669 1,060 5,424,729 Shareholders' Equity Retained earnings 16,620 (1,277 ) 15,343 Total Shareholders' Equity 277,013 (1,277 ) 275,736 Total Liabilities and Shareholders' Equity $ 5,700,682 $ (217 ) $ 5,700,465 (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ 620 $ (692 ) $ (72 ) Net interest income after provision for credit losses 35,520 692 36,212 Non-interest expenses Legal 467 537 1,004 Total non-interest expense 31,658 537 32,195 Net income before provision for income taxes 8,209 155 8,364 Provision for income taxes 2,090 39 2,129 Net income $ 6,119 $ 116 $ 6,235 Net income available to common shareholders $ 5,253 $ 116 $ 5,369 Net income per share Basic earnings per common share $ 0.09 $ - $ 0.09 Diluted earnings per common share $ 0.08 $ - $ 0.08 (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 6,119 $ 116 $ 6,235 Total comprehensive (loss) income $ (45,043 ) $ 116 $ (44,927 ) (dollars in thousands) As Previously Reported Adjustments As Corrected Cash flows from operating activities Net income $ 6,119 $ 116 $ 6,235 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 620 (692 ) (72 ) Increase in accrued interest receivable and other assets (1,188 ) 39 (1,149 ) Net increase (decrease) in accrued interest payable and other liabilities 2,320 537 2,857 Net cash provided by operating activities $ 16,582 $ - $ 16,582 As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance January 1, 2022 $ 13,591 $ 324,242 $ - $ 13,591 $ 324,242 Adjustment for adoption of ASC 2016-23, net of tax (2,224 ) (2,224 ) (1,393 ) (3,617 ) (3,617 ) Net income 6,119 6,119 116 6,235 6,235 Balance March 31, 2022 $ 16,620 $ 277,013 $ (1,277 ) $ 15,343 $ 275,736 January 1, 2022 As Previously Reported Adjustments As Corrected (dollars in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported Under ASC 326 As Reported Under ASC 326 Impact of ASC 326 Adoption Assets: Loans $ 2,514,123 $ 2,514,123 $ - - $ 2,514,123 $ - ACL on Loans: Commercial real estate 5,892 5,802 90 (1,555 ) 4,337 (1,465 ) Construction and land development 1,841 1,544 297 806 2,647 1,103 Commercial and industrial 2,316 2,856 (540 ) 1,102 3,418 562 Owner occupied real estate 5,207 3,158 2,049 1,707 6,914 3,756 Consumer and other 663 629 34 4 667 38 Residential mortgage 6,025 4,922 1,103 (804 ) 5,221 299 Paycheck protection program - - - - - - Unallocated - 53 (53 ) - - (53 ) Total ACL on Loans $ 21,944 $ 18,964 $ 2,980 $ 1,260 $ 23,204 $ 4,240 Liabilities: ACL on off-balance sheet commitments $ - $ - $ - $ 597 $ 597 $ 597 Tax effect $ 756 $ 464 $ 1,220 Shareholders' equity: $ 2,224 $ 1,393 $ 3,617 (dollars in thousands) As Previously Reported Adjustments As Corrected Total loans receivable $ 2,562,068 $ - $ 2,562,068 Deferred costs (fees) (4,901 ) - (4,901 ) Allowance for credit losses (22,514 ) (642 ) (23,156 ) Net loans receivable $ 2,534,653 $ (642 ) $ 2,534,011 March 31, 2022 As Previously Reported (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ 915 $ - $ 2,268 $ 323 $ 103 $ - $ - $ - $ 3,609 Collectively evaluated for impairment 4,455 1,268 1,177 4,461 815 6,729 - - 18,905 Total allowance for credit losses $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Adjustments (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment (1,322 ) 842 1,039 1,382 (190 ) (1,109 ) - - 642 Total allowance for credit losses $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 As Corrected (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 March 31, 2022 Allowance for credit losses: Individually evaluated for impairment $ 915 $ - $ 2,268 $ 323 $ 103 $ - $ - $ - $ 3,609 Collectively evaluated for impairment 3,133 2,110 2,216 5,843 625 5,620 - - 19,547 Total allowance for credit losses $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 As Previously Reported (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 Allowance for Credit Losses: Beginning balance January 1, 2022: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 - $ 53 $ 18,964 Day 1 effect of CECL 90 297 (540 ) 2,049 34 1,103 - (53 ) 2,980 Charge-offs - - - - (67 ) - - - (67 ) Recoveries - - 10 7 - - - - 17 Provisions (522 ) (573 ) 1,119 (430 ) 322 704 - - 620 Ending balance March 31, 2022: $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Adjustments (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 Allowance for Credit Losses: Beginning balance January 1, 2022 - - - - - - - - - Day 1 effect of CECL (1,555 ) 806 1,102 1,707 4 (804 ) - - 1,260 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions 233 36 (63 ) (325 ) (194 ) (305 ) - - (618 ) Ending balance March 31, 2022: $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 As Corrected (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residentia l Mortgage Paycheck Protection Program Unallocated Total Allowance for Credit Losses: Beginning balance January 1, 2022 $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 - (53 ) 4,240 Charge-offs - - - - (67 ) - - - (67 ) Recoveries - - 10 7 - - - - 17 Provisions (credits) (1) (289 ) (537 ) 1,056 (755 ) 128 399 - - 2 Ending balance March 31, 2022: $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 (dollars in thousands) Actual At March 31, 2022: As Previously Reported Adjustment Corrected Total risk based capital Republic 11.25 % -0.02 % 11.23 % Company 11.61 % -0.02 % 11.59 % Tier one risk based capital Republic 10.54 % -0.04 % 10.50 % Company 10.90 % -0.04 % 10.86 % CET 1 risk based capital Republic 10.54 % -0.04 % 10.50 % Company 9.45 % -0.04 % 9.41 % Tier one leveraged capital Republic 5.83 % -0.02 % 5.81 % Company 6.04 % -0.02 % 6.02 % (dollars in thousands) As Previously Reported Adjustments As Adjusted ASSETS Loans receivable (net of allowance for credit losses) $ 2,731,556 $ (1,870 ) $ 2,729,686 Other assets 72,283 593 72,876 Total Assets $ 5,856,882 $ (1,277 ) $ 5,855,605 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Other liabilities $ 22,954 $ 505 $ 23,459 Total Liabilities $ 5,621,959 $ 505 $ 5,622,464 Shareholders' Equity Retained earnings $ 20,474 $ (1,782 ) $ 18,692 Total Shareholders' Equity 234,923 (1,782 ) 233,141 Total Liabilities and Shareholders' Equity $ 5,856,882 $ (1,277 ) $ 5,855,605 (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ (380 ) $ 1,210 $ 830 Net interest income after provision for credit losses 38,780 (1,210 ) 37,570 Non-interest expenses Legal 6,859 (537 ) 6,322 Total non-interest expense 37,787 (537 ) 37,250 Net income before provision for income taxes 5,866 (673 ) 5,193 Provision for income taxes 1,368 (168 ) 1,200 Net income $ 4,498 $ (505 ) $ 3,993 Net income available to common shareholders $ 3,854 $ (505 ) $ 3,349 Net income per share Basic earnings per common share 0.06 (0.01 ) 0.05 Diluted earnings per common share 0.06 (0.01 ) 0.05 (dollars in thousands) As Previously Reported Adjustments As Corrected Provision for credit losses $ 240 $ 518 $ 758 Net interest income after provision for credit losses 74,300 (518 ) 73,782 Net income before provision for income taxes 14,075 (518 ) 13,557 Provision for income taxes 3,458 (129 ) 3,329 Net income $ 10,617 $ (389 ) $ 10,228 Net income available to common shareholders $ 9,107 $ (389 ) $ 8,718 Net income per share Basic earnings per common share 0.15 (0.01 ) 0.14 Diluted earnings per common share 0.14 (0.01 ) 0.13 (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 4,498 $ (505 ) $ 3,993 Total comprehensive (loss) income $ (41,998 ) $ (505 ) $ (42,503 ) (dollars in thousands) As Previously Reported Adjustments As Corrected Net income $ 10,617 $ (389 ) $ 10,228 Total comprehensive (loss) income $ (87,041 ) $ (389 ) $ (87,430 ) (dollars in thousands) As Previously Reported Adjustments As Corrected Cash flows from operating activities Net income $ 10,617 $ (389 ) $ 10,228 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 240 518 758 Increase in accrued interest receivable and other assets (2,435 ) (129 ) (2,564 ) Net cash provided by operating activities $ 27,418 $ - $ 27,418 As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance April 1, 2022 $ 16,620 $ 277,013 $ (1,277 ) $ 15,343 $ 275,736 Net income 4,489 4,498 (505 ) 3,993 3,993 Balance June 30, 2022 $ 20,474 $ 234,923 $ (1,782 ) $ 18,692 $ 233,141 As Previously Reported Adjustments As Corrected (dollars in thousands) Retained Earnings / Accumulated Deficit Total Shareholders Equity Retained Earnings / Accumulated Deficit Total Shareholders Equity Balance January 1, 2022 $ 13,591 $ 324,242 $ - $ 13,591 $ 324,242 Adjustment for adoption of ASC 2016-23, net of tax (2,224 ) (2,224 ) (1,393 ) (3,617 ) (3,617 ) Net income 6,119 10,617 (389 ) 5,730 10,228 Balance June 30, 2022 $ 20,474 $ 234,923 $ (1,782 ) $ 18,692 $ 233,141 (dollars in thousands) As Previously Reported Adjustments As Corrected Total loans receivable $ 2,754,394 $ - $ 2,754,394 Deferred costs (fees) (3,711 ) - (3,711 ) Allowance for credit losses (19,127 ) (1,870 ) (20,997 ) Net loans receivable $ 2,731,556 $ (1,870 ) $ 2,729,686 As Previously Reported (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ 5,370 $ 1,268 $ 3,445 $ 4,784 $ 918 $ 6,729 $ - $ - $ 22,514 Charge-offs (621 ) - (2,161 ) (787 ) (115 ) - - - (3,684 ) Recoveries - - 7 590 80 - - - 677 Provisions (credits) 104 (472 ) (147 ) (448 ) (164 ) 747 - - (380 ) Ending balance: June 30, 2022: $ 4,853 $ 796 $ 1,144 $ 4,139 $ 719 $ 7,476 $ - $ - $ 19,127 Adjustments (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ (1,322 ) $ 842 $ 1,039 $ 1,382 $ (190 ) $ (1,109 ) $ - $ - $ 642 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions (credits) 10 (116 ) 140 442 162 590 - - 1,228 Ending balance: June 30, 2022: $ (1,312 ) $ 726 $ 1,179 $ 1,824 $ (28 ) $ (519 ) $ - $ - $ 1,870 As Corrected (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 Allowance for Credit Losses: Beginning balance March 31, 2022: $ 4,048 $ 2,110 $ 4,484 $ 6,166 $ 728 $ 5,620 $ - $ - $ 23,156 Charge-offs (621 ) - (2,161 ) (787 ) (115 ) - - - (3,684 ) Recoveries - - 7 590 80 - - - 677 Provisions (credits) (1) 114 (588 ) (7 ) (6 ) (2 ) 1,337 - - 848 Ending balance: June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 As Previously Reported (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL 90 297 (540 ) 2,049 34 1,103 - (53 ) 2,980 Charge-offs (621 ) - (2,161 ) (787 ) (182 ) - - - (3,751 ) Recoveries - - 16 597 81 - - - 694 Provisions (credits) (418 ) (1,045 ) 973 (878 ) 157 1,451 - - 240 Ending balance June 30, 2022: $ 4,853 $ 796 $ 1,144 $ 4,139 $ 719 $ 7,476 $ - $ - $ 19,127 Adjustments (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ - $ - $ - $ - $ - $ - $ - $ - $ - Day 1 effect of CECL (1,555 ) 806 1,102 1,707 4 (804 ) - - 1,260 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provisions (credits) 243 (80 ) 77 117 (32 ) 285 - - 610 Ending balance June 30, 2022: $ (1,312 ) $ 726 $ 1,179 $ 1,824 $ (28 ) $ (519 ) $ - $ - $ 1,870 As Corrected (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 - (53 ) 4,240 Charge-offs (621 ) - (2,161 ) (787 ) (182 ) - - - (3,751 ) Recoveries - - 16 597 81 - - - 694 Provisions (credits) (1) (175 ) (1,125 ) 1,050 (761 ) 125 1,736 - - 850 Ending balance June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 (dollars in thousands) Actual At June 30, 2022: As Previously Reported Adjustment Corrected Total risk based capital Republic 10.81 % 0.00 % 10.81 % Company 10.97 % 0.00 % 10.97 % Tier one risk based capital Republic 10.24 % -0.06 % 10.18 % Company 10.40 % -0.05 % 10.35 % CET 1 risk based capital Republic 10.24 % -0.06 % 10.18 % Company 9.03 % -0.05 % 8.98 % Tier one leveraged capital Republic 5.83 % -0.03 % 5.80 % Company 5.94 % -0.03 % 5.91 % |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | 2022 2021 Stock-based compensation expense recognized $ 366,000 $ 1,133,000 Number of unvested stock options 687,806 1,754,089 Fair value of unvested stock options $ 19,290 $ 2,918,535 Amount remaining to be recognized as expense $ 367,765 $ 1,493,293 2022 2021 Stock based compensation expense recognized $ 885,000 $ 428,756 Number of unvested stock units 943,327 524,063 Fair value of unvested stock units $ 2,624,235 $ 1,783,518 Amount remaining to be recognized as expense $ 3,464,152 $ 1,354,762 2022 2021 Stock based compensation expense recognized $ 4,000 $ - Number of unvested stock units 40,900 - Fair value of unvested stock units $ 115,747 $ - Amount remaining to be recognized as expense $ 142,406 $ - |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 1,013,442 $ 4.66 524,863 $ 3.35 Granted - - 2,500 3.45 Vested (104 ) 3.42 - - Forfeited (70,011 ) 5.14 (3,300 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance 516,513 $ 3.36 - $ - Granted 714,167 5.16 532,513 3.35 Vested (176,579 ) 3.42 - - Forfeited (110,774 ) 4.69 (8.450 ) 3.34 Ending balance 943,327 $ 4.60 524,063 $ 3.35 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of Units Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Beginning balance - $ - - $ - Granted 41,400 3.59 41,400 3.59 Vested - - - - Forfeited (500 ) 3.59 (500 ) 3.59 Ending balance 40,900 $ 3.59 40,900 $ 3.59 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to basic common shareholders $ 909 $ 5,221 $ 9,627 $ 16,473 Weighted average shares outstanding 63,767 58,895 62,265 58,877 Net income per share – basic $ 0.01 $ 0.09 $ 0.15 $ 0.28 Preferred stock dividends $ 644 $ 875 $ 2,154 $ 2,625 Net income attributable to diluted common shareholders $ 1,553 $ 6,096 $ 11,781 $ 19,098 Weighted average shares outstanding (including dilutive CSEs) 76,209 75,876 75,995 75,946 Net income per share – diluted $ 0.01 $ 0.08 $ 0.14 $ 0.25 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Anti-dilutive securities Share based compensation awards 5,690 5,771 5,348 5,683 Convertible preferred stock - - - - Total anti-dilutive securities 5,690 5,771 5,348 5,683 |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | September 30, 2022 (dollars in thousands) Amortized Cost Gross Unrealized / Unrecognized Gains Gross Unrealized / Unrecognized Losses Fair Value Available for sale U.S. Government agencies $ 19,806 $ - $ (1,411 ) $ 18,395 Collateralized mortgage obligations 388,019 - (67,004 ) 321,015 Agency mortgage-backed securities 510,269 10 (94,257 ) 416,022 Municipal securities 52,128 1 (6,356 ) 45,773 Corporate bonds 232,842 635 (35,161 ) 198,316 Investment securities available for sale $ 1,203,064 $ 646 $ (204,189 ) $ 999,521 Held to maturity U.S. Government agencies $ 52,788 $ - $ (4,764 ) $ 48,024 Collateralized mortgage obligations 374,421 32 (67,589 ) 306,864 Agency mortgage-backed securities 1,135,167 - (222,509 ) 912,658 Investment securities held to maturity $ 1,562,376 $ 32 $ (294,862 ) $ 1,267,546 Equity securities $ 6,627 December 31, 2021 (dollars in thousands) Amortized Cost Gross Unrealized / Unrecognized Gains Gross Unrealized / Unrecognized 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 |
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 $ 35,899 $ 29,762 $ - $ - After 1 year to 5 years 95,090 89,803 52,788 48,024 After 5 years to 10 years 67,549 60,572 - - After 10 years 106,238 82,347 - - Collateralized mortgage obligations 388,019 321,015 374,421 306,864 Agency mortgage-backed securities 510,269 416,022 1,135,167 912,658 Total investment securities $ 1,203,064 $ 999,521 $ 1,562,376 $ 1,267,546 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2022 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 $ - $ - $ 18,396 $ 1,411 $ 18,396 $ 1,411 Collateralized mortgage obligations 155,546 23,587 165,469 43,417 321,015 67,004 Agency mortgage-backed securities 193,757 39,579 221,572 54,678 415,329 94,257 Municipal securities 44,747 6,356 - - 44,747 6,356 Corporate bonds 100,336 14,864 89,344 20,297 189,680 35,161 Investment Securities Available for Sale $ 494,386 $ 84,386 $ 494,781 $ 119,803 $ 989,167 $ 204,189 September 30, 2022 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses U.S. Government agencies $ 48,025 $ 4,764 $ - $ - $ 48,025 $ 4,764 Collateralized mortgage obligations 125,412 14,609 177,469 52,980 302,881 67,589 Agency mortgage-backed securities 349,870 76,429 562,788 146,080 912,658 222,509 Investment Securities Held to Maturity $ 523,307 $ 95,802 $ 740,257 $ 199,060 $ 1,263,564 $ 294,862 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 December 31, 2021 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized 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 |
Note 7 - Loans Receivable and_2
Note 7 - Loans Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) September 30, 2022 December 31, 2021 Commercial real estate $ 915,494 $ 780,311 Construction and land development 226,627 216,008 Commercial and industrial 303,518 252,376 Owner occupied real estate 557,496 526,570 Consumer and other 95,618 83,487 Residential mortgage 954,679 536,332 Paycheck protection program 10,787 119,039 Total loans receivable 3,064,219 2,514,123 Deferred costs (fees) (3,367 ) (6,758 ) Allowance for credit losses (25,255 ) (18,964 ) Net loans receivable $ 3,035,597 $ 2,488,401 |
