COVER PAGE
COVER PAGE - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36094 | ||
Entity Registrant Name | THE COMMUNITY FINANCIAL CORPORATION | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 52-1652138 | ||
Entity Address, Address Line One | 3035 Leonardtown Road | ||
Entity Address, City or Town | Waldorf | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20601 | ||
City Area Code | 301 | ||
Local Phone Number | 645-5601 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | TCFC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 120,000 | ||
Entity Common Stock, Shares Outstanding | 5,899,656 | ||
Entity Central Index Key | 0000855874 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 56,887 | $ 25,065 |
Interest-bearing deposits with banks | 20,178 | 7,404 |
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
CRA investment fund | 4,855 | 4,669 |
Other equity securities | 207 | 209 |
Federal Home Loan Bank ("FHLB") stock - at cost | 2,777 | 3,447 |
Net loans | 1,594,075 | 1,445,109 |
Goodwill | 10,835 | 10,835 |
Premises and equipment, net | 20,271 | 21,662 |
Premises and equipment held for sale | 430 | 430 |
Other real estate owned ("OREO") | 3,109 | 7,773 |
Accrued interest receivable | 8,717 | 5,019 |
Investment in bank owned life insurance | 38,061 | 37,180 |
Core deposit intangible | 1,527 | 2,118 |
Net deferred tax assets | 7,909 | 6,168 |
Right of use assets - operating leases | 7,831 | 8,382 |
Other assets | 2,665 | 3,879 |
Total Assets | 2,026,439 | 1,797,536 |
Deposits | ||
Non-interest-bearing deposits | 362,079 | 241,174 |
Interest-bearing deposits | 1,383,523 | 1,270,663 |
Total deposits | 1,745,602 | 1,511,837 |
Short-term borrowings | 0 | 5,000 |
Long-term debt | 27,302 | 40,370 |
Guaranteed preferred beneficial interest in junior subordinated debentures | 12,000 | 12,000 |
Subordinated notes - 4.75% and 6.25%, respectively | 19,526 | 23,000 |
Lease liabilities - operating leases | 8,088 | 8,495 |
Accrued expenses and other liabilities | 15,908 | 15,340 |
Total Liabilities | 1,828,426 | 1,616,042 |
Stockholders' Equity | ||
Common stock - par value $0.01; authorized - 15,000,000 shares; issued 5,903,613 and 5,900,249 shares, respectively | 59 | 59 |
Additional paid in capital | 95,965 | 95,474 |
Retained earnings | 97,944 | 85,059 |
Accumulated other comprehensive income | 4,504 | 1,504 |
Unearned ESOP shares | (459) | (602) |
Total Stockholders' Equity | 198,013 | 181,494 |
Total Liabilities and Stockholders' Equity | 2,026,439 | 1,797,536 |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | ||
Assets | ||
Net loans | 107,960 | 0 |
Portfolio Loans | ||
Assets | ||
Net loans | $ 1,486,115 | $ 1,445,109 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total allowance for loan losses | $ 19,424 | $ 10,942 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 5,903,613 | 5,900,249 |
Subordinated Debt | ||
Subordinated notes interest rate | 4.75% | 6.25% |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and Dividend Income | ||
Loans, including fees | $ 65,731 | $ 65,602 |
Interest and dividends on investment securities | 5,170 | 6,414 |
Interest on deposits with banks | 172 | 437 |
Total Interest and Dividend Income | 71,073 | 72,453 |
Interest Expense | ||
Deposits | 7,681 | 15,378 |
Short-term borrowings | 111 | 774 |
Long-term debt | 2,364 | 2,767 |
Total Interest Expense | 10,156 | 18,919 |
Net Interest Income | 60,917 | 53,534 |
Provision for loan losses | 10,700 | 2,130 |
Net Interest Income After Provision For Loan Losses | 50,217 | 51,404 |
Noninterest Income | ||
Gain on sale of assets | 6 | 0 |
Net gains on sale of investment securities | 1,384 | 226 |
Unrealized gain on equity securities | 101 | 134 |
Loss on premises and equipment held for sale | 0 | (1) |
Income from bank owned life insurance | 881 | 885 |
Total Noninterest Income | 8,416 | 5,766 |
Noninterest Expense | ||
Compensation and benefits | 19,553 | 20,445 |
Occupancy expense | 3,010 | 3,101 |
Advertising | 525 | 762 |
Data processing expense | 3,671 | 3,048 |
Professional fees | 2,413 | 2,196 |
Depreciation of premises and equipment | 605 | 685 |
Telephone communications | 188 | 203 |
Office supplies | 120 | 149 |
FDIC Insurance | 939 | 334 |
OREO valuation allowance and expenses | 3,200 | 963 |
Core deposit intangible amortization | 591 | 688 |
Other | 3,188 | 3,659 |
Total Noninterest Expense | 38,003 | 36,233 |
Income before income taxes | 20,630 | 20,937 |
Income tax expense | 4,494 | 5,665 |
Net Income | $ 16,136 | $ 15,272 |
Earnings Per Common Share | ||
Basic (in dollars per share) | $ 2.74 | $ 2.75 |
Diluted (in dollars per share) | 2.74 | 2.75 |
Cash dividends paid per common share (in dollars per share) | $ 0.50 | $ 0.50 |
Loan appraisal, credit, and miscellaneous charges | ||
Noninterest Income | ||
Revenues | $ 174 | $ 335 |
Service charges | ||
Noninterest Income | ||
Revenues | 3,490 | 3,308 |
Referral fee income | ||
Noninterest Income | ||
Revenues | $ 2,380 | $ 879 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 16,136 | $ 15,272 |
Net unrealized holding gains arising during period, net of tax expense of $657 and $987, respectively | 1,977 | 2,600 |
Reclassification due to reclassification of held-to-maturity securities to available-for-sale securities net of tax $0 and $223, respectively | 0 | 587 |
Reclassification adjustment for income included in net income, net of tax expense of $361 and $62, respectively | 1,023 | 164 |
Comprehensive Income | $ 19,136 | $ 18,623 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net unrealized holding gains (losses) arising during period, tax effect | $ 657 | $ 987 |
Reclassification adjustments, held-to-maturity to Available-for-sale securities, tax effect | 0 | 223 |
Reclassification adjustments for income included in net income, tax effect | $ 361 | $ 62 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total Stockholders' Equity | $ 154,482 | $ 56 | $ 84,397 | $ 72,594 | $ (1,847) | $ (718) |
Balance at beginning of period at Dec. 31, 2018 | 154,482 | 56 | 84,397 | 72,594 | (1,847) | (718) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 15,272 | 15,272 | ||||
Unrealized holding gain on investment securities net of tax of $1,049 | 2,764 | 2,764 | ||||
Reclassification due to reclassification of held-to-maturity securities to available-for-sale securities net of tax $223 | 587 | 0 | 587 | |||
Cash dividend | (2,668) | (2,668) | ||||
Net change in fair market value below cost of leveraged ESOP shares released | (3) | (3) | ||||
Dividend reinvestment | 0 | 122 | (122) | |||
Proceeds from private placement | 10,632 | 3 | 10,629 | |||
Net change in unearned ESOP shares | 116 | 116 | ||||
Repurchase of common stock | (17) | (17) | ||||
Stock based compensation | 329 | 329 | ||||
Total Stockholders' Equity | 154,482 | 56 | 84,397 | 72,594 | (1,847) | (718) |
Total Stockholders' Equity | 181,494 | 59 | 95,474 | 85,059 | 1,504 | (602) |
Balance at beginning of period at Dec. 31, 2019 | 181,494 | 59 | 95,474 | 85,059 | 1,504 | (602) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 16,136 | 16,136 | ||||
Unrealized holding gain on investment securities net of tax of $1,049 | 3,000 | 3,000 | ||||
Cash dividend | (2,819) | (2,819) | ||||
Net change in fair market value below cost of leveraged ESOP shares released | (39) | (39) | ||||
Dividend reinvestment | 0 | 134 | (134) | |||
Net change in unearned ESOP shares | 143 | 143 | ||||
Repurchase of common stock | (298) | (298) | ||||
Stock based compensation | 396 | 396 | ||||
Total Stockholders' Equity | 181,494 | 59 | 95,474 | 85,059 | 1,504 | (602) |
Total Stockholders' Equity | $ 198,013 | $ 59 | $ 95,965 | $ 97,944 | $ 4,504 | $ (459) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Unrealized holding gain on investment securities, tax | $ 1,018 | $ 1,049 |
Reclassification adjustments, held-to-maturity to Available-for-sale securities, tax effect | $ 0 | $ 223 |
Cash dividend per common share (in dollars per share) | $ 0.50 | $ 0.50 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 16,136 | $ 15,272 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 10,700 | 2,130 |
Depreciation and amortization | 1,631 | 1,637 |
Provision for loss on premises held for sale | 0 | 1 |
Net losses (gains) on the sale of OREO | 9 | (188) |
Gains on sales of investment securities | (1,384) | (226) |
Unrealized gain on equity securities | (101) | (134) |
Gain on sale of assets | (6) | 0 |
Net amortization of premium/discount on investment securities | 163 | (96) |
Net accretion of premiums and discounts | (605) | (864) |
Amortization of debt issuance costs | 10 | 0 |
Amortization of core deposit intangible | 591 | 688 |
Amortization of right of use asset | 551 | 0 |
Net change in right of use assets and lease liabilities | (407) | 113 |
Increase in OREO valuation allowance | 3,022 | 901 |
Increase in cash surrender value of bank owned life insurance | (881) | (885) |
Increase in deferred income tax benefit | (2,757) | (748) |
Increase in accrued interest receivable | (3,698) | (62) |
Stock based compensation | 396 | 329 |
Net change due to deficit of fair market value below cost of leveraged ESOP shares released | (39) | (3) |
Decrease (increase) in net deferred loan costs | 2,975 | (696) |
Increase in accrued expenses and other liabilities | 568 | 660 |
Decrease (increase) in other assets | 1,209 | (2,139) |
Net Cash Provided by Operating Activities | 28,083 | 15,690 |
Cash Flows from Investing Activities | ||
Purchase of AFS investment securities | (149,426) | (49,951) |
Proceeds from redemption or principal payments of AFS investment securities | 40,952 | 18,387 |
Purchase of HTM investment securities | 0 | (11,471) |
Proceeds from maturities or principal payments of HTM investment securities | 0 | 24,043 |
Proceeds from sale of AFS investment securities | 75,711 | 31,889 |
Net decrease of FHLB and FRB stock | 670 | 374 |
Loans originated or acquired | (615,473) | (485,002) |
Principal collected on loans | 452,202 | 373,165 |
Purchase of premises and equipment | (255) | (808) |
Proceeds from sale of OREO | 2,872 | 2,912 |
Proceeds from disposal of asset | 21 | 0 |
Net Cash Used in Investing Activities | (192,726) | (96,462) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 233,765 | 82,208 |
Proceeds from long-term debt | 164,036 | 35,000 |
Payments of long-term debt | (177,104) | (15,066) |
Net decrease in short term borrowings | (5,000) | (30,000) |
Proceeds from private placement | 0 | 10,632 |
Proceeds from Subordinated Notes - 4.75% | 19,516 | 0 |
Payments of Subordinated Notes - 6.25% | (23,000) | 0 |
Dividends paid | (2,819) | (2,668) |
Net change in unearned ESOP shares | 143 | 116 |
Repurchase of common stock | (298) | (17) |
Net Cash (Used in) Provided by Financing Activities | 209,239 | 80,205 |
Increase (decrease) in Cash and Cash Equivalents | 44,596 | (567) |
Cash and Cash Equivalents - January 1 | 32,469 | 33,036 |
Cash and Cash Equivalents - December 31 | 77,065 | 32,469 |
Cash paid during the period for | ||
Interest | 9,072 | 18,914 |
Income taxes | 7,133 | 6,503 |
Supplemental Schedule of Non-Cash Operating Activities | ||
Issuance of common stock for payment of compensation | 303 | 207 |
Transfer from loans to OREO | 1,240 | 3,567 |
Financed amount of sale of OREO | 0 | 280 |
Right-of-use assets acquired in the exchange for lease liability upon adoption of ASC 842 | 0 | 8,933 |
Transfer from premises and equipment to premises and equipment held for sale | 0 | 430 |
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||
Transfer of held-to-maturity securities to available for sale securities | $ 0 | $ 83,128 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Consolidated Financial Statements include the accounts of The Community Financial Corporation and its wholly-owned subsidiary Community Bank of the Chesapeake (the “Bank”), and the Bank’s wholly-owned subsidiary Community Mortgage Corporation of Tri-County (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America and to general practices within the banking industry. Accounting Changes and Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. Nature of Operations The Company provides a variety of financial services to individuals and businesses through its offices in Southern Maryland and Fredericksburg, Virginia. Its primary deposit products are demand, savings and time deposits, and its primary lending products are commercial and residential mortgage loans, commercial loans, construction and land development loans, home equity and second mortgages and commercial equipment loans. The Bank is headquartered in Southern Maryland with 12 branches located in Maryland and Virginia. The Bank is a wholly-owned subsidiary of The Community Financial Corporation (the “Company”). The Bank’s branches are located in Waldorf (two branches), Bryans Road, Dunkirk, Leonardtown, La Plata (two branches), Charlotte Hall, Prince Frederick, Lusby, California, Maryland; and Fredericksburg, Virginia. The Bank has two operation centers located at the main office in Waldorf, Maryland and in Fredericksburg, Virginia. The Company maintains four loan production offices (“LPOs”) in La Plata, Prince Frederick and Leonardtown, Maryland; and Fredericksburg, Virginia. The Leonardtown LPO is co-located with the branch and the Fredericksburg LPO is co-located with the operation center. Use of Estimates In preparing Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of OREO, the valuation of goodwill and deferred tax assets. COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") as a global pandemic. The COVID-19 pandemic has adversely impacted many of the Company's customers and impaired their abilities to fulfill their financial obligations to the Company. In response to the likely effects on the economy from the pandemic, the Federal Open Market Committee reduced the federal funds rate from a target range of 1.50% to 1.75% to a target range of 0% to 0.25%. These reductions in interest rates along with other effects of the COVID-19 outbreak may adversely affect the Company's financial condition and results of operations. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located in the Fredericksburg area of Virginia and the Southern Maryland counties of Calvert, Charles and St. Mary’s. Notes 2 and 3 discuss the types of securities and loans held by the Company. The Company does not have significant concentration in any one customer or industry. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less when purchased to be cash equivalents. Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity (“HTM”) and recorded at amortized cost. At December 31, 2020 the Company had no HTM securities. See Note 2 Securities for additional information. Securities purchased and held principally for trading in the near term are classified as “trading securities” and are reported at fair value, with unrealized gains and losses included in earnings. The Company held no trading securities for the years ended December 31, 2020 and 2019. Securities not classified as HTM or trading securities are classified as available for sale (“AFS”) and recorded at estimated fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Equity securities with readily-determinable fair values are recorded at fair value with unrealized gains and losses included in noninterest income in the consolidated statements of income. Debt securities are evaluated quarterly to determine whether a decline in their value is other-than-temporary impairment (“OTTI”). The term other-than-temporary is not necessarily intended to indicate a permanent decline in value. It means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the investment. Under accounting guidance, for recognition and presentation of other-than-temporary impairments the amount of other-than-temporary impairment that is recognized through earnings for debt securities is determined by comparing the present value of the expected cash flows to the amortized cost of the security. The discount rate used to determine the credit loss is the expected book yield on the security. The Company does not evaluate declines in the value of securities of Government Sponsored Enterprises (“GSEs”) or investments backed by the full faith and credit of the United States government (e.g. US Treasury Bills), for other-than-temporary impairment. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the estimated fair value of HTM and AFS securities below their cost that are deemed to be OTTI are reflected in earnings as realized losses. In estimating OTTI losses, management considers: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Investments in Federal Reserve Bank and Federal Home Loan Bank of Atlanta stocks are recorded at cost and are considered restricted as to marketability. The Bank is required to maintain investments in the Federal Home Loan Bank based upon levels of borrowings. Loans Held for Sale The Company exited the residential mortgage origination line of business in April 2015 for individual owner-occupied residential first mortgages and established third-party sources to supply its residential whole loan portfolio. The Company continues to underwrite loans for non-owner-occupied residential rental properties. The Company may sell certain loans forward into the secondary market at a specified price with a specified date on a best efforts basis. These forward sales are derivative financial instruments. The Company does not recognize gains or losses due to interest rate changes for loans sold forward on a best efforts basis. The Bank had no loans held for sale at December 31, 2020 and 2019, respectively, and sold no 1-4 family residential mortgage loans for the year ended December 31, 2020 and 2019. Loans Receivable The Company originates real estate mortgages, construction and land development loans, commercial loans and consumer loans. The Company purchases residential owner-occupied first mortgages from established third parties. A substantial portion of the loan portfolio comprises loans throughout Southern Maryland and the Fredericksburg area of Virginia. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding unpaid principal balances, adjusted for the allowance for loan losses and any deferred fees or premiums. Interest income is accrued on the unpaid principal balance. Loan origination fees and premiums, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered credit impaired. Evidence of credit quality deterioration as of the purchase date may include statistics such as internal risk grade, past due and nonaccrual status, recent borrower credit scores and recent loan-to-value (“LTV”) percentages. Purchased credit-impaired (“PCI”) loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Management estimates the cash flows expected to be collected at acquisition using specific credit review of certain loans, quantitative credit risk, interest rate risk and prepayment risk models, and qualitative economic and environmental assessments, each of which incorporates our best estimates of current key relevant factors, such as property values, default rates, loss severity and prepayment speeds. Under the accounting guidance for PCI loans, the excess of the total cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan, or pool of loans, in situations where there is a reasonable expectation about the timing and amount of cash flows to be collected. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference and is available to absorb future charge-offs. In addition, subsequent to acquisition, management periodically evaluates estimated cash flows expected to be collected. These evaluations require the continued usage of key assumptions and estimates, similar to the initial estimate of fair value. Estimates of cash flows for PCI loans require significant judgment given the impact of property value changes, changing loss severities, prepayment speeds and other relevant factors. Decreases in the expected cash flows will generally result in a charge to the provision for loan losses resulting in an increase to the allowance for loan losses. Significant increases in the expected cash flows will generally result in an increase in interest income over the remaining life of the loan, or pool of loans. Disposals of loans, which may include sales of loans to third parties, receipt of payments in full or part from the borrower or foreclosure of the collateral, result in removal of the loan from the PCI loan portfolio at its carrying amount. Loans are reviewed on a regular basis and are placed on non-accrual status when, in the opinion of management, the collection of additional interest is doubtful. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in the process of collection. Non-accrual loans include certain loans that are current with all loan payments and are placed on non-accrual status due to customer operating results and cash flows. Non-accrual loans are evaluated for impairment on a loan-by-loan basis in accordance with the Company’s impairment methodology. Consumer loans are typically charged-off no later than 90 days past due. Mortgage and commercial loans are fully or partially charged-off when in management’s judgment all reasonable efforts to return a loan to performing status have occurred. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected from loans that are placed on non-accrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. In 2019 the Bank entered into a Servicing and Intercreditor Agreement ("SIA") with a correspondent bank which allows us to offer interest rate protection to our customers. In most cases, the Bank is paid a referral fee for these transactions. COVID-19 Deferrals On March 22, 2020, federal banking regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation ("the agencies") issued an interagency statement on loan modifications and reporting for financial institutions working with customer affected by the Coronavirus. The interagency statement impacted accounting for loan modifications. Under Accounting Standards Codification 310-40, "Receivables - Troubled Debt Restructurings by Creditors." ("ASC 310-40"), a restructuring of debt constitutes a trouble debt restructure ("TDR") if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers, who were current prior to any relief, are not to be considered TDRs. This includes modification such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Under the March 22, 2020 interagency statement loan modifications were required to be executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The loan modification date was later extended to the earlier of (A) January 1, 2022 or (B) 60 after the date on which the national COVID-19 emergency terminates by the Consolidated Appropriations Act, 2021 that was signed into law by President Trump on December 27, 2020. Under the Coronavirus Aid, Relief and Economic Security ("CARES") Act, borrowers who were making payments as required and were not considered past due prior to becoming affected by COVID-19 and then receive payment accommodations as a result of the effects of COVID-19 generally would not be reported as past due or nonaccrual for regulatory and financial reporting during the accommodation period. Consistent with regulatory guidance, if new information during the deferral period indicates that there is evidence of default, the Bank may change the classification rating (e.g., change from passing credit to substandard) and accrual status (e.g., change from accrual to non-accrual status) as deemed appropriate. In keeping with regulatory guidance to work with borrowers as outlined in the CARES Act, the Company offered payment deferral programs for customers who were adversely affected by the pandemic. Generally, depending on the demonstrated need of the client, the Company deferred either the full loan payment or the principal component of the loan payment between 90 and 180 days. While interest and fees continue to accrue to income, should credit losses on these deferred payments emerge or if a loan is placed on nonaccrual status, accrued interest income and fees would be reversed. Given the ongoing uncertainty, regarding the length and economic impact of the COVID-19 crisis and the effects of various government stimulus programs, the estimated number and dollar impact of loan deferrals the Company could execute in the future is subject to change. As of December 31, 2020, the Company had $32.0 million loan deferrals on outstanding loan balances of $35.4 million, which represented 2.35% of gross portfolio loans. Allowance for Loan Losses and Impaired Loans The allowance for loan losses is established as probable losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management believes it has established its existing allowance for loan losses in accordance with U.S. GAAP and is in compliance with appropriate regulatory guidelines. Management regularly evaluates the allowance for loan losses considering historical collection experience, the composition and size of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses consists of a general and a specific component. The general component is based upon historical loss experience and a review of qualitative risk factors by portfolio segment (See Note 3 for a description of portfolio segments). The historical loss experience factor is tracked over various time horizons for each portfolio segment. Qualitative risk factors include trends by portfolio segment in charge-offs, delinquencies, classified loans, loan concentrations and the rate of portfolio segment growth as well as an assessment of the current regulatory environment, the quality of credit administration and loan portfolio management, and national and local economic trends. The specific component of the allowance for loan losses relates to individual impaired loans with an identified impairment loss. The Company evaluates substandard and doubtful classified loans, loans delinquent 90 days or greater, non-accrual loans and troubled debt restructured loans (“TDRs”) to determine whether a loan is impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. In determining impairment, management considers payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, considering the length of the delay, the reasons for the delay, the borrower’s payment record and the amount of the shortfall in relation to the principal and interest owed. Loans not impaired are included in the pool of loans evaluated in the general component of the allowance. If a specific loan is deemed to be impaired, it is evaluated for impairment. Impairment is measured on a loan-by-loan basis using one of three acceptable methods: the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral, if the loan is collateral dependent. For loans that have an impairment, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than carrying value of that loan. The Company will use the fair value of collateral if repayment is expected solely from the collateral. TDRs are loans that have been modified to provide for a reduction or a delay in the payment of either interest or principal because of deterioration in the financial condition of the borrower. A loan extended or renewed at a stated interest rate equal to the current interest rate for new debt with similar risk is not considered a TDR. Once an obligation has been classified as a TDR it continues to be considered a TDR until paid in full or until the debt is refinanced and considered unimpaired. All TDRs are considered impaired and are evaluated for impairment on a loan-by-loan basis. The Company does not participate in any specific government or Company-sponsored loan modification programs. All restructured loan agreements are individual contracts negotiated with a borrower. Servicing Servicing assets are recognized as separate assets when rights are acquired or retained through the purchase or sale of financial assets and are evaluated for impairment based upon the estimated fair value of the rights as compared to amortized cost. Servicing fee income is recorded over the servicing period. Servicing assets are not a significant asset of the Bank's operations. Premises and Equipment Land is carried at cost. Premises, improvements and equipment are carried at cost, less accumulated depreciation and amortization, computed by the straight-line method over the estimated useful lives of the assets, which are as follows: Buildings and Improvements: 10 to 50 years Furniture and Equipment: three Automobiles: four Maintenance and repairs are charged to expense as incurred, while improvements that extend the useful life of premises and equipment are capitalized. For the years ended December 31, 2020 and 2019, the Company recognized depreciation expense of $1.6 million. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) and all subsequent ASUs that modified Topic 842.The Company leases certain properties and land under operating leases. The Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The right of use assets and lease liabilities are impacted by the length of the lease term and the rate used to discount the minimum lease payments to present value. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company's incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company reasonably expects to exercise the renewal option, the Company will include the extended term in the calculation of the right of use asset and lease liability. Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception over a similar term. For operating leases existing prior to January 1, 2019, the FHLB fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 was used. The Company's leases do not contain residual value guarantees. The Company's variable lease payments are expensed and classified as operating activities in the statement of cash flows. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations. Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the estimated fair value at the date of foreclosure less selling costs, establishing a new cost basis. Subsequent to foreclosure, management performs periodic valuations, and the assets are carried at the lower of the initial recorded carrying value (initial cost basis) or estimated fair value less the cost to sell. Based on updated valuations, the Bank has the ability to reverse valuation allowances recorded up to the amount of the initial cost basis. Revenues and expenses from operations and changes in the valuation allowance are included in noninterest expense. Gains or losses on disposition are included in noninterest expense. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Business Combinations U.S. GAAP requires that the acquisition method of accounting be used for all business combinations and that an acquirer be identified for each business combination. Under U.S. GAAP, the acquirer is the entity that obtains control of one or more businesses in the business combination, and the acquisition date is the date the acquirer achieves control. U.S. GAAP requires that the acquirer recognize the fair value of assets acquired, liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date. The Company determines the fair values of loans, core deposit intangible, and deposits with the assistance of a third-party vendor. Loans acquired in business combinations are recorded in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations.” Accordingly, acquired loans are segregated between PCI loans (ASC 310-30) and Non-PCI loans (ASC-310-20) and are recorded at fair value without the carryover of the related allowance for loan losses. For PCI loans, the excess of expected cash flows above the fair value will be accreted to interest income over the remaining lives of the loans in accordance with FASB ASC 310-30. For Non-PCI loans, the total discount/premium will be accreted to interest income over the remaining lives of the loans in accordance with FASB ASC 310-20. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Goodwill is assigned to reporting units and tested for impairment at least annually in the fourth quarter or on an interim basis if an event occurs or circumstances changed that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 4 – Goodwill and Other Intangible Assets. Other intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's other intangible assets relate to acquired core deposits. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated lives. Intangible assets with indefinite useful lives are not amortized until their lives are determined to be definite. Intangible assets, premises and equipment and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. See Note 4 - Goodwill and Other Intangible Assets. Advertising Costs The Company expenses advertising costs as incurred. Income Taxes The Company files a consolidated federal income tax return with its subsidiaries. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws and when it is considered more likely than not that deferred tax assets will be realized. It is the Company’s policy to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. Off Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial lines of credit, letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. Stock-Based Compensation The Company has stock-based incentive arrangements to attract and retain key personnel in order to promote the success of the business. In May 2015, the 2015 Equity Compensation Plan (the “2015 plan”) was approved by shareholders, which authorizes the issuance of restricted stock, stock appreciation rights, stock units and stock options to the Board of Directors and key employees. Compensation cost for all stock-based awards is measured at fair value on the date of grant and recognized as expense over the service period, net of estimated forfeitures. The estimation of stock awards that ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such differences will be recorded as adjustments in the periods the estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The Company and the Bank currently maintain incentive compensation plans which provide for payments to be made in cash or other share-based compensation. The Company has accrued the full amounts due under these plans. Earnings Per Common Share (“EPS”) Basic earnings per common share represent income available to common stockholders, divided by the weighted average number of common shares outstanding during the period. Unencumbered shares held by the Employee Stock Ownership Plan (“ESOP”) are treated as outstanding in computing earnings per share. Shares issued to the ESOP but pledged as collateral for loans obtained to provide funds to acquire the shares are not treated as outstanding in computing earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential dilutive common shares are determined using the treasury stock method and include incremental shares issuable upon the exercise of stock options and other share-based compensation awards. The Company excludes from the diluted EPS calculation anti-dilutive options, because the exercise price of the options was greater than the average market price of the common shares. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. On January 1, 2018, the Company adopted ASU 2014-9 and all subsequent ASUs that modified ASU 2014-9, which have been codified in ASC Topic 606. Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and rec |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES Amortized cost and fair values of investment securities at December 31, 2020 are summarized as follows: December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value AFS Securities Asset-backed securities issued by GSEs and U.S. Agencies Residential Mortgage Backed Securities ("MBS") $ 33,248 $ 1,735 $ 30 $ 34,953 Residential Collateralized Mortgage Obligations ("CMOs") 125,564 2,180 297 127,447 Asset-backed securities ("ABSs") issued by Others: Residential CMOs 292 5 9 288 Student Loan Trust ABSs 37,141 386 88 37,439 U.S. government obligations 1,500 — — 1,500 Municipal bonds 42,268 2,210 — 44,478 Total AFS Securities $ 240,013 $ 6,516 $ 424 $ 246,105 Equity securities carried at fair value through income CRA investment fund $ 4,855 $ — $ — $ 4,855 Non-marketable equity securities Other equity securities $ 207 $ — $ — $ 207 Total Investment Securities $ 245,075 $ 6,516 $ 424 $ 251,167 Amortized cost and fair values of investment securities at December 31, 2019 are summarized as follows: December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value AFS Securities Asset-backed securities issued by GSEs and U.S. Agencies Residential Mortgage Backed Securities ("MBS") $ 35,351 $ 754 $ 13 $ 36,092 Residential Collateralized Mortgage Obligations ("CMOs") 145,479 1,839 386 146,932 U.S. Agency 9,671 122 60 9,733 Asset-backed securities issued by Others: Residential CMOs 380 3 12 371 Callable GSE Agency Bonds 2,001 1 — 2,002 Certificates of Deposit Fixed 250 — — 250 U.S. government obligations 1,490 — 1 1,489 Municipal bonds 11,491 — 173 11,318 Total AFS Securities $ 206,113 $ 2,719 $ 645 $ 208,187 Equity securities carried at fair value through income CRA investment fund $ 4,669 $ — $ — $ 4,669 Non-marketable equity securities Other equity securities $ 209 $ — $ — $ 209 Total Investment Securities $ 210,991 $ 2,719 $ 645 $ 213,065 In December 2019, Management determined that it no longer had the positive intent to hold its investment in securities classified as HTM until maturity and does not intend to hold HTM securities in the future. The Company reclassified the entire HTM investment portfolio, totaling $83.1 million with unrealized holding gains of $0.8 million to the AFS investments category. The reclassification resulted in an increase to accumulated other comprehensive income of $0.6 million and to deferred tax liabilities of $0.2 million. The Bank's primary reasons for the reclassification were to better manage interest rate risks and provide additional on-balance sheet liquidity. Based on accounting rules, the Bank will not be able to designate any securities as HTM securities for a period of time. The Company's HTM portfolio was primarily composed of asset-backed securities issued by GSEs and U.S. Agencies. At December 31, 2020, and December 31, 2019 securities with an amortized cost of $48.2 million and $47.4 million were pledged to secure certain customer deposits. At December 31, 2020, and December 31, 2019, no securities were pledged as collateral for advances from the FHLB of Atlanta. During the year ended December 31, 2020, the Company recognized net gains of $1.4 million on the sale of 42 AFS securities with aggregate carrying values of $62.5 million. During the year ended December 31, 2019, the Company recognized net gains of $0.2 million on the sale of 20 AFS securities with aggregate carrying values of $31.6 million. The Company’s investment portfolio includes securities that are in an unrealized loss position as of December 31, 2020, the details of which are included in the following table. Although these securities, if sold at December 31, 2020 would result in a pretax loss of $0.4 million, the Company has no intent to sell the applicable securities at such fair values, and maintains the Company has the ability to hold these securities until all principal has been recovered. It is more likely than not that the Company will not sell any securities at a loss for liquidity purposes. Declines in the fair values of these securities can be traced to general market conditions which reflect the prospect for the economy as a whole. When determining other-than-temporary impairment on securities, the Company considers such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, the Company’s ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency, and whether or not the financial condition of the security issuer has severely deteriorated. As of December 31, 2020, the Company considers all securities with unrealized loss positions to be temporarily impaired, and consequently, does not believe it will sustain any material realized losses as a result of the current temporary decline in fair value. No charges related to other-than-temporary impairment were made during for the years ended December 31, 2020 and December 31, 2019. AFS Securities Gross unrealized losses and estimated fair value by length of time that the individual AFS securities have been in a continuous unrealized loss position at December 31, 2020 and 2019 were as follows: December 31, 2020 Less Than 12 Months More Than 12 Months Total (dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Losses Asset-backed securities issued by GSEs and U.S. Agencies $ 32,281 $ 320 $ 670 $ 7 $ 32,951 $ 327 Asset-backed securities issued by Others — — 87 9 87 9 Student Loan Trust ABSs 12,511 88 — — 12,511 88 $ 44,792 $ 408 $ 757 $ 16 $ 45,549 $ 424 December 31, 2019 Less Than 12 Months More Than 12 Months Total (dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Losses Asset-backed securities issued by GSEs and U.S. Agencies $ 15,215 $ 63 $ 39,689 $ 336 $ 54,904 $ 399 U.S. SBA Debentures — — 4,744 60 4,744 60 Asset-backed securities issued by Others — — 136 12 136 12 Municipal bonds 11,318 173 — — 11,318 173 U.S. government obligations 1,489 1 — — 1,489 1 $ 28,022 $ 237 $ 44,569 $ 408 $ 72,591 $ 645 AFS asset-backed securities issued by GSEs are guaranteed by the issuer and AFS U.S. government agency securities and bonds are guaranteed by the full faith and credit of the U.S. government. At December 31, 2020, and 2019 total unrealized losses on the portfolio were $0.4 million and $0.6 million of the portfolio amortized cost of $240.0 million and $206.1 million, respectively. At December 31, 2020 and 2019, AFS asset-backed securities issued by GSEs and U.S. Agencies with unrealized losses had amortized cost of $33.3 million and $56.8 million, respectively, with the unrealized losses of $0.3 million and $0.4 million, respectively. At December 31, 2020, AFS asset-backed securities issued by student loan trust and others with unrealized losses had amortized cost of $12.6 million with unrealized losses of $0.1 million. The Company's amortized cost investment of $37.1 million in student loan trusts are 97% U.S. government guaranteed. At December 31, 2020, AFS municipal bonds issued by states, political subdivisions, or agencies had no unrealized losses, and at December 31, 2019, AFS municipal bonds issued by states, political subdivisions, or agencies with unrealized losses had amortized cost of $11.5 million, with unrealized losses of $0.2 million. Management believes that the securities will either recover in market value or be paid off as agreed. Maturities The amortized cost and estimated fair value of debt securities at December 31, 2020 by contractual maturity, are shown below. The Company has allocated the AFS securities into the four maturity groups listed below using the expected average life of the individual securities based on statistics provided by industry sources. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. December 31, 2020 Available for Sale (dollars in thousands) Amortized Cost Estimated Fair Value Within one year $ 36,165 $ 37,084 Over one year through five years 60,669 62,209 Over five years through ten years 67,158 68,862 After ten years 76,021 77,950 Total AFS securities $ 240,013 $ 246,105 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans | LOANS Loans consist of the following: December 31, 2020 December 31, 2019 (dollars in thousands) Total % of Gross Portfolio Loans Total % of Gross Portfolio Loans Portfolio Loans: Commercial real estate $ 1,049,147 69.75 % $ 964,777 66.34 % Residential first mortgages 133,779 8.89 % 167,710 11.53 % Residential rentals 139,059 9.24 % 123,601 8.50 % Construction and land development 37,520 2.49 % 34,133 2.35 % Home equity and second mortgages 29,129 1.94 % 36,098 2.48 % Commercial loans 52,921 3.52 % 63,102 4.34 % Consumer loans 1,027 0.07 % 1,104 0.08 % Commercial equipment 61,693 4.10 % 63,647 4.38 % Gross portfolio loans 1,504,275 100.00 % 1,454,172 100.00 % Less: Net deferred costs 1,264 0.08 % 1,879 0.13 % Allowance for loan losses (19,424) (1.29) % (10,942) (0.75) % (18,160) (9,063) Net portfolio loans $ 1,486,115 $ 1,445,109 U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans $ 110,320 $ — Net deferred fees (2,360) — Net SBA PPP Loans $ 107,960 $ — Total Net Loans $ 1,594,075 $ 1,445,109 Gross Loans $ 1,614,595 $ 1,454,172 The Company has segregated its loans into two categories; portfolio loans and U.S. SBA PPP loans. Deferred Costs/Fees Portfolio net deferred loan costs of $1.3 million at December 31, 2020 included deferred fees paid by customers of $3.4 million offset by deferred costs of $4.7 million. Deferred loan costs include premiums paid for the purchase of residential first mortgages and deferred loan origination costs recorded in accordance with ASC 310-20. Net deferred loan costs of $1.9 million at December 31, 2019 included deferred fees paid by customers of $3.3 million offset by deferred costs of $5.2 million. U.S. SBA PPP loan net deferred fees of $2.4 million at December 31, 2020 included deferred fees paid by the Small Business Administration of $2.9 million partially offset by deferred costs of $0.5 million. The net deferred fees are being amortized as a component of interest income through the contractual maturity date of each individual PPP loan. Net deferred fees include fees (deferred fees) paid to participant banks for each PPP loan underwritten and funded net of costs incurred to underwrite the loans (deferred costs). Net deferred fees will be recognized in income when the PPP loan is forgiven or paid. Risk Characteristics of Portfolio Segments Concentrations of Credit - Loans are made primarily within the Company’s operating footprint of Southern Maryland and the greater Fredericksburg area of Virginia. Real estate loans can be affected by the condition of the local real estate market. Commercial and industrial loans can be affected by the local economic conditions. The commercial loan portfolio has concentrations in business loans secured by real estate and real estate development loans. At December 31, 2020 and 2019, the Company had no loans outstanding with foreign entities. The Company manages its credit products and exposure to credit losses (credit risk) by the following specific portfolio segments (classes), which are levels at which the Company develops and documents its allowance for loan loss methodology. These segments are: Commercial Real Estate (“CRE”) Commercial and other real estate projects include office, medical and professional buildings, retail locations, churches, other special purpose buildings and commercial construction. Commercial construction balances were 6.9% and 8.9% of the CRE portfolio at December 31, 2020 and 2019, respectively. The Bank offers both fixed-rate and adjustable-rate loans under these product lines. The primary security on a commercial real estate loan is the real property and the leases that produce income for the real property. Loans secured by commercial real estate are generally limited to 80% of the lower of the appraised value or sales price at origination and have an initial contractual loan payment period ranging from three Loans secured by commercial real estate are larger and involve greater risks than 1-4 family residential mortgage loans. Because payments on loans secured by such properties are often dependent on the successful operation or management of the properties, repayment of such loans may be subject to adverse conditions in the real estate market or the economy. At December 31, 2020 and 2019, the largest outstanding commercial real estate loans were $20.7 million and $21.1 million, respectively, which were secured by commercial real estate and performing according to their terms. Residential First Mortgages Residential first mortgage loans are generally long-term loans, amortized on a monthly basis, with principal and interest due each month. The contractual loan payment period for residential loans typically ranges from ten The annual and lifetime limitations on interest rate adjustments may constrain interest rate increases on these loans. There are also credit risks resulting from potential increased costs to the borrower as a result of repricing of adjustable-rate mortgage loans. During periods of rising interest rates, the risk of default on adjustable-rate mortgage loans may increase due to the upward adjustment of interest cost to the borrower. The Bank’s adjustable rate residential first mortgage portfolio was $33.6 million or 2.2% of total gross portfolio loans of $1.50 billion at December 31, 2020 compared to $52.3 million or 3.6% of total gross portfolio loans of $1.45 billion at December 31, 2019. The Bank generally retains the right to service loans sold for a payment based upon a percentage (generally 0.25% of the outstanding loan balance). As of December 31, 2020, and 2019, the Bank serviced $23.9 million and $32.9 million, respectively, in residential mortgage loans for others. At December 31, 2020, and 2019, the largest outstanding residential first mortgage loans were $3.0 million and $3.0 million, respectively, which were secured by residences located in the Bank’s market area. The loans were performing according to terms. Residential Rentals Residential rental mortgage loans are amortizing, with principal and interest due each month. The loans are secured by income-producing 1-4 family units and apartments. As of December 31, 2020, and 2019, $105.9 million and $97.1 million, respectively, were 1-4 family units and $33.2 million and $26.5 million, respectively, were apartment buildings or multi-family units. Loans secured by residential rental properties are generally limited to 80% of the lower of the appraised value or sales price at origination and have initial contractual loan payment periods ranging from three Loans secured by residential rental properties involve greater risks than 1-4 family residential mortgage loans. Although, there are similar risk characteristics shared with commercial real estate loans, the balances for the loans secured by residential rental properties are generally smaller. Payments on loans secured by residential rental properties are dependent on the successful operation of the properties and repayment of these loans may be subject to adverse conditions in the rental real estate market or the economy to a greater extent than similar owner-occupied properties. At December 31, 2020 and 2019, the largest outstanding residential rental mortgage loan was $9.5 million and $9.7 million, respectively, which was secured by over 120 single family homes located in the Bank’s market area. The loan was performing according to its terms at December 31, 2020 and 2019. Construction and Land Development The Bank offers loans for the construction of 1-4 family dwellings. Generally, these loans are secured by the real estate under construction as well as by guarantees of the principals involved. In addition, the Bank offers loans to acquire and develop land, as well as loans on undeveloped, subdivided lots for home building. The Bank’s construction and land development portfolio was $37.5 million or 2.5% of total gross portfolio loans of $1.50 billion at December 31, 2020 compared to $34.1 million or 2.4% of total gross portfolio loans of $1.45 billion at December 31, 2019. The Bank’s investment in these loans has declined in recent years as the Bank has deemphasized this product line. A decline in demand for new housing might adversely affect the ability of borrowers to repay these loans. Construction and land development loans are inherently riskier than financing owner-occupied real estate. The Bank’s risk of loss is affected by the accuracy of the initial estimate of the market value of the completed project as well as the accuracy of the cost estimates to complete the project. In addition, volatility in the real estate market can make it difficult to ensure that the valuation of land associated with these loans is accurate. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, the Bank may be required to advance funds beyond the amount originally committed to permit completion of the development. If the estimate of value proves to be inaccurate, a project’s value might be insufficient to assure full repayment. As a result of these factors, construction lending often involves the disbursement of substantial funds with repayment dependent, in part, on the success of the project rather than the ability of the borrower or guarantor to repay principal and interest. If the Bank forecloses on a project, there can be no assurance that the Bank will be able to recover all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs. At December 31, 2020 and 2019, the largest outstanding construction and land development loans were $12.8 million and $5.3 million, respectively, which were secured by land in the Bank’s market area. Home Equity and Second Mortgage Loans The Bank maintains a portfolio of home equity and second mortgage loans. The Bank’s home equity and second mortgage portfolio was $29.1 million or 1.9% of total gross portfolio loans of $1.50 billion at December 31, 2020 compared to $36.1 million or 2.5% of total gross portfolio loans of $1.45 billion at December 31, 2019. These products contain a higher risk of default than residential first mortgages as in the event of foreclosure, the first mortgage would need to be paid off prior to collection of the second mortgage. Commercial Loans The Bank offers its customers commercial loan products including term loans, demand loans and lines of credit. Such loans are generally made for terms of five years or less. The Bank offers both fixed-rate and adjustable-rate loans. The portfolio consists primarily of demand loans and lines of credit. When making commercial business loans, the Bank considers the financial condition of the borrower, the borrower’s payment history of both corporate and personal debt, the projected cash flows of the business, the viability of the industry in which the borrower operates, the value of the collateral, and the borrower’s ability to service the debt from income. These loans are primarily secured by equipment, real property, accounts receivable or other security as determined by the Bank. Commercial loans are made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. In the case of business failure, collateral would need to be liquidated to provide repayment for the loan. In many cases, the highly specialized nature of collateral would make full recovery from the sale of collateral unlikely. The Bank’s commercial loan portfolio was $52.9 million or 3.5% of total gross portfolio loans of $1.50 billion at December 31, 2020 compared to $63.1 million or 4.3% of total gross loans of $1.45 billion at December 31, 2019. At December 31, 2020 and 2019, the largest outstanding commercial loans were $5.6 million and $2.8 million, respectively, which were secured by commercial real estate (all of which were located in the Bank’s market area), cash and investments. These loans were performing according to terms at December 31, 2020 and 2019. Consumer Loans Consumer loans consist of loans secured by automobiles, boats, recreational vehicles and trucks. The Bank also makes home improvement loans and offers both secured and unsecured personal lines of credit. Consumer loans entail greater risk from other loan types due to being secured by rapidly depreciating assets or the reliance on the borrower’s continuing financial stability. Commercial Equipment Loans These loans consist primarily of fixed-rate, short-term loans collateralized by a commercial customer’s equipment or secured by real property, accounts receivable, or other security as determined by the Bank. When making commercial equipment loans, the Bank considers the same factors it considers when underwriting a commercial business loan. Commercial loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business. As a result, repayment of commercial loans may depend substantially on the success of the business itself. In the case of business failure, collateral would need to be liquidated to repay the loan. In many cases, the highly specialized nature of collateral equipment would make full recovery from the sale of collateral problematic. The Bank’s commercial equipment portfolio was $61.7 million or 4.1% of total gross portfolio loans of $1.50 billion at December 31, 2020 compared to $63.6 million or 4.4% of total gross portfolio loans of $1.45 billion at December 31, 2019. At December 31, 2020 and 2019, the largest outstanding commercial equipment loans were $2.4 million and $2.1 million, respectively, which were secured by commercial real estate (located in the Bank’s market area), cash and investments. These loans were performing according to terms at December 31, 2020 and 2019. U.S. SBA PPP Loans The U.S. SBA PPP loan was created to address economic hardships resulting from the COVID-19 pandemic. The program is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. U.S. SBA PPP loans carry two No credit issues are anticipated with SBA PPP loans as they are fully guaranteed by the Small Business Administration and the Bank's ALLL does not include an allowance for U.S. SBA PPP loans. Management believes all PPP loans were underwritten in accordance with the program's guidelines. The U.S. SBA PPP guidelines indicate that lenders may rely on certifications of the borrower in order to determine eligibility and to rely on specified documents provided by the borrower to determine qualifying loan amount and eligibility for forgiveness. The guidelines further specify that lenders will be held harmless for a borrowers’ failure to comply with program criteria. Non-accrual and Aging Analysis of Current and Past Due Loans Non-accrual loans as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 Non- accrual Delinquent Loans Number of Loans Non-accrual Current Loans Number of Loans Total Non-accrual Loans Total Number of Loans Commercial real estate $ 11,428 9 $ 5,184 9 $ 16,612 18 Residential first mortgages 335 2 459 2 794 4 Residential rentals — — 275 2 275 2 Home equity and second mortgages 202 2 293 1 495 3 Commercial equipment — — 46 3 46 3 $ 11,965 13 $ 6,257 17 $ 18,222 30 (dollars in thousands) December 31, 2019 Non- accrual Delinquent Loans Number of Loans Non-accrual Current Loans Number of Loans Total Non-accrual Loans Total Number of Loans Commercial real estate $ 10,562 11 $ 1,687 5 $ 12,249 16 Residential first mortgages — — 830 3 830 3 Residential rentals — — 937 5 937 5 Home equity and second mortgages 177 3 271 3 448 6 Commercial loans 1,807 2 1,320 1 3,127 3 Commercial equipment 241 5 25 1 266 6 $ 12,787 21 $ 5,070 18 $ 17,857 39 Non-accrual loans increased $0.4 million from $17.9 million or 1.23% of total loans at December 31, 2019 to $18.2 million or 1.13% of total loans at December 31, 2020. Non-accrual loans can be current but classified as non-accrual due to customer operating results or payment history. All interest accrued but not collected from non-accrual or charged-off loans is reversed against interest income. In accordance with the Company’s policy, interest income is recognized on a cash-basis or cost-recovery method, until the loan returns to accrual status. At December 31, 2020, non-accrual loans of $18.2 million included 30 loans, of which $15.7 million, or 86% represented 15 loans and six customer relationships. At December 31, 2019, non-accrual loans of $17.9 million included 39 loans, of which $15.0 million, or 84% represented 18 loans and seven customer relationships. At December 31, 2020, $6.3 million (34%) of non-accrual loans were current with all payments of principal and interest with no impairment and $12.0 million (66%) of non-accrual loans were delinquent with specific valuation reserves $1.3 million. Non-accrual loans at December 31, 2020 and 2019 included three and three TDRs totaling $1.5 million and $1.4 million, respectively. These loans were classified solely as non-accrual for the calculation of financial ratios. Loan delinquency (total past due) decreased $1.2 million from $13.3 million, or 0.92% of loans, at December 31, 2019 to $12.1 million, or 0.81% of loans, at December 31, 2020. Non-accrual loans on which the recognition of interest has been discontinued, which did not have a specific allowance for impairment, amounted to $12.4 million and $11.7 million at December 31, 2020 and 2019, respectively. Interest due but not recognized on these balances at December 31, 2020 and 2019 was $0.4 million and $0.3 million, respectively. Non-accrual loans with a specific allowance for impairment on which the recognition of interest has been discontinued amounted to $5.8 million and $6.1 million at December 31, 2020 and 2019, respectively. Interest due but not recognized on these balances at December 31, 2020 and 2019 was $0.4 million and $0.3 million, respectively. The Company considers a loan to be past due or delinquent when the terms of the contractual obligation are not met by the borrower. PCI loans are included as a single category in the table below as management believes, regardless of their age, there is a lower likelihood of aggregate loss related to these loan pools. Additionally, PCI loans are discounted to allow for the accretion of income on a level yield basis over the life of the loan based on expected cash flows. Regardless of payment status, as long as cash flows can be reasonably estimated, the associated discount on these loan pools results in income recognition. An analysis of past due loans as of December 31, 2020 and 2019 was as follows: (dollars in thousands) December 31, 2020 31-60 Days 61-89 Days 90 or Greater Days Total Past Due PCI Loans Current Total Loan Receivables Commercial real estate $ — $ — $ 11,428 $ 11,428 $ 1,572 $ 1,036,147 $ 1,049,147 Residential first mortgages — — 335 335 — 133,444 133,779 Residential rentals — — — — — 139,059 139,059 Construction and land dev. — — — — — 37,520 37,520 Home equity and second mtg. 167 — 202 369 406 28,354 29,129 Commercial loans — — — — — 52,921 52,921 Consumer loans 8 — — 8 — 1,019 1,027 Commercial equipment — 4 — 4 — 61,689 61,693 Total portfolio loans $ 175 $ 4 $ 11,965 $ 12,144 $ 1,978 $ 1,490,153 $ 1,504,275 U.S. SBA PPP loans $ — $ — $ — $ — $ — $ 110,320 $ 110,320 (dollars in thousands) December 31, 2019 31-60 Days 61-89 Days 90 or Greater Days Total Past Due PCI Loans Current Total Loan Receivables Commercial real estate $ — $ 217 $ 10,563 $ 10,780 $ 1,738 $ 952,259 $ 964,777 Residential first mortgages — — — — — 167,710 167,710 Residential rentals — — — — 295 123,306 123,601 Construction and land dev. — — — — — 34,133 34,133 Home equity and second mtg. 98 23 177 298 391 35,409 36,098 Commercial loans — — 1,807 1,807 — 61,295 63,102 Consumer loans — — — — — 1,104 1,104 Commercial equipment 52 159 231 442 — 63,205 63,647 Total portfolio loans $ 150 $ 399 $ 12,778 $ 13,327 $ 2,424 $ 1,438,421 $ 1,454,172 There were no loans that were past due 90 days or greater accruing interest at December 31, 2020 and 2019, respectively. Impaired Loans and Troubled Debt Restructures (“TDRs”) Impaired loans, including TDRs, at December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized Commercial real estate $ 17,952 $ 11,915 $ 5,799 $ 17,714 $ 1,316 $ 17,729 $ 361 Residential first mortgages 2,001 1,989 — 1,989 — 2,043 70 Residential rentals 626 625 — 625 — 643 32 Home equity and second mtg. 568 555 — 555 — 559 15 Commercial equipment 527 472 40 512 40 531 30 Total $ 21,674 $ 15,556 $ 5,839 $ 21,395 $ 1,356 $ 21,505 $ 508 (dollars in thousands) December 31, 2019 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized Commercial real estate $ 20,914 $ 15,919 $ 4,788 $ 20,707 $ 417 $ 21,035 $ 813 Residential first mortgages 1,921 1,917 — 1,917 — 1,962 86 Residential rentals 941 937 — 937 — 967 56 Home equity and second mtg. 524 510 — 510 — 519 23 Commercial loans 3,127 1,807 1,320 3,127 210 3,284 152 Commercial equipment 808 585 203 788 201 826 35 Total $ 28,235 $ 21,675 $ 6,311 $ 27,986 $ 828 $ 28,593 $ 1,165 TDRs, included in the impaired loan schedules above, as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 December 31, 2019 Dollars Number of Loans Dollars Number of Loans Commercial real estate $ 1,376 2 $ 1,420 3 Residential first mortgages 247 2 64 1 Commercial equipment 471 2 565 4 Total TDRs $ 2,094 6 $ 2,049 8 Less: TDRs included in non-accrual loans (1,522) (3) (1,399) (3) Total performing accrual TDR loans $ 572 3 $ 650 5 TDRs increased slightly from $2.0 million at December 31, 2019 to $2.1 million at December 31, 2020. TDRs that are included in non-accrual are classified as non-accrual loans solely for the calculation of financial ratios. The Company had specific reserves of $0.4 million on one TDR totaling $1.3 million at December 31, 2020 and $87,000 on three TDRs totaling $0.1 million at December 31, 2019. During the year ended December 31, 2020, TDR disposals, which included payoffs and refinancing consisted of three loans totaling $0.1 million. TDR loan principal curtailment was $53,000 for the year ended December 31, 2020. There was one TDR added during the year ended December 31, 2020 totaling $0.2 million. During the year ended December 31, 2019, TDR disposals, which included payoffs and refinancing decreased by seven loans totaling $4.4 million. TDR loan principal curtailment was $0.2 million for the year ended December 31, 2019. There were $25,000 TDRs added during the year ended December 31, 2019. Interest income in the amount of $96,000 and $92,000 was recognized on outstanding TDR loans for the years ended December 31, 2020 and 2019, respectively. The Bank’s TDRs are performing according to the terms of their agreements at market interest rates appropriate for the level of credit risk of each TDR loan. The average contractual interest rate on performing TDRs at December 31, 2020 and 2019 was 4.60% and 4.51%, respectively. Allowance for Loan Losses ("ALLL") The following tables detail activity in the ALLL at and for the years ended December 31, 2020 and 2019, respectively. An allocation of the allowance to one category of loans does not prevent the Company from using that allowance to absorb losses in a different category. Year Ended December 31, 2020 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Commercial real estate $ 7,398 $ (944) $ 17 $ 7,273 $ 13,744 Residential first mortgages 464 — — 841 1,305 Residential rentals 397 — — 1,016 1,413 Construction and land development 273 — — 128 401 Home equity and second mortgages 149 (53) 9 156 261 Commercial loans 1,086 (1,027) 20 1,143 1,222 Consumer loans 10 (6) — 16 20 Commercial equipment 1,165 (328) 94 127 1,058 $ 10,942 $ (2,358) $ 140 $ 10,700 $ 19,424 Purchase Credit Impaired** $ — $ — $ — $ — $ — ** There is no allowance for loan loss on the PCI or the SBA PPP portfolios. A more detailed rollforward schedule will be presented if an allowance is required. Year Ended December 31, 2019 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Commercial real estate $ 6,882 $ (148) $ 15 $ 649 $ 7,398 Residential first mortgages 755 — — (291) 464 Residential rentals 498 (53) 46 (94) 397 Construction and land development 310 (329) — 292 273 Home equity and second mortgages 133 (28) 6 38 149 Commercial loans 1,482 (1,127) 40 691 1,086 Consumer loans 6 (5) 2 7 10 Commercial equipment 910 (685) 102 838 1,165 $ 10,976 $ (2,375) $ 211 $ 2,130 $ 10,942 Purchase Credit Impaired** $ — $ — $ — $ — $ — ** There is no allowance for loan loss on the PCI portfolios. A more detailed rollforward schedule will be presented if an allowance is required. The following tables detail loan receivable and allowance balances disaggregated on the basis of the Company’s impairment methodology at December 31, 2020 and 2019, respectively. December 31, 2020 December 31, 2019 (dollars in thousands) Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Purchase Credit Impaired Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Purchase Credit Impaired Total Loan Receivables: Commercial real estate $ 17,714 $ 1,029,861 $ 1,572 $ 1,049,147 $ 20,707 $ 942,332 $ 1,738 $ 964,777 Residential first mortgages 1,989 131,790 — 133,779 1,917 165,793 — 167,710 Residential rentals 625 138,434 — 139,059 937 122,369 295 123,601 Construction and land development — 37,520 — 37,520 — 34,133 — 34,133 Home equity and second mortgages 555 28,168 406 29,129 510 35,197 391 36,098 Commercial loans — 52,921 — 52,921 3,127 59,975 — 63,102 Consumer loans — 1,027 — 1,027 — 1,104 — 1,104 Commercial equipment 512 61,181 — 61,693 788 62,859 — 63,647 $ 21,395 $ 1,480,902 $ 1,978 $ 1,504,275 $ 27,986 $ 1,423,762 $ 2,424 $ 1,454,172 Allowance for loan losses: Commercial real estate $ 1,316 $ 12,428 $ — $ 13,744 $ 417 $ 6,981 $ — $ 7,398 Residential first mortgages — 1,305 — 1,305 — 464 — 464 Residential rentals — 1,413 — 1,413 — 397 — 397 Construction and land development — 401 — 401 — 273 — 273 Home equity and second mortgages — 261 — 261 — 149 — 149 Commercial loans — 1,222 — 1,222 210 876 — 1,086 Consumer loans — 20 — 20 — 10 — 10 Commercial equipment 40 1,018 — 1,058 201 964 — 1,165 $ 1,356 $ 18,068 $ — $ 19,424 $ 828 $ 10,114 $ — $ 10,942 Credit Quality Indicators Credit quality indicators as of December 31, 2020 and 2019 were as follows: Credit Risk Profile by Internally Assigned Grade (dollars in thousands) Commercial Real Estate Construction and Land Dev. Residential Rentals 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 162,434 $ 102,695 $ 1,036 $ 2,075 $ 47,605 $ 38,139 Pass 866,648 840,403 36,484 32,058 90,633 84,811 Special mention 2,417 — — — 821 — Substandard 17,648 21,679 — — — 651 Doubtful — — — — — — Loss — — — — — — Total $ 1,049,147 $ 964,777 $ 37,520 $ 34,133 $ 139,059 $ 123,601 (dollars in thousands) Commercial Loans Commercial Equipment Total Commercial Portfolios 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 12,962 $ 16,754 $ 26,585 $ 26,045 $ 250,622 $ 185,708 Pass 39,959 43,221 31,091 37,399 1,064,815 1,037,892 Special mention — — 3,977 — 7,215 — Substandard — 3,127 40 203 17,688 25,660 Doubtful — — — — — — Loss — — — — — — Total $ 52,921 $ 63,102 $ 61,693 $ 63,647 $ 1,340,340 $ 1,249,260 (dollars in thousands) Non-Commercial Portfolios** U.S. SBA PPP Loans Total All Portfolios 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 136,792 $ 164,991 $ 110,320 $ — $ 497,734 $ 350,699 Pass 25,125 38,718 — — 1,089,940 1,076,610 Special mention 457 — — — 7,672 — Substandard 1,561 1,203 — — 19,249 26,863 Doubtful — — — — — — Loss — — — — — — Total $ 163,935 $ 204,912 $ 110,320 $ — $ 1,614,595 $ 1,454,172 ** Non-commercial portfolios are generally evaluated based on payment activity but may be risk graded if part of a larger commercial relationship or are credit impaired (e.g., non-accrual loans, TDRs). Credit Risk Profile Based on Payment Activity (Non-Commercial Portfolios) (dollars in thousands) Residential First Mortgages Home Equity and Second Mtg. Consumer Loans 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Performing $ 133,444 $ 167,710 $ 28,927 $ 35,921 $ 1,027 $ 1,104 Nonperforming 335 — 202 177 — — Total $ 133,779 $ 167,710 $ 29,129 $ 36,098 $ 1,027 $ 1,104 A risk grading scale is used to assign grades to commercial relationships, which include commercial real estate, residential rentals, construction and land development, commercial loans and commercial equipment loans. Loans are graded at inception, annually thereafter when financial statements are received and at other times when there is an indication that a credit may have weakened or improved. Only commercial loan relationships with an aggregate exposure to the Bank of $1.0 million or greater are subject to being risk rated. Home equity and second mortgages and consumer loans are evaluated for creditworthiness in underwriting and are monitored based on borrower payment history. Residential first mortgages are evaluated for creditworthiness during credit due diligence before being purchased. Residential first mortgages, home equity and second mortgages and consumer loans are classified as unrated unless they are part of a larger commercial relationship that requires grading or are TDRs or nonperforming loans with an Other Assets Especially Mentioned (“OAEM”) or higher risk rating due to a delinquent payment history. Management reviews credit quality indicators as part of its individual loan reviews on a quarterly basis. The overall quality of the Bank’s loan portfolio is assessed using the Bank’s risk grading scale, the level and trends of net nonperforming loans and delinquencies, the performance of TDRs and the general economic conditions in the Company’s geographical market. This review process is assisted by frequent internal reporting of loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Credit quality indicators and allowance factors are adjusted based on management’s judgment during the monthly and quarterly review process. Loans subject to risk ratings are graded on a scale of one to ten. The Company considers loans rated substandard, doubtful and loss as classified assets for regulatory and financial reporting. Ratings 1 thru 6 - Pass Ratings 1thru 6 have asset risks ranging from excellent low risk to adequate. The specific rating assigned considers customer history of earnings, cash flows, liquidity, leverage, capitalization, consistency of debt service coverage, the nature and extent of customer relationship and other relevant specific business factors such as the stability of the industry or market area, changes to management, litigation or unexpected events that could have an impact on risks. Rating 7 - OAEM (Other Assets Especially Mentioned) – Special Mention These credits, while protected by the financial strength of the borrowers, guarantors or collateral, have reduced quality due to economic conditions, less than adequate earnings performance or other factors which require the lending officer to direct more than normal attention to the credit. Financing alternatives may be limited and/or command higher risk interest rates. OAEM loans are the first adversely classified assets on our watch list. These relationships will be reviewed at least quarterly. Rating 8 - Substandard Substandard assets are assets that are inadequately protected by the sound worth or paying capacity of the borrower or of the collateral pledged. These assets have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The Company recognized goodwill of $10.8 million and core deposit intangible ("CDI") assets of $3.6 million with the acquisition of County First Bank. Core deposit intangible is amortized on an accelerated basis over its estimated life of 8 years. Amortization expense related to intangible assets totaled $0.6 million and $0.7 million for the years ended December 31, 2020 and 2019. Goodwill and other intangible assets are presented in the tables below. (dollars in thousands) As of December 31, 2020 As of December 31, 2019 Goodwill $ 10,835 $ 10,835 As of December 31, 2020 As of December 31, 2019 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Core deposit intangibles $ 3,590 $ (2,063) $ 1,527 $ 3,590 $ (1,472) $ 2,118 The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2020 is as follows: (dollars in thousands) 2021 $ 495 2022 398 2023 302 2024 205 2025 109 Thereafter 18 $ 1,527 As of December 31, 2020, the Company did not have impairment to goodwill or CDI. At December 31, 2020 we had goodwill of $10.8 million or 5.47% of equity and CDI of $1.5 million or 0.77% of equity. It is the Bank’s policy to test goodwill and the CDI for impairment annually in the fourth quarter. In the third quarter of 2020, management determined that the COVID-19 pandemic and its impact on the banking industry was deemed a triggering event that required an interim impairment test for goodwill. Management engaged an independent consultant to perform a quantitative goodwill and CDI impairment analysis for the Company's single reporting unit, the Bank, as of September 15, 2020 ("the measurement date"). The impairment analysis used both market and income approaches. The market approach used a transaction and control premium analyses and compared resulting valuations both individually and to a selected peer group. The income approach analyzed discounted cash flows. The results of the methods were weighted to determine an overall value. Significant estimates and assumptions included, but were not limited to, projected profitability ratios, discount rates, cash flows projections, selection and evaluation of control premiums in appropriate market transactions and selection of peers. Management concluded that both goodwill and CDI were not impaired as of the measurement date. Management performed an annual analysis during the fourth quarter and as there were no changes in the Company's financial statements or operations that would indicate that it was more likely than not that goodwill or CDI was impaired subsequent to the measurement date, management concluded that neither goodwill nor CDI was impaired as of December 31, 2020. |
Premises and Equipment And Leas