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 September 30, 2022 Commercial real estate $ 76 $ 777 $ 600 $ 1,453 $ 914,041 $ 915,494 $ - Construction and land development - - 9,052 9,052 217,575 226,627 - Commercial and industrial 5,729 248 304 6,281 297,237 303,518 - Owner occupied real estate 5,008 - 2,759 7,767 549,729 557,496 - Consumer and other 594 261 815 1,670 93,948 95,618 15 Residential mortgage - 334 - 334 954,345 954,679 - Paycheck protection program 388 1,687 1,920 3,995 6,792 10,787 1,920 Total $ 11,795 $ 3,307 $ 15,450 $ 30,552 $ 3,033,667 $ 3,064,219 $ 1,935 (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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollar in thousands) September 30, 2022 2022 2021 2020 2019 2018 2017 and Prior Revolving Total Commercial Real Estate Pass $ 190,987 $ 206,253 $ 131,546 $ 111,402 $ 74,899 $ 191,218 $ 8,593 $ 914,898 Special Mention - - - - - - - - Substandard - - 470 - - 126 - 596 Doubtful - - - - - - - - Total Commercial Real Estate $ 190,987 $ 206,253 $ 132,016 $ 111,402 $ 74,899 $ 191,344 $ 8,593 $ 915,494 Construction & Land Development Pass $ 23,633 $ 104,483 $ 62,342 $ 18,849 $ 55 $ 5,340 $ 2,874 $ 217,576 Special Mention - - - - - - - - Substandard - - 9,051 - - - - 9,051 Doubtful - - - - - - - - Total Construction $ 23,633 $ 104,483 $ 71,394 $ 18,849 $ 55 $ 5,340 $ 2,874 $ 226,627 Commercial & Industrial Pass $ 82,914 $ 34,435 $ 15,145 $ 11,650 $ 10,407 $ 18,336 $ 130,227 $ 303,114 Special Mention - - - - - - 100 100 Substandard - - - - - 304 - 304 Doubtful - - - - - - - - Total Commercial & Industrial $ 82,914 $ 34,435 $ 15,145 $ 11,650 $ 10,407 $ 18,640 $ 130,327 $ 303,518 Owner Occupied Real Estate Pass $ 79,930 $ 96,545 $ 86,586 $ 42,541 $ 70,982 $ 152,707 $ 18,823 $ 548,114 Special Mention - - - 555 - 232 - 787 Substandard - - - 4,125 116 4,354 - 8,595 Doubtful - - - - - - - - Total Owner Occupied $ 79,930 $ 96,545 $ 86,586 $ 47,221 $ 71,098 $ 157,293 $ 18,823 $ 557,496 Consumer & Other Pass $ 5,730 $ 1,892 $ 1,625 $ 1,659 $ 1,240 $ 2,418 $ 80,253 $ 94,817 Special Mention - - - - - - - - Substandard - - - - 109 23 669 801 Doubtful - - - - - - - - Total Consumer & Other $ 5,730 $ 1,892 $ 1,625 $ 1,659 $ 1,349 $ 2,441 $ 80,922 $ 95,618 Residential Mortgage Pass $ 458,724 $ 14,950 $ 82,611 $ 146,293 $ 222,535 $ 29,566 $ - $ 954,679 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Residential Mortgage $ 458,724 $ 14,950 $ 82,611 $ 146,293 $ 222,535 $ 29,566 $ - $ 954,679 Paycheck Protection Program Pass $ - $ 9,480 $ 1,307 $ - $ - $ - $ - $ 10,787 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Paycheck Protection $ - $ 9,480 $ 1,307 $ - $ - $ - $ - $ 10,787 Total Pass $ 841,918 $ 468,038 $ 381,162 $ 332,394 $ 380,118 $ 399,585 $ 240,770 $ 3,043,985 Special Mention - - - 555 - 232 100 887 Substandard - - 9,521 4,125 225 4,807 669 19,347 Doubtful - - - - - - - - Total Loans $ 841,918 $ 468,038 $ 390,683 $ 337,074 $ 380,343 $ 404,624 $ 241,539 $ 3,064,219 (dollars in thousands) Pass Special Mention Substandard Doubtful Total 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 |
Financing Receivable, Nonaccrual [Table Text Block] | (dollars in thousands) September 30, 2022 December 31, 2021 Commercial real estate $ 600 $ 4,493 Construction and land development 9,052 - Commercial and industrial 304 2,558 Owner occupied real estate 2,759 3,714 Consumer and other 800 1,075 Residential mortgage - 701 Paycheck protection program - - Total $ 13,515 $ 12,541 |
Schedule of Collateral Dependent Loans Receivable [Table Text Block] | ( dollars in thousands) Real Estate Business Asset Total Commercial real estate $ 600 $ - $ 600 Construction and land development 9,052 - 9,052 Commercial and industrial 304 - 304 Owner occupied real estate 8,596 - 8,596 Consumer and other 800 - 800 Residential mortgage - - - Paycheck protection program - - - Total $ 19,352 $ - $ 19,352 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 479 $ 691 $ - Construction and land development - - - Commercial and industrial 80 81 - Owner occupied real estate 2,080 2,080 - Consumer and other 1,075 1,422 - Residential mortgage 701 768 - Paycheck protection program - - - Total $ 4,415 $ 5,042 $ - With an allowance recorded: Commercial real estate $ 4,014 $ 4,536 $ 992 Construction and land development - - - Commercial and industrial 2,478 2,616 1,169 Owner occupied real estate 7,513 7,532 582 Consumer and other - - - Residential mortgage - - - Paycheck protection program - - - Total $ 14,005 $ 14,684 $ 2,743 Total: Commercial real estate $ 4,493 $ 5,227 $ 992 Construction and land development - - - Commercial and industrial 2,558 2,697 1,169 Owner occupied real estate 9,593 9,612 582 Consumer and other 1,075 1,422 - Residential mortgage 701 768 - Paycheck protection program - - - Total $ 18,420 $ 19,726 $ 2,743 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 440 $ 2 $ 385 $ 2 Construction and land development - - - - Commercial and industrial 2,298 - 2,297 - Owner occupied real estate 3,387 52 3,892 73 Consumer and other 1,204 14 1,227 14 Residential mortgage 830 - 946 - Paycheck protection program 2 - 3 - Total $ 8,161 $ 68 $ 8,750 $ 89 With an allowance recorded: Commercial real estate $ 4,086 $ 3 $ 4,158 $ 6 Construction and land development - - - - Commercial and industrial 265 - 263 - Owner occupied real estate 1,105 10 1,140 20 Consumer and other - - - - Residential mortgage - - - - Paycheck protection program - - - - Total $ 5,456 $ 13 $ 5,561 $ 26 Total: Commercial real estate $ 4,526 $ 5 $ 4,543 $ 8 Construction and land development - - - - Commercial and industrial 2,563 - 2,560 - Owner occupied real estate 4,492 62 5,032 93 Consumer and other 1,204 14 1,227 14 Residential mortgage 830 - 946 - Paycheck protection program 2 - 3 - Total $ 13,617 $ 81 $ 14,311 $ 115 |
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 Allowance for Credit Losses: Beginning balance June 30, 2022: $ 3,541 $ 1,522 $ 2,323 $ 5,963 $ 691 $ 6,957 $ - $ - $ 20,997 Charge-offs - - - - (27 ) - - - (27 ) Recoveries 215 - 149 - 22 - - - 386 Provisions (credits) (1) 82 388 465 298 54 2,612 - - 3,899 Ending balance September 30, 2022: $ 3,838 $ 1,910 $ 2,937 $ 6,261 $ 740 $ 9,569 $ - $ - $ 25,255 (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 Allowance for Credit Losses: Beginning balance December 31, 2021: $ 5,802 $ 1,544 $ 2,856 $ 3,158 $ 629 $ 4,922 $ - $ 53 $ 18,964 Day 1 effect of CECL (1,465 ) 1,103 562 3,756 38 299 (53 ) 4,240 Charge-offs (621 ) - (2,161 ) (787 ) (209 ) - - - (3,778 ) Recoveries 215 - 166 597 102 - - - 1,080 Provisions (credits) (1) (93 ) (737 ) 1,514 (463 ) 180 4,348 - - 4,749 Ending balance September 30, 2022: $ 3,838 $ 1,910 $ 2,937 $ 6,261 $ 740 $ 9,569 $ - $ - $ 25,255 (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 Allowance for Loan Losses: Beginning balance June 30, 2021: $ 5,919 $ 1,133 $ 1,503 $ 2,440 $ 717 $ 4,270 $ - $ 128 $ 16,110 Charge-offs - - - - (1 ) - - - (1 ) Recoveries - - 12 48 149 - - - 209 Provisions (credits) 265 (43 ) 181 420 (213 ) 282 - 8 900 Ending balance September 30, 2021: $ 6,184 $ 1,090 $ 1,696 $ 2,908 $ 652 $ 4,552 $ - $ 136 $ 17,218 (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 Allowance for Loan Losses: Beginning balance December 31, 2020: $ 4,394 $ 948 $ 1,367 $ 2,374 $ 723 $ 3,025 $ - $ 144 $ 12,975 Charge-offs - - (60 ) - (48 ) - - - (108 ) Recoveries - - 162 88 201 - - - 451 Provisions (credits) 1,790 142 227 446 (224 ) 1,527 - (8 ) 3,900 Ending balance September 30, 2021: $ 6,184 $ 1,090 $ 1,696 $ 2,908 $ 652 $ 4,552 $ - $ 136 $ 17,218 |
Schedule of Allowance for Credit Loss of Off-balance Sheet Commitments [Table Text Block] | Allowance for Credit Losses on Off Balance Sheet Commitments December 31, 2021 Pre-ASC 326 Impact of Provision September 30, 2022 (dollars in thousands) Adoption adopting ASC 326 (Credit) Ending ACL ACL on off-balance sheet commitments $ - $ 597 $ 7 $ 604 Total ACL $ - $ 597 $ 7 $ 604 |
Note 9 - Fair Value of Financ_2
Note 9 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 Assets: U.S. Government agencies $ 18,395 $ - $ 18,395 $ - Collateralized mortgage obligations 321,015 - 321,015 - Agency mortgage-backed securities 416,022 - 416,022 - Municipal securities 45,773 - 45,773 - Corporate bonds 198,316 - 194,808 3,508 Investment securities available for sale $ 999,521 $ 996,013 $ 3,508 Equity securities 6,627 6,627 - - Mortgage Loans Held for Sale $ 6,038 $ - $ 6,038 $ - SBA Servicing Assets 4,181 - - 4,181 Interest Rate Lock Commitments 38 - 38 - Best Efforts Forward Loan Sales Commitments 114 - 114 - Mandatory Forward Loan Sales Commitments 94 - 94 - Liabilities: Interest Rate Lock Commitments 60 - 60 - Best Efforts Forward Loan Sales Commitments 6 - 6 - Mandatory Forward Loan Sales Commitments 5 - 5 - 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 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 Beginning balance, July 1 st $ 4,318 $ 4,641 Additions 197 178 Fair value adjustments (334 ) (247 ) Ending balance, September 30 th $ 4,181 $ 4,572 Nine Months Ended September 30, (dollars in thousands) 2022 2021 Beginning balance, January 1 st $ 4,705 $ 4,626 Additions 480 491 Fair value adjustments (1,004 ) (545 ) Ending balance, September 30 th $ 4,181 $ 4,572 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended September 30, 2022 2021 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, July 1 st $ 3,109 $ 2,603 Unrealized gains (losses) 399 - Proceeds from sales - - Realized losses - - Balance, September 30 th $ 3,508 $ 2,603 Nine Months Ended September 30, 2022 2021 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,625 $ 2,631 Unrealized gains (losses) 883 (28 ) Proceeds from sales - - Realized losses - - Balance, September 30 th $ 3,508 $ 2,603 |
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 September 30, 2022 Individually evaluated loans $ 514 $ - $ - $ 514 Other real estate owned 876 - - 876 December 31, 2021 Impaired loans $ 11,664 $ - $ - $ 11,664 Other real estate owned 360 - - 360 |
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) September 30, 2022 Corporate bonds $ 3,508 Discounted Cash Flows Discount Rate (9.35%) SBA servicing assets $ 4,318 Discounted Cash Flows Conditional Prepayment Rate Discount Rate (14.85%)(12.25%) Individually evaluated loans $ 755 Appraised Value of Collateral (1) Liquidation expenses (2) 13% - 16%(14%) (3) Other real estate owned $ 876 Appraised Value of Collateral (1) Liquidation expenses (2) 12% - 34%(24%) (3) Sales Price Liquidation expenses (2) (17%) (3) 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 Discount Rate (13.93%)(10.00%) Appraised Value of Collateral (1) Liquidation expenses (2) 11% - 27%(16%) (3) Impaired loans $ 11,664 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) |
Fair Value Option, Disclosures [Table Text Block] | Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance September 30, 2022 $ 6,038 $ 5,994 $ 44 December 31, 2021 $ 8,538 $ 8,241 $ 297 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) September 30, 2022 December 31, 2021 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,181 $ 4,705 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 3 % 4 % Adjustable-rate SBA loans 97 % 96 % Total 100 % 100 % Weighted Average Remaining Term (in years) 19.5 19.6 Prepayment Speed 14.85 % 13.93 % Effect on fair value of a 10% increase $ (169 ) $ (204 ) Effect on fair value of a 20% increase (326 ) (393 ) Weighted Average Discount Rate 12.25 % 10.00 % Effect on fair value of a 10% increase $ (152 ) $ (148 ) Effect on fair value of a 20% increase (293 ) (288 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements as of September 30, 2022 (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 $ 52,452 $ 52,452 $ 52,452 $ - $ - Investment securities available for sale 999,521 999,521 - 996,013 3,508 Investment securities held to maturity 1,562,376 1,267,546 - 1,267,546 - Equity securities 6,627 6,627 6,627 - - Restricted stock 21,907 N/A N/A N/A N/A Loans held for sale 10,823 10,823 - 6,038 4,785 Loans receivable, net 3,035,597 3,032,619 - - 3,032,619 SBA servicing assets 4,181 4,181 - - 4,181 Accrued interest receivable 18,783 18,783 - 18,783 - Interest rate lock commitments 38 38 - 38 - Best efforts forward loan sales commitments 114 114 - 114 - Mandatory forward loan sales commitments 94 94 - 94 - Financial liabilities: Deposits Demand, savings and money market $ 5,133,401 $ 5,133,401 $ - $ 5,133,401 $ - Time 118,183 112,233 - 112,233 - Subordinated debt 11,282 8,798 - - 8,798 Other borrowings 442,500 442,500 - 442,500 - Accrued interest payable 401 401 - 401 - Interest rate lock commitments 60 60 - 60 - Best efforts forward loan sales commitments 6 6 - 6 - Mandatory forward loan sales commitments 5 5 - 5 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value Measurements as of 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 - - - - - |
Note 10 - Changes in Accumula_2
Note 10 - Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 July 1, 2022 $ (106,668 ) $ (1,664 ) $ (108,332 ) Unrealized loss on securities (45,277 ) - (45,277 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) 34 133 167 Net current-period other comprehensive (loss) income (45,243 ) 133 (45,110 ) Total change in accumulated other comprehensive (loss) income (45,243 ) 133 (45,110 ) Balance September 30, 2022 $ (151,911 ) $ (1,531 ) $ (153,442 ) Balance July 1, 2021 $ (177 ) $ (2,697 ) $ (2,874 ) Unrealized loss on securities (3,104 ) - (3,104 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) - 374 374 Net current-period other comprehensive income (3,104 ) 374 (2,730 ) Total change in accumulated other comprehensive income (3,104 ) 374 (2,730 ) Balance September 30, 2021 $ (3,281 ) $ (2,323 ) $ (5,604 ) Balance January 1, 2022 $ (8,662 ) $ (2,012 ) $ (10,674 ) Unrealized loss on securities (143,283 ) - (143,283 ) Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) 34 481 515 Net current-period other comprehensive (loss) income (143,249 ) 481 (142,768 ) Total change in accumulated other comprehensive (loss) income (143,249 ) 481 (142,768 ) Balance September 30, 2022 $ (151,911 ) $ (1,531 ) $ (153,442 ) Balance January 1, 2021 $ 985 $ (3,814 ) $ (2,829 ) Unrealized loss on securities (4,265 ) - (4,265 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) (1 ) 1,491 1,490 Net current-period other comprehensive (loss) income (4,266 ) 1,491 (2,775 ) Total change in accumulated other comprehensive (loss) income (4,266 ) 1,491 (2,775 ) Balance September 30, 2021 $ (3,281 ) $ (2,323 ) $ (5,604 ) |
Note 12 - Derivatives and Ris_2
Note 12 - Derivatives and Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | September 30, 2022 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLC’s Other Assets $ 38 $ 2,464 Best efforts forward loan sales commitments Other Assets 114 5,930 Mandatory forward loan sales commitments Other Assets 94 5,187 Liability derivatives: IRLC’s Other Liabilities $ 60 $ 3,945 Best efforts forward loan sales commitments Other Liabilities 6 479 Mandatory forward loan sales commitments Other Liabilities 5 804 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 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | Statement of Income Presentation Three Months Ended September 30, 2022 Gain/(Loss) Nine Months Ended September 30, 2022 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (126 ) $ (340 ) Best efforts forward loan sales commitments Mortgage banking income 68 109 Mandatory forward loan sales commitments Mortgage banking income 51 89 Liability derivatives: IRLCs Mortgage banking income $ (39 ) $ (60 ) Best efforts forward loan sales commitments Mortgage banking income 31 90 Mandatory forward loan sales commitments Mortgage banking income 1 39 Statement of Income Presentation Three Months Ended September 30, 2021 Gain/(Loss) Nine Months Ended September 30, 2021 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (211 ) $ (987 ) Best efforts forward loan sales commitments Mortgage banking income 65 65 Mandatory forward loan sales commitments Mortgage banking income 41 43 Liability derivatives: IRLCs Mortgage banking income $ - $ - Best efforts forward loan sales commitments Mortgage banking income 158 503 Mandatory forward loan sales commitments Mortgage banking income 79 767 |
Note 13 - Revenue from Contra_2
Note 13 - Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 3,668 $ 3,283 $ 10,243 $ 10,503 Other non-interest income 463 50 (1,295 ) 624 Non-interest income (in-scope of Topic 606) 4,131 3,333 8,948 11,127 Non-interest income (out-of-scope of Topic 606) 1,611 3,984 6,014 14,145 Total non-interest income $ 5,742 $ 7,317 $ 14,962 $ 25,272 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (dollars in thousands) Operating lease cost $ 2,157 $ 2,142 $ 6,526 $ 6,416 Sublease income - - - - Total lease cost $ 2,157 $ 2,142 $ 6,526 $ 6,416 Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,099 $ 2,097 $ 6,182 $ 6,167 Non-cash investing and financing activities Additions to Operating leases – right of use Asset New operating lease liability obligation $ 585 $ 52 $ 3,272 $ 8,174 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2022 September 30, 2021 (dollars in thousands) Operating lease payments due: Within one year $ 2,135 $ 2,102 One to three years 15,717 15,755 Three to five years 14,123 14,960 More than five years 80,240 85,180 Total undiscounted cash flows 112,215 117,997 Discount on cash flows (32,595 ) (34,614 ) Total operating lease liability obligations $ 79,620 $ 83,383 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Sep. 30, 2022 |
Number of Unconsolidated Subsidiaries | 2 |
Number of Trust Preferred Securities Issued | 2 |
Note 2 - Changes to Previousl_3
Note 2 - Changes to Previously Reported Allowance for Credit Losses (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ 1,553,000 | $ 3,993,000 | $ 6,235,000 | $ 6,096,000 | $ 10,228,000 | $ 11,781,000 | $ 19,098,000 | ||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.08 | $ 0.08 | $ 0.13 | $ 0.14 | $ 0.25 | ||||
Retained Earnings (Accumulated Deficit), Total | $ 19,601,000 | $ 18,692,000 | $ 15,343,000 | $ 18,692,000 | $ 19,601,000 | $ 13,591,000 | |||||
Financing Receivable, Credit Loss, Expense (Reversal) | 3,998,000 | 830,000 | (72,000) | $ 900,000 | 758,000 | 4,756,000 | $ 3,900,000 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 25,255,000 | 20,997,000 | 23,156,000 | $ 17,218,000 | 20,997,000 | $ 25,255,000 | $ 17,218,000 | 18,964,000 | $ 16,110,000 | $ 12,975,000 | |
Off-balance Sheet Commitments [Member] | |||||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | (18,000) | (74,000) | (92,000) | ||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 505,000 | 523,000 | 505,000 | ||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||||||||
Net Income (Loss) Attributable to Parent, Total | $ (505,000) | $ 116,000 | $ (389,000) | ||||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) | ||||||||
Retained Earnings (Accumulated Deficit), Total | $ (1,782,000) | $ (1,782,000) | $ 3,600,000 | ||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | 1,210,000 | $ (692,000) | 518,000 | ||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,870,000 | 642,000 | 1,870,000 | 1,260,000 | 0 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Retained Earnings (Accumulated Deficit), Total | (1,277,000) | ||||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,200,000 | ||||||||||
Previously Reported [Member] | |||||||||||
Net Income (Loss) Attributable to Parent, Total | $ 4,498,000 | $ 6,119,000 | $ 10,617,000 | ||||||||
Earnings Per Share, Diluted, Total (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.14 | ||||||||
Retained Earnings (Accumulated Deficit), Total | $ 20,474,000 | $ 20,474,000 | |||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | (380,000) | $ 620,000 | 240,000 | ||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 19,127,000 | 22,514,000 | $ 19,127,000 | 21,944,000 | $ 18,964,000 | ||||||
Previously Reported [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Retained Earnings (Accumulated Deficit), Total | $ 16,620,000 | 2,200,000 | |||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 3,000,000 |
Note 2 - Changes to Previousl_4
Note 2 - Changes to Previously Reported Allowance for Credit Losses - Impact of ASC 326 (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loans receivable (net of allowance for credit losses) | $ 3,035,597,000 | $ 2,729,686,000 | $ 2,534,011,000 | $ 2,729,686,000 | $ 3,035,597,000 | $ 2,488,401,000 | |||
Other assets | 86,255,000 | 72,876,000 | 56,433,000 | 72,876,000 | 86,255,000 | 38,768,000 | |||
Total Assets | 5,999,254,000 | 5,855,605,000 | 5,700,465,000 | 5,855,605,000 | 5,999,254,000 | 5,626,656,000 | |||
Other liabilities | 24,409,000 | 23,459,000 | 19,827,000 | 23,459,000 | 24,409,000 | 17,636,000 | |||
Total Liabilities | 5,809,796,000 | 5,622,464,000 | 5,424,729,000 | 5,622,464,000 | 5,809,796,000 | 5,302,414,000 | |||
Retained earnings | 19,601,000 | 18,692,000 | 15,343,000 | 18,692,000 | 19,601,000 | 13,591,000 | |||
Total Shareholders' Equity | 189,458,000 | 233,141,000 | 275,736,000 | $ 323,513,000 | 233,141,000 | 189,458,000 | $ 323,513,000 | 324,242,000 | |
Total Liabilities and Shareholders' Equity | 5,999,254,000 | 5,855,605,000 | 5,700,465,000 | 5,855,605,000 | 5,999,254,000 | 5,626,656,000 | |||
Provision for credit losses | 3,998,000 | 830,000 | (72,000) | 900,000 | 758,000 | 4,756,000 | 3,900,000 | ||
Net interest income after provision for credit losses | 34,001,000 | 37,570,000 | 36,212,000 | 30,542,000 | 73,782,000 | 107,783,000 | 89,613,000 | ||
Legal | 3,617,000 | 6,322,000 | 1,004,000 | 265,000 | 10,943,000 | 776,000 | |||
Total non-interest expense | 37,714,000 | 37,250,000 | 32,195,000 | 29,775,000 | 107,159,000 | 89,640,000 | |||
Net income before provision for income taxes | 2,029,000 | 5,193,000 | 8,364,000 | 8,084,000 | 13,557,000 | 15,586,000 | 25,245,000 | ||
Provision for income taxes | 476,000 | 1,200,000 | 2,129,000 | 1,988,000 | 3,329,000 | 3,805,000 | 6,147,000 | ||
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 10,228,000 | 11,781,000 | 19,098,000 | ||
Net income available to common shareholders | $ 909,000 | $ 3,349,000 | $ 5,369,000 | $ 5,221,000 | $ 8,718,000 | $ 9,627,000 | $ 16,473,000 | ||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.01 | $ 0.05 | $ 0.09 | $ 0.09 | $ 0.14 | $ 0.15 | $ 0.28 | ||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.01 | $ 0.05 | $ 0.08 | $ 0.08 | $ 0.13 | $ 0.14 | $ 0.25 | ||
Total comprehensive (loss) income | $ (43,557,000) | $ (42,503,000) | $ (44,927,000) | $ 3,366,000 | $ (87,430,000) | $ (130,987,000) | $ 16,323,000 | ||
Cash flows from operating activities | |||||||||
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 10,228,000 | 11,781,000 | 19,098,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 3,998,000 | 830,000 | (72,000) | 900,000 | 758,000 | 4,756,000 | 3,900,000 | ||
Increase in accrued interest receivable and other assets | (1,149,000) | (2,564,000) | |||||||
Net increase (decrease) in accrued interest payable and other liabilities | 2,857,000 | 10,909,000 | (384,000) | ||||||
Net cash provided by operating activities | 16,582,000 | 27,418,000 | 36,930,000 | 70,705,000 | |||||
Balance | 233,141,000 | 275,736,000 | 324,242,000 | 320,441,000 | 324,242,000 | 324,242,000 | 308,113,000 | ||
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 10,228,000 | 11,781,000 | 19,098,000 | ||
Balance | 189,458,000 | 233,141,000 | 275,736,000 | 323,513,000 | 233,141,000 | 189,458,000 | 323,513,000 | ||
Loans receivable (net of allowance for credit losses) | 3,035,597,000 | 2,729,686,000 | 2,534,011,000 | 2,729,686,000 | 3,035,597,000 | 2,488,401,000 | |||
Total ACL on Loans | 25,255,000 | 20,997,000 | 23,156,000 | 17,218,000 | 20,997,000 | 25,255,000 | 17,218,000 | 18,964,000 | |
ACL on off-balance sheet commitments | 604,000 | 604,000 | |||||||
Total loans receivable | 3,064,219,000 | 2,754,394,000 | 2,562,068,000 | 2,754,394,000 | 3,064,219,000 | 2,514,123,000 | |||
Deferred costs (fees) | (3,367,000) | (3,711,000) | (4,901,000) | (3,711,000) | (3,367,000) | (6,758,000) | |||
Individually evaluated for impairment | 3,609,000 | ||||||||
Collectively evaluated for impairment | 19,547,000 | ||||||||
Balance | 20,997,000 | 23,156,000 | 18,964,000 | 16,110,000 | 18,964,000 | 18,964,000 | 12,975,000 | ||
Charge-offs | (27,000) | (3,684,000) | (67,000) | (1,000) | (3,751,000) | (3,778,000) | (108,000) | ||
Recoveries | 386,000 | 677,000 | 17,000 | 209,000 | 694,000 | 1,080,000 | 451,000 | ||
Balance | 25,255,000 | 20,997,000 | 23,156,000 | 17,218,000 | 20,997,000 | 25,255,000 | 17,218,000 | ||
Provisions | 848,000 | 2,000 | 850,000 | ||||||
Other assets | 86,255,000 | 72,876,000 | 56,433,000 | 72,876,000 | 86,255,000 | 38,768,000 | |||
Total Assets | 5,999,254,000 | 5,855,605,000 | 5,700,465,000 | 5,855,605,000 | 5,999,254,000 | 5,626,656,000 | |||
Other liabilities | 24,409,000 | 23,459,000 | 19,827,000 | 23,459,000 | 24,409,000 | 17,636,000 | |||
Total Liabilities | 5,809,796,000 | 5,622,464,000 | 5,424,729,000 | 5,622,464,000 | 5,809,796,000 | 5,302,414,000 | |||
Retained earnings | 19,601,000 | 18,692,000 | 15,343,000 | 18,692,000 | 19,601,000 | 13,591,000 | |||
Total Shareholders' Equity | 189,458,000 | 233,141,000 | 275,736,000 | 323,513,000 | 233,141,000 | 189,458,000 | 323,513,000 | 324,242,000 | |
Total Liabilities and Shareholders' Equity | 5,999,254,000 | 5,855,605,000 | 5,700,465,000 | 5,855,605,000 | 5,999,254,000 | 5,626,656,000 | |||
Net interest income after provision for credit losses | 34,001,000 | 37,570,000 | 36,212,000 | 30,542,000 | 73,782,000 | 107,783,000 | 89,613,000 | ||
Legal | 3,617,000 | 6,322,000 | 1,004,000 | 265,000 | 10,943,000 | 776,000 | |||
Total non-interest expense | 37,714,000 | 37,250,000 | 32,195,000 | 29,775,000 | 107,159,000 | 89,640,000 | |||
Net income before provision for income taxes | 2,029,000 | 5,193,000 | 8,364,000 | 8,084,000 | 13,557,000 | 15,586,000 | 25,245,000 | ||
Provision for income taxes | 476,000 | 1,200,000 | 2,129,000 | 1,988,000 | 3,329,000 | 3,805,000 | 6,147,000 | ||
Net income available to common shareholders | $ 909,000 | $ 3,349,000 | $ 5,369,000 | $ 5,221,000 | $ 8,718,000 | $ 9,627,000 | $ 16,473,000 | ||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.01 | $ 0.05 | $ 0.09 | $ 0.09 | $ 0.14 | $ 0.15 | $ 0.28 | ||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.01 | $ 0.05 | $ 0.08 | $ 0.08 | $ 0.13 | $ 0.14 | $ 0.25 | ||
Total comprehensive (loss) income | $ (43,557,000) | $ (42,503,000) | $ (44,927,000) | $ 3,366,000 | $ (87,430,000) | $ (130,987,000) | $ 16,323,000 | ||
Increase in accrued interest receivable and other assets | (1,149,000) | (2,564,000) | |||||||
Retained Earnings [Member] | |||||||||
Total Shareholders' Equity | 19,601,000 | 18,692,000 | 15,343,000 | 8,388,000 | 18,692,000 | 19,601,000 | 8,388,000 | 13,591,000 | |
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 5,730,000 | 11,781,000 | 19,098,000 | ||
Cash flows from operating activities | |||||||||
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 5,730,000 | 11,781,000 | 19,098,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | 18,692,000 | 15,343,000 | 13,591,000 | 3,167,000 | 13,591,000 | 13,591,000 | (8,085,000) | ||
Net income | 1,553,000 | 3,993,000 | 6,235,000 | 6,096,000 | 5,730,000 | 11,781,000 | 19,098,000 | ||
Balance | 19,601,000 | 18,692,000 | 15,343,000 | 8,388,000 | 18,692,000 | 19,601,000 | 8,388,000 | ||
Total Shareholders' Equity | 19,601,000 | $ 18,692,000 | $ 15,343,000 | 8,388,000 | $ 18,692,000 | 19,601,000 | 8,388,000 | 13,591,000 | |
Republic [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0.1081 | 0.1123 | 0.1081 | ||||||
Tier one risk based capital | 0.1018 | 0.1050 | 0.1018 | ||||||
CET 1 risk based capital | 0.1018 | 0.1050 | 0.1018 | ||||||
Tier one leveraged capital | 0.0580 | 0.0581 | 0.0580 | ||||||
Company [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0.1097 | 0.1159 | 0.1097 | ||||||
Tier one risk based capital | 0.1035 | 0.1086 | 0.1035 | ||||||
CET 1 risk based capital | 0.0898 | 0.0941 | 0.0898 | ||||||
Tier one leveraged capital | 0.0591 | 0.0602 | 0.0591 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 3,838,000 | $ 3,541,000 | $ 4,048,000 | 6,184,000 | $ 3,541,000 | 3,838,000 | 6,184,000 | 5,802,000 | |
Total loans receivable | 915,494,000 | 915,494,000 | 780,311,000 | ||||||
Individually evaluated for impairment | 915,000 | ||||||||
Collectively evaluated for impairment | 3,133,000 | ||||||||
Balance | 3,541,000 | 4,048,000 | 5,802,000 | 5,919,000 | 5,802,000 | 5,802,000 | 4,394,000 | ||
Charge-offs | 0 | (621,000) | 0 | 0 | (621,000) | (621,000) | 0 | ||
Recoveries | 215,000 | 0 | 0 | 0 | 0 | 215,000 | 0 | ||
Balance | 3,838,000 | 3,541,000 | 4,048,000 | 6,184,000 | 3,541,000 | 3,838,000 | 6,184,000 | ||
Provisions | 114,000 | (289,000) | (175,000) | ||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,910,000 | 1,522,000 | 2,110,000 | 1,090,000 | 1,522,000 | 1,910,000 | 1,090,000 | 1,544,000 | |
Total loans receivable | 226,627,000 | 226,627,000 | 216,008,000 | ||||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 2,110,000 | ||||||||
Balance | 1,522,000 | 2,110,000 | 1,544,000 | 1,133,000 | 1,544,000 | 1,544,000 | 948,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 1,910,000 | 1,522,000 | 2,110,000 | 1,090,000 | 1,522,000 | 1,910,000 | 1,090,000 | ||
Provisions | (588,000) | (537,000) | (1,125,000) | ||||||
Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 2,323,000 | 4,484,000 | 2,323,000 | 2,856,000 | |||||
Individually evaluated for impairment | 2,268,000 | ||||||||
Collectively evaluated for impairment | 2,216,000 | ||||||||
Balance | 2,323,000 | 4,484,000 | 2,856,000 | 2,856,000 | 2,856,000 | ||||
Charge-offs | (2,161,000) | 0 | (2,161,000) | ||||||
Recoveries | 7,000 | 10,000 | 16,000 | ||||||
Balance | 2,323,000 | 4,484,000 | 2,323,000 | ||||||
Provisions | (7,000) | 1,056,000 | 1,050,000 | ||||||
Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 6,261,000 | 5,963,000 | 6,166,000 | 2,908,000 | 5,963,000 | 6,261,000 | 2,908,000 | 3,158,000 | |
Total loans receivable | 557,496,000 | 557,496,000 | 526,570,000 | ||||||
Individually evaluated for impairment | 323,000 | ||||||||
Collectively evaluated for impairment | 5,843,000 | ||||||||
Balance | 5,963,000 | 6,166,000 | 3,158,000 | 2,440,000 | 3,158,000 | 3,158,000 | 2,374,000 | ||
Charge-offs | 0 | (787,000) | 0 | 0 | (787,000) | (787,000) | 0 | ||
Recoveries | 0 | 590,000 | 7,000 | 48,000 | 597,000 | 597,000 | 88,000 | ||
Balance | 6,261,000 | 5,963,000 | 6,166,000 | 2,908,000 | 5,963,000 | 6,261,000 | 2,908,000 | ||
Provisions | (6,000) | (755,000) | (761,000) | ||||||
Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 740,000 | 691,000 | 728,000 | 652,000 | 691,000 | 740,000 | 652,000 | 629,000 | |
Total loans receivable | 95,618,000 | 95,618,000 | 83,487,000 | ||||||
Individually evaluated for impairment | 103,000 | ||||||||
Collectively evaluated for impairment | 625,000 | ||||||||
Balance | 691,000 | 728,000 | 629,000 | 717,000 | 629,000 | 629,000 | 723,000 | ||
Charge-offs | (27,000) | (115,000) | (67,000) | (1,000) | (182,000) | (209,000) | (48,000) | ||
Recoveries | 22,000 | 80,000 | 0 | 149,000 | 81,000 | 102,000 | 201,000 | ||
Balance | 740,000 | 691,000 | 728,000 | 652,000 | 691,000 | 740,000 | 652,000 | ||
Provisions | (2,000) | 128,000 | 125,000 | ||||||
Residential Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 9,569,000 | 6,957,000 | 5,620,000 | 4,552,000 | 6,957,000 | 9,569,000 | 4,552,000 | 4,922,000 | |
Total loans receivable | 954,679,000 | 954,679,000 | 536,332,000 | ||||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 5,620,000 | ||||||||
Balance | 6,957,000 | 5,620,000 | 4,922,000 | 4,270,000 | 4,922,000 | 4,922,000 | 3,025,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 9,569,000 | 6,957,000 | 5,620,000 | 4,552,000 | 6,957,000 | 9,569,000 | 4,552,000 | ||
Provisions | 1,337,000 | 399,000 | 1,736,000 | ||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | 0 | 0 | 0 | |||||
Total loans receivable | 10,787,000 | 10,787,000 | 119,039,000 | ||||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Balance | 0 | 0 | 0 | ||||||
Provisions | 0 | 0 | |||||||
Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | 0 | 0 | 136,000 | 0 | 0 | 136,000 | 53,000 | |
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 53,000 | 128,000 | 53,000 | 53,000 | 144,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balance | 0 | 0 | 0 | $ 136,000 | 0 | 0 | $ 136,000 | ||
Provisions | 0 | 0 | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Total Shareholders' Equity | (3,617,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | (3,617,000) | (3,617,000) | (3,617,000) | ||||||
Total ACL on Loans | 4,240,000 | ||||||||
Balance | 4,240,000 | 4,240,000 | 4,240,000 | ||||||
Total Shareholders' Equity | (3,617,000) | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Total Shareholders' Equity | (3,617,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | (3,617,000) | (3,617,000) | (3,617,000) | ||||||
Total Shareholders' Equity | (3,617,000) | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (1,465,000) | ||||||||
Balance | (1,465,000) | (1,465,000) | (1,465,000) | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,103,000 | ||||||||
Balance | 1,103,000 | 1,103,000 | 1,103,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 562,000 | ||||||||
Balance | 562,000 | 562,000 | 562,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 3,756,000 | ||||||||
Balance | 3,756,000 | 3,756,000 | 3,756,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 38,000 | ||||||||
Balance | 38,000 | 38,000 | 38,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 299,000 | ||||||||
Balance | 299,000 | 299,000 | 299,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Paycheck Protection Program CARES Act [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | ||||||||
Balance | 0 | 0 | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (53,000) | ||||||||
Balance | (53,000) | (53,000) | (53,000) | ||||||
Previously Reported [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 2,731,556,000 | 2,534,653,000 | 2,731,556,000 | $ 2,514,123,000 | |||||
Other assets | 72,283,000 | 72,283,000 | |||||||
Total Assets | 5,856,882,000 | 5,856,882,000 | |||||||
Other liabilities | 22,954,000 | 22,954,000 | |||||||
Total Liabilities | 5,621,959,000 | 5,621,959,000 | |||||||
Retained earnings | 20,474,000 | 20,474,000 | |||||||
Total Shareholders' Equity | 234,923,000 | 277,013,000 | 234,923,000 | 324,242,000 | |||||
Total Liabilities and Shareholders' Equity | 5,856,882,000 | 5,856,882,000 | |||||||
Provision for credit losses | (380,000) | 620,000 | 240,000 | ||||||
Net interest income after provision for credit losses | 38,780,000 | 35,520,000 | 74,300,000 | ||||||
Legal | 6,859,000 | 467,000 | |||||||
Total non-interest expense | 37,787,000 | 31,658,000 | |||||||
Net income before provision for income taxes | 5,866,000 | 8,209,000 | 14,075,000 | ||||||
Provision for income taxes | 1,368,000 | 2,090,000 | 3,458,000 | ||||||
Net income | 4,498,000 | 6,119,000 | 10,617,000 | ||||||
Net income available to common shareholders | $ 3,854,000 | $ 5,253,000 | $ 9,107,000 | ||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.06 | $ 0.09 | $ 0.15 | ||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.06 | $ 0.08 | $ 0.14 | ||||||
Total comprehensive (loss) income | $ (41,998,000) | $ (45,043,000) | $ (87,041,000) | ||||||
Cash flows from operating activities | |||||||||
Net income | 4,498,000 | 6,119,000 | 10,617,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | (380,000) | 620,000 | 240,000 | ||||||
Increase in accrued interest receivable and other assets | (1,188,000) | (2,435,000) | |||||||
Net increase (decrease) in accrued interest payable and other liabilities | 2,320,000 | ||||||||
Net cash provided by operating activities | 16,582,000 | 27,418,000 | |||||||
Balance | 234,923,000 | 277,013,000 | 324,242,000 | 324,242,000 | 324,242,000 | ||||
Net income | 4,498,000 | 6,119,000 | 10,617,000 | ||||||
Balance | 234,923,000 | 277,013,000 | 234,923,000 | ||||||
Loans receivable (net of allowance for credit losses) | 2,731,556,000 | 2,534,653,000 | 2,731,556,000 | 2,514,123,000 | |||||
Total ACL on Loans | 19,127,000 | 22,514,000 | 19,127,000 | 21,944,000 | 18,964,000 | ||||
ACL on off-balance sheet commitments | 0 | ||||||||
Tax effect | |||||||||
Shareholders' equity: | |||||||||
Total loans receivable | 2,754,394,000 | 2,562,068,000 | 2,754,394,000 | ||||||
Deferred costs (fees) | (3,711,000) | (4,901,000) | (3,711,000) | ||||||
Individually evaluated for impairment | 3,609,000 | ||||||||
Collectively evaluated for impairment | 18,905,000 | ||||||||
Balance | 19,127,000 | 22,514,000 | 18,964,000 | 18,964,000 | 18,964,000 | ||||
Charge-offs | (3,684,000) | (67,000) | (3,751,000) | ||||||
Recoveries | 677,000 | 17,000 | 694,000 | ||||||
Balance | 19,127,000 | 22,514,000 | 19,127,000 | ||||||
Other assets | 72,283,000 | 72,283,000 | |||||||
Total Assets | 5,856,882,000 | 5,856,882,000 | |||||||
Other liabilities | 22,954,000 | 22,954,000 | |||||||
Total Liabilities | 5,621,959,000 | 5,621,959,000 | |||||||
Retained earnings | 20,474,000 | 20,474,000 | |||||||
Total Shareholders' Equity | 234,923,000 | 277,013,000 | 234,923,000 | 324,242,000 | |||||
Total Liabilities and Shareholders' Equity | 5,856,882,000 | 5,856,882,000 | |||||||