Premises and Equipment And Lease Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment And Lease Commitments | PREMISES AND EQUIPMENT AND LEASE COMMITMENTS A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2020 and 2019 follows: (dollars in thousands) December 31, 2020 2019 Land $ 4,406 $ 4,406 Building and improvements 25,043 25,001 Furniture and equipment 10,185 10,149 Automobiles 163 256 Total cost 39,797 39,812 Less accumulated depreciation (19,526) (18,150) Premises and equipment, net $ 20,271 $ 21,662 Operating Leases The Company's operating lease agreements are primarily for leases of branches and office space. All of these leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated balance sheet. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated balance sheet as a right-of-use-asset with a corresponding lease liability. The table below details the Right of Use asset (net of accumulated amortization), lease liability and other information related to the Company's operating leases: (dollars in thousands) December 31, 2020 December 31, 2019 Operating Leases Operating lease right of use asset, net $ 7,831 $ 8,382 Operating lease liability $ 8,088 $ 8,495 Weighted average remaining lease term 18.21 years 18.80 years Weighted average discount rate 3.52 % 3.50 % Remaining lease term - min 0.7 years 0.0 years Remaining lease term - max 24.0 years 25.0 years The table below details the Company's lease cost, which is included in occupancy expense in the Consolidated Statements of Income. (dollars in thousands) December 31, 2020 December 31, 2019 Operating lease cost $ 791 $ 854 Cash paid for lease liability $ 697 $ 740 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: (dollars in thousands) As of December 31, 2020 Lease payments due: Within one year $ 670 After one but within two years 602 After two but within three years 612 After three but within four years 620 After four but within five years 658 After five years 8,115 Total undiscounted cash flows $ 11,277 Discount on cash flows (3,189) Total lease liability $ 8,088 Certain Bank facilities are leased under various operating leases. Future minimum rental commitments under non-cancellable operating leases are as follows at December 31, 2020: (dollar in thousands) 2021 $ 670 2022 602 2023 612 2024 620 2025 658 Thereafter 8,115 Total $ 11,277 As of December 31, 2020, the Company had a small office condo held for sale with a fair value of $0.4 million that was recorded as a non-recurring Level 3 asset. The Company recorded an impairment of $1,000 based on fair value of the of the property during the fourth quarter of 2019. |
Other Real Estate Owned ("OREO"
Other Real Estate Owned ("OREO") | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Other Real Estate Owned ("OREO") | OTHER REAL ESTATE OWNED (“OREO”) OREO assets are presented net of the valuation allowance. The Company considers OREO as classified assets for regulatory and financial reporting. OREO carrying amounts reflect management’s estimate of the realizable value of these properties incorporating current appraised values, local real estate market conditions and related costs. An analysis of the activity follows. (dollars in thousands) Years Ended December 31, 2020 2019 Balance at beginning of year $ 7,773 $ 8,111 Additions of underlying property 1,240 3,567 Disposals of underlying property (2,882) (3,004) Valuation allowance (3,022) (901) Balance at end of period $ 3,109 $ 7,773 During the year ended December 31, 2020 and December 31, 2019, OREO additions were $1.2 million and $3.6 million, respectively. During the year ended December 31, 2020, additions of $1.2 million consisted of a commercial lot. During the year ended December 31, 2019, additions of $3.6 million were for commercial real estate acquired at foreclosure on a $3.8 million classified loan relationship recorded at the estimated fair value at the date of foreclosure less selling cost, establishing a new cost basis and $0.1 million for residential lots. During the year ended December 31, 2020, the Company recognized net losses of $9,000 on disposals of $2.4 million for commercial real estate and $0.5 million for residential real estate. During the year ended December 31, 2019, the Company disposed of commercial real estate for proceeds of $3.1 million and gains of $0.2 million. Residential lots were sold for $63,000 with a loss of $2,000 along with sales of commercial equipment for $35,000 for the year ended December 31, 2019. In connection with the sale of commercial real estate the Bank provided a loan of $0.3 million. The transaction qualified for sales treatment under ASC Topic 610-20 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets". The Company had no impaired loans secured by residential real estate for which formal foreclosure proceedings were in process at December 31, 2020 and 2019. To adjust properties to current appraised values, additions to the valuation allowance were taken for the years ended December 31, 2020, and 2019, respectively. Expenses applicable to OREO assets included the following. (dollars in thousands) Years Ended December 31, 2020 2019 Valuation allowance $ 3,022 $ 901 Losses (gains) on dispositions 9 (188) Operating expenses 169 250 $ 3,200 $ 963 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits, by Type [Abstract] | |
Deposits | DEPOSITS Deposits consist of the following: (dollars in thousands) December 31, 2020 2019 Noninterest-bearing demand $ 362,079 $ 241,174 Interest-bearing: Demand 590,159 523,802 Money market deposits 340,725 283,438 Savings 98,783 69,254 Certificates of deposit 353,856 394,169 Total interest-bearing 1,383,523 1,270,663 Total Deposits $ 1,745,602 $ 1,511,837 As of December 31, 2020, and 2019, there were $10.6 million and $7.5 million, respectively in deposit accounts held by executive officers and directors and their related interests of the Bank and Company. The aggregate amount of certificates of deposit that exceed the FDIC insurance limit of $250,000 at December 31, 2020, and 2019 was $64.3 million and $86.6 million, respectively. At December 31, 2020 the scheduled contractual maturities of certificates of deposit are as follows: (dollars in thousands) December 31, 2020 Within one year $ 266,134 Year 2 62,144 Year 3 11,505 Year 4 5,441 Year 5 8,632 $ 353,856 The FDIC’s regulatory guidance require that the Company monitor all customer deposit concentrations at or above 2% of total deposits. At December 31, 2020, the Bank had two customer deposit relationships that exceeded 2% of total deposits, totaling $238.8 million which represented 13.7% of total deposits of $1,745.6 million. At December 31, 2019, the Bank had two customer deposit relationship that exceeded 2% of total deposits, totaling $297.1 million which represented 19.6% of total deposits of $1,511.8 million. The reported concentrations at December 31, 2020 and 2019 were with local municipal agencies. |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | SHORT-TERM BORROWINGS AND LONG-TERM DEBT The Bank’s long-term debt and short-term borrowings consist of advances from the FHLB of Atlanta. In addition, during 2020 the Bank added the Federal Reserve Bank's Paycheck Protection Program Liquidity Facility ("PPPLF") to provide liquidity support, if needed, to fund U.S. SBA PPP loans. The Bank classifies debt based upon original maturity and does not reclassify debt to short-term status during its life. Long-term debt and short-term borrowings include fixed-rate long-term advances, short-term advances, daily advances, fixed-rate convertible advances, and variable-rate convertible advances. Rates and maturities on long-term advances and short-term borrowings were as follows: Fixed-Rate Fixed-Rate Convertible Variable Convertible December 31, 2020 Highest rate 2.75 % 0.79% n/a Lowest rate 1.00 % 0.43% n/a Weighted average rate 2.01 % 0.59% n/a Matures through 2036 2030 n/a December 31, 2019 Highest rate 2.92 % n/a n/a Lowest rate 1.00 % n/a n/a Weighted average rate 2.26 % n/a n/a Matures through 2036 n/a n/a Average rates of long-term debt, short-term borrowings, and PPPLF advances were as follows: (dollars in thousands) At or for the Year Ended December 31, 2020 2019 Long-term debt Long-term debt outstanding at end of period $ 27,302 $ 40,370 Weighted average rate on outstanding long-term debt 0.61 % 2.31 % Maximum outstanding long-term debt of any month end 67,359 55,392 Average outstanding long-term debt 53,615 32,702 Approximate average rate paid on long-term debt 2.56 % 2.27 % Short-term borrowings Short-term borrowings outstanding at end of period $ — $ 5,000 Weighted average rate on short-term borrowings — % 1.81 % Maximum outstanding short-term borrowings at any month end 27,000 59,500 Average outstanding short-term borrowings 8,156 30,965 Approximate average rate paid on short-term borrowings 1.36 % 2.50 % PPPLF advances PPPLF advances outstanding at end of period $ — $ — Weighted average rate on PPPLF advances — % — % Maximum outstanding PPPLF advances at any month end 127,674 — Average outstanding PPPLF advances 60,360 — Approximate average rate paid on PPPLF advances 0.35 % — % The Bank’s fixed-rate debt generally consists of advances with monthly interest payments and principal due at maturity. The Bank’s fixed-rate convertible long-term debt is callable by the issuer, after an initial period ranging from 3 months to 10 years. The instruments are callable at the end of the initial period. As of December 31, 2020 and 2019, all fixed-rate convertible debt is callable in 2021. As of December 31, 2019, all fixed-rate convertible debt had passed its call date. All advances have a prepayment penalty, determined based upon prevailing interest rates. Variable convertible advances have an initial variable rate based on a discount to LIBOR. As of December 31, 2020, there were no remaining variable convertible advances. During the year ended December 31, 2020, the Bank paid off $10.0 million of maturing long-term debt and added two long-term fixed-rate convertible advances totaling $27.0 million, maturing in 2030 at 0.79% and 0.43%, respectively. The Bank made prepayments of $30.0 million on long-term debt resulting in prepayment fees of $0.6 million, during the year ended December 31, 2020. During the year ended December 31, 2019, the Bank paid off $15.1 million of maturing long-term debt and added five long-term fixed-rate advances totaling $35.0 million, with one $15.1 million advance called in November 2019, $10.0 million maturing in 2020 at 1.85%, $3.0 million in 2021 at 1.70%, $2.0 million in 2022 at 1.69%, and $5.0 million in 2024 at 1.67%, respectively. During 2020, the Bank used the PPPLF to fund SBA PPP loans to ensure available borrowing availability from the FHLB was not impacted. Federal Reserve PPPLF advances are non-recourse and receive 100% value for the pledged PPP loan collateral. As of December 31, 2020, the Bank did not have any borrowings outstanding under the PPPLF. The Bank has access to this facility in 2021 for any new SBA PPP loans funded with the recent legislation in December 2020 that authorized another round of federal government funding. At December 31, 2020 and 2019, $0.3 million or 1% and $40.4 million or 100%, respectively, of the Bank’s long-term debt was fixed for rate and term, as the conversion optionality of the advances have either been exercised or expired. The contractual maturities of long-term debt were as follows at December 31, 2020: (dollars in thousands) December 31, 2020 Fixed-Rate Fixed-Rate Convertible Variable Convertible Total Due in 2021 $ — $ — $ — $ — Due in 2022 128 — — 128 Due in 2023 — — — — Due in 2024 — — — — Due in 2025 — — — — Thereafter 174 27,000 — 27,174 $ 302 $ 27,000 $ — $ 27,302 The Bank also has daily advances outstanding and short-term advances with terms of less than one year, which are classified as short-term borrowings. Daily advances are repayable at the Bank’s option at any time and are re-priced daily. There were no daily advances as of December 31, 2020 and December 31, 2019. The Bank had no short-term advances at December 31, 2020 and $5.0 million in short-term advances at December 31, 2019. Under the terms of an Agreement for Advances and Security Agreement with Blanket Floating Lien (the “Agreement”), the Bank maintains collateral with the FHLB consisting of 1-4 family residential first mortgage loans, second mortgage loans, commercial real estate and securities. The Agreement limits total advances to 30% of assets, which were $607.4 million and $538.8 million at December 31, 2020 and 2019, respectively. At December 31, 2020, $542.6 million of loans and securities were pledged or in safekeeping at the FHLB. Loans and securities are subject to collateral eligibility rules and are adjusted for market value and collateral value factors to arrive at lendable collateral values. At December 31, 2020, FHLB lendable collateral was valued at $434.6 million. At December 31, 2020, the Bank had total lendable pledged collateral at the FHLB of $257.8 million of which $187.5 million was available to borrow in addition to outstanding advances of $27.3 million and letter of credit of $43.0 million. Unpledged lendable collateral was $176.8 million, bringing total available borrowing capacity to $364.3 million at December 31, 2020. At December 31, 2019, $578.7 million of loans and securities were pledged or in safekeeping at the FHLB. Loans and securities are subject to collateral eligibility rules and are adjusted for market value and collateral value factors to arrive at lendable collateral values. At December 31, 2019, FHLB lendable collateral was valued at $458.1 million. At December 31, 2019, the Bank had total lendable pledged collateral at the FHLB of $304.6 million of which $216.3 million was available to borrow in addition to outstanding advances of $45.4 million. Unpledged lendable collateral was $153.5 million, bringing total available borrowing capacity to $369.8 million at December 31, 2019. The Bank has established a short-term credit facility with the Federal Reserve Bank of Richmond under its Borrower in Custody program. The Bank had segregated collateral sufficient to draw $6.0 million and $7.7 million under this agreement at December 31, 2020 and 2019, respectively. In addition, the Bank has established unsecured short-term credit facilities with other commercial banks totaling $32.0 million and $32.0 million at December 31, 2020 and 2019. Additionally, the Bank has a $40.0 million repurchase credit facility. The repurchase facility requires the pledging of securities as collateral. No amounts were outstanding under the Borrower in Custody or the unsecured and secured commercial lines at December 31, 2020 and 2019. |
Guaranteed Preferred Beneficial
Guaranteed Preferred Beneficial Interest in Junior Subordinated Debentures ("TRUPs") | 12 Months Ended |
Dec. 31, 2020 | |
Guaranteed Preferred Beneficial Interest in Junior Subordinated Debentures (TRUPs) [Abstract] | |
Guaranteed Preferred Beneficial Interest in Junior Subordinated Debentures ("TRUPs") | GUARANTEED PREFERRED BENEFICIAL INTEREST IN JUNIOR SUBORDINATED DEBENTURES (“TRUPs”) On June 15, 2005, Tri-County Capital Trust II (“Capital Trust II”), a Delaware business trust formed, funded and wholly-owned by the Company, issued $5.0 million of variable-rate capital securities in a private pooled transaction. The variable rate is based on the 90-day LIBOR rate plus 1.70%. The Trust used the proceeds from this issuance, along with the $0.2 million for Capital Trust II’s common securities, to purchase $5.2 million of the Company’s junior subordinated debentures. The interest rate on the debentures and the trust preferred securities is variable and adjusts quarterly. These capital securities qualify as Tier I capital and are presented in the Consolidated Balance Sheets as “Guaranteed Preferred Beneficial Interests in Junior Subordinated Debentures.” Both the capital securities of Capital Trust II and the junior subordinated debentures are scheduled to mature on June 15, 2035, unless called by the Company. On July 22, 2004, Tri-County Capital Trust I (“Capital Trust I”), a Delaware business trust formed, funded and wholly-owned by the Company, issued $7.0 million of variable-rate capital securities in a private pooled transaction. The variable rate is based on the 90-day LIBOR rate plus 2.60%. The Trust used the proceeds from this issuance, along with the Company’s $0.2 million capital contribution for Capital Trust I’s common securities, to purchase $7.2 million of the Company’s junior subordinated debentures. The interest rate on the debentures and the trust preferred securities is variable and adjusts quarterly. These debentures qualify as Tier I capital and are presented in the Consolidated Balance Sheets as “Guaranteed Preferred Beneficial Interests in Junior Subordinated Debentures.” Both the capital securities of Capital Trust I and the junior subordinated debentures are scheduled to mature on July 22, 2034, unless called by the Company. |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Notes | SUBORDINATED NOTES On February 6, 2015 the Company issued $23.0 million of unsecured 6.25% fixed-to-floating-rate subordinated notes due February 15, 2025 (“subordinated notes”). The subordinated notes qualified as Tier 2 regulatory capital and replaced SBLF Tier 1 capital. The subordinated notes were not listed on any securities exchange or included in any automated dealer quotation system and there was no market for the notes. The notes were unsecured obligations and were subordinated in right of payment to all existing and future senior debt, whether secured or unsecured. The notes were not guaranteed obligations of any of the Company’s subsidiaries. Interest accrued at a fixed per annum rate of 6.25% from and including the issue date to but excluding February 15, 2020. The subordinated notes were able to be redeemed in whole or in part on February 15, 2020. The redemption price was equal to 100% of the principal amount of the subordinated notes to be redeemed plus accrued and unpaid interest to the date of redemption. On December 31, 2019, the Company issued a total of 312,747 shares of its common stock, par value $0.01 in a private placement offering. The Company received net proceeds of $10.6 million after deal expenses. On February 15, 2020, the Company used the proceeds and a cash dividend from the Bank to redeem the Company's outstanding $23.0 million of 6.25% fixed to floating rate subordinate notes. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Capital | REGULATORY CAPITAL The Bank’s primary regulator is the Federal Deposit Insurance Corporation (“FDIC”). The Bank is subject to regulation, supervision and regular examination by the Maryland Commissioner of Financial Regulation (the “Commissioner”) and the FDIC. The Company is subject to regulation, examination and supervision by the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Company and Bank are subject to the Basel III Capital Rules which establish a comprehensive capital framework for U.S. banking organizations. The rules implement the Basel Committee’s “Basel III” framework for strengthening international capital standards as well as certain provisions of the Dodd-Frank Act. The Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions compared to the previous U.S. risk-based capital rules. The Basel III Capital Rules define the components of capital and address other issues affecting the numerator in banking institutions’ regulatory capital ratios. The Basel III Capital Rules also address risk weights and other issues affecting the denominator in banking institutions’ regulatory capital ratios and replace the existing risk-weighting approach with a more risk-sensitive approach. The Basel III Capital Rules also implement the requirements of Section 939A of the Dodd-Frank Act to remove references to credit ratings from the federal banking agencies’ rules. The rules include a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio (“Min. Ratio”) of Total Capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer (“CCB”) is also established above the regulatory minimum capital requirements. The capital conservation buffer was phased-in over a three-year period before reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the rules. The rules revised the definition and calculation of Tier 1 capital, Total Capital, and risk-weighted assets. On April 13, 2020, the regulatory agencies published an interim final rule, which permits banking organizations to exclude from regulatory capital requirements SBA PPP covered loans pledged under the PPPLF. The interim final rule also clarifies that PPP covered loans as defined in section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) receive a zero percent risk weight. The interim final rule modifies the agencies’ capital rule and allows PPPLF-eligible banking organizations to neutralize the regulatory effects of PPP covered loans on their risk-based capital ratios, as well as PPP covered loans pledged under the PPPLF on their leverage capital ratios. When calculating leverage capital ratios, a banking organization may exclude from average total consolidated assets and, as applicable, total leverage exposure a PPP covered loan as of the date that it has been pledged under the PPPLF. Accordingly, a PPP covered loan that has not been pledged as collateral in connection with an extension of credit under the PPPLF would be included in the calculation of the banking organization’s average total consolidated assets and, as applicable, total leverage exposure. On November 30, 2020 the Federal Reserve Board and U.S. Department of Treasury jointly announced the extension of the PPPLF facility to March 31, 2021. As of December 31, 2020, and 2019, the Company and Bank were well-capitalized under the regulatory framework for prompt corrective action under the new Basel III Capital Rules. Management believes, as of December 31, 2020 and 2019, that the Company and the Bank met all capital adequacy requirements to which they were subject. The Company’s and the Bank’s actual regulatory capital amounts and ratios are presented in the following table. Regulatory Capital and Ratios The Company The Bank (dollars in thousands) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Common equity $ 198,013 $ 181,494 $ 217,142 $ 202,604 Goodwill (10,835) (10,835) (10,835) (10,835) Core deposit intangible (net of deferred tax liability) (1,129) (1,534) (1,129) (1,534) AOCI (gains) losses (4,504) (1,504) (4,504) (1,504) Common Equity Tier 1 Capital 181,545 167,621 200,674 188,731 TRUPs 12,000 12,000 — — Tier 1 Capital 193,545 179,621 200,674 188,731 Allowable reserve for credit losses and other Tier 2 adjustments 19,475 10,993 19,475 10,993 Subordinated notes 19,526 23,000 — — Tier 2 Capital $ 232,546 $ 213,614 $ 220,149 $ 199,724 Risk-Weighted Assets ("RWA") $ 1,582,581 $ 1,508,352 $ 1,580,786 $ 1,506,766 Average Assets ("AA") $ 2,025,061 $ 1,782,834 $ 2,023,325 $ 1,781,415 Regulatory Min. Ratio + CCB (1) Common Tier 1 Capital to RWA 7.00% 11.47 % 11.11 % 12.69 % 12.53 % Tier 1 Capital to RWA 8.50 12.23 11.91 12.69 12.53 Tier 2 Capital to RWA 10.50 14.69 14.16 13.93 13.26 Tier 1 Capital to AA (Leverage) (2) n/a 9.56 10.08 9.92 10.59 (1) The regulatory minimum capital ratio ("Min. Ratio") + the capital conservation buffer ("CCB"). (2) Tier 1 Capital to AA ("Leverage") has no capital conservation buffer defined. The prompt corrective action ("PCA") well capitalized is defined as 5.00%. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income "(AOCI)" | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income "(AOCI)" | ACCUMULATED OTHER COMPREHENSIVE INCOME ("AOCI") The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 (dollars in thousands) Net Unrealized Gains And Losses Net Unrealized Gains And Losses Beginning of period $ 1,504 $ (1,847) Other comprehensive income Other comprehensive gains, net of tax before reclassifications 1,977 2,600 Amounts reclassified for reclassification of HTM to AFS securities — 587 Amounts reclassified from accumulated other comprehensive gain 1,023 164 Net other comprehensive income $ 3,000 $ 3,351 End of period $ 4,504 $ 1,504 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | EARNINGS PER SHARE ("EPS") Basic earnings per common share represent income available to common shareholders, divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may have been issued by the Company related to outstanding unvested restricted stock unit and performance stock unit awards were determined using the treasury stock method. The Company has not granted any stock options since 2007 and all outstanding options expired on July 17, 2017. As of December 31, 2020 and 2019, there were no unvested restricted stock and performance stock unit awards which were excluded from the calculation as their effect would be anti-dilutive. Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows: (dollars in thousands) Years Ended December 31, 2020 2019 Net Income $ 16,136 $ 15,272 Average number of common shares outstanding 5,892,269 5,560,588 Dilutive effect of common stock equivalents 1,290 — Average number of shares used to calculate diluted EPS 5,893,559 5,560,588 Earnings Per Common Share Basic $ 2.74 $ 2.75 Diluted $ 2.74 $ 2.75 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Allocation of federal and state income taxes between current and deferred portions is as follows: Years Ended December 31, 2020 2019 Current Federal $ 6,412 $ 4,234 State 839 2,179 7,251 6,413 Deferred Federal (2,018) (547) State (739) (201) (2,757) (748) Income tax expense $ 4,494 $ 5,665 The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: 2020 2019 Amount Percent of Pre-Tax Income Amount Percent of Pre-Tax Income Expected income tax expense at federal tax rate $ 4,332 21.00 % $ 4,397 21.00 % State taxes net of federal benefit 1,071 5.19 % 1,745 8.33 % Nondeductible expenses 85 0.41 % 103 0.49 % Nontaxable income (396) (1.91 %) (277) (1.31 %) Income tax apportionment adjustment (743) (3.60) % — — % Other 145 0.70 % (303) (1.45 %) $ 4,494 21.79 % $ 5,665 27.06 % Income tax expense for 2019 was impacted by a change in the Company's state tax apportionment approach which was implemented during the first quarter of 2020 and included the impact of amended income tax filings of the Company and Bank. Management determined the change in tax position qualified as a change in estimate under FASB ASC Section 250. The net deferred tax assets in the accompanying balance sheets include the following components: 2020 2019 Deferred tax assets Allowance for loan losses $ 5,018 $ 3,011 Deferred compensation 3,218 3,239 Lease liability 2,090 2,338 OREO valuation allowance & expenses 718 457 Depreciation 158 50 Deferred fees 283 — Other 287 189 11,772 9,284 Deferred tax liabilities Fair value adjustments for acquired assets and liabilities 111 115 FHLB stock dividends 102 109 Unrealized gain on investment securities 1,627 585 Right of use asset 2,023 2,307 3,863 3,116 $ 7,909 $ 6,168 Retained earnings at December 31, 2020 and 2019 included approximately $1.2 million of bad debt deductions allowed for federal income tax purposes (the “base year tax reserve”) for which no deferred income tax has been recognized. If, in the future, this portion of retained earnings is used for any purpose other than to absorb bad debt losses, it would create income for tax purposes only and income taxes would be imposed at the then prevailing rates. The unrecorded income tax liability on the above amount was approximately $0.3 million at December 31, 2020 and 2019. The Company does not have uncertain tax positions that are deemed material and did not recognize any adjustments for unrecognized tax benefits. The Company’s policy is to recognize interest and penalties on income taxes as a component of tax expense. The Company is no longer subject to U.S. Federal tax examinations by tax authorities for years before 2017. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company has stock-based incentive arrangements to attract and retain key personnel. In May 2015, the 2015 Equity Compensation Plan (the “2015 plan”) was approved by shareholders, which authorizes the issuance of restricted stock, stock appreciation rights, stock units and stock options to the Board of Directors and key employees. Compensation expense for service-based awards is recognized over the vesting period. Performance-based awards are recognized based on a vesting schedule and the probability of achieving goals specified at the time of the grant. The 2015 plan replaced the 2005 Equity Compensation Plan. Stock-based compensation expense totaled $0.4 million, and $0.3 million for the years ended December 31, 2020 and 2019, respectively, which consisted of grants of restricted stock, restricted stock units and performance stock units. The Company granted restricted stock in accordance with the Plan. The vesting period for outstanding restricted stock grants is between three During 2020, the Company granted restricted stock units to the Board of Directors and key employees. Service based awards vest between one three three three The Company has outstanding restricted stock, restricted stock units, performance stock units in accordance with the Plan. As of December 31, 2020 and 2019, unrecognized stock compensation expense was $0.8 million and $0.3 million, respectively. The following tables summarize the unvested restricted stock, restricted stock unit, and performance stock unit awards outstanding at December 31, 2020 and 2019 respectively. Restricted Stock Restricted Stock Units Performance Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 14,440 $ 25.79 — $ — — $ — Granted 9,065 33.42 19,151 24.06 8,482 22.64 Vested (8,933) 34.02 — — — — Cancelled (442) 33.81 — — — — Nonvested at December 31, 2020 14,130 $ 32.77 19,151 $ 24.06 8,482 $ 22.64 Restricted Stock Restricted Stock Units Performance Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 25,473 $ 28.76 — $ — — $ — Granted 6,524 31.82 — — — — Vested (17,557) 25.83 — — — — Cancelled — — — — — — Nonvested at December 31, 2019 14,440 $ 25.79 — $ — — $ — |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The Company has an Employee Stock Ownership Plan (“ESOP”) that covers substantially all employees. Employees qualify to participate after one year of service and vest in allocated shares after three years of service. The ESOP acquires stock of the Company by purchasing shares. Dividends on ESOP shares are recorded as a reduction of retained earnings. Contributions are made at the discretion of the Board of Directors. ESOP contributions recognized for the years ended December 31, 2020, and 2019 totaled $0.2 million and $0.2 million, respectively. As of December 31, 2020 and 2019, the ESOP held 156,447 and 156,707 allocated shares and 13,175 and 17,325 unallocated shares. The approximate market values of the unallocated shares were $0.3 million and $0.6 million, respectively as of December 31, 2020 and 2019. The estimated value was determined using the Company’s closing stock price of $26.48 and $35.57 per share as of December 31, 2020 and 2019, respectively. In addition, salary and employee benefit expense for the years ended December 31, 2020 and December 31, 2019 included decreases of $39,000 and $3,000, respectively, for the net change of fair market value of leveraged ESOP shares allocated. The ESOP has promissory notes with the Company for the purchase of TCFC common stock for the benefit of the participants in the Plan of $0.5 million and $0.6 million at December 31, 2020 and 2019, respectively. The Bank is a guarantor of the ESOP debt with the Company. Loan terms are at prime rate plus one-percentage point and amortize over seven years. As principal is repaid, common shares are allocated to participants based on the participant account allocation rules described in the Plan. During the year ended December 31, 2020, $0.1 million or 4,150 ESOP shares were allocated with the payment of promissory notes. There were no purchases by the ESOP of the Company’s common shares with promissory notes or cash during 2020. During the year ended December 31, 2019, $0.2 million or 4,815 ESOP shares were allocated with the payment of promissory notes. This was offset by the purchase of 3,271 shares of the Company’s common shares for $39,000 with promissory notes by the ESOP and $63,000 in cash during the first and third quarters of 2019, respectively. The Company also has a 401(k) plan. The Company matches a portion of the employee contributions. This ratio is determined annually by the Board of Directors. In 2020 and 2019, the Company matched one-half of the first 8% of the employee’s contribution. Employees who have completed six months of service are covered under this defined contribution plan. Employee’s vest in the Company’s matching contributions after three years of service. For the years ended December 31, 2020 and 2019, the expense recorded for this plan totaled $0.5 million and $0.5 million, respectively. The Company maintains a non-qualified deferred compensation plan for the Board of Directors and certain key employees under which each participant may elect to defer all or any portion of board fees or salary otherwise payable. Deferred amounts under this plan will be distributed to participants following termination of service or on a specified date in either lump sum or over a period of one The Company has a separate non-qualified retirement plan for non-employee directors. Directors are eligible for a maximum benefit of $3,500 a year for ten years following retirement from the Board of Community Bank of the Chesapeake. The maximum benefit is earned at 15 years of service as a non-employee director. Full vesting occurs after two years of service. Expense recorded for this plan was $20,000 and $26,000 for the years ended December 31, 2020 and 2019, respectively. In addition, the Company has established individual supplemental retirement plans and life insurance benefits for certain key executives and officers of the Bank. The retirement plans provide retirement income payments for 15 years from the date of the employee’s expected retirement at age 65. The retirement benefit amount for each agreement is set at the discretion of the Board of Directors and vests from the date of the agreement. Expense recorded for the plans totaled $0.8 million and $0.9 million for 2020 and 2019, respectively. |
Restrictions on Cash and Amount
Restrictions on Cash and Amounts Due from Banks | 12 Months Ended |
Dec. 31, 2020 | |
Restrictions on Cash and Amounts Due from Banks [Abstract] | |
Restrictions on Cash and Amounts Due from Banks | RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKSThe Bank is required to maintain average balances on hand or with the Federal Reserve Bank. At December 31, 2020 and 2019, these required reserve balances amounted to $0 and $6.0 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES in the normal course of business, the Bank is party to financial instruments with commitments that extend credit to meet the financing needs of customers. These instruments may involve elements of credit and interest rate risk in excess of amounts recognized on the balance sheet. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments as it does for on-balance-sheet loans receivable. As of December 31, 2020, and 2019, the Bank had outstanding loan commitments, consisting of commitments issued to originate loans, of approximately $66.5 million and $96.6 million, respectively, excluding undisbursed portions of loans in process. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are issued primarily to support construction borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash or a secured interest in real estate as collateral to support those commitments for which collateral is deemed necessary. Standby letters of credit outstanding amounted to $20.0 million and $22.3 million at December 31, 2020 and 2019, respectively. In addition to the commitments noted above, customers had approximately $225.5 million and $230.5 million available under lines of credit at December 31, 2020 and 2019, respectively. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIESA member of the board directors of the Company is a shareholder in a law firm that provides ongoing legal services for the Company and its subsidiaries. During 2020 and 2019, the Company paid the law firm annual retainers of $113,000 and $110,000, respectively.Certain directors and executive officers and their related interests have loan transactions with the Company. Such loans were made in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with outsiders. Please see further details regarding Related Party Loans in Note 3 to the Consolidated Financial Statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company adopted FASB ASC Topic 820, “Fair Value Measurements” and FASB ASC Topic 825, “The Fair Value Option for Financial Assets and Financial Liabilities” , which provides a framework for measuring and disclosing fair value under generally accepted accounting principles. FASB ASC Topic 820 requires disclosures about the fair value of assets and liabilities recognized in the balance sheet in periods subsequent to initial recognition, whether the measurements are made on a recurring basis (for example, AFS investment securities) or on a nonrecurring basis (for example, impaired loans). FASB ASC Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC Topic 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company utilizes fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. AFS securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis such as loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. Under FASB ASC Topic 820, the Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine the fair value. These hierarchy levels are: Level 1 inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s quarterly valuation process. Transfers in and out of level 3 during a quarter are disclosed. There were no transfers between Level 1, 2 or 3 during the years ended December 31, 2020 and December 31, 2019. Following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Securities Available for Sale AFS investment securities are recorded at fair value on a recurring basis. Standard inputs include quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities (“GSEs”), municipal bonds and corporate debt securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Equity Securities Carried at Fair Value Through Income Equity securities carried at fair value through income are recorded at fair value on a recurring basis. Standard inputs include quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 equity securities include those traded on an active exchange, such as the New York Stock Exchange. Level 2 equity securities include mutual funds with asset-backed securities issued by government sponsored entities (“GSEs”) as the underlying investment supporting the fund. Equity securities classified as Level 3 include mutual funds with asset-backed securities in less liquid markets. Loans Receivable The Company does not record loans at fair value on a recurring basis; however, from time to time, a loan is considered impaired and an allowance for loan loss is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan are considered impaired. Management estimates the fair value of impaired loans using one of several methods, including the collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. Impaired loans not requiring a specific allowance represent loans for which the fair value of expected repayments or collateral exceed the recorded investment in such loans. At December 31, 2020 and 2019, substantially all impaired loans were evaluated based upon the fair value of the collateral. In accordance with FASB ASC 820, impaired loans where an allowance is established based on the fair value of collateral (loans with impairment) require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price (e.g., contracted sales price), the Company records the loan as nonrecurring Level 2. When the fair value of the impaired loan is derived from an appraisal, the Company records the loan as nonrecurring Level 3. Fair value is re-assessed at least quarterly or more frequently when circumstances occur that indicate a change in the fair value. The fair values of impaired loans that are not measured based on collateral values are measured using discounted cash flows and considered to be Level 3 inputs. Premises and Equipment Held For Sale Premises and equipment are adjusted to fair value upon transfer of the assets to premises and equipment held for sale. Subsequently, premises and equipment held for sale are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised value of the collateral or management's estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price (e.g., contracted sales price), the Company records the asset as nonrecurring Level 2. When the fair value of premises and equipment is derived from an appraisal or a cash flow analysis, the Company records the asset as nonrecurring Level 3. Other Real Estate Owned (“OREO”) OREO is adjusted to fair value upon transfer of the loans to foreclosed assets. Subsequently, OREO is carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price (e.g., contracted sales price), the Company records the foreclosed asset as nonrecurring Level 2. When the fair value is derived from an appraisal, the Company records the foreclosed asset at nonrecurring Level 3. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The tables below present the recorded amount of assets as of December 31, 2020 and December 31, 2019 measured at fair value on a recurring basis. (dollars in thousands) December 31, 2020 Description of Asset Fair Value Level 1 Level 2 Level 3 AFS securities Asset-backed securities issued by GSEs and U.S. Agencies MBS $ 34,953 $ — $ 34,953 $ — CMOs 127,447 — 127,447 — Asset-backed securities issued by Others: Residential CMOs 288 — 288 — Student Loan Trust ABSs 37,439 — 37,439 — U.S. government obligations 1,500 — 1,500 — Municipal bonds 44,478 — 44,478 — Total AFS securities $ 246,105 $ — $ 246,105 $ — Equity securities carried at fair value through income CRA investment fund $ 4,855 $ — $ 4,855 $ — Non-marketable equity securities Other equity securities $ 207 $ — $ 207 $ — (dollars in thousands) December 31, 2019 Description of Asset Fair Value Level 1 Level 2 Level 3 AFS securities Asset-backed securities issued by GSEs and U.S. Agencies MBS $ 36,092 $ — $ 36,092 $ — CMOs 146,932 — 146,932 — U.S. Agency 9,733 — 9,733 — Asset-backed securities issued by Others: Residential CMOs 371 — 371 — Callable GSE Agency Bonds 2,002 — 2,002 — Certificates of Deposit Fixed 250 — 250 — U.S. government obligations 1,489 — 1,489 — Municipal bonds 11,318 — 11,318 — Total AFS securities $ 208,187 $ — $ 208,187 $ — Equity securities carried at fair value through income CRA investment fund $ 4,669 $ — $ 4,669 $ — Non-marketable equity securities Other equity securities $ 209 $ — $ 209 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019 are included in the tables below. (dollars in thousands) December 31, 2020 Description of Asset Fair Value Level 1 Level 2 Level 3 Loans with impairment Commercial real estate $ 4,483 $ — $ — $ 4,483 Commercial loans — — — — Commercial equipment — — — — Total loans with impairment $ 4,483 $ — $ — $ 4,483 Premises and equipment held for sale $ 430 $ — $ — $ 430 Other real estate owned $ 3,109 $ — $ — $ 3,109 (dollars in thousands) December 31, 2019 Description of Asset Fair Value Level 1 Level 2 Level 3 Loans with impairment Commercial real estate $ 4,371 $ — $ — $ 4,371 Commercial loans 1,110 — — 1,110 Commercial equipment 2 — — 2 Total loans with impairment $ 5,483 $ — $ — $ 5,483 Premises and equipment held for sale $ 430 $ — $ — $ 430 Other real estate owned $ 7,773 $ — $ — $ 7,773 Loans with impairment have unpaid principal balances of $5.8 million and $6.3 million at December 31, 2020 and 2019, respectively. The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at December 31, 2020 and December 31, 2019. December 31, 2020 (dollars in thousands) Description of Asset Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Loans with impairment $ 4,483 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type, selling costs and current market conditions 0% - 50% - 23% Premises and equipment held for sale $ 430 Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. Management discount for property type and current market conditions 0% - 25% - 10% Other real estate owned $ 3,109 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 47% December 31, 2019 (dollars in thousands) Description of Asset Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Loans with impairment $ 5,483 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 13% Premises and equipment held for sale $ 430 Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. Management discount for property type and current market conditions 0% - 25% - 10% Other real estate owned $ 7,773 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 18% |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Financial instruments require disclosure of fair value information, whether or not recognized in the consolidated balance sheets, when it is practical to estimate the fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contractual obligation which requires the exchange of cash. Certain items are specifically excluded from the financial instrument fair value disclosure requirements, including the Company’s common stock, OREO, premises and equipment and other assets and liabilities. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Therefore, any aggregate unrealized gains or losses should not be interpreted as a forecast of future earnings or cash flows. Furthermore, the fair values disclosed should not be interpreted as the aggregate current value of the Company. Valuation Methodology During the three months ended March 31, 2018, the Company implemented “ ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities .” ASU 2016-01 requires public business entities to use the exit prices when measuring the fair value of financial instruments for disclosure purposes. The other requirements of ASU 2016-01 are described in Note 1. Fair values at December 31, 2020 and December 31, 2019 were measured using an “exit price” notion. The exit price notion uses a similar approach as the Company’s previous methodology for valuations that used discounted cash flows, but also incorporates other factors, such as enhanced credit risk, illiquidity risk and market factors that sometimes exist in exit prices in dislocated markets. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The implementation of ASU 2016-01 was most impactful to the Company’s loan portfolio because the Company’s other financial instruments have one or several other compensating factors (e.g., quoted market prices, lower credit risk, limited liquidity risk, short durations, etc.). Investment securities - Fair values are based on quoted market prices or dealer quotes. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. FHLB stock - Fair values are at cost, which is the carrying value of the securities. Accrued Interest Receivable - Carrying amount is the estimated fair value. Investment in bank owned life insurance (“BOLI”) - Fair values are at cash surrender value. Loans receivable - The fair values for non-impaired loans are estimated using discounted cash flow analysis, applying interest rates currently being offered for loans with similar terms and credit quality. Internal prepayment risk models are used to adjust contractual cash flows. Management estimates the fair value of impaired loans using one of several methods, including the collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. After evaluating the underlying collateral, the fair value is determined by allocating specific reserves from the allowance for loan losses to the impaired loans. Deposits - The fair values of checking accounts, saving accounts and money market accounts were the amount payable on demand at the reporting date. Time certificates - The fair value was determined using the discounted cash flow method. The discount rate was equal to the rate currently offered on similar products. Long-term debt and short-term borrowings - These were valued using the discounted cash flow method. The discount rate was equal to the rate currently offered on similar borrowings. Guaranteed preferred beneficial interest in junior subordinated securities ("TRUPs") - These were valued using discounted cash flows. The discount rate was equal to the rate currently offered on similar borrowings. Subordinated notes - These were valued using discounted cash flows. The discount rate was equal to the rate currently offered on similar borrowings. Off-balance sheet instruments - The Company charges fees for commitments to extend credit. Interest rates on loans for which these commitments are extended are normally committed for periods of less than one month. Fees charged on standby letters of credit and other financial guarantees are deemed to be immaterial and these guarantees are expected to be settled at face amount or expire unused. It is impractical to assign any fair value to these commitments. The Company’s estimated fair values of financial instruments are presented in the following tables. December 31, 2020 Carrying Amount Fair Value Fair Value Measurements Description of Asset (dollars in thousands) Level 1 Level 2 Level 3 Assets Investment securities - AFS $ 246,105 $ 246,105 $ — $ 246,105 $ — Equity securities carried at fair value through income 4,855 4,855 — 4,855 — Non-marketable equity securities in other financial institutions 207 207 — 207 — FHLB Stock 2,777 2,777 — 2,777 — Net loans receivable 1,594,075 1,581,922 — — 1,581,922 Accrued Interest Receivable 8,717 8,717 — 8,717 — Investment in BOLI 38,061 38,061 — 38,061 — Liabilities Savings, NOW and money market accounts $ 1,391,746 $ 1,391,746 $ — $ 1,391,746 $ — Time deposits 353,856 355,478 — 355,478 — Short-term borrowings — — — — — Long-term debt 27,302 27,805 — 27,805 — TRUPs 12,000 9,444 — 9,444 — Subordinated notes 19,526 20,106 — 20,106 — December 31, 2019 Carrying Amount Fair Value Fair Value Measurements Description of Asset (dollars in thousands) Level 1 Level 2 Level 3 Assets Investment securities - AFS $ 208,187 $ 208,187 $ — $ 208,187 $ — Equity securities carried at fair value through income 4,669 4,669 — 4,669 — Non-marketable equity securities in other financial institutions 209 209 — 209 — FHLB Stock 3,447 3,447 — 3,447 — Net loans receivable 1,445,109 1,424,506 — — 1,424,506 Accrued Interest Receivable 5,019 5,019 — 5,019 — Investment in BOLI 37,180 37,180 — 37,180 — Liabilities Savings, NOW and money market accounts $ 1,117,668 $ 1,117,668 $ — $ 1,117,668 $ — Time deposits 394,169 396,492 — 396,492 — Short-term borrowings 5,000 5,007 — 5,007 — Long-term debt 40,370 40,588 — 40,588 — TRUPs 12,000 10,129 — 10,129 — Subordinated notes 23,000 23,031 — 23,031 — At December 31, 2020 and 2019, the Company had outstanding loan commitments of $66.5 million and $96.6 million, respectively, and standby letters of credit of $20.0 million and $22.3 million, respectively. Additionally, at December 31, 2020 and 2019, customers had $225.5 million and $230.5 million, respectively, available and unused on lines of credit, which include lines of credit for commercial customers, home equity loans as well as builder and construction lines. Based on the short-term lives of these instruments, the Company does not believe that the fair value of these instruments differs significantly from their carrying values. The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2020 and 2019, respectively. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these Consolidated Financial Statements since that date and, therefore, current estimates of fair value may differ significantly from the amount presented herein. |