Net interest income after provision for credit losses | 38,780,000 | 35,520,000 | 74,300,000 | ||||||
Legal | 6,859,000 | 467,000 | |||||||
Total non-interest expense | 37,787,000 | 31,658,000 | |||||||
Net income before provision for income taxes | 5,866,000 | 8,209,000 | 14,075,000 | ||||||
Provision for income taxes | 1,368,000 | 2,090,000 | 3,458,000 | ||||||
Net income available to common shareholders | $ 3,854,000 | $ 5,253,000 | $ 9,107,000 | ||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.06 | $ 0.09 | $ 0.15 | ||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.06 | $ 0.08 | $ 0.14 | ||||||
Total comprehensive (loss) income | $ (41,998,000) | $ (45,043,000) | $ (87,041,000) | ||||||
Increase in accrued interest receivable and other assets | (1,188,000) | (2,435,000) | |||||||
Previously Reported [Member] | Retained Earnings [Member] | |||||||||
Total Shareholders' Equity | 20,474,000 | 16,620,000 | 20,474,000 | 13,591,000 | |||||
Net income | 4,489,000 | 6,119,000 | 6,119,000 | ||||||
Cash flows from operating activities | |||||||||
Net income | 4,489,000 | 6,119,000 | 6,119,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | 20,474,000 | 16,620,000 | 13,591,000 | 13,591,000 | 13,591,000 | ||||
Net income | 4,489,000 | 6,119,000 | 6,119,000 | ||||||
Balance | 20,474,000 | 16,620,000 | 20,474,000 | ||||||
Total Shareholders' Equity | $ 20,474,000 | $ 16,620,000 | $ 20,474,000 | 13,591,000 | |||||
Previously Reported [Member] | Republic [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0.1081 | 0.1125 | 0.1081 | ||||||
Tier one risk based capital | 0.1024 | 0.1054 | 0.1024 | ||||||
CET 1 risk based capital | 0.1024 | 0.1054 | 0.1024 | ||||||
Tier one leveraged capital | 0.0583 | 0.0583 | 0.0583 | ||||||
Previously Reported [Member] | Company [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0.1097 | 0.1161 | 0.1097 | ||||||
Tier one risk based capital | 0.1040 | 0.1090 | 0.1040 | ||||||
CET 1 risk based capital | 0.0903 | 0.0945 | 0.0903 | ||||||
Tier one leveraged capital | 0.0594 | 0.0604 | 0.0594 | ||||||
Previously Reported [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Provision for credit losses | $ 104,000 | $ (522,000) | $ (418,000) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 104,000 | (522,000) | (418,000) | ||||||
Total ACL on Loans | 4,853,000 | 5,370,000 | 4,853,000 | 5,892,000 | 5,802,000 | ||||
Individually evaluated for impairment | 915,000 | ||||||||
Collectively evaluated for impairment | 4,455,000 | ||||||||
Balance | 4,853,000 | 5,370,000 | 5,802,000 | 5,802,000 | 5,802,000 | ||||
Charge-offs | (621,000) | 0 | (621,000) | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 4,853,000 | 5,370,000 | 4,853,000 | ||||||
Previously Reported [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Provision for credit losses | (472,000) | (573,000) | (1,045,000) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | (472,000) | (573,000) | (1,045,000) | ||||||
Total ACL on Loans | 796,000 | 1,268,000 | 796,000 | 1,841,000 | 1,544,000 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 1,268,000 | ||||||||
Balance | 796,000 | 1,268,000 | 1,544,000 | 1,544,000 | 1,544,000 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 796,000 | 1,268,000 | 796,000 | ||||||
Previously Reported [Member] | Commercial and Industrial [Member] | |||||||||
Provision for credit losses | (147,000) | 1,119,000 | 973,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | (147,000) | 1,119,000 | 973,000 | ||||||
Total ACL on Loans | 1,144,000 | 3,445,000 | 1,144,000 | 2,316,000 | 2,856,000 | ||||
Individually evaluated for impairment | 2,268,000 | ||||||||
Collectively evaluated for impairment | 1,177,000 | ||||||||
Balance | 1,144,000 | 3,445,000 | 2,856,000 | 2,856,000 | 2,856,000 | ||||
Charge-offs | (2,161,000) | 0 | (2,161,000) | ||||||
Recoveries | 7,000 | 10,000 | 16,000 | ||||||
Balance | 1,144,000 | 3,445,000 | 1,144,000 | ||||||
Previously Reported [Member] | Owner Occupied Real Estate [Member] | |||||||||
Provision for credit losses | (448,000) | (430,000) | (878,000) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | (448,000) | (430,000) | (878,000) | ||||||
Total ACL on Loans | 4,139,000 | 4,784,000 | 4,139,000 | 5,207,000 | 3,158,000 | ||||
Individually evaluated for impairment | 323,000 | ||||||||
Collectively evaluated for impairment | 4,461,000 | ||||||||
Balance | 4,139,000 | 4,784,000 | 3,158,000 | 3,158,000 | 3,158,000 | ||||
Charge-offs | (787,000) | 0 | (787,000) | ||||||
Recoveries | 590,000 | 7,000 | 597,000 | ||||||
Balance | 4,139,000 | 4,784,000 | 4,139,000 | ||||||
Previously Reported [Member] | Consumer Portfolio Segment [Member] | |||||||||
Provision for credit losses | (164,000) | 322,000 | 157,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | (164,000) | 322,000 | 157,000 | ||||||
Total ACL on Loans | 719,000 | 918,000 | 719,000 | 663,000 | 629,000 | ||||
Individually evaluated for impairment | 103,000 | ||||||||
Collectively evaluated for impairment | 815,000 | ||||||||
Balance | 719,000 | 918,000 | 629,000 | 629,000 | 629,000 | ||||
Charge-offs | (115,000) | (67,000) | (182,000) | ||||||
Recoveries | 80,000 | 0 | 81,000 | ||||||
Balance | 719,000 | 918,000 | 719,000 | ||||||
Previously Reported [Member] | Residential Portfolio Segment [Member] | |||||||||
Provision for credit losses | 747,000 | 704,000 | 1,451,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 747,000 | 704,000 | 1,451,000 | ||||||
Total ACL on Loans | 7,476,000 | 6,729,000 | 7,476,000 | 4,922,000 | |||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 6,729,000 | ||||||||
Balance | 7,476,000 | 6,729,000 | 4,922,000 | 4,922,000 | 4,922,000 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 7,476,000 | 6,729,000 | 7,476,000 | ||||||
Previously Reported [Member] | Paycheck Protection Program CARES Act [Member] | |||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||
Total ACL on Loans | 0 | 0 | 0 | 0 | |||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 0 | 0 | 0 | ||||||
Previously Reported [Member] | Unallocated Financing Receivables [Member] | |||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||
Total ACL on Loans | 0 | 0 | 0 | 0 | 53,000 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 53,000 | 53,000 | 53,000 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 0 | 0 | 0 | ||||||
Previously Reported [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 6,025,000 | ||||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Total Shareholders' Equity | (2,224,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | (2,224,000) | (2,224,000) | (2,224,000) | ||||||
Total ACL on Loans | 2,980,000 | ||||||||
Balance | 2,980,000 | 2,980,000 | 2,980,000 | ||||||
Total Shareholders' Equity | (2,224,000) | ||||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Total Shareholders' Equity | (2,224,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | (2,224,000) | (2,224,000) | (2,224,000) | ||||||
Total Shareholders' Equity | (2,224,000) | ||||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 90,000 | ||||||||
Balance | 90,000 | 90,000 | 90,000 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 297,000 | ||||||||
Balance | 297,000 | 297,000 | 297,000 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (540,000) | ||||||||
Balance | (540,000) | (540,000) | (540,000) | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 2,049,000 | ||||||||
Balance | 2,049,000 | 2,049,000 | 2,049,000 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 34,000 | ||||||||
Balance | 34,000 | 34,000 | 34,000 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,103,000 | ||||||||
Balance | 1,103,000 | 1,103,000 | 1,103,000 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Paycheck Protection Program CARES Act [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | ||||||||
Balance | 0 | 0 | 0 | ||||||
Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (53,000) | ||||||||
Balance | (53,000) | (53,000) | (53,000) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | (1,870,000) | (642,000) | (1,870,000) | 0 | |||||
Other assets | 593,000 | 593,000 | |||||||
Total Assets | (1,277,000) | (1,277,000) | |||||||
Other liabilities | 505,000 | 505,000 | |||||||
Total Liabilities | 505,000 | 505,000 | |||||||
Retained earnings | (1,782,000) | (1,782,000) | 3,600,000 | ||||||
Total Shareholders' Equity | (1,782,000) | (1,782,000) | |||||||
Total Liabilities and Shareholders' Equity | (1,277,000) | (1,277,000) | |||||||
Provision for credit losses | 1,210,000 | (692,000) | 518,000 | ||||||
Net interest income after provision for credit losses | (1,210,000) | 692,000 | (518,000) | ||||||
Legal | (537,000) | 537,000 | |||||||
Total non-interest expense | (537,000) | 537,000 | |||||||
Net income before provision for income taxes | (673,000) | 155,000 | (518,000) | ||||||
Provision for income taxes | (168,000) | 39,000 | (129,000) | ||||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Net income available to common shareholders | $ (505,000) | $ 116,000 | $ (389,000) | ||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ (0.01) | $ 0 | $ (0.01) | ||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ (0.01) | $ 0 | $ (0.01) | ||||||
Total comprehensive (loss) income | $ (505,000) | $ 116,000 | $ (389,000) | ||||||
Cash flows from operating activities | |||||||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for credit losses | 1,210,000 | (692,000) | 518,000 | ||||||
Increase in accrued interest receivable and other assets | 39,000 | (129,000) | |||||||
Net increase (decrease) in accrued interest payable and other liabilities | 537,000 | ||||||||
Net cash provided by operating activities | 0 | 0 | |||||||
Balance | (1,782,000) | ||||||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Balance | (1,782,000) | (1,782,000) | |||||||
Loans receivable (net of allowance for credit losses) | (1,870,000) | (642,000) | (1,870,000) | 0 | |||||
Total ACL on Loans | 1,870,000 | 642,000 | 1,870,000 | 1,260,000 | 0 | ||||
ACL on off-balance sheet commitments | 597,000 | ||||||||
Tax effect | 464,000 | ||||||||
Shareholders' equity: | 1,393,000 | ||||||||
Total loans receivable | 0 | 0 | 0 | ||||||
Deferred costs (fees) | 0 | 0 | 0 | ||||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 642,000 | ||||||||
Balance | 1,870,000 | 642,000 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 1,870,000 | 642,000 | 1,870,000 | ||||||
Provisions | 1,228,000 | (618,000) | 610,000 | ||||||
Other assets | 593,000 | 593,000 | |||||||
Total Assets | (1,277,000) | (1,277,000) | |||||||
Other liabilities | 505,000 | 505,000 | |||||||
Total Liabilities | 505,000 | 505,000 | |||||||
Retained earnings | (1,782,000) | (1,782,000) | 3,600,000 | ||||||
Total Shareholders' Equity | (1,782,000) | (1,782,000) | |||||||
Total Liabilities and Shareholders' Equity | (1,277,000) | (1,277,000) | |||||||
Net interest income after provision for credit losses | (1,210,000) | 692,000 | (518,000) | ||||||
Legal | (537,000) | 537,000 | |||||||
Total non-interest expense | (537,000) | 537,000 | |||||||
Net income before provision for income taxes | (673,000) | 155,000 | (518,000) | ||||||
Provision for income taxes | (168,000) | 39,000 | (129,000) | ||||||
Net income available to common shareholders | $ (505,000) | $ 116,000 | $ (389,000) | ||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ (0.01) | $ 0 | $ (0.01) | ||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ (0.01) | $ 0 | $ (0.01) | ||||||
Total comprehensive (loss) income | $ (505,000) | $ 116,000 | $ (389,000) | ||||||
Increase in accrued interest receivable and other assets | $ 39,000 | $ (129,000) | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Republic [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0 | (0.0002) | 0 | ||||||
Tier one risk based capital | (0.0006) | (0.0004) | (0.0006) | ||||||
CET 1 risk based capital | (0.0006) | (0.0004) | (0.0006) | ||||||
Tier one leveraged capital | (0.0003) | (0.0002) | (0.0003) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Company [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total risk based capital | 0 | (0.0002) | 0 | ||||||
Tier one risk based capital | (0.0005) | (0.0004) | (0.0005) | ||||||
CET 1 risk based capital | (0.0005) | (0.0004) | (0.0005) | ||||||
Tier one leveraged capital | (0.0003) | (0.0002) | (0.0003) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | $ (1,312,000) | $ (1,322,000) | $ (1,312,000) | (1,555,000) | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | (1,322,000) | ||||||||
Balance | (1,312,000) | (1,322,000) | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | (1,312,000) | (1,322,000) | (1,312,000) | ||||||
Provisions | 10,000 | 233,000 | 243,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 726,000 | 842,000 | 726,000 | 806,000 | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 842,000 | ||||||||
Balance | 726,000 | 842,000 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 726,000 | 842,000 | 726,000 | ||||||
Provisions | (116,000) | 36,000 | (80,000) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,179,000 | 1,039,000 | 1,179,000 | 1,102,000 | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 1,039,000 | ||||||||
Balance | 1,179,000 | 1,039,000 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 1,179,000 | 1,039,000 | 1,179,000 | ||||||
Provisions | 140,000 | (63,000) | 77,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,824,000 | 1,382,000 | 1,824,000 | 1,707,000 | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 1,382,000 | ||||||||
Balance | 1,824,000 | 1,382,000 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | 1,824,000 | 1,382,000 | 1,824,000 | ||||||
Provisions | 442,000 | (325,000) | 117,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (28,000) | (190,000) | (28,000) | 4,000 | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | (190,000) | ||||||||
Balance | (28,000) | (190,000) | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | (28,000) | (190,000) | (28,000) | ||||||
Provisions | 162,000 | (194,000) | (32,000) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Residential Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (519,000) | (1,109,000) | (519,000) | 0 | |||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | (1,109,000) | ||||||||
Balance | (519,000) | (1,109,000) | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | 0 | ||||||
Recoveries | 0 | 0 | 0 | ||||||
Balance | (519,000) | (1,109,000) | (519,000) | ||||||
Provisions | 590,000 | (305,000) | 285,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Paycheck Protection Program CARES Act [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | 0 | 0 | 0 | |||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Balance | 0 | 0 | 0 | ||||||
Provisions | 0 | 0 | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | 0 | 0 | 0 | 0 | ||||
Individually evaluated for impairment | 0 | ||||||||
Collectively evaluated for impairment | 0 | ||||||||
Balance | 0 | 0 | 0 | 0 | 0 | ||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 0 | 0 | |||||||
Balance | 0 | 0 | 0 | ||||||
Provisions | 0 | 0 | |||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (804,000) | ||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,260,000 | ||||||||
Balance | 1,260,000 | 1,260,000 | 1,260,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (1,555,000) | ||||||||
Balance | (1,555,000) | (1,555,000) | (1,555,000) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 806,000 | ||||||||
Balance | 806,000 | 806,000 | 806,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,102,000 | ||||||||
Balance | 1,102,000 | 1,102,000 | 1,102,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,707,000 | ||||||||
Balance | 1,707,000 | 1,707,000 | 1,707,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 4,000 | ||||||||
Balance | 4,000 | 4,000 | 4,000 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (804,000) | ||||||||
Balance | (804,000) | (804,000) | (804,000) | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Paycheck Protection Program CARES Act [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | ||||||||
Balance | 0 | 0 | 0 | ||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | ||||||||
Balance | 0 | 0 | 0 | ||||||
Pre-ASC 326 Adoption [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 2,514,123,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Loans receivable (net of allowance for credit losses) | 2,514,123,000 | ||||||||
Total ACL on Loans | 18,964,000 | ||||||||
ACL on off-balance sheet commitments | 0 | ||||||||
Tax effect | |||||||||
Shareholders' equity: | |||||||||
Pre-ASC 326 Adoption [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 5,802,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,544,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 2,856,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 3,158,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 629,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 53,000 | ||||||||
Pre-ASC 326 Adoption [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 4,922,000 | ||||||||
As Adjusted [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 2,514,123,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Loans receivable (net of allowance for credit losses) | 2,514,123,000 | ||||||||
Total ACL on Loans | 23,204,000 | ||||||||
ACL on off-balance sheet commitments | 597,000 | ||||||||
Tax effect | |||||||||
Shareholders' equity: | |||||||||
As Adjusted [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 4,337,000 | ||||||||
As Adjusted [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 2,647,000 | ||||||||
As Adjusted [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 3,418,000 | ||||||||
As Adjusted [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 6,914,000 | ||||||||
As Adjusted [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 667,000 | ||||||||
As Adjusted [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 0 | ||||||||
As Adjusted [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 5,221,000 | ||||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Total Shareholders' Equity | (1,782,000) | (1,277,000) | (1,782,000) | 0 | |||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Cash flows from operating activities | |||||||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | $ (1,782,000) | (1,277,000) | 0 | 0 | 0 | ||||
Net income | (505,000) | 116,000 | (389,000) | ||||||
Balance | (1,782,000) | (1,277,000) | (1,782,000) | ||||||
Total Shareholders' Equity | (1,782,000) | (1,277,000) | (1,782,000) | 0 | |||||
Revision of Prior Period, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Total Shareholders' Equity | (1,393,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | (1,393,000) | $ (1,393,000) | $ (1,393,000) | ||||||
Total Shareholders' Equity | $ (1,393,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 0 | ||||||||
Retained earnings | (3,600,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Loans receivable (net of allowance for credit losses) | 0 | ||||||||
Total ACL on Loans | 4,240,000 | ||||||||
ACL on off-balance sheet commitments | 597,000 | ||||||||
Tax effect | 1,220,000 | ||||||||
Shareholders' equity: | 3,617,000 | ||||||||
Retained earnings | (3,600,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (1,465,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,103,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 562,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 3,756,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 38,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (53,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 299,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 2,534,653,000 | ||||||||
Other assets | 56,008,000 | ||||||||
Total Assets | 5,700,682,000 | ||||||||
Other liabilities | 18,767,000 | ||||||||
Total Liabilities | 5,423,669,000 | ||||||||
Retained earnings | 16,620,000 | 2,200,000 | |||||||
Total Shareholders' Equity | 277,013,000 | ||||||||
Total Liabilities and Shareholders' Equity | 5,700,682,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | 277,013,000 | ||||||||
Balance | 277,013,000 | ||||||||
Loans receivable (net of allowance for credit losses) | 2,534,653,000 | ||||||||
Total ACL on Loans | 3,000,000 | ||||||||
Other assets | 56,008,000 | ||||||||
Total Assets | 5,700,682,000 | ||||||||
Other liabilities | 18,767,000 | ||||||||
Total Liabilities | 5,423,669,000 | ||||||||
Retained earnings | 16,620,000 | 2,200,000 | |||||||
Total Shareholders' Equity | 277,013,000 | ||||||||
Total Liabilities and Shareholders' Equity | 5,700,682,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | 0 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Loans receivable (net of allowance for credit losses) | 0 | ||||||||
Total ACL on Loans | 2,980,000 | ||||||||
ACL on off-balance sheet commitments | 0 | ||||||||
Tax effect | 756,000 | ||||||||
Shareholders' equity: | 2,224,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 90,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction and Land Development Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 297,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (540,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner Occupied Real Estate [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 2,049,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 34,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated Financing Receivables [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | (53,000) | ||||||||
Accounting Standards Update 2016-13 [Member] | Previously Reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Mortgage Lending [Member] | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Total ACL on Loans | 1,103,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||||||
Loans receivable (net of allowance for credit losses) | (642,000) | ||||||||
Other assets | 425,000 | ||||||||
Total Assets | (217,000) | ||||||||
Other liabilities | 1,060,000 | ||||||||
Total Liabilities | 1,060,000 | ||||||||
Retained earnings | (1,277,000) | ||||||||
Total Shareholders' Equity | (1,277,000) | ||||||||
Total Liabilities and Shareholders' Equity | (217,000) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Balance | $ (1,277,000) | ||||||||
Balance | (1,277,000) | ||||||||
Loans receivable (net of allowance for credit losses) | (642,000) | ||||||||
Total ACL on Loans | $ 4,200,000 | ||||||||
Other assets | 425,000 | ||||||||
Total Assets | (217,000) | ||||||||
Other liabilities | 1,060,000 | ||||||||
Total Liabilities | 1,060,000 | ||||||||
Retained earnings | (1,277,000) | ||||||||
Total Shareholders' Equity | (1,277,000) | ||||||||
Total Liabilities and Shareholders' Equity | $ (217,000) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Apr. 29, 2014 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Apr. 27, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 841,209 | 636,635 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 4,905,350 | 5,561,349 | 4,905,350 | 5,561,349 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 44,000 | $ 398,000 | $ 44,000 | $ 398,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 4,217,544 | 3,807,260 | 4,217,544 | 3,807,260 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 26,000 | $ 278,000 | $ 26,000 | $ 278,000 | ||||||
Options exercised, shares (in shares) | 31,000 | 28,000 | 259,008 | 54,375 | ||||||
Proceeds from Stock Options Exercised | $ 719,000 | $ 140,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 168,417 | 283,701 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Options Forfeited, Weighted Average Grant Date Fair Value, Amount | $ 334,000 | $ 578,051 | ||||||||
Retained Earnings (Accumulated Deficit), Total | $ 19,601,000 | $ 19,601,000 | $ 13,591,000 | $ 18,692,000 | $ 15,343,000 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||
Retained Earnings (Accumulated Deficit), Total | $ (3,600,000) | |||||||||
The 2021 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) | 1,500,000 | 1,500,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||
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, Non-Option Equity Instruments, Granted (in shares) | 41,400 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 149,000 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 367,765 | 367,765 | ||||||||
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | Stock Unit [Member] | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 142,406 | $ 0 | $ 142,406 | 0 | ||||||
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | 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 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,600,000 | |||||||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 714,167 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 3,700,000 | |||||||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | Stock Unit [Member] | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,464,152 | $ 1,354,762 | $ 3,464,152 | $ 1,354,762 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||
Amount remaining to be recognized as expense | $ 367,765 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Stock-based compensation expense recognized | $ 366,000 | $ 1,133,000 | ||||
Number of unvested stock options (in shares) | 687,806 | 1,754,089 | ||||
Fair value of unvested stock options | $ 19,290 | $ 2,918,535 | ||||
Amount remaining to be recognized as expense | 367,765 | 1,493,293 | ||||
Stock Unit [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||
Stock-based compensation expense recognized | $ 885,000 | $ 428,756 | ||||
Number of unvested stock units (in shares) | 943,327 | 524,063 | 1,013,442 | 516,513 | 524,863 | 0 |
Fair value of unvested stock units | $ 2,624,235 | $ 1,783,518 | ||||
Amount remaining to be recognized as expense | 3,464,152 | 1,354,762 | ||||
Stock Unit [Member] | The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||||
Stock-based compensation expense recognized | $ 4,000 | $ 0 | ||||
Number of unvested stock units (in shares) | 40,900 | 0 | 0 | 0 | ||
Fair value of unvested stock units | $ 115,747 | $ 0 | ||||
Amount remaining to be recognized as expense | $ 142,406 | $ 0 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Stock Units Activity (Details) - Stock Unit [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||
Beginning balance, number of units (in shares) | 1,013,442 | 524,863 | 516,513 | 0 |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ 4.66 | $ 3.35 | $ 3.36 | $ 0 |
Granted, number of units (in shares) | 0 | 2,500 | 714,167 | 532,513 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 3.45 | $ 5.16 | $ 3.35 |
Vested, number of units (in shares) | (104) | 0 | (176,579) | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ 3.42 | $ 0 | $ 3.42 | $ 0 |
Forfeited, number of units (in shares) | (70,011) | (3,300) | (110,774) | (8.450) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 5.14 | $ 3.34 | $ 4.69 | $ 3.34 |
Ending balance, number of units (in shares) | 943,327 | 524,063 | 943,327 | 524,063 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ 4.60 | $ 3.35 | $ 4.60 | $ 3.35 |
The 2021 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | ||||
Beginning balance, number of units (in shares) | 0 | 0 | ||
Beginning balance, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | ||
Granted, number of units (in shares) | 41,400 | 41,400 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 3.59 | $ 3.59 | ||
Vested, number of units (in shares) | 0 | 0 | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | ||
Forfeited, number of units (in shares) | (500) | (500) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 3.59 | $ 3.59 | ||
Ending balance, number of units (in shares) | 40,900 | 0 | 40,900 | 0 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ 3.59 | $ 3.59 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income available to common shareholders | $ 909 | $ 3,349 | $ 5,369 | $ 5,221 | $ 8,718 | $ 9,627 | $ 16,473 |
Weighted average shares outstanding (in shares) | 63,767 | 58,895 | 62,265 | 58,877 | |||
Basic earnings per common share (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.09 | $ 0.09 | $ 0.14 | $ 0.15 | $ 0.28 |
Preferred stock dividends | $ 644 | $ 875 | $ 2,154 | $ 2,625 | |||
Net income attributable to diluted common shareholders | $ 1,553 | $ 6,096 | $ 11,781 | $ 19,098 | |||
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 76,209 | 75,876 | 75,995 | 75,946 | |||
Diluted earnings per common share (in dollars per share) | $ 0.01 | $ 0.05 | $ 0.08 | $ 0.08 | $ 0.13 | $ 0.14 | $ 0.25 |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Anti-dilutive securities (in shares) | 5,690 | 5,771 | 5,348 | 5,683 |
Share-Based Payment Arrangement [Member] | ||||
Anti-dilutive securities (in shares) | 5,690 | 5,771 | 5,348 | 5,683 |
Convertible Preferred Stock [Member] | ||||
Anti-dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Reportable Segments | 1 |
Note 6 - Investment Securitie_2
Note 6 - Investment Securities (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | ||||
Securities, Continuous Loss Position, Accumulated Loss | $ 499,100,000 | 499,100,000 | $ 36,100,000 | ||
Securities, Continuous Unrealized Loss Position, Fair Value | 2,300,000,000 | 2,300,000,000 | 2,100,000,000 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | 34,100,000 | $ 0 | 34,073,000 | $ 0 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | 46,000 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 12,000 | 12,000 | |||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | $ 0 | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 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 | 0 | ||
Collateralized Mortgage Obligations [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 103 | 103 | |||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Collateralized Mortgage Obligations [Member] | AltA [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 17 | 17 | |||
Agency Mortgage-backed Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 103 | 103 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 15 | 15 | |||
Corporate Debt Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 22 | 22 |
Note 6 - Investment Securitie_3
Note 6 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Total, available for sale, amortized cost | $ 1,203,064 | $ 1,086,972 | |
Investment securities available for sale, gross unrealized gains | 646 | 3,067 | |
Investment securities available for sale, gross unrealized losses | (204,189) | (14,673) | |
Investment securities available for sale, at fair value | 999,521 | 1,075,366 | |
Investment securities held to maturity, at amortized cost | 1,562,376 | 1,660,292 | |
Investment securities held to maturity, gross unrealized gains | 32 | 8,451 | |
Investment securities held to maturity, gross unrealized losses | (294,862) | (21,383) | |
Investment securities held to maturity, at fair value | 1,267,546 | 1,647,360 | |
Equity securities (1) | 6,627 | 9,173 | |
Noncumulative Preferred Stock [Member] | |||
Equity securities (1) | [1] | 6,627 | 9,173 |
US Government Agencies Debt Securities [Member] | |||
Total, available for sale, amortized cost | 19,806 | 25,671 | |
Investment securities available for sale, gross unrealized gains | 0 | 0 | |
Investment securities available for sale, gross unrealized losses | (1,411) | (743) | |
Investment securities available for sale, at fair value | 18,395 | 24,928 | |
Investment securities held to maturity, at amortized cost | 52,788 | 66,438 | |
Investment securities held to maturity, gross unrealized gains | 0 | 1,549 | |
Investment securities held to maturity, gross unrealized losses | (4,764) | 0 | |
Investment securities held to maturity, at fair value | 48,024 | 67,987 | |
Collateralized Mortgage Obligations [Member] | |||
Total, available for sale, amortized cost | 388,019 | 375,570 | |
Investment securities available for sale, gross unrealized gains | 0 | 989 | |
Investment securities available for sale, gross unrealized losses | (67,004) | (5,010) | |
Investment securities available for sale, at fair value | 321,015 | 371,549 | |
Investment securities held to maturity, at amortized cost | 374,421 | 400,424 | |
Investment securities held to maturity, gross unrealized gains | 32 | 4,607 | |
Investment securities held to maturity, gross unrealized losses | (67,589) | (8,803) | |
Investment securities held to maturity, at fair value | 306,864 | 396,228 | |
Agency Mortgage-backed Securities [Member] | |||
Total, available for sale, amortized cost | 510,269 | 446,740 | |
Investment securities available for sale, gross unrealized gains | 10 | 254 | |
Investment securities available for sale, gross unrealized losses | (94,257) | (5,511) | |
Investment securities available for sale, at fair value | 416,022 | 441,483 | |
Investment securities held to maturity, at amortized cost | 1,135,167 | 1,193,430 | |
Investment securities held to maturity, gross unrealized gains | 0 | 2,295 | |
Investment securities held to maturity, gross unrealized losses | (222,509) | (12,580) | |
Investment securities held to maturity, at fair value | 912,658 | 1,183,145 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Total, available for sale, amortized cost | 52,128 | 6,596 | |
Investment securities available for sale, gross unrealized gains | 1 | 344 | |
Investment securities available for sale, gross unrealized losses | (6,356) | 0 | |
Investment securities available for sale, at fair value | 45,773 | 6,940 | |
Corporate Debt Securities [Member] | |||
Total, available for sale, amortized cost | 232,842 | 232,395 | |
Investment securities available for sale, gross unrealized gains | 635 | 1,480 | |
Investment securities available for sale, gross unrealized losses | (35,161) | (3,409) | |
Investment securities available for sale, at fair value | $ 198,316 | $ 230,466 | |
[1]Equity securities consist of investments in non-cumulative preferred stock. |
Note 6 - Investment Securitie_4
Note 6 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Due in 1 year or less, available for sale, amortized cost | $ 35,899 | |
Due in 1 year or less, available for sale, fair value | 29,762 | |
Due in 1 year or less, held to maturity, amortized cost | 0 | |
Due in 1 year or less, held to maturity, fair value | 0 | |
After 1 year to 5 years, available for sale, amortized cost | 95,090 | |
After 1 year to 5 years, available for sale, fair value | 89,803 | |
After 1 year to 5 years, held to maturity, amortized cost | 52,788 | |
After 1 year to 5 years, held to maturity, fair value | 48,024 | |
After 5 years to 10 years, available for sale, amortized cost | 67,549 | |
After 5 years to 10 years, available for sale, fair value | 60,572 | |
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 | 106,238 | |
After 10 years, available for sale, fair value | 82,347 | |
After 10 years, held to maturity, amortized cost | 0 | |
After 10 years, held to maturity, fair value | 0 | |
Total, available for sale, amortized cost | 1,203,064 | $ 1,086,972 |
Investment securities available for sale, at fair value | 999,521 | 1,075,366 |
Investment securities held to maturity, amortized cost | 1,562,376 | 1,660,292 |
Investment securities held to maturity, at fair value | 1,267,546 | 1,647,360 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 388,019 | |
No specific maturity date, available for sale, fair value | 321,015 | |
No specific maturity date, held to maturity, amortized cost | 374,421 | |
No specific maturity date, held to maturity, fair value | 306,864 | |
Total, available for sale, amortized cost | 388,019 | 375,570 |
Investment securities available for sale, at fair value | 321,015 | 371,549 |
Investment securities held to maturity, amortized cost | 374,421 | 400,424 |
Investment securities held to maturity, at fair value | 306,864 | $ 396,228 |
Collateralized Mortgage-Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 510,269 | |
No specific maturity date, available for sale, fair value | 416,022 | |
No specific maturity date, held to maturity, amortized cost | 1,135,167 | |
No specific maturity date, held to maturity, fair value | $ 912,658 |
Note 6 - Investment Securitie_5