Condensed Financial Statements
Condensed Financial Statements - Parent Company Only | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements - Parent Company Only | CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY Balance Sheets (dollars in thousands) December 31, 2020 2019 Assets Cash - noninterest bearing $ 12,076 $ 3,268 Cash - interest bearing — 10,759 Investment in wholly-owned subsidiaries 217,514 202,976 Other assets 1,423 1,214 Total Assets $ 231,013 $ 218,217 Liabilities and Stockholders' Equity Current liabilities $ 1,102 $ 1,351 Guaranteed preferred beneficial interest in junior subordinated debentures 12,372 12,372 Subordinated notes - 4.75% and 6.25%, respectively 19,526 23,000 Total Liabilities 33,000 36,723 Stockholders' Equity Common stock 59 59 Additional paid in capital 95,965 95,474 Retained earnings 97,944 85,059 Accumulated other comprehensive income 4,504 1,504 Unearned ESOP shares (459) (602) Total Stockholders’ Equity 198,013 181,494 Total Liabilities and Stockholders’ Equity $ 231,013 $ 218,217 Condensed Statements of Income (dollars in thousands) Years Ended December 31, 2020 2019 Interest and Dividend Income Dividends from subsidiary $ 17,000 $ 4,500 Interest income 46 65 Interest expense 779 2,023 Net Interest Income 16,267 2,542 Miscellaneous expenses (2,302) (2,408) Income before income taxes and equity in undistributed net income of subsidiary 13,965 134 Federal and state income tax benefit 647 954 Equity in undistributed net income of subsidiary 1,524 14,184 Net Income $ 16,136 $ 15,272 Condensed Statements of Cash Flows (dollars in thousands) Years Ended December 31, 2020 2019 Cash Flows from Operating Activities Net income $ 16,136 $ 15,272 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary (1,524) (14,184) Amortization of debt issuance costs 10 — Stock based compensation 343 329 (Increase) decrease in other assets (169) 164 (Increase) decrease in deferred income tax benefit (41) 11 (Decrease) increase in current liabilities (248) 126 Net Cash Provided by Operating Activities 14,507 1,718 Net Cash Provided by Investing Activities — — Cash Flows from Financing Activities Dividends paid (2,819) (2,668) Proceeds from public offering — 10,632 Capital to subsidiary (10,000) — Proceeds from subordinated notes - 4.75% 19,516 — Payment of subordinated notes - 6.25% (23,000) — Net change in unearned ESOP shares 143 116 Repurchase of common stock (298) (17) Net Cash (Used in) Provided by Financing Activities (16,458) 8,063 (Decrease) Increase in Cash (1,951) 9,781 Cash at Beginning of Year 14,027 4,246 Cash at End of Year $ 12,076 $ 14,027 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of The Community Financial Corporation and its wholly-owned subsidiary Community Bank of the Chesapeake (the “Bank”), and the Bank’s wholly-owned subsidiary Community Mortgage Corporation of Tri-County (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America and to general practices within the banking industry. |
Reclassification | Accounting Changes and Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. |
Nature of Operations | Nature of Operations The Company provides a variety of financial services to individuals and businesses through its offices in Southern Maryland and Fredericksburg, Virginia. Its primary deposit products are demand, savings and time deposits, and its primary lending products are commercial and residential mortgage loans, commercial loans, construction and land development loans, home equity and second mortgages and commercial equipment loans. |
Use of Estimates | Use of Estimates In preparing Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of OREO, the valuation of goodwill and deferred tax assets. |
COVID-19 | COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") as a global pandemic. The COVID-19 pandemic has adversely impacted many of the Company's customers and impaired their abilities to fulfill their financial obligations to the Company. In response to the likely effects on the economy from the pandemic, the Federal Open Market Committee reduced the federal funds rate from a target range of 1.50% to 1.75% to a target range of 0% to 0.25%. These reductions in interest rates along with other effects of the COVID-19 outbreak may adversely affect the Company's financial condition and results of operations. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located in the Fredericksburg area of Virginia and the Southern Maryland counties of Calvert, Charles and St. Mary’s. Notes 2 and 3 discuss the types of securities and loans held by the Company. The Company does not have significant concentration in any one customer or industry. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly-liquid debt instruments with original maturities of three months or less when purchased to be cash equivalents. |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity (“HTM”) and recorded at amortized cost. At December 31, 2020 the Company had no HTM securities. See Note 2 Securities for additional information. Securities purchased and held principally for trading in the near term are classified as “trading securities” and are reported at fair value, with unrealized gains and losses included in earnings. The Company held no trading securities for the years ended December 31, 2020 and 2019. Securities not classified as HTM or trading securities are classified as available for sale (“AFS”) and recorded at estimated fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Equity securities with readily-determinable fair values are recorded at fair value with unrealized gains and losses included in noninterest income in the consolidated statements of income. Debt securities are evaluated quarterly to determine whether a decline in their value is other-than-temporary impairment (“OTTI”). The term other-than-temporary is not necessarily intended to indicate a permanent decline in value. It means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the investment. Under accounting guidance, for recognition and presentation of other-than-temporary impairments the amount of other-than-temporary impairment that is recognized through earnings for debt securities is determined by comparing the present value of the expected cash flows to the amortized cost of the security. The discount rate used to determine the credit loss is the expected book yield on the security. The Company does not evaluate declines in the value of securities of Government Sponsored Enterprises (“GSEs”) or investments backed by the full faith and credit of the United States government (e.g. US Treasury Bills), for other-than-temporary impairment. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the estimated fair value of HTM and AFS securities below their cost that are deemed to be OTTI are reflected in earnings as realized losses. In estimating OTTI losses, management considers: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Investments in Federal Reserve Bank and Federal Home Loan Bank of Atlanta stocks are recorded at cost and are considered restricted as to marketability. The Bank is required to maintain investments in the Federal Home Loan Bank based upon levels of borrowings. |
Loans Held for Sale | Loans Held for Sale The Company exited the residential mortgage origination line of business in April 2015 for individual owner-occupied residential first mortgages and established third-party sources to supply its residential whole loan portfolio. The Company continues to underwrite loans for non-owner-occupied residential rental properties. The Company may sell certain loans forward into the secondary market at a specified price with a specified date on a best efforts basis. These forward sales are derivative financial instruments. The Company does not recognize gains or losses due to interest rate changes for loans sold forward on a best efforts basis. The Bank had no loans held for sale at December 31, 2020 and 2019, respectively, and sold no 1-4 family residential mortgage loans for the year ended December 31, 2020 and 2019. |
Loans Receivable | Loans Receivable The Company originates real estate mortgages, construction and land development loans, commercial loans and consumer loans. The Company purchases residential owner-occupied first mortgages from established third parties. A substantial portion of the loan portfolio comprises loans throughout Southern Maryland and the Fredericksburg area of Virginia. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding unpaid principal balances, adjusted for the allowance for loan losses and any deferred fees or premiums. Interest income is accrued on the unpaid principal balance. Loan origination fees and premiums, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered credit impaired. Evidence of credit quality deterioration as of the purchase date may include statistics such as internal risk grade, past due and nonaccrual status, recent borrower credit scores and recent loan-to-value (“LTV”) percentages. Purchased credit-impaired (“PCI”) loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Management estimates the cash flows expected to be collected at acquisition using specific credit review of certain loans, quantitative credit risk, interest rate risk and prepayment risk models, and qualitative economic and environmental assessments, each of which incorporates our best estimates of current key relevant factors, such as property values, default rates, loss severity and prepayment speeds. Under the accounting guidance for PCI loans, the excess of the total cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan, or pool of loans, in situations where there is a reasonable expectation about the timing and amount of cash flows to be collected. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference and is available to absorb future charge-offs. In addition, subsequent to acquisition, management periodically evaluates estimated cash flows expected to be collected. These evaluations require the continued usage of key assumptions and estimates, similar to the initial estimate of fair value. Estimates of cash flows for PCI loans require significant judgment given the impact of property value changes, changing loss severities, prepayment speeds and other relevant factors. Decreases in the expected cash flows will generally result in a charge to the provision for loan losses resulting in an increase to the allowance for loan losses. Significant increases in the expected cash flows will generally result in an increase in interest income over the remaining life of the loan, or pool of loans. Disposals of loans, which may include sales of loans to third parties, receipt of payments in full or part from the borrower or foreclosure of the collateral, result in removal of the loan from the PCI loan portfolio at its carrying amount. Loans are reviewed on a regular basis and are placed on non-accrual status when, in the opinion of management, the collection of additional interest is doubtful. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in the process of collection. Non-accrual loans include certain loans that are current with all loan payments and are placed on non-accrual status due to customer operating results and cash flows. Non-accrual loans are evaluated for impairment on a loan-by-loan basis in accordance with the Company’s impairment methodology. Consumer loans are typically charged-off no later than 90 days past due. Mortgage and commercial loans are fully or partially charged-off when in management’s judgment all reasonable efforts to return a loan to performing status have occurred. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected from loans that are placed on non-accrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. In 2019 the Bank entered into a Servicing and Intercreditor Agreement ("SIA") with a correspondent bank which allows us to offer interest rate protection to our customers. In most cases, the Bank is paid a referral fee for these transactions. COVID-19 Deferrals On March 22, 2020, federal banking regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation ("the agencies") issued an interagency statement on loan modifications and reporting for financial institutions working with customer affected by the Coronavirus. The interagency statement impacted accounting for loan modifications. Under Accounting Standards Codification 310-40, "Receivables - Troubled Debt Restructurings by Creditors." ("ASC 310-40"), a restructuring of debt constitutes a trouble debt restructure ("TDR") if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers, who were current prior to any relief, are not to be considered TDRs. This includes modification such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Under the March 22, 2020 interagency statement loan modifications were required to be executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The loan modification date was later extended to the earlier of (A) January 1, 2022 or (B) 60 after the date on which the national COVID-19 emergency terminates by the Consolidated Appropriations Act, 2021 that was signed into law by President Trump on December 27, 2020. Under the Coronavirus Aid, Relief and Economic Security ("CARES") Act, borrowers who were making payments as required and were not considered past due prior to becoming affected by COVID-19 and then receive payment accommodations as a result of the effects of COVID-19 generally would not be reported as past due or nonaccrual for regulatory and financial reporting during the accommodation period. Consistent with regulatory guidance, if new information during the deferral period indicates that there is evidence of default, the Bank may change the classification rating (e.g., change from passing credit to substandard) and accrual status (e.g., change from accrual to non-accrual status) as deemed appropriate. |
Allowance for Loan Losses and Impaired Loans | Allowance for Loan Losses and Impaired Loans The allowance for loan losses is established as probable losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan is uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management believes it has established its existing allowance for loan losses in accordance with U.S. GAAP and is in compliance with appropriate regulatory guidelines. Management regularly evaluates the allowance for loan losses considering historical collection experience, the composition and size of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses consists of a general and a specific component. The general component is based upon historical loss experience and a review of qualitative risk factors by portfolio segment (See Note 3 for a description of portfolio segments). The historical loss experience factor is tracked over various time horizons for each portfolio segment. Qualitative risk factors include trends by portfolio segment in charge-offs, delinquencies, classified loans, loan concentrations and the rate of portfolio segment growth as well as an assessment of the current regulatory environment, the quality of credit administration and loan portfolio management, and national and local economic trends. The specific component of the allowance for loan losses relates to individual impaired loans with an identified impairment loss. The Company evaluates substandard and doubtful classified loans, loans delinquent 90 days or greater, non-accrual loans and troubled debt restructured loans (“TDRs”) to determine whether a loan is impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. In determining impairment, management considers payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, considering the length of the delay, the reasons for the delay, the borrower’s payment record and the amount of the shortfall in relation to the principal and interest owed. Loans not impaired are included in the pool of loans evaluated in the general component of the allowance. If a specific loan is deemed to be impaired, it is evaluated for impairment. Impairment is measured on a loan-by-loan basis using one of three acceptable methods: the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral, if the loan is collateral dependent. For loans that have an impairment, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than carrying value of that loan. The Company will use the fair value of collateral if repayment is expected solely from the collateral. TDRs are loans that have been modified to provide for a reduction or a delay in the payment of either interest or principal because of deterioration in the financial condition of the borrower. A loan extended or renewed at a stated interest rate equal to the current interest rate for new debt with similar risk is not considered a TDR. Once an obligation has been classified as a TDR it continues to be considered a TDR until paid in full or until the debt is refinanced and considered unimpaired. All TDRs are considered impaired and are evaluated for impairment on a loan-by-loan basis. The Company does not participate in any specific government or Company-sponsored loan modification programs. All restructured loan agreements are individual contracts negotiated with a borrower. |
Servicing | ServicingServicing assets are recognized as separate assets when rights are acquired or retained through the purchase or sale of financial assets and are evaluated for impairment based upon the estimated fair value of the rights as compared to amortized cost. Servicing fee income is recorded over the servicing period. Servicing assets are not a significant asset of the Bank's operations. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises, improvements and equipment are carried at cost, less accumulated depreciation and amortization, computed by the straight-line method over the estimated useful lives of the assets, which are as follows: Buildings and Improvements: 10 to 50 years Furniture and Equipment: three Automobiles: four Maintenance and repairs are charged to expense as incurred, while improvements that extend the useful life of premises and equipment are capitalized. For the years ended December 31, 2020 and 2019, the Company recognized depreciation expense of $1.6 million. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) and all subsequent ASUs that modified Topic 842.The Company leases certain properties and land under operating leases. The Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The right of use assets and lease liabilities are impacted by the length of the lease term and the rate used to discount the minimum lease payments to present value. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company's incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis. The Company's lease agreements often include one or more options to renew at the Company's discretion. If at lease inception, the Company reasonably expects to exercise the renewal option, the Company will include the extended term in the calculation of the right of use asset and lease liability. Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception over a similar term. For operating leases existing prior to January 1, 2019, the FHLB fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 was used. The Company's leases do not contain residual value guarantees. The Company's variable lease payments are expensed and classified as operating activities in the statement of cash flows. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations. |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the estimated fair value at the date of foreclosure less selling costs, establishing a new cost basis. Subsequent to foreclosure, management performs periodic valuations, and the assets are carried at the lower of the initial recorded carrying value (initial cost basis) or estimated fair value less the cost to sell. Based on updated valuations, the Bank has the ability to reverse valuation allowances recorded up to the amount of the initial cost basis. Revenues and expenses from operations and changes in the valuation allowance are included in noninterest expense. Gains or losses on disposition are included in noninterest expense. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Business Combinations | Business Combinations U.S. GAAP requires that the acquisition method of accounting be used for all business combinations and that an acquirer be identified for each business combination. Under U.S. GAAP, the acquirer is the entity that obtains control of one or more businesses in the business combination, and the acquisition date is the date the acquirer achieves control. U.S. GAAP requires that the acquirer recognize the fair value of assets acquired, liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date. The Company determines the fair values of loans, core deposit intangible, and deposits with the assistance of a third-party vendor. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Goodwill is assigned to reporting units and tested for impairment at least annually in the fourth quarter or on an interim basis if an event occurs or circumstances changed that would more likely than not reduce the fair value of the reporting unit below its carrying value. See Note 4 – Goodwill and Other Intangible Assets. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return with its subsidiaries. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws and when it is considered more likely than not that deferred tax assets will be realized. It is the Company’s policy to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. |
Off Balance Sheet Credit Related Financial Instruments | Off Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial lines of credit, letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. |
Stock-Based Compensation | Stock-Based Compensation The Company has stock-based incentive arrangements to attract and retain key personnel in order to promote the success of the business. In May 2015, the 2015 Equity Compensation Plan (the “2015 plan”) was approved by shareholders, which authorizes the issuance of restricted stock, stock appreciation rights, stock units and stock options to the Board of Directors and key employees. Compensation cost for all stock-based awards is measured at fair value on the date of grant and recognized as expense over the service period, net of estimated forfeitures. The estimation of stock awards that ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such differences will be recorded as adjustments in the periods the estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class and historical experience. The Company and the Bank currently maintain incentive compensation plans which provide for payments to be made in cash or other share-based compensation. The Company has accrued the full amounts due under these plans. |