Note 6 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 494,386,000 | $ 708,711,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 84,386,000 | 10,159,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 494,781,000 | 155,915,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 119,803,000 | 4,514,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 989,167,000 | 864,626,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 204,189,000 | 14,673,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 523,307,000 | 1,082,607,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 95,802,000 | 17,534,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 740,257,000 | 143,750,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 199,060,000 | 3,849,000 |
Held to maturity securities in a continuous unrealized loss position, fair value | 1,263,564,000 | 1,226,357,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 294,862,000 | 21,383,000 |
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 | 18,396,000 | 24,928,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,411,000 | 743,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 18,396,000 | 24,928,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 1,411,000 | 743,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 48,025,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,764,000 | 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 | 48,025,000 | 0 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 4,764,000 | 0 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 155,546,000 | 188,416,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 23,587,000 | 2,982,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 165,469,000 | 57,708,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 43,417,000 | 2,028,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 321,015,000 | 246,124,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 67,004,000 | 5,010,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 125,412,000 | 183,376,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 14,609,000 | 6,719,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 177,469,000 | 81,994,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 52,980,000 | 2,084,000 |
Held to maturity securities in a continuous unrealized loss position, fair value | 302,881,000 | 265,370,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 67,589,000 | 8,803,000 |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 193,757,000 | 365,859,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 39,579,000 | 4,896,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 221,572,000 | 39,928,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 54,678,000 | 615,000 |
Available for sale securities in a continuous unrealized loss position, fair value | 415,329,000 | 405,787,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 94,257,000 | 5,511,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 349,870,000 | 899,231,000 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 76,429,000 | 10,815,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 562,788,000 | 61,756,000 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 146,080,000 | 1,765,000 |
Held to maturity securities in a continuous unrealized loss position, fair value | 912,658,000 | 960,987,000 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 222,509,000 | 12,580,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 44,747,000 | 0 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,356,000 | 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 | 44,747,000 | 0 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 6,356,000 | 0 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 100,336,000 | 154,436,000 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 14,864,000 | 2,281,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 89,344,000 | 33,351,000 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 20,297,000 | 1,128 |
Available for sale securities in a continuous unrealized loss position, fair value | 189,680,000 | 187,787,000 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 35,161,000 | $ 3,409,000 |
Note 7 - Loans Receivable and_3
Note 7 - Loans Receivable and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 289,000 | $ 546,451 | ||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 25,255,000 | $ 17,218,000 | 25,255,000 | $ 17,218,000 | $ 18,964,000 | $ 20,997,000 | $ 23,156,000 | $ 16,110,000 | $ 12,975,000 | |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 99,000 | 7,000 | ||||||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 604,000 | $ 604,000 | ||||||||
Financing Receivable, Number of Payment Deferrals | 0 | 0 | 0 | |||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |||||||
Number of Mortgage Loans in Process of Foreclosure | 0 | 1 | ||||||||
Real Estate Acquired Through Foreclosure | $ 876,000 | $ 876,000 | $ 360,000 | |||||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | ||||||
Residential Portfolio Segment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 9,569,000 | $ 4,552,000 | $ 9,569,000 | $ 4,552,000 | 4,922,000 | $ 6,957,000 | $ 5,620,000 | $ 4,270,000 | $ 3,025,000 | |
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | $ 0 | |||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 4,200,000 |
Note 7 - Loans Receivable and_4
Note 7 - Loans Receivable and Allowance for Loan Losses - Gross Loans by Major Category (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans receivable | $ 3,064,219 | $ 2,754,394 | $ 2,562,068 | $ 2,514,123 | |||
Deferred costs (fees) | (3,367) | (3,711) | (4,901) | (6,758) | |||
Allowance for credit losses | (25,255) | (20,997) | (23,156) | (18,964) | $ (17,218) | $ (16,110) | $ (12,975) |
Net loans receivable | 3,035,597 | 2,729,686 | 2,534,011 | 2,488,401 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||||
Loans receivable | 915,494 | 780,311 | |||||
Allowance for credit losses | (3,838) | (3,541) | (4,048) | (5,802) | (6,184) | (5,919) | (4,394) |
Construction and Land Development Portfolio Segment [Member] | |||||||
Loans receivable | 226,627 | 216,008 | |||||
Allowance for credit losses | (1,910) | (1,522) | (2,110) | (1,544) | (1,090) | (1,133) | (948) |
Commercial Portfolio Segment [Member] | |||||||
Loans receivable | 303,518 | 252,376 | |||||
Allowance for credit losses | (2,937) | (2,323) | (2,856) | (1,696) | (1,503) | (1,367) | |
Owner Occupied Real Estate [Member] | |||||||
Loans receivable | 557,496 | 526,570 | |||||
Allowance for credit losses | (6,261) | (5,963) | (6,166) | (3,158) | (2,908) | (2,440) | (2,374) |
Consumer Portfolio Segment [Member] | |||||||
Loans receivable | 95,618 | 83,487 | |||||
Allowance for credit losses | (740) | (691) | (728) | (629) | (652) | (717) | (723) |
Residential Portfolio Segment [Member] | |||||||
Loans receivable | 954,679 | 536,332 | |||||
Allowance for credit losses | (9,569) | (6,957) | (5,620) | (4,922) | $ (4,552) | $ (4,270) | $ (3,025) |
Paycheck Protection Program CARES Act [Member] | |||||||
Loans receivable | $ 10,787 | 119,039 | |||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 |
Note 7 - Loans Receivable and_5
Note 7 - Loans Receivable and Allowance for Credit Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans receivable | $ 3,064,219 | $ 2,754,394 | $ 2,562,068 | $ 2,514,123 |
Loans receivable greater than 90 days and accruing | 1,935 | 323 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans receivable | 11,795 | 4,851 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 3,307 | 4,706 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 15,450 | 12,864 | ||
Financial Asset, Past Due [Member] | ||||
Loans receivable | 30,552 | 22,421 | ||
Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 3,033,667 | 2,491,702 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 915,494 | 780,311 | ||
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 | 76 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 777 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 600 | 4,493 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 1,453 | 4,493 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 914,041 | 775,818 | ||
Construction and Land Development Portfolio Segment [Member] | ||||
Loans receivable | 226,627 | 216,008 | ||
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 | 9,052 | 0 | ||
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 9,052 | 0 | ||
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 217,575 | 216,008 | ||
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 303,518 | 252,376 | ||
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 | 5,729 | 0 | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 248 | 0 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 304 | 2,558 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 6,281 | 2,558 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 297,237 | 249,818 | ||
Owner Occupied Real Estate [Member] | ||||
Loans receivable | 557,496 | 526,570 | ||
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 | 5,008 | 0 | ||
Owner Occupied Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 0 | 4,139 | ||
Owner Occupied Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 2,759 | 3,714 | ||
Owner Occupied Real Estate [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 7,767 | 7,853 | ||
Owner Occupied Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 549,729 | 518,717 | ||
Consumer Portfolio Segment [Member] | ||||
Loans receivable | 95,618 | 83,487 | ||
Loans receivable greater than 90 days and accruing | 15 | 5 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans receivable | 594 | 92 | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 261 | 20 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 815 | 1,080 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 1,670 | 1,192 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 93,948 | 82,295 | ||
Residential Portfolio Segment [Member] | ||||
Loans receivable | 954,679 | 536,332 | ||
Loans receivable greater than 90 days and accruing | 0 | 0 | ||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans receivable | 0 | 3,165 | ||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 334 | 0 | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 0 | 701 | ||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 334 | 3,866 | ||
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | 954,345 | 532,466 | ||
Paycheck Protection Program CARES Act [Member] | ||||
Loans receivable | 10,787 | 119,039 | ||
Loans receivable greater than 90 days and accruing | 1,920 | 318 | ||
Paycheck Protection Program CARES Act [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Loans receivable | 388 | 1,594 | ||
Paycheck Protection Program CARES Act [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Loans receivable | 1,687 | 547 | ||
Paycheck Protection Program CARES Act [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Loans receivable | 1,920 | 318 | ||
Paycheck Protection Program CARES Act [Member] | Financial Asset, Past Due [Member] | ||||
Loans receivable | 3,995 | 2,459 | ||
Paycheck Protection Program CARES Act [Member] | Financial Asset, Not Past Due [Member] | ||||
Loans receivable | $ 6,792 | $ 116,580 |
Note 7 - Loans Receivable and_6
Note 7 - Loans Receivable and Allowance for Credit Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Pass | $ 841,918 | |||
Pass | 468,038 | |||
Pass | 390,683 | |||
Pass | 337,074 | |||
Pass | 380,343 | |||
Pass | 404,624 | |||
Pass | 241,539 | |||
Total loans receivable | 3,064,219 | $ 2,754,394 | $ 2,562,068 | $ 2,514,123 |
Loans receivable | 3,064,219 | $ 2,754,394 | $ 2,562,068 | 2,514,123 |
Pass [Member] | ||||
Pass | 841,918 | |||
Pass | 468,038 | |||
Pass | 381,162 | |||
Pass | 332,394 | |||
Pass | 380,118 | |||
Pass | 399,585 | |||
Pass | 240,770 | |||
Total loans receivable | 3,043,985 | 2,495,467 | ||
Loans receivable | 3,043,985 | 2,495,467 | ||
Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 555 | |||
Pass | 0 | |||
Pass | 232 | |||
Pass | 100 | |||
Total loans receivable | 887 | 236 | ||
Loans receivable | 887 | 236 | ||
Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 9,521 | |||
Pass | 4,125 | |||
Pass | 225 | |||
Pass | 4,807 | |||
Pass | 669 | |||
Total loans receivable | 19,347 | 18,420 | ||
Loans receivable | 19,347 | 18,420 | ||
Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Pass | 190,987 | |||
Pass | 206,253 | |||
Pass | 132,016 | |||
Pass | 111,402 | |||
Pass | 74,899 | |||
Pass | 191,344 | |||
Pass | 8,593 | |||
Total loans receivable | 915,494 | 780,311 | ||
Loans receivable | 915,494 | 780,311 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||||
Pass | 190,987 | |||
Pass | 206,253 | |||
Pass | 131,546 | |||
Pass | 111,402 | |||
Pass | 74,899 | |||
Pass | 191,218 | |||
Pass | 8,593 | |||
Total loans receivable | 914,898 | 775,818 | ||
Loans receivable | 914,898 | 775,818 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 470 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 126 | |||
Pass | 0 | |||
Total loans receivable | 596 | 4,493 | ||
Loans receivable | 596 | 4,493 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Construction and Land Development Portfolio Segment [Member] | ||||
Pass | 23,633 | |||
Pass | 104,483 | |||
Pass | 71,394 | |||
Pass | 18,849 | |||
Pass | 55 | |||
Pass | 5,340 | |||
Pass | 2,874 | |||
Total loans receivable | 226,627 | 216,008 | ||
Loans receivable | 226,627 | 216,008 | ||
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||||
Pass | 23,633 | |||
Pass | 104,483 | |||
Pass | 62,342 | |||
Pass | 18,849 | |||
Pass | 55 | |||
Pass | 5,340 | |||
Pass | 2,874 | |||
Total loans receivable | 217,576 | 216,008 | ||
Loans receivable | 217,576 | 216,008 | ||
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 9,051 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 9,051 | 0 | ||
Loans receivable | 9,051 | 0 | ||
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Pass | 82,914 | |||
Pass | 34,435 | |||
Pass | 15,145 | |||
Pass | 11,650 | |||
Pass | 10,407 | |||
Pass | 18,640 | |||
Pass | 130,327 | |||
Total loans receivable | 303,518 | 252,376 | ||
Loans receivable | 303,518 | 252,376 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Pass | 82,914 | |||
Pass | 34,435 | |||
Pass | 15,145 | |||
Pass | 11,650 | |||
Pass | 10,407 | |||
Pass | 18,336 | |||
Pass | 130,227 | |||
Total loans receivable | 303,114 | 249,818 | ||
Loans receivable | 303,114 | 249,818 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 100 | |||
Total loans receivable | 100 | 0 | ||
Loans receivable | 100 | 0 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 304 | |||
Pass | 0 | |||
Total loans receivable | 304 | 2,558 | ||
Loans receivable | 304 | 2,558 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Owner Occupied Real Estate [Member] | ||||
Pass | 79,930 | |||
Pass | 96,545 | |||
Pass | 86,586 | |||
Pass | 47,221 | |||
Pass | 71,098 | |||
Pass | 157,293 | |||
Pass | 18,823 | |||
Total loans receivable | 557,496 | 526,570 | ||
Loans receivable | 557,496 | 526,570 | ||
Owner Occupied Real Estate [Member] | Pass [Member] | ||||
Pass | 79,930 | |||
Pass | 96,545 | |||
Pass | 86,586 | |||
Pass | 42,541 | |||
Pass | 70,982 | |||
Pass | 152,707 | |||
Pass | 18,823 | |||
Total loans receivable | 548,114 | 516,741 | ||
Loans receivable | 548,114 | 516,741 | ||
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 555 | |||
Pass | 0 | |||
Pass | 232 | |||
Pass | 0 | |||
Total loans receivable | 787 | 236 | ||
Loans receivable | 787 | 236 | ||
Owner Occupied Real Estate [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 4,125 | |||
Pass | 116 | |||
Pass | 4,354 | |||
Pass | 0 | |||
Total loans receivable | 8,595 | 9,593 | ||
Loans receivable | 8,595 | 9,593 | ||
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Pass | 5,730 | |||
Pass | 1,892 | |||
Pass | 1,625 | |||
Pass | 1,659 | |||
Pass | 1,349 | |||
Pass | 2,441 | |||
Pass | 80,922 | |||
Total loans receivable | 95,618 | 83,487 | ||
Loans receivable | 95,618 | 83,487 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | ||||
Pass | 5,730 | |||
Pass | 1,892 | |||
Pass | 1,625 | |||
Pass | 1,659 | |||
Pass | 1,240 | |||
Pass | 2,418 | |||
Pass | 80,253 | |||
Total loans receivable | 94,817 | 82,412 | ||
Loans receivable | 94,817 | 82,412 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 109 | |||
Pass | 23 | |||
Pass | 669 | |||
Total loans receivable | 801 | 1,075 | ||
Loans receivable | 801 | 1,075 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Pass | 458,724 | |||
Pass | 14,950 | |||
Pass | 82,611 | |||
Pass | 146,293 | |||
Pass | 222,535 | |||
Pass | 29,566 | |||
Pass | 0 | |||
Total loans receivable | 954,679 | 536,332 | ||
Loans receivable | 954,679 | 536,332 | ||
Residential Portfolio Segment [Member] | Pass [Member] | ||||
Pass | 458,724 | |||
Pass | 14,950 | |||
Pass | 82,611 | |||
Pass | 146,293 | |||
Pass | 222,535 | |||
Pass | 29,566 | |||
Pass | 0 | |||
Total loans receivable | 954,679 | 535,631 | ||
Loans receivable | 954,679 | 535,631 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 701 | ||
Loans receivable | 0 | 701 | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Paycheck Protection Program CARES Act [Member] | ||||
Pass | 0 | |||
Pass | 9,480 | |||
Pass | 1,307 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 10,787 | 119,039 | ||
Loans receivable | 10,787 | 119,039 | ||
Paycheck Protection Program CARES Act [Member] | Pass [Member] | ||||
Pass | 0 | |||
Pass | 9,480 | |||
Pass | 1,307 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 10,787 | 119,039 | ||
Loans receivable | 10,787 | 119,039 | ||
Paycheck Protection Program CARES Act [Member] | Special Mention [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Paycheck Protection Program CARES Act [Member] | Substandard [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | 0 | 0 | ||
Paycheck Protection Program CARES Act [Member] | Doubtful [Member] | ||||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Pass | 0 | |||
Total loans receivable | 0 | 0 | ||
Loans receivable | $ 0 | $ 0 |
Note 7 - Loans Receivable and_7
Note 7 - Loans Receivable and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Non-accrual loans | $ 13,515 | $ 12,541 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 600 | 4,493 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | 9,052 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 304 | 2,558 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 2,759 | 3,714 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 800 | 1,075 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 701 |
Paycheck Protection Program CARES Act [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 7 - Loans Receivable and_8
Note 7 - Loans Receivable and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans receivable | $ 3,064,219 | $ 2,754,394 | $ 2,562,068 | $ 2,514,123 |
Real Estate [Member] | ||||
Loans receivable | 19,352 | |||
Business Asset [Member] | ||||
Loans receivable | 0 | |||
Collateral Pledged [Member] | ||||
Loans receivable | 19,352 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 915,494 | 780,311 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||||
Loans receivable | 600 | |||
Commercial Real Estate Portfolio Segment [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 600 | |||
Construction and Land Development Portfolio Segment [Member] | ||||
Loans receivable | 226,627 | 216,008 | ||
Construction and Land Development Portfolio Segment [Member] | Real Estate [Member] | ||||
Loans receivable | 9,052 | |||
Construction and Land Development Portfolio Segment [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Construction and Land Development Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 9,052 | |||
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 303,518 | 252,376 | ||
Commercial Portfolio Segment [Member] | Real Estate [Member] | ||||
Loans receivable | 304 | |||
Commercial Portfolio Segment [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Commercial Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 304 | |||
Owner Occupied Real Estate [Member] | ||||
Loans receivable | 557,496 | 526,570 | ||
Owner Occupied Real Estate [Member] | Real Estate [Member] | ||||
Loans receivable | 8,596 | |||
Owner Occupied Real Estate [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Owner Occupied Real Estate [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 8,596 | |||
Consumer Portfolio Segment [Member] | ||||
Loans receivable | 95,618 | 83,487 | ||
Consumer Portfolio Segment [Member] | Real Estate [Member] | ||||
Loans receivable | 800 | |||
Consumer Portfolio Segment [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 800 | |||
Residential Portfolio Segment [Member] | ||||
Loans receivable | 954,679 | 536,332 | ||
Residential Portfolio Segment [Member] | Real Estate [Member] | ||||
Loans receivable | 0 | |||
Residential Portfolio Segment [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Residential Portfolio Segment [Member] | Collateral Pledged [Member] | ||||
Loans receivable | 0 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Loans receivable | 10,787 | $ 119,039 | ||
Paycheck Protection Program CARES Act [Member] | Real Estate [Member] | ||||
Loans receivable | 0 | |||
Paycheck Protection Program CARES Act [Member] | Business Asset [Member] | ||||
Loans receivable | 0 | |||
Paycheck Protection Program CARES Act [Member] | Collateral Pledged [Member] | ||||
Loans receivable | $ 0 |
Note 7 - Loans Receivable and_9
Note 7 - Loans Receivable and Allowance for Credit Losses - Impaired Loans (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
With no related allowance - Recorded investment | $ 4,415 |
With no related allowance - Unpaid principal balance | 5,042 |
With an related allowance - Recorded investment | 14,005 |
With related allowance - Unpaid principal balance | 14,684 |
Related allowance | 2,743 |
Commercial real estate | 18,420 |
Unpaid principal balance | 19,726 |
Commercial Real Estate Portfolio Segment [Member] | |
With no related allowance - Recorded investment | 479 |
With no related allowance - Unpaid principal balance | 691 |
With an related allowance - Recorded investment | 4,014 |
With related allowance - Unpaid principal balance | 4,536 |
Related allowance | 992 |
Commercial real estate | 4,493 |
Unpaid principal balance | 5,227 |
Construction and Land Development Portfolio Segment [Member] | |
With no related allowance - Recorded investment | 0 |
With no related allowance - Unpaid principal balance | 0 |
With an related allowance - Recorded investment | 0 |
With related allowance - Unpaid principal balance | 0 |
Related allowance | 0 |
Commercial real estate | 0 |
Unpaid principal balance | 0 |
Commercial Portfolio Segment [Member] | |
With no related allowance - Recorded investment | 80 |
With no related allowance - Unpaid principal balance | 81 |
With an related allowance - Recorded investment | 2,478 |
With related allowance - Unpaid principal balance | 2,616 |
Related allowance | 1,169 |
Commercial real estate | 2,558 |
Unpaid principal balance | 2,697 |
Owner Occupied Real Estate [Member] | |
With no related allowance - Recorded investment | 2,080 |
With no related allowance - Unpaid principal balance | 2,080 |
With an related allowance - Recorded investment | 7,513 |
With related allowance - Unpaid principal balance | 7,532 |
Related allowance | 582 |
Commercial real estate | 9,593 |
Unpaid principal balance | 9,612 |
Consumer Portfolio Segment [Member] | |
With no related allowance - Recorded investment | 1,075 |
With no related allowance - Unpaid principal balance | 1,422 |
With an related allowance - Recorded investment | 0 |
With related allowance - Unpaid principal balance | 0 |
Related allowance | 0 |
Commercial real estate | 1,075 |
Unpaid principal balance | 1,422 |
Residential Portfolio Segment [Member] | |
With no related allowance - Recorded investment | 701 |
With no related allowance - Unpaid principal balance | 768 |
With an related allowance - Recorded investment | 0 |
With related allowance - Unpaid principal balance | 0 |
Related allowance | 0 |
Commercial real estate | 701 |
Unpaid principal balance | 768 |
Paycheck Protection Program CARES Act [Member] | |
With no related allowance - Recorded investment | 0 |
With no related allowance - Unpaid principal balance | 0 |
With an related allowance - Recorded investment | 0 |
With related allowance - Unpaid principal balance | 0 |
Related allowance | 0 |
Commercial real estate | 0 |
Unpaid principal balance | $ 0 |
Note 7 - Loans Receivable an_10
Note 7 - Loans Receivable and Allowance for Credit Losses - Impaired Loans, Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
With no related allowance recorded - Average recorded investment | $ 8,161 | $ 8,750 |
With no related allowance recorded - Interest income recognized | 68 | 89 |
With related allowance - Average recorded investment | 5,456 | 5,561 |
With related allowance - Interest income recognized | 13 | 26 |
Average recorded investment | 13,617 | 14,311 |
Interest income recognized | 81 | 115 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 440 | 385 |
With no related allowance recorded - Interest income recognized | 2 | 2 |
With related allowance - Average recorded investment | 4,086 | 4,158 |
With related allowance - Interest income recognized | 3 | 6 |
Average recorded investment | 4,526 | 4,543 |
Interest income recognized | 5 | 8 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 0 | 0 |
With no related allowance recorded - Interest income recognized | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 2,298 | 2,297 |
With no related allowance recorded - Interest income recognized | 0 | 0 |
With related allowance - Average recorded investment | 265 | 263 |
With related allowance - Interest income recognized | 0 | 0 |
Average recorded investment | 2,563 | 2,560 |
Interest income recognized | 0 | 0 |
Owner Occupied Real Estate [Member] | ||
With no related allowance recorded - Average recorded investment | 3,387 | 3,892 |
With no related allowance recorded - Interest income recognized | 52 | 73 |
With related allowance - Average recorded investment | 1,105 | 1,140 |
With related allowance - Interest income recognized | 10 | 20 |
Average recorded investment | 4,492 | 5,032 |
Interest income recognized | 62 | 93 |
Consumer Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 1,204 | 1,227 |
With no related allowance recorded - Interest income recognized | 14 | 14 |
With related allowance - Average recorded investment | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 |
Average recorded investment | 1,204 | 1,227 |
Interest income recognized | 14 | 14 |
Residential Portfolio Segment [Member] | ||
With no related allowance recorded - Average recorded investment | 830 | 946 |
With no related allowance recorded - Interest income recognized | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 |
Average recorded investment | 830 | 946 |
Interest income recognized | 0 | 0 |
Paycheck Protection Program CARES Act [Member] | ||
With no related allowance recorded - Average recorded investment | 2 | 3 |
With no related allowance recorded - Interest income recognized | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 |
Average recorded investment | 2 | 3 |
Interest income recognized | $ 0 | $ 0 |
Note 7 - Loans Receivable an_11
Note 7 - Loans Receivable and Allowance for Credit Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |||
Balance | $ 20,997 | $ 23,156 | $ 18,964 | $ 16,110 | $ 18,964 | $ 18,964 | $ 12,975 | ||
Charge-offs | (27) | (3,684) | (67) | (1) | (3,751) | (3,778) | (108) | ||
Recoveries | 386 | 677 | 17 | 209 | 694 | 1,080 | 451 | ||
Provisions (credits)(1) | 3,899 | [1] | 900 | 4,749 | [2] | 3,900 | |||
Balance | 25,255 | 20,997 | 23,156 | 17,218 | 20,997 | 25,255 | 17,218 | ||
Balance | 17,218 | 17,218 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 4,240 | 4,240 | 4,240 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Balance | 3,541 | 4,048 | 5,802 | 5,919 | 5,802 | 5,802 | 4,394 | ||
Charge-offs | 0 | (621) | 0 | 0 | (621) | (621) | 0 | ||
Recoveries | 215 | 0 | 0 | 0 | 0 | 215 | 0 | ||
Provisions (credits)(1) | 82 | [1] | 265 | (93) | [2] | 1,790 | |||
Balance | 3,838 | 3,541 | 4,048 | 6,184 | 3,541 | 3,838 | 6,184 | ||
Balance | 6,184 | 6,184 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | (1,465) | (1,465) | (1,465) | ||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||
Balance | 1,522 | 2,110 | 1,544 | 1,133 | 1,544 | 1,544 | 948 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Provisions (credits)(1) | 388 | [1] | (43) | (737) | [2] | 142 | |||
Balance | 1,910 | 1,522 | 2,110 | 1,090 | 1,522 | 1,910 | 1,090 | ||
Balance | 1,090 | 1,090 | |||||||
Construction and Land Development Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 1,103 | 1,103 | 1,103 | ||||||
Commercial Portfolio Segment [Member] | |||||||||
Balance | 2,323 | 2,856 | 1,503 | 2,856 | 2,856 | 1,367 | |||
Charge-offs | 0 | 0 | (2,161) | (60) | |||||
Recoveries | 149 | 12 | 166 | 162 | |||||
Provisions (credits)(1) | 465 | [1] | 181 | 1,514 | [2] | 227 | |||
Balance | 2,937 | 2,323 | 1,696 | 2,323 | 2,937 | 1,696 | |||
Balance | 1,696 | 1,696 | |||||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 562 | 562 | 562 | ||||||
Owner Occupied Real Estate [Member] | |||||||||
Balance | 5,963 | 6,166 | 3,158 | 2,440 | 3,158 | 3,158 | 2,374 | ||
Charge-offs | 0 | (787) | 0 | 0 | (787) | (787) | 0 | ||
Recoveries | 0 | 590 | 7 | 48 | 597 | 597 | 88 | ||
Provisions (credits)(1) | 298 | [1] | 420 | (463) | [2] | 446 | |||
Balance | 6,261 | 5,963 | 6,166 | 2,908 | 5,963 | 6,261 | 2,908 | ||
Balance | 2,908 | 2,908 | |||||||
Owner Occupied Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 3,756 | 3,756 | 3,756 | ||||||
Consumer Portfolio Segment [Member] | |||||||||
Balance | 691 | 728 | 629 | 717 | 629 | 629 | 723 | ||
Charge-offs | (27) | (115) | (67) | (1) | (182) | (209) | (48) | ||
Recoveries | 22 | 80 | 0 | 149 | 81 | 102 | 201 | ||
Provisions (credits)(1) | 54 | [1] | (213) | 180 | [2] | (224) | |||
Balance | 740 | 691 | 728 | 652 | 691 | 740 | 652 | ||
Balance | 652 | 652 | |||||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 38 | 38 | 38 | ||||||
Residential Portfolio Segment [Member] | |||||||||
Balance | 6,957 | 5,620 | 4,922 | 4,270 | 4,922 | 4,922 | 3,025 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Provisions (credits)(1) | 2,612 | [1] | 282 | 4,348 | [2] | 1,527 | |||
Balance | 9,569 | 6,957 | 5,620 | 4,552 | 6,957 | 9,569 | 4,552 | ||
Balance | 4,552 | 4,552 | |||||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | 299 | 299 | 299 | ||||||
Unallocated Financing Receivables [Member] | |||||||||
Balance | 0 | 0 | 53 | 128 | 53 | 53 | 144 | ||
Charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Provisions (credits)(1) | 0 | [1] | 8 | 0 | [2] | (8) | |||
Balance | $ 0 | $ 0 | 0 | 136 | 0 | 0 | 136 | ||
Balance | $ 136 | $ 136 | |||||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Balance | $ (53) | $ (53) | $ (53) | ||||||
[1]Provision to roll forward the allowance for credit losses excludes a provision of $99,000 for off-balance sheet commitments. The ACL on off-balance sheet commitments as of September 30, 2022 was $604,000.[2]Provision to roll forward the allowance for credit losses excludes a provision of $7,000 for off-balance sheet commitments. The ACL on off-balance sheet commitments as of September 30, 2022 was $604,000. |
Note 7 - Loans Receivable an_12
Note 7 - Loans Receivable and Allowance for Credit Losses - Alloowance for Credit Losses on Off Balance Sheet Commitments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
ACL on off-balance sheet commitments | $ 604 | |
ACL on off-balance sheet commitments, provision | $ 7 | |
Previously Reported [Member] | ||
ACL on off-balance sheet commitments | $ 0 | |
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
ACL on off-balance sheet commitments | $ 597 |
Note 8 - Other Borrowings (Deta
Note 8 - Other Borrowings (Details Textual) - Federal Home Loan Bank of Pittsburgh [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 1,500,000 | $ 1,300,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 442,500 | $ 0 |
Note 9 - Fair Value of Financ_3
Note 9 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,131,000 | $ 3,333,000 | $ 8,948,000 | $ 11,127,000 | |
Servicing Asset, Total | 185,000,000 | 185,000,000 | $ 218,900,000 | ||
Interest and Fee Income, Loans Held-for-sale, Mortgages | $ 392,000 | 123,000 | $ 728,000 | 599,000 | |
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% | 10% | ||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20% | 20% | 20% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Mortgages Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||
Shareholder Service [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 488,000 | $ 567,000 | $ 1,500,000 | $ 1,600,000 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities available for sale, at fair value | $ 999,521 | $ 1,075,366 | ||||
Equity securities | 6,627 | 9,173 | ||||
SBA Servicing Assets | 4,181 | $ 4,318 | 4,705 | $ 4,572 | $ 4,641 | $ 4,626 |
US Government Agencies Debt Securities [Member] | ||||||
Investment securities available for sale, at fair value | 18,395 | 24,928 | ||||
Collateralized Mortgage Obligations [Member] | ||||||
Investment securities available for sale, at fair value | 321,015 | 371,549 | ||||
Agency Mortgage-backed Securities [Member] | ||||||
Investment securities available for sale, at fair value | 416,022 | 441,483 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Investment securities available for sale, at fair value | 45,773 | 6,940 | ||||
Corporate Debt Securities [Member] | ||||||
Investment securities available for sale, at fair value | 198,316 | 230,466 | ||||
Fair Value, Recurring [Member] | ||||||
Investment securities available for sale, at fair value | 999,521 | 1,075,366 | ||||
Equity securities | 6,627 | 9,173 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 6,038 | 8,538 | ||||
SBA Servicing Assets | 4,181 | 4,705 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Investment securities available for sale, at fair value | ||||||
Equity securities | 6,627 | 9,173 | ||||
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 | 996,013 | 1,072,741 | ||||
Equity securities | 0 | 0 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 6,038 | 8,538 | ||||
SBA Servicing Assets | 0 | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Investment securities available for sale, at fair value | 3,508 | 2,625 | ||||
Equity securities | 0 | 0 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 | ||||
SBA Servicing Assets | 4,181 | 4,705 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||||||
Investment securities available for sale, at fair value | 18,395 | 24,928 | ||||
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 | 18,395 | 24,928 | ||||
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 | 321,015 | 371,549 | ||||
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 | 321,015 | 371,549 | ||||
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 | 416,022 | 441,483 | ||||
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 | 416,022 | 441,483 | ||||
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 | 45,773 | 6,940 | ||||
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 | 45,773 | 6,940 | ||||
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 | 198,316 | 230,466 | ||||
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 | 194,808 | 227,841 | ||||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Investment securities available for sale, at fair value | 3,508 | 2,625 | ||||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Asset | 38 | 378 | ||||
Derivative Liability | 60 | 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 | 38 | 378 | ||||
Derivative Liability | 60 | 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 | 114 | 5 | ||||
Derivative Liability | 6 | 96 | ||||
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 | 114 | 5 | ||||
Derivative Liability | 6 | 96 | ||||
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 | 94 | 5 | ||||
Derivative Liability | 5 | 44 | ||||
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 | 94 | 5 | ||||