Earnings Per Common Share ("EPS") | Earnings Per Common Share (“EPS”) Basic earnings per common share represent income available to common stockholders, divided by the weighted average number of common shares outstanding during the period. Unencumbered shares held by the Employee Stock Ownership Plan (“ESOP”) are treated as outstanding in computing earnings per share. Shares issued to the ESOP but pledged as collateral for loans obtained to provide funds to acquire the shares are not treated as outstanding in computing earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential dilutive common shares are determined using the treasury stock method and include incremental shares issuable upon the exercise of stock options and other share-based compensation awards. The Company excludes from the diluted EPS calculation anti-dilutive options, because the exercise price of the options was greater than the average market price of the common shares. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. On January 1, 2018, the Company adopted ASU 2014-9 and all subsequent ASUs that modified ASU 2014-9, which have been codified in ASC Topic 606. Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Adoption of the amendments to the revenue recognition principles, did not materially change our accounting policies |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on AFS securities, are reported as components of comprehensive income as a separate statement in the Consolidated Statements of Comprehensive Income. Additionally, the Company discloses accumulated other comprehensive income as a separate component in the equity section of the balance sheet. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the existing “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, HTM securities, loan commitments, and financial guarantees. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses. The ASU also simplifies the accounting model for Purchase Credit Impaired (“PCI”) debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company has formed a CECL committee with representation from various departments. The committee has selected a third-party vendor solution to assist us in the application of the ASU 2016-13. The committee continues to make progress in accordance with the Company's plan for adoption. The Company has developed new expected credit loss estimation models, depending on the nature of each identified pool of financial assets with similar risk characteristics, and is currently reviewing and analyzing the different methodologies to estimate expected credit losses. The Company is also documenting new processes and controls, challenging estimated credit loss model assumptions and outputs, refining the qualitative framework as well as drafting policies and disclosures. Additionally, parallel runs will be enhanced throughout 2021 as the processes, controls, and policies are finalized. The adoption of the ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model to an “expected loss” model. Furthermore, ASU 2016-13 will necessitate the establishment of an allowance for expected credit losses for certain debt securities and other financial assets. In December 2019, the FASB issued ASU No 2019-10, Financial Instruments - Credit Losses (Topic 326). This update amends the effective date of ASU 2016-13 for certain entities, including smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods. Early adoption is permitted. The one-time determination date for identifying as a smaller reporting company was November 15, 2019. The Company met the definition of a smaller reporting company as of that date and plans to adopt the standard with the amended effective date. The Company continues to work through implementation and continues collecting and retaining loan and credit data and evaluating various loss estimation models. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. While we currently cannot reasonable estimate the impact of adopting this standard, we expect the impact will be influenced by the composition, characteristics and quality of our loan and securities portfolios, as well as the general economic conditions and forecasts as of the adoption date. ASU 2017-04 - Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company adopted ASU 2017-04 on January 1, 2020 and it did not have a material impact on the Company's Consolidated Financial Statements. ASU 2019-04 - In April 2019, the FASB issued ASU No. 2019-04 which codifies improvements to Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), Financial Instruments (Topic 825). With respect to Topic 326, ASU 2019-04 clarifies the scope of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. With respect to Topic 825, ASU 2019-04 clarifies the scope of the guidance for recognizing and measuring financial instruments, the requirement for remeasurement under ASC 820 when using the measurement alternative, which equity securities have to be remeasured at historical exchange rates, and certain disclosure requirements. The amendments to Topic 326 have the same effective dates as ASU 2016-13. The Company is currently evaluating the potential impact of Topic 326 amendments on the Company's Consolidated Financial Statements. The Company adopted the amendments to Topic 825 on January 1, 2020 and there was no material impact on the Company's Consolidated Financial Statements. ASU 2019-05 - Financial Instruments-Credit Losses (Topic 326) . In May 2019, the FASB issued ASU No. 2019-05. This ASU allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to HTM debt securities. Entities are required to make this election on an instrument-by-instrument basis. The Company plans to adopt ASU 2019-05 upon adoption of ASU 2016-13 unless an earlier adoption is permitted in an accounting update. The Company is evaluating the impact of electing the fair value option of ASU 2019-05 on the Company's Consolidated Financial Statements. ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments-Credit Losses. In November 2019, the FASB issued ASU 2019-11 to address issues raised by stakeholders during the implementation of ASU 2016-13. Among other narrow-scope improvements, ASU 2019-11 clarifies guidance around how to report expected recoveries and reinforces existing guidance that prohibits organizations from recording negative allowances for AFS debt securities. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in ASU 2016-13. Thus, ASU 2019-11 will be effective for us on January 1, 2023. ASU 2020-02 - Financial Instruments-Credit Losses (Topic 326) and Leases (Topic 842 ). In February 2020, the FASB issued guidance to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin No. 119 related to the new credit losses standard and comments by the SEC staff related to the revised effective date of the new leases standard. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its Consolidated Financial Statements. ASU 2020-04 - Reference Rate Reform (Topic 848) . In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its Consolidated Financial Statements. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Amortized cost and fair values of investment securities at December 31, 2020 are summarized as follows: December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value AFS Securities Asset-backed securities issued by GSEs and U.S. Agencies Residential Mortgage Backed Securities ("MBS") $ 33,248 $ 1,735 $ 30 $ 34,953 Residential Collateralized Mortgage Obligations ("CMOs") 125,564 2,180 297 127,447 Asset-backed securities ("ABSs") issued by Others: Residential CMOs 292 5 9 288 Student Loan Trust ABSs 37,141 386 88 37,439 U.S. government obligations 1,500 — — 1,500 Municipal bonds 42,268 2,210 — 44,478 Total AFS Securities $ 240,013 $ 6,516 $ 424 $ 246,105 Equity securities carried at fair value through income CRA investment fund $ 4,855 $ — $ — $ 4,855 Non-marketable equity securities Other equity securities $ 207 $ — $ — $ 207 Total Investment Securities $ 245,075 $ 6,516 $ 424 $ 251,167 Amortized cost and fair values of investment securities at December 31, 2019 are summarized as follows: December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value AFS Securities Asset-backed securities issued by GSEs and U.S. Agencies Residential Mortgage Backed Securities ("MBS") $ 35,351 $ 754 $ 13 $ 36,092 Residential Collateralized Mortgage Obligations ("CMOs") 145,479 1,839 386 146,932 U.S. Agency 9,671 122 60 9,733 Asset-backed securities issued by Others: Residential CMOs 380 3 12 371 Callable GSE Agency Bonds 2,001 1 — 2,002 Certificates of Deposit Fixed 250 — — 250 U.S. government obligations 1,490 — 1 1,489 Municipal bonds 11,491 — 173 11,318 Total AFS Securities $ 206,113 $ 2,719 $ 645 $ 208,187 Equity securities carried at fair value through income CRA investment fund $ 4,669 $ — $ — $ 4,669 Non-marketable equity securities Other equity securities $ 209 $ — $ — $ 209 Total Investment Securities $ 210,991 $ 2,719 $ 645 $ 213,065 |
Schedule of Unrealized Loss on Investments | Gross unrealized losses and estimated fair value by length of time that the individual AFS securities have been in a continuous unrealized loss position at December 31, 2020 and 2019 were as follows: December 31, 2020 Less Than 12 Months More Than 12 Months Total (dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Losses Asset-backed securities issued by GSEs and U.S. Agencies $ 32,281 $ 320 $ 670 $ 7 $ 32,951 $ 327 Asset-backed securities issued by Others — — 87 9 87 9 Student Loan Trust ABSs 12,511 88 — — 12,511 88 $ 44,792 $ 408 $ 757 $ 16 $ 45,549 $ 424 December 31, 2019 Less Than 12 Months More Than 12 Months Total (dollars in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Losses Asset-backed securities issued by GSEs and U.S. Agencies $ 15,215 $ 63 $ 39,689 $ 336 $ 54,904 $ 399 U.S. SBA Debentures — — 4,744 60 4,744 60 Asset-backed securities issued by Others — — 136 12 136 12 Municipal bonds 11,318 173 — — 11,318 173 U.S. government obligations 1,489 1 — — 1,489 1 $ 28,022 $ 237 $ 44,569 $ 408 $ 72,591 $ 645 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2020 by contractual maturity, are shown below. The Company has allocated the AFS securities into the four maturity groups listed below using the expected average life of the individual securities based on statistics provided by industry sources. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. December 31, 2020 Available for Sale (dollars in thousands) Amortized Cost Estimated Fair Value Within one year $ 36,165 $ 37,084 Over one year through five years 60,669 62,209 Over five years through ten years 67,158 68,862 After ten years 76,021 77,950 Total AFS securities $ 240,013 $ 246,105 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans consist of the following: December 31, 2020 December 31, 2019 (dollars in thousands) Total % of Gross Portfolio Loans Total % of Gross Portfolio Loans Portfolio Loans: Commercial real estate $ 1,049,147 69.75 % $ 964,777 66.34 % Residential first mortgages 133,779 8.89 % 167,710 11.53 % Residential rentals 139,059 9.24 % 123,601 8.50 % Construction and land development 37,520 2.49 % 34,133 2.35 % Home equity and second mortgages 29,129 1.94 % 36,098 2.48 % Commercial loans 52,921 3.52 % 63,102 4.34 % Consumer loans 1,027 0.07 % 1,104 0.08 % Commercial equipment 61,693 4.10 % 63,647 4.38 % Gross portfolio loans 1,504,275 100.00 % 1,454,172 100.00 % Less: Net deferred costs 1,264 0.08 % 1,879 0.13 % Allowance for loan losses (19,424) (1.29) % (10,942) (0.75) % (18,160) (9,063) Net portfolio loans $ 1,486,115 $ 1,445,109 U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans $ 110,320 $ — Net deferred fees (2,360) — Net SBA PPP Loans $ 107,960 $ — Total Net Loans $ 1,594,075 $ 1,445,109 Gross Loans $ 1,614,595 $ 1,454,172 |
Non-accrual loans | Non-accrual loans as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 Non- accrual Delinquent Loans Number of Loans Non-accrual Current Loans Number of Loans Total Non-accrual Loans Total Number of Loans Commercial real estate $ 11,428 9 $ 5,184 9 $ 16,612 18 Residential first mortgages 335 2 459 2 794 4 Residential rentals — — 275 2 275 2 Home equity and second mortgages 202 2 293 1 495 3 Commercial equipment — — 46 3 46 3 $ 11,965 13 $ 6,257 17 $ 18,222 30 (dollars in thousands) December 31, 2019 Non- accrual Delinquent Loans Number of Loans Non-accrual Current Loans Number of Loans Total Non-accrual Loans Total Number of Loans Commercial real estate $ 10,562 11 $ 1,687 5 $ 12,249 16 Residential first mortgages — — 830 3 830 3 Residential rentals — — 937 5 937 5 Home equity and second mortgages 177 3 271 3 448 6 Commercial loans 1,807 2 1,320 1 3,127 3 Commercial equipment 241 5 25 1 266 6 $ 12,787 21 $ 5,070 18 $ 17,857 39 |
Past Due Financing Receivables | An analysis of past due loans as of December 31, 2020 and 2019 was as follows: (dollars in thousands) December 31, 2020 31-60 Days 61-89 Days 90 or Greater Days Total Past Due PCI Loans Current Total Loan Receivables Commercial real estate $ — $ — $ 11,428 $ 11,428 $ 1,572 $ 1,036,147 $ 1,049,147 Residential first mortgages — — 335 335 — 133,444 133,779 Residential rentals — — — — — 139,059 139,059 Construction and land dev. — — — — — 37,520 37,520 Home equity and second mtg. 167 — 202 369 406 28,354 29,129 Commercial loans — — — — — 52,921 52,921 Consumer loans 8 — — 8 — 1,019 1,027 Commercial equipment — 4 — 4 — 61,689 61,693 Total portfolio loans $ 175 $ 4 $ 11,965 $ 12,144 $ 1,978 $ 1,490,153 $ 1,504,275 U.S. SBA PPP loans $ — $ — $ — $ — $ — $ 110,320 $ 110,320 (dollars in thousands) December 31, 2019 31-60 Days 61-89 Days 90 or Greater Days Total Past Due PCI Loans Current Total Loan Receivables Commercial real estate $ — $ 217 $ 10,563 $ 10,780 $ 1,738 $ 952,259 $ 964,777 Residential first mortgages — — — — — 167,710 167,710 Residential rentals — — — — 295 123,306 123,601 Construction and land dev. — — — — — 34,133 34,133 Home equity and second mtg. 98 23 177 298 391 35,409 36,098 Commercial loans — — 1,807 1,807 — 61,295 63,102 Consumer loans — — — — — 1,104 1,104 Commercial equipment 52 159 231 442 — 63,205 63,647 Total portfolio loans $ 150 $ 399 $ 12,778 $ 13,327 $ 2,424 $ 1,438,421 $ 1,454,172 |
Impaired Loans, Including TDRs | Impaired loans, including TDRs, at December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized Commercial real estate $ 17,952 $ 11,915 $ 5,799 $ 17,714 $ 1,316 $ 17,729 $ 361 Residential first mortgages 2,001 1,989 — 1,989 — 2,043 70 Residential rentals 626 625 — 625 — 643 32 Home equity and second mtg. 568 555 — 555 — 559 15 Commercial equipment 527 472 40 512 40 531 30 Total $ 21,674 $ 15,556 $ 5,839 $ 21,395 $ 1,356 $ 21,505 $ 508 (dollars in thousands) December 31, 2019 Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized Commercial real estate $ 20,914 $ 15,919 $ 4,788 $ 20,707 $ 417 $ 21,035 $ 813 Residential first mortgages 1,921 1,917 — 1,917 — 1,962 86 Residential rentals 941 937 — 937 — 967 56 Home equity and second mtg. 524 510 — 510 — 519 23 Commercial loans 3,127 1,807 1,320 3,127 210 3,284 152 Commercial equipment 808 585 203 788 201 826 35 Total $ 28,235 $ 21,675 $ 6,311 $ 27,986 $ 828 $ 28,593 $ 1,165 |
TDRs, Included in Impaired Loans Schedule | TDRs, included in the impaired loan schedules above, as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 December 31, 2019 Dollars Number of Loans Dollars Number of Loans Commercial real estate $ 1,376 2 $ 1,420 3 Residential first mortgages 247 2 64 1 Commercial equipment 471 2 565 4 Total TDRs $ 2,094 6 $ 2,049 8 Less: TDRs included in non-accrual loans (1,522) (3) (1,399) (3) Total performing accrual TDR loans $ 572 3 $ 650 5 |
Allowance for Credit Losses on Financing Receivables | The following tables detail activity in the ALLL at and for the years ended December 31, 2020 and 2019, respectively. An allocation of the allowance to one category of loans does not prevent the Company from using that allowance to absorb losses in a different category. Year Ended December 31, 2020 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Commercial real estate $ 7,398 $ (944) $ 17 $ 7,273 $ 13,744 Residential first mortgages 464 — — 841 1,305 Residential rentals 397 — — 1,016 1,413 Construction and land development 273 — — 128 401 Home equity and second mortgages 149 (53) 9 156 261 Commercial loans 1,086 (1,027) 20 1,143 1,222 Consumer loans 10 (6) — 16 20 Commercial equipment 1,165 (328) 94 127 1,058 $ 10,942 $ (2,358) $ 140 $ 10,700 $ 19,424 Purchase Credit Impaired** $ — $ — $ — $ — $ — ** There is no allowance for loan loss on the PCI or the SBA PPP portfolios. A more detailed rollforward schedule will be presented if an allowance is required. Year Ended December 31, 2019 (dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Commercial real estate $ 6,882 $ (148) $ 15 $ 649 $ 7,398 Residential first mortgages 755 — — (291) 464 Residential rentals 498 (53) 46 (94) 397 Construction and land development 310 (329) — 292 273 Home equity and second mortgages 133 (28) 6 38 149 Commercial loans 1,482 (1,127) 40 691 1,086 Consumer loans 6 (5) 2 7 10 Commercial equipment 910 (685) 102 838 1,165 $ 10,976 $ (2,375) $ 211 $ 2,130 $ 10,942 Purchase Credit Impaired** $ — $ — $ — $ — $ — ** There is no allowance for loan loss on the PCI portfolios. A more detailed rollforward schedule will be presented if an allowance is required. |
Loan receivable and allowance balances disaggregated on basis of Company's impairment methodology | The following tables detail loan receivable and allowance balances disaggregated on the basis of the Company’s impairment methodology at December 31, 2020 and 2019, respectively. December 31, 2020 December 31, 2019 (dollars in thousands) Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Purchase Credit Impaired Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Purchase Credit Impaired Total Loan Receivables: Commercial real estate $ 17,714 $ 1,029,861 $ 1,572 $ 1,049,147 $ 20,707 $ 942,332 $ 1,738 $ 964,777 Residential first mortgages 1,989 131,790 — 133,779 1,917 165,793 — 167,710 Residential rentals 625 138,434 — 139,059 937 122,369 295 123,601 Construction and land development — 37,520 — 37,520 — 34,133 — 34,133 Home equity and second mortgages 555 28,168 406 29,129 510 35,197 391 36,098 Commercial loans — 52,921 — 52,921 3,127 59,975 — 63,102 Consumer loans — 1,027 — 1,027 — 1,104 — 1,104 Commercial equipment 512 61,181 — 61,693 788 62,859 — 63,647 $ 21,395 $ 1,480,902 $ 1,978 $ 1,504,275 $ 27,986 $ 1,423,762 $ 2,424 $ 1,454,172 Allowance for loan losses: Commercial real estate $ 1,316 $ 12,428 $ — $ 13,744 $ 417 $ 6,981 $ — $ 7,398 Residential first mortgages — 1,305 — 1,305 — 464 — 464 Residential rentals — 1,413 — 1,413 — 397 — 397 Construction and land development — 401 — 401 — 273 — 273 Home equity and second mortgages — 261 — 261 — 149 — 149 Commercial loans — 1,222 — 1,222 210 876 — 1,086 Consumer loans — 20 — 20 — 10 — 10 Commercial equipment 40 1,018 — 1,058 201 964 — 1,165 $ 1,356 $ 18,068 $ — $ 19,424 $ 828 $ 10,114 $ — $ 10,942 |
Credit Quality Indicators | Credit quality indicators as of December 31, 2020 and 2019 were as follows: Credit Risk Profile by Internally Assigned Grade (dollars in thousands) Commercial Real Estate Construction and Land Dev. Residential Rentals 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 162,434 $ 102,695 $ 1,036 $ 2,075 $ 47,605 $ 38,139 Pass 866,648 840,403 36,484 32,058 90,633 84,811 Special mention 2,417 — — — 821 — Substandard 17,648 21,679 — — — 651 Doubtful — — — — — — Loss — — — — — — Total $ 1,049,147 $ 964,777 $ 37,520 $ 34,133 $ 139,059 $ 123,601 (dollars in thousands) Commercial Loans Commercial Equipment Total Commercial Portfolios 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 12,962 $ 16,754 $ 26,585 $ 26,045 $ 250,622 $ 185,708 Pass 39,959 43,221 31,091 37,399 1,064,815 1,037,892 Special mention — — 3,977 — 7,215 — Substandard — 3,127 40 203 17,688 25,660 Doubtful — — — — — — Loss — — — — — — Total $ 52,921 $ 63,102 $ 61,693 $ 63,647 $ 1,340,340 $ 1,249,260 (dollars in thousands) Non-Commercial Portfolios** U.S. SBA PPP Loans Total All Portfolios 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Unrated $ 136,792 $ 164,991 $ 110,320 $ — $ 497,734 $ 350,699 Pass 25,125 38,718 — — 1,089,940 1,076,610 Special mention 457 — — — 7,672 — Substandard 1,561 1,203 — — 19,249 26,863 Doubtful — — — — — — Loss — — — — — — Total $ 163,935 $ 204,912 $ 110,320 $ — $ 1,614,595 $ 1,454,172 ** Non-commercial portfolios are generally evaluated based on payment activity but may be risk graded if part of a larger commercial relationship or are credit impaired (e.g., non-accrual loans, TDRs). Credit Risk Profile Based on Payment Activity (Non-Commercial Portfolios) (dollars in thousands) Residential First Mortgages Home Equity and Second Mtg. Consumer Loans 12/31/2020 12/31/2019 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Performing $ 133,444 $ 167,710 $ 28,927 $ 35,921 $ 1,027 $ 1,104 Nonperforming 335 — 202 177 — — Total $ 133,779 $ 167,710 $ 29,129 $ 36,098 $ 1,027 $ 1,104 |
Certain Loans Acquired In Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Table | A summary of changes in the accretable yield for PCI loans for the year ended December 31, 2020 follows: Years Ended December 31, (dollars in thousands) 2020 2019 Accretable yield, beginning of period $ 677 $ 733 Accretion (225) (354) Reclassification from nonaccretable difference 25 330 Other changes, net (135) (32) Accretable yield, end of period $ 342 $ 677 |
Summary Of Acquired And Non Acquired Loans Table | The following is a summary of acquired and non-acquired loans as of December 31, 2020 and 2019: BY ACQUIRED AND NON-ACQUIRED December 31, 2020 % December 31, 2019 % Acquired loans - performing $ 58,999 3.66 % $ 74,654 5.13 % Acquired loans - purchase credit impaired ("PCI") 1,978 0.12 % 2,424 0.17 % Total acquired loans 60,977 3.78 % 77,078 5.30 % U.S. SBA PPP loans 110,320 6.83 % — — % Non-acquired loans** 1,443,298 89.39 % 1,377,094 94.70 % Gross loans 1,614,595 1,454,172 Net deferred costs (fees) (1,096) (0.07) % 1,879 0.13 % Total loans, net of deferred costs $ 1,613,499 $ 1,456,051 ** Non-acquired loans include loans transferred from acquired pools following release of acquisition accounting FMV adjustments. |
Related Party Loans | Activity in loans outstanding to executive officers and directors and their related interests are summarized as follows: (dollars in thousands) At and For the Years Ended December 31, 2020 2019 Balance, beginning of period $ 19,373 $ 35,290 Loans and additions 1,569 1,845 Change in Directors' status (2,617) (9,408) Repayments (1,958) (8,354) Balance, end of period $ 16,367 $ 19,373 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Goodwill and other intangible assets are presented in the tables below. (dollars in thousands) As of December 31, 2020 As of December 31, 2019 Goodwill $ 10,835 $ 10,835 |
Schedule of acquired intangible assets | As of December 31, 2020 As of December 31, 2019 (dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Core deposit intangibles $ 3,590 $ (2,063) $ 1,527 $ 3,590 $ (1,472) $ 2,118 |
Schedule of estimated amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2020 is as follows: (dollars in thousands) 2021 $ 495 2022 398 2023 302 2024 205 2025 109 Thereafter 18 $ 1,527 |
Premises and Equipment And Le_2
Premises and Equipment And Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2020 and 2019 follows: (dollars in thousands) December 31, 2020 2019 Land $ 4,406 $ 4,406 Building and improvements 25,043 25,001 Furniture and equipment 10,185 10,149 Automobiles 163 256 Total cost 39,797 39,812 Less accumulated depreciation (19,526) (18,150) Premises and equipment, net $ 20,271 $ 21,662 |
Lease, Cost | The table below details the Right of Use asset (net of accumulated amortization), lease liability and other information related to the Company's operating leases: (dollars in thousands) December 31, 2020 December 31, 2019 Operating Leases Operating lease right of use asset, net $ 7,831 $ 8,382 Operating lease liability $ 8,088 $ 8,495 Weighted average remaining lease term 18.21 years 18.80 years Weighted average discount rate 3.52 % 3.50 % Remaining lease term - min 0.7 years 0.0 years Remaining lease term - max 24.0 years 25.0 years The table below details the Company's lease cost, which is included in occupancy expense in the Consolidated Statements of Income. (dollars in thousands) December 31, 2020 December 31, 2019 Operating lease cost $ 791 $ 854 Cash paid for lease liability $ 697 $ 740 |
Schedule of operating lease liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: (dollars in thousands) As of December 31, 2020 Lease payments due: Within one year $ 670 After one but within two years 602 After two but within three years 612 After three but within four years 620 After four but within five years 658 After five years 8,115 Total undiscounted cash flows $ 11,277 Discount on cash flows (3,189) Total lease liability $ 8,088 Certain Bank facilities are leased under various operating leases. Future minimum rental commitments under non-cancellable operating leases are as follows at December 31, 2020: (dollar in thousands) 2021 $ 670 2022 602 2023 612 2024 620 2025 658 Thereafter 8,115 Total $ 11,277 |
Other Real Estate Owned ("ORE_2
Other Real Estate Owned ("OREO") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Analysis of OREO activity | OREO assets are presented net of the valuation allowance. The Company considers OREO as classified assets for regulatory and financial reporting. OREO carrying amounts reflect management’s estimate of the realizable value of these properties incorporating current appraised values, local real estate market conditions and related costs. An analysis of the activity follows. (dollars in thousands) Years Ended December 31, 2020 2019 Balance at beginning of year $ 7,773 $ 8,111 Additions of underlying property 1,240 3,567 Disposals of underlying property (2,882) (3,004) Valuation allowance (3,022) (901) Balance at end of period $ 3,109 $ 7,773 |
Expenses applicable to OREO assets | Expenses applicable to OREO assets included the following. (dollars in thousands) Years Ended December 31, 2020 2019 Valuation allowance $ 3,022 $ 901 Losses (gains) on dispositions 9 (188) Operating expenses 169 250 $ 3,200 $ 963 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits, by Type [Abstract] | |
Schedule of Deposits | Deposits consist of the following: (dollars in thousands) December 31, 2020 2019 Noninterest-bearing demand $ 362,079 $ 241,174 Interest-bearing: Demand 590,159 523,802 Money market deposits 340,725 283,438 Savings 98,783 69,254 Certificates of deposit 353,856 394,169 Total interest-bearing 1,383,523 1,270,663 Total Deposits $ 1,745,602 $ 1,511,837 |
Schedule of Deposits Maturities | At December 31, 2020 the scheduled contractual maturities of certificates of deposit are as follows: (dollars in thousands) December 31, 2020 Within one year $ 266,134 Year 2 62,144 Year 3 11,505 Year 4 5,441 Year 5 8,632 $ 353,856 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Related to the Classification of Debt Interest Rate | Rates and maturities on long-term advances and short-term borrowings were as follows: Fixed-Rate Fixed-Rate Convertible Variable Convertible December 31, 2020 Highest rate 2.75 % 0.79% n/a Lowest rate 1.00 % 0.43% n/a Weighted average rate 2.01 % 0.59% n/a Matures through 2036 2030 n/a December 31, 2019 Highest rate 2.92 % n/a n/a Lowest rate 1.00 % n/a n/a Weighted average rate 2.26 % n/a n/a Matures through 2036 n/a n/a |