Derivative Liability | 5 | 44 | ||||
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 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 4,318 | $ 4,641 | $ 4,705 | $ 4,626 |
Additions | 197 | 178 | 480 | 491 |
Fair value adjustments | (334) | (247) | (1,004) | (545) |
Balance | $ 4,181 | $ 4,572 | $ 4,181 | $ 4,572 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Realized losses | $ 0 | $ 0 | ||
Balance | $ 3,508 | $ 2,603 | 3,508 | 2,603 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Balance | 3,109 | 2,603 | 2,625 | 2,631 |
Unrealized gains (losses) | 399 | 0 | 883 | (28) |
Proceeds from sales | 0 | 0 | 0 | 0 |
Realized losses | 0 | 0 | ||
Balance | $ 3,508 | $ 2,603 | $ 3,508 | $ 2,603 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Individually evaluated loans | $ 514 | |
Other real estate owned | 876 | $ 360 |
Impaired loans | 11,664 | |
Fair Value, Inputs, Level 1 [Member] | ||
Individually evaluated loans | 0 | |
Other real estate owned | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Individually evaluated loans | 0 | |
Other real estate owned | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Individually evaluated loans | 514 | |
Other real estate owned | $ 876 | 360 |
Impaired loans | $ 11,664 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | ||||
Fair Value | $ 3,508 | $ 2,625 | ||
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | ||||
Securities, unobservable input | 0.0935 | |||
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Securities, unobservable input | 0.0342 | |||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | ||||
Fair Value | $ 4,318 | $ 4,705 | ||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
SBA servicing assets, unobservable input | 0.1225 | 0.1000 | ||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Conditional Prepayment Rate [Member] | Minimum [Member] | ||||
SBA servicing assets, unobservable input | 0.1485 | 0.1393 | ||
Appraised Value of Collateral [Member] | SBA Servicing Assets [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | ||||
Impaired loans, unobservable input | 0.11 | |||
Appraised Value of Collateral [Member] | SBA Servicing Assets [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | ||||
Other real estate owned, unobservable input | 0.27 | |||
Appraised Value of Collateral [Member] | SBA Servicing Assets [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | ||||
Impaired loans, unobservable input | 0.16 | |||
Appraised Value of Collateral [Member] | Individually Evaluated Loans [Member] | ||||
Fair Value | [1] | $ 755 | ||
Appraised Value of Collateral [Member] | Individually Evaluated Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | ||||
Impaired loans, unobservable input | 0.13 | |||
Appraised Value of Collateral [Member] | Individually Evaluated Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | ||||
Impaired loans, unobservable input | 0.16 | |||
Appraised Value of Collateral [Member] | Individually Evaluated Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | ||||
Impaired loans, unobservable input | 0.14 | |||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | ||||
Fair Value | $ 876 | $ 360 | ||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | ||||
Other real estate owned, unobservable input | 0.12 | |||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | ||||
Other real estate owned, unobservable input | 0.34 | |||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | ||||
Other real estate owned, unobservable input | 0.24 | 0.19 | [2] | |
Appraised Value of Collateral [Member] | Impaired Loans [Member] | ||||
Fair Value | [3] | $ 11,664 | ||
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | ||||
SBA servicing assets, unobservable input | 0.17 | |||
Impaired loans, unobservable input | [4] | 0.13 | ||
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | ||||
Impaired loans, unobservable input | 0.12 | |||
[1]Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable.[2]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.[3]Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.[4]The valuation technique is determined based on estimated insurance proceeds and litigation. |
Note 9 - Fair Value Measureme_6
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Aggregate Unpaid Principal Balance | $ 5,994 | $ 8,241 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 44 | 297 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 6,038 | $ 8,538 |
Note 9 - Fair Value Measureme_7
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value of SBA Servicing Asset | $ 4,181 | $ 4,705 | $ 4,318 | $ 4,572 | $ 4,641 | $ 4,626 |
Composition of SBA loans serviced for others | 100% | 100% | ||||
Weighted Average Remaining Term (in years) (Year) | 19 years 6 months | 19 years 7 months 6 days | ||||
Prepayment Speed | 14.85% | 13.93% | ||||
Effect on fair value of a 10% increase | $ (169) | $ (204) | ||||
Effect on fair value of a 20% increase | $ (326) | $ (393) | ||||
Weighted Average Discount Rate | 12.25% | 10% | ||||
Effect on fair value of a 10% increase | $ (152) | $ (148) | ||||
Effect on fair value of a 20% increase | $ (293) | $ (288) | ||||
Fixed Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 3% | 4% | ||||
Adjustable Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 97% | 96% |
Note 9 - Fair Value Measureme_8
Note 9 - Fair Value Measurements and Fair Values of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities available for sale, at fair value | $ 999,521 | $ 1,075,366 | ||||
Equity securities | 6,627 | 9,173 | ||||
Fair Value of SBA Servicing Asset | 4,181 | $ 4,318 | 4,705 | $ 4,572 | $ 4,641 | $ 4,626 |
Other borrowings | 442,500 | 0 | ||||
Reported Value Measurement [Member] | ||||||
Cash and cash equivalents | 52,452 | 118,884 | ||||
Investment securities available for sale, at fair value | 999,521 | 1,075,366 | ||||
Investment securities held to maturity | 1,562,376 | 1,660,292 | ||||
Equity securities | 6,627 | 9,173 | ||||
Restricted stock | 21,907 | 3,510 | ||||
Loans held for sale | 10,823 | 13,762 | ||||
Loans receivable, net | 3,035,597 | 2,488,401 | ||||
Fair Value of SBA Servicing Asset | 4,181 | 4,705 | ||||
Accrued interest receivable | 18,783 | 15,073 | ||||
Demand, savings and money market | 5,133,401 | 4,993,235 | ||||
Time | 118,183 | 197,945 | ||||
Subordinated debt | 11,282 | 11,278 | ||||
Other borrowings | 442,500 | |||||
Accrued interest payable | 401 | 550 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 38 | 378 | ||||
Derivative liability | 60 | 0 | ||||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 114 | 5 | ||||
Derivative liability | 6 | 96 | ||||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 94 | 5 | ||||
Derivative liability | 5 | 44 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Cash and cash equivalents | 52,452 | 118,884 | ||||
Investment securities available for sale, at fair value | 999,521 | 1,075,366 | ||||
Investment securities held to maturity | 1,267,546 | 1,647,360 | ||||
Equity securities | 6,627 | 9,173 | ||||
Loans held for sale | 10,823 | 13,762 | ||||
Loans receivable, net | 3,032,619 | 2,475,944 | ||||
Fair Value of SBA Servicing Asset | 4,181 | 4,705 | ||||
Accrued interest receivable | 18,783 | 15,073 | ||||
Demand, savings and money market | 5,133,401 | 4,993,235 | ||||
Time | 112,233 | 197,764 | ||||
Subordinated debt | 8,798 | 8,644 | ||||
Other borrowings | 442,500 | |||||
Accrued interest payable | 401 | 550 | ||||
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 | 38 | 378 | ||||
Derivative liability | 60 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 114 | 5 | ||||
Derivative liability | 6 | 96 | ||||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 94 | 5 | ||||
Derivative liability | 5 | 44 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Cash and cash equivalents | 52,452 | 118,884 | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||||
Investment securities held to maturity | 0 | 0 | ||||
Equity securities | 6,627 | 9,173 | ||||
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 | ||||
Other borrowings | 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 | 996,013 | 1,072,741 | ||||
Investment securities held to maturity | 1,267,546 | 1,647,360 | ||||
Equity securities | 0 | 0 | ||||
Loans held for sale | 6,038 | 8,538 | ||||
Loans receivable, net | 0 | 0 | ||||
Fair Value of SBA Servicing Asset | 0 | 0 | ||||
Accrued interest receivable | 18,783 | 15,073 | ||||
Demand, savings and money market | 5,133,401 | 4,993,235 | ||||
Time | 112,233 | 197,764 | ||||
Subordinated debt | 0 | 0 | ||||
Other borrowings | 442,500 | |||||
Accrued interest payable | 401 | 550 | ||||
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 | 38 | 378 | ||||
Derivative liability | 60 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 114 | 5 | ||||
Derivative liability | 6 | 96 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 94 | 5 | ||||
Derivative liability | 5 | 44 | ||||
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 | 3,508 | 2,625 | ||||
Investment securities held to maturity | 0 | 0 | ||||
Equity securities | 0 | 0 | ||||
Loans held for sale | 4,785 | 5,224 | ||||
Loans receivable, net | 3,032,619 | 2,475,944 | ||||
Fair Value of SBA Servicing Asset | 4,181 | 4,705 | ||||
Accrued interest receivable | 0 | 0 | ||||
Demand, savings and money market | 0 | 0 | ||||
Time | 0 | 0 | ||||
Subordinated debt | 8,798 | 8,644 | ||||
Other borrowings | 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 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 10 - Changes in Accumula_3
Note 10 - Changes in Accumulated Other Comprehensive (Loss) Income by Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Balance | $ 233,141 | $ 320,441 | $ 324,242 | $ 308,113 | |
Unrealized loss on securities | (45,243) | (3,103) | (143,249) | (4,266) | |
Total other comprehensive income (loss) | (45,110) | (2,730) | (142,768) | (2,775) | |
Balance | 189,458 | 323,513 | 189,458 | 323,513 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||
Balance | [1] | (106,668) | (177) | (8,662) | 985 |
Unrealized loss on securities | [1] | (45,277) | (3,104) | (143,283) | (4,265) |
Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) | [1] | 34 | 0 | 34 | (1) |
Total other comprehensive income (loss) | [1] | (45,243) | (3,104) | (143,249) | (4,266) |
Total change in accumulated other comprehensive (loss) income | [1] | (45,243) | (3,104) | (143,249) | (4,266) |
Balance | [1] | (151,911) | (3,281) | (151,911) | (3,281) |
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | |||||
Balance | [1] | (1,664) | (2,697) | (2,012) | (3,814) |
Unrealized loss on securities | [1] | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) | [1] | 133 | 374 | 481 | 1,491 |
Total other comprehensive income (loss) | [1] | 133 | 374 | 481 | 1,491 |
Total change in accumulated other comprehensive (loss) income | [1] | 133 | 374 | 481 | 1,491 |
Balance | [1] | (1,531) | (2,323) | (1,531) | (2,323) |
AOCI Attributable to Parent [Member] | |||||
Balance | [1] | (108,332) | (2,874) | (10,674) | (2,829) |
Unrealized loss on securities | [1] | (45,277) | (3,104) | (143,283) | (4,265) |
Amounts reclassified from accumulated other comprehensive (loss) income to net income (2) | [1] | 167 | 374 | 515 | 1,490 |
Total other comprehensive income (loss) | [1] | (45,110) | (2,730) | (142,768) | (2,775) |
Total change in accumulated other comprehensive (loss) income | [1] | (45,110) | (2,730) | (142,768) | (2,775) |
Balance | [1] | $ (153,442) | $ (5,604) | $ (153,442) | $ (5,604) |
[1]All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Aug. 26, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 2,154,000 | $ 2,625,000 | |||||
Conversion of Preferred Stock to Common Stock [Member] | |||||||
Conversion of stock, shares converted (in shares) | 529,000 | ||||||
Conversion of Stock, Shares Issued (in shares) | 4,408,324 | ||||||
Series A Preferred Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,000,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 7% | 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 | $ 644,000 | $ 875,000 | $ 2,200,000 | $ 2,600,000 | |||
Preferred Stock, Conversion Price (in dollars per share) | $ 3 | ||||||
Preferred Stock, Mandatory Conversion, Percentage Stock Price Exceeds Conversion Price | 125% |
Note 12 - Derivatives and Ris_3
Note 12 - Derivatives and Risk Management Activities (Details Textual) Pure in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 12 - Derivatives and Ris_4
Note 12 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 114 | $ 5 |
Derivative Asset, Notional Amount | 5,930 | 3,222 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 94 | 5 |
Derivative Asset, Notional Amount | 5,187 | 1,667 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 38 | 378 |
Derivative Asset, Notional Amount | 2,464 | 14,419 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 6 | 96 |
Derivative Liability, Notional Amount | 479 | 11,197 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 5 | 44 |
Derivative Liability, Notional Amount | 804 | 6,460 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | 60 | 0 |
Derivative Liability, Notional Amount | $ 3,945 | $ 0 |
Note 12 - Derivatives and Ris_5
Note 12 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Not Designated as Hedging Instrument [Member] - Mortgage Banking Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | $ 31 | $ 158 | $ 90 | $ 503 |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | 1 | 79 | 39 | 767 |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | (39) | 0 | (60) | 0 |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | 68 | 65 | 109 | 65 |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | 51 | 41 | 89 | 43 |
Asset Derivatives [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative Gain (Loss), Net | $ (126) | $ (211) | $ (340) | $ (987) |
Note 13 - Revenue from Contra_3
Note 13 - Revenue from Contracts with Customers - Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Non-interest income | $ 4,131 | $ 3,333 | $ 8,948 | $ 11,127 |
Non-interest income (out-of-scope of Topic 606) | 1,611 | 3,984 | 6,014 | 14,145 |
Total non-interest income | 5,742 | 7,317 | 14,962 | 25,272 |
Deposit Account [Member] | ||||
Non-interest income | 3,668 | 3,283 | 10,243 | 10,503 |
Other Non-interest Income From Customers [Member] | ||||
Non-interest income | $ 463 | $ 50 | $ (1,295) | $ 624 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | Sep. 30, 2022 | Sep. 30, 2021 |
Lessee, Operating Lease, Number of Leases | 39 | 44 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 18 years 8 months 12 days | 19 years 25 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.38% | 3.35% |
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 | 21 | 20 |
Offices [Member] | ||
Lessee, Operating Lease, Number of Leases | 6 | 7 |
Leases for Equipment [Member] | ||
Lessee, Operating Lease, Number of Leases | 12 | 17 |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 2,157 | $ 2,142 | $ 6,526 | $ 6,416 |
Sublease income | 0 | 0 | 0 | 0 |
Total lease cost | 2,157 | 2,142 | 6,526 | 6,416 |
Operating cash flows from operating leases | 2,099 | 2,097 | 6,182 | 6,167 |
New operating lease liability obligation | $ 585 | $ 52 | $ 3,272 | $ 8,174 |
Note 14 - Leases - Maturity Ana
Note 14 - Leases - Maturity Analysis of Operating Lease Liability Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Within one year | $ 2,135 | $ 2,102 | |
One to three years | 15,717 | 15,755 | |
Three to five years | 14,123 | 14,960 | |
More than five years | 80,240 | 85,180 | |
Total undiscounted cash flows | 112,215 | 117,997 | |
Discount on cash flows | (32,595) | (34,614) | |
Total operating lease liability obligations | $ 79,620 | $ 81,770 | $ 83,383 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 22, 2022 | Aug. 26, 2020 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2020 | Mar. 10, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Series A Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||
Preferred Stock, Dividend Rate, Percentage | 7% | 7% | ||||||
Series A Preferred Stock [Member] | Signature Bank Non-cumulative Perpetual Series A Preferred Stock [Member] | ||||||||
Payments to Purchase Preferred Stock | $ 5,000 | |||||||
Preferred Stock, Dividend Rate, Percentage | 5% | |||||||
Preferred Stock Investment, Fair Value | $ 3,500 | |||||||
Subsequent Event [Member] | Warrant to Castle Creek Capital [Member] | ||||||||
Class of Warrant or Right, Unissued (in shares) | 1,300,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.25 | |||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | |||||||
Subsequent Event [Member] | Private Placement [Member] | ||||||||
Equity Offering, Maximum Amount | $ 125,000 | |||||||
Equity Offering, Price Per Share (in dollars per share) | $ 2.25 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||
Preferred Stock, Percentage of Maximum Outstanding Stock Owned Upon Conversion | 9.90% | |||||||
Subsequent Event [Member] | Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 10 | |||||||
Subsequent Event [Member] | Private Placement [Member] | Nonvoting Common Stock [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||||
Subsequent Event [Member] | Private Placement [Member] | Affiliates of Castle Creek Capital [Member] | ||||||||
Equity Offering, Maximum Amount | $ 60,725 | |||||||
Subsequent Event [Member] | Private Placement [Member] | Other Accredited Investors [Member] | ||||||||
Equity Offering, Maximum Amount | 34,275 | |||||||
Subsequent Event [Member] | Private Placement [Member] | Cohen Private Ventures [Member] | ||||||||
Equity Offering, Maximum Amount | $ 30,000 | |||||||
Subsequent Event [Member] | Agency Debenture Bonds [Member] | ||||||||
Debt Securities, Available-for-Sale, Transfer to Held to Maturity | $ 90,000 | |||||||
Debt Securities, Available for Sale, Transfer to Held to Maturity, Unrealized Loss Recognized as Discount | 29,000 | |||||||
Debt Securities, Available for Sale, Transfer, Unrealized Gain (Loss) | $ 0 | |||||||
Interim Chief Executive Officer [Member] | Subsequent Event [Member] | ||||||||
Severance Costs | $ 1,590 |