Schedule of Debt | Average rates of long-term debt, short-term borrowings, and PPPLF advances were as follows: (dollars in thousands) At or for the Year Ended December 31, 2020 2019 Long-term debt Long-term debt outstanding at end of period $ 27,302 $ 40,370 Weighted average rate on outstanding long-term debt 0.61 % 2.31 % Maximum outstanding long-term debt of any month end 67,359 55,392 Average outstanding long-term debt 53,615 32,702 Approximate average rate paid on long-term debt 2.56 % 2.27 % Short-term borrowings Short-term borrowings outstanding at end of period $ — $ 5,000 Weighted average rate on short-term borrowings — % 1.81 % Maximum outstanding short-term borrowings at any month end 27,000 59,500 Average outstanding short-term borrowings 8,156 30,965 Approximate average rate paid on short-term borrowings 1.36 % 2.50 % PPPLF advances PPPLF advances outstanding at end of period $ — $ — Weighted average rate on PPPLF advances — % — % Maximum outstanding PPPLF advances at any month end 127,674 — Average outstanding PPPLF advances 60,360 — Approximate average rate paid on PPPLF advances 0.35 % — % |
Schedule of Maturities of Long-term Debt | The contractual maturities of long-term debt were as follows at December 31, 2020: (dollars in thousands) December 31, 2020 Fixed-Rate Fixed-Rate Convertible Variable Convertible Total Due in 2021 $ — $ — $ — $ — Due in 2022 128 — — 128 Due in 2023 — — — — Due in 2024 — — — — Due in 2025 — — — — Thereafter 174 27,000 — 27,174 $ 302 $ 27,000 $ — $ 27,302 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | The Company’s and the Bank’s actual regulatory capital amounts and ratios are presented in the following table. Regulatory Capital and Ratios The Company The Bank (dollars in thousands) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Common equity $ 198,013 $ 181,494 $ 217,142 $ 202,604 Goodwill (10,835) (10,835) (10,835) (10,835) Core deposit intangible (net of deferred tax liability) (1,129) (1,534) (1,129) (1,534) AOCI (gains) losses (4,504) (1,504) (4,504) (1,504) Common Equity Tier 1 Capital 181,545 167,621 200,674 188,731 TRUPs 12,000 12,000 — — Tier 1 Capital 193,545 179,621 200,674 188,731 Allowable reserve for credit losses and other Tier 2 adjustments 19,475 10,993 19,475 10,993 Subordinated notes 19,526 23,000 — — Tier 2 Capital $ 232,546 $ 213,614 $ 220,149 $ 199,724 Risk-Weighted Assets ("RWA") $ 1,582,581 $ 1,508,352 $ 1,580,786 $ 1,506,766 Average Assets ("AA") $ 2,025,061 $ 1,782,834 $ 2,023,325 $ 1,781,415 Regulatory Min. Ratio + CCB (1) Common Tier 1 Capital to RWA 7.00% 11.47 % 11.11 % 12.69 % 12.53 % Tier 1 Capital to RWA 8.50 12.23 11.91 12.69 12.53 Tier 2 Capital to RWA 10.50 14.69 14.16 13.93 13.26 Tier 1 Capital to AA (Leverage) (2) n/a 9.56 10.08 9.92 10.59 (1) The regulatory minimum capital ratio ("Min. Ratio") + the capital conservation buffer ("CCB"). (2) Tier 1 Capital to AA ("Leverage") has no capital conservation buffer defined. The prompt corrective action ("PCA") well capitalized is defined as 5.00%. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income "(AOCI)" (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component of accumulated other comprehensive income, net of tax, for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 (dollars in thousands) Net Unrealized Gains And Losses Net Unrealized Gains And Losses Beginning of period $ 1,504 $ (1,847) Other comprehensive income Other comprehensive gains, net of tax before reclassifications 1,977 2,600 Amounts reclassified for reclassification of HTM to AFS securities — 587 Amounts reclassified from accumulated other comprehensive gain 1,023 164 Net other comprehensive income $ 3,000 $ 3,351 End of period $ 4,504 $ 1,504 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows: (dollars in thousands) Years Ended December 31, 2020 2019 Net Income $ 16,136 $ 15,272 Average number of common shares outstanding 5,892,269 5,560,588 Dilutive effect of common stock equivalents 1,290 — Average number of shares used to calculate diluted EPS 5,893,559 5,560,588 Earnings Per Common Share Basic $ 2.74 $ 2.75 Diluted $ 2.74 $ 2.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Allocation of federal and state income taxes between current and deferred portions is as follows: Years Ended December 31, 2020 2019 Current Federal $ 6,412 $ 4,234 State 839 2,179 7,251 6,413 Deferred Federal (2,018) (547) State (739) (201) (2,757) (748) Income tax expense $ 4,494 $ 5,665 |
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: 2020 2019 Amount Percent of Pre-Tax Income Amount Percent of Pre-Tax Income Expected income tax expense at federal tax rate $ 4,332 21.00 % $ 4,397 21.00 % State taxes net of federal benefit 1,071 5.19 % 1,745 8.33 % Nondeductible expenses 85 0.41 % 103 0.49 % Nontaxable income (396) (1.91 %) (277) (1.31 %) Income tax apportionment adjustment (743) (3.60) % — — % Other 145 0.70 % (303) (1.45 %) $ 4,494 21.79 % $ 5,665 27.06 % |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets in the accompanying balance sheets include the following components: 2020 2019 Deferred tax assets Allowance for loan losses $ 5,018 $ 3,011 Deferred compensation 3,218 3,239 Lease liability 2,090 2,338 OREO valuation allowance & expenses 718 457 Depreciation 158 50 Deferred fees 283 — Other 287 189 11,772 9,284 Deferred tax liabilities Fair value adjustments for acquired assets and liabilities 111 115 FHLB stock dividends 102 109 Unrealized gain on investment securities 1,627 585 Right of use asset 2,023 2,307 3,863 3,116 $ 7,909 $ 6,168 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the unvested restricted stock awards outstanding | The following tables summarize the unvested restricted stock, restricted stock unit, and performance stock unit awards outstanding at December 31, 2020 and 2019 respectively. Restricted Stock Restricted Stock Units Performance Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2020 14,440 $ 25.79 — $ — — $ — Granted 9,065 33.42 19,151 24.06 8,482 22.64 Vested (8,933) 34.02 — — — — Cancelled (442) 33.81 — — — — Nonvested at December 31, 2020 14,130 $ 32.77 19,151 $ 24.06 8,482 $ 22.64 Restricted Stock Restricted Stock Units Performance Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested at January 1, 2019 25,473 $ 28.76 — $ — — $ — Granted 6,524 31.82 — — — — Vested (17,557) 25.83 — — — — Cancelled — — — — — — Nonvested at December 31, 2019 14,440 $ 25.79 — $ — — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The tables below present the recorded amount of assets as of December 31, 2020 and December 31, 2019 measured at fair value on a recurring basis. (dollars in thousands) December 31, 2020 Description of Asset Fair Value Level 1 Level 2 Level 3 AFS securities Asset-backed securities issued by GSEs and U.S. Agencies MBS $ 34,953 $ — $ 34,953 $ — CMOs 127,447 — 127,447 — Asset-backed securities issued by Others: Residential CMOs 288 — 288 — Student Loan Trust ABSs 37,439 — 37,439 — U.S. government obligations 1,500 — 1,500 — Municipal bonds 44,478 — 44,478 — Total AFS securities $ 246,105 $ — $ 246,105 $ — Equity securities carried at fair value through income CRA investment fund $ 4,855 $ — $ 4,855 $ — Non-marketable equity securities Other equity securities $ 207 $ — $ 207 $ — (dollars in thousands) December 31, 2019 Description of Asset Fair Value Level 1 Level 2 Level 3 AFS securities Asset-backed securities issued by GSEs and U.S. Agencies MBS $ 36,092 $ — $ 36,092 $ — CMOs 146,932 — 146,932 — U.S. Agency 9,733 — 9,733 — Asset-backed securities issued by Others: Residential CMOs 371 — 371 — Callable GSE Agency Bonds 2,002 — 2,002 — Certificates of Deposit Fixed 250 — 250 — U.S. government obligations 1,489 — 1,489 — Municipal bonds 11,318 — 11,318 — Total AFS securities $ 208,187 $ — $ 208,187 $ — Equity securities carried at fair value through income CRA investment fund $ 4,669 $ — $ 4,669 $ — Non-marketable equity securities Other equity securities $ 209 $ — $ 209 $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019 are included in the tables below. (dollars in thousands) December 31, 2020 Description of Asset Fair Value Level 1 Level 2 Level 3 Loans with impairment Commercial real estate $ 4,483 $ — $ — $ 4,483 Commercial loans — — — — Commercial equipment — — — — Total loans with impairment $ 4,483 $ — $ — $ 4,483 Premises and equipment held for sale $ 430 $ — $ — $ 430 Other real estate owned $ 3,109 $ — $ — $ 3,109 (dollars in thousands) December 31, 2019 Description of Asset Fair Value Level 1 Level 2 Level 3 Loans with impairment Commercial real estate $ 4,371 $ — $ — $ 4,371 Commercial loans 1,110 — — 1,110 Commercial equipment 2 — — 2 Total loans with impairment $ 5,483 $ — $ — $ 5,483 Premises and equipment held for sale $ 430 $ — $ — $ 430 Other real estate owned $ 7,773 $ — $ — $ 7,773 |
Unobservable Inputs Used In Level 3 Fair Value Measurements | The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at December 31, 2020 and December 31, 2019. December 31, 2020 (dollars in thousands) Description of Asset Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Loans with impairment $ 4,483 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type, selling costs and current market conditions 0% - 50% - 23% Premises and equipment held for sale $ 430 Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. Management discount for property type and current market conditions 0% - 25% - 10% Other real estate owned $ 3,109 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 47% December 31, 2019 (dollars in thousands) Description of Asset Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Loans with impairment $ 5,483 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 13% Premises and equipment held for sale $ 430 Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. Management discount for property type and current market conditions 0% - 25% - 10% Other real estate owned $ 7,773 Third party appraisals and in-house real estate evaluations of fair value Management discount for property type and current market conditions 0% - 50% - 18% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Fair Value, by Balance Sheet Grouping | The Company’s estimated fair values of financial instruments are presented in the following tables. December 31, 2020 Carrying Amount Fair Value Fair Value Measurements Description of Asset (dollars in thousands) Level 1 Level 2 Level 3 Assets Investment securities - AFS $ 246,105 $ 246,105 $ — $ 246,105 $ — Equity securities carried at fair value through income 4,855 4,855 — 4,855 — Non-marketable equity securities in other financial institutions 207 207 — 207 — FHLB Stock 2,777 2,777 — 2,777 — Net loans receivable 1,594,075 1,581,922 — — 1,581,922 Accrued Interest Receivable 8,717 8,717 — 8,717 — Investment in BOLI 38,061 38,061 — 38,061 — Liabilities Savings, NOW and money market accounts $ 1,391,746 $ 1,391,746 $ — $ 1,391,746 $ — Time deposits 353,856 355,478 — 355,478 — Short-term borrowings — — — — — Long-term debt 27,302 27,805 — 27,805 — TRUPs 12,000 9,444 — 9,444 — Subordinated notes 19,526 20,106 — 20,106 — December 31, 2019 Carrying Amount Fair Value Fair Value Measurements Description of Asset (dollars in thousands) Level 1 Level 2 Level 3 Assets Investment securities - AFS $ 208,187 $ 208,187 $ — $ 208,187 $ — Equity securities carried at fair value through income 4,669 4,669 — 4,669 — Non-marketable equity securities in other financial institutions 209 209 — 209 — FHLB Stock 3,447 3,447 — 3,447 — Net loans receivable 1,445,109 1,424,506 — — 1,424,506 Accrued Interest Receivable 5,019 5,019 — 5,019 — Investment in BOLI 37,180 37,180 — 37,180 — Liabilities Savings, NOW and money market accounts $ 1,117,668 $ 1,117,668 $ — $ 1,117,668 $ — Time deposits 394,169 396,492 — 396,492 — Short-term borrowings 5,000 5,007 — 5,007 — Long-term debt 40,370 40,588 — 40,588 — TRUPs 12,000 10,129 — 10,129 — Subordinated notes 23,000 23,031 — 23,031 — |
Condensed Financial Statement_2
Condensed Financial Statements - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Balance Sheets (dollars in thousands) December 31, 2020 2019 Assets Cash - noninterest bearing $ 12,076 $ 3,268 Cash - interest bearing — 10,759 Investment in wholly-owned subsidiaries 217,514 202,976 Other assets 1,423 1,214 Total Assets $ 231,013 $ 218,217 Liabilities and Stockholders' Equity Current liabilities $ 1,102 $ 1,351 Guaranteed preferred beneficial interest in junior subordinated debentures 12,372 12,372 Subordinated notes - 4.75% and 6.25%, respectively 19,526 23,000 Total Liabilities 33,000 36,723 Stockholders' Equity Common stock 59 59 Additional paid in capital 95,965 95,474 Retained earnings 97,944 85,059 Accumulated other comprehensive income 4,504 1,504 Unearned ESOP shares (459) (602) Total Stockholders’ Equity 198,013 181,494 Total Liabilities and Stockholders’ Equity $ 231,013 $ 218,217 |
Schedule of Condensed Income Statement | Condensed Statements of Income (dollars in thousands) Years Ended December 31, 2020 2019 Interest and Dividend Income Dividends from subsidiary $ 17,000 $ 4,500 Interest income 46 65 Interest expense 779 2,023 Net Interest Income 16,267 2,542 Miscellaneous expenses (2,302) (2,408) Income before income taxes and equity in undistributed net income of subsidiary 13,965 134 Federal and state income tax benefit 647 954 Equity in undistributed net income of subsidiary 1,524 14,184 Net Income $ 16,136 $ 15,272 |
Schedule of Condensed Cash Flow Statement | Condensed Statements of Cash Flows (dollars in thousands) Years Ended December 31, 2020 2019 Cash Flows from Operating Activities Net income $ 16,136 $ 15,272 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiary (1,524) (14,184) Amortization of debt issuance costs 10 — Stock based compensation 343 329 (Increase) decrease in other assets (169) 164 (Increase) decrease in deferred income tax benefit (41) 11 (Decrease) increase in current liabilities (248) 126 Net Cash Provided by Operating Activities 14,507 1,718 Net Cash Provided by Investing Activities — — Cash Flows from Financing Activities Dividends paid (2,819) (2,668) Proceeds from public offering — 10,632 Capital to subsidiary (10,000) — Proceeds from subordinated notes - 4.75% 19,516 — Payment of subordinated notes - 6.25% (23,000) — Net change in unearned ESOP shares 143 116 Repurchase of common stock (298) (17) Net Cash (Used in) Provided by Financing Activities (16,458) 8,063 (Decrease) Increase in Cash (1,951) 9,781 Cash at Beginning of Year 14,027 4,246 Cash at End of Year $ 12,076 $ 14,027 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)branchoperationCenterloanProductionOfficeloan | Dec. 31, 2019USD ($)loan | Apr. 30, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Number of operation centers | operationCenter | 2 | ||
Number of LPOs | loanProductionOffice | 4 | ||
Trading securities | $ 0 | $ 0 | |
Loans held for sale | $ 0 | $ 0 | |
Number of mortgage loans sold | loan | 0 | 0 | |
Occupancy expense, depreciation of premises and equipment and other | $ 1,600,000 | $ 1,600,000 | |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Property, Plant and Equipment [Line Items] | |||
Percentage status of loan in portfolio | 6.83% | 0.00% | |
Nonperforming Financial Instruments | |||
Property, Plant and Equipment [Line Items] | |||
Percentage status of loan in portfolio | 1.23% | 1.13% | |
Nonperforming Financial Instruments | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Property, Plant and Equipment [Line Items] | |||
Loan deferrals | $ 32,000,000 | ||
Loans deferred, original loan amount | $ 35,400,000 | ||
Percentage status of loan in portfolio | 2.35% | ||
Maryland and Virginia | |||
Property, Plant and Equipment [Line Items] | |||
Number of branches | branch | 12 | ||
Waldrof | |||
Property, Plant and Equipment [Line Items] | |||
Number of branches | branch | 2 | ||
Leonardtown, La Plata | |||
Property, Plant and Equipment [Line Items] | |||
Number of branches | branch | 2 | ||
Building and Building Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Building and Building Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Furniture and Fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Furniture and Fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Automobiles | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Automobiles | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 4 years |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)maturity_groupsecurity | Dec. 31, 2019USD ($)security | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Transfer from HTM to AFS | $ 83,100,000 | ||
Transfer, unrealized holding gain | 800,000 | ||
Reclassification adjustment for HTM to AFS securities, before tax | 600,000 | ||
Equity securities carried at fair value through income | 4,669,000 | $ 4,855,000 | $ 4,669,000 |
Other equity securities | 209,000 | 207,000 | 209,000 |
Asset backed securities pledged to secure certain deposits | 47,400,000 | 48,200,000 | 47,400,000 |
Asset backed securities pledged as collateral | 0 | $ 0 | $ 0 |
number of securities sold | security | 42 | 20 | |
Net gains on sale of investment securities | $ 1,384,000 | $ 226,000 | |
Securities available for sale ("AFS"), at fair value | 208,187,000 | 246,105,000 | 208,187,000 |
Amortized Cost of AFS securities | 206,113,000 | 240,013,000 | 206,113,000 |
Gross unrealized gains of AFS securities | 2,719,000 | 6,516,000 | 2,719,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 645,000 | 424,000 | 645,000 |
Other than temporary impairment losses, investments | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 72,591,000 | 45,549,000 | 72,591,000 |
Debt Securities, Held-to-maturity, Transfer, Deferred Tax Liability | 200,000 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 645,000 | $ 424,000 | 645,000 |
Number of AFS maturity groups | maturity_group | 4 | ||
Municipal bonds | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities available for sale ("AFS"), at fair value | 11,318,000 | $ 44,478,000 | 11,318,000 |
Amortized Cost of AFS securities | 11,491,000 | 42,268,000 | 11,491,000 |
Gross unrealized gains of AFS securities | 0 | 2,210,000 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 173,000 | 0 | 173,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 11,318,000 | 11,318,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 173,000 | 173,000 | |
Asset-backed securities issued by Others | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 136,000 | 87,000 | 136,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 12,000 | 9,000 | 12,000 |
Available for Sale Securities Sold | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities available for sale ("AFS"), at fair value | 31,600,000 | 62,500,000 | 31,600,000 |
Student Loan Trust and Other Collateralized Mortgage Obligations | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Amortized Cost of AFS securities | 12,600,000 | ||
Student Loan Trust Collateralized Mortgage Obligations | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 100,000 | ||
Student Loan Trust Loans | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Amortized Cost of AFS securities | $ 37,100,000 | ||
Debt Securities, Available-for-sale, Government Guaranty, Percent | 97.00% | ||
Asset Backed Securities Issued By States, Political Subdivisions or Agencies | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Amortized Cost of AFS securities | 11,500,000 | $ 0 | 11,500,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 200,000 | 200,000 | |
Asset-backed securities issued by GSEs and U.S. Agencies | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Amortized Cost of AFS securities | 56,800,000 | 33,300,000 | 56,800,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 54,904,000 | 32,951,000 | 54,904,000 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 399,000 | $ 327,000 | $ 399,000 |
Securities (Fair Value to Amort
Securities (Fair Value to Amortized Cost Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | $ 240,013 | $ 206,113 |
Gross unrealized gains of AFS securities | 6,516 | 2,719 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 424 | 645 |
Available for sale securities | 246,105 | 208,187 |
CRA investment fund | 4,855 | 4,669 |
Other equity securities | 207 | 209 |
Total investment securities, Amortized Cost | 245,075 | 210,991 |
Total investment securities, Gross Unrealized Gains | 6,516 | 2,719 |
Total investment securities, Gross Unrealized Losses | 424 | 645 |
Total investment securities, Estimated Fair Value | 251,167 | 213,065 |
Residential Mortgage Backed Securities ("MBS") | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 33,248 | 35,351 |
Gross unrealized gains of AFS securities | 1,735 | 754 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 30 | 13 |
Available for sale securities | 34,953 | 36,092 |
Residential Collateralized Mortgage Obligations ("CMOs") | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 125,564 | 145,479 |
Gross unrealized gains of AFS securities | 2,180 | 1,839 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 297 | 386 |
Available for sale securities | 127,447 | 146,932 |
U.S. Agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 9,671 | |
Gross unrealized gains of AFS securities | 122 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 60 | |
Available for sale securities | 9,733 | |
Residential CMOs | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 292 | 380 |
Gross unrealized gains of AFS securities | 5 | 3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 9 | 12 |
Available for sale securities | 288 | 371 |
Callable GSE Agency Bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 2,001 | |
Gross unrealized gains of AFS securities | 1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available for sale securities | 2,002 | |
Certificates of Deposit Fixed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 250 | |
Gross unrealized gains of AFS securities | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available for sale securities | 250 | |
Student Loan Trust ABSs | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 37,141 | |
Gross unrealized gains of AFS securities | 386 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 88 | |
Available for sale securities | 37,439 | |
U.S. government obligations | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 1,500 | 1,490 |
Gross unrealized gains of AFS securities | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 1 |
Available for sale securities | 1,500 | 1,489 |
Municipal bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost of AFS securities | 42,268 | 11,491 |
Gross unrealized gains of AFS securities | 2,210 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 173 |
Available for sale securities | 44,478 | 11,318 |
CRA investment fund | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
CRA investment fund | 4,855 | 4,669 |
Other equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other equity securities | $ 207 | $ 209 |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Loss on Investments, AFS) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Less than 12 months, fair value | $ 44,792 | $ 28,022 |
More than 12 months, fair value | 757 | 44,569 |
Fair value | 45,549 | 72,591 |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 408 | 237 |
More than 12 months, unrealized loss | 16 | 408 |
Unrealized loss | 424 | 645 |
Asset-backed securities issued by GSEs and U.S. Agencies | ||
Fair Value | ||
Less than 12 months, fair value | 32,281 | 15,215 |
More than 12 months, fair value | 670 | 39,689 |
Fair value | 32,951 | 54,904 |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 320 | 63 |
More than 12 months, unrealized loss | 7 | 336 |
Unrealized loss | 327 | 399 |
U.S. SBA Debentures | ||
Fair Value | ||
Less than 12 months, fair value | 0 | |
More than 12 months, fair value | 4,744 | |
Fair value | 4,744 | |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 0 | |
More than 12 months, unrealized loss | 60 | |
Unrealized loss | 60 | |
Asset-backed securities issued by Others | ||
Fair Value | ||
Less than 12 months, fair value | 0 | 0 |
More than 12 months, fair value | 87 | 136 |
Fair value | 87 | 136 |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 0 | 0 |
More than 12 months, unrealized loss | 9 | 12 |
Unrealized loss | 9 | 12 |
Municipal bonds | ||
Fair Value | ||
Less than 12 months, fair value | 11,318 | |
More than 12 months, fair value | 0 | |
Fair value | 11,318 | |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 173 | |
More than 12 months, unrealized loss | 0 | |
Unrealized loss | 173 | |
Student Loan Trust ABSs | ||
Fair Value | ||
Less than 12 months, fair value | 12,511 | |
More than 12 months, fair value | 0 | |
Fair value | 12,511 | |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 88 | |
More than 12 months, unrealized loss | 0 | |
Unrealized loss | $ 88 | |
U.S. government obligations | ||
Fair Value | ||
Less than 12 months, fair value | 1,489 | |
More than 12 months, fair value | 0 | |
Fair value | 1,489 | |
Unrealized Losses | ||
Less than 12 months, unrealized loss | 1 | |
More than 12 months, unrealized loss | 0 | |
Unrealized loss | $ 1 |
Securities (Investments Classif
Securities (Investments Classified by Contractual Maturity Date) (Details) - Asset-backed securities issued by GSEs $ in Thousands | Dec. 31, 2020USD ($) |
Available for Sale, Amortized Cost [Abstract] | |
Within one year | $ 36,165 |
Over one year through five years | 60,669 |
Over five years through ten years | 67,158 |
After ten years | 76,021 |
Total AFS securities | 240,013 |
Available for Sale, Estimated Fair Value [Abstract] | |
Within one year | 37,084 |
Over one year through five years | 62,209 |
Over five years through ten years | 68,862 |
After ten years | 77,950 |
Total AFS securities | $ 246,105 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)loanloanCategory | Dec. 31, 2019USD ($)loancustomer_relationship | Apr. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification from nonaccretable difference | $ 25,000 | $ 330,000 | |
Net deferred loan fee and premiums | 1,300,000 | 1,900,000 | |
Deferred loan fee paid by customers | 3,400,000 | 3,300,000 | |
Total deferred loan fee and premiums | 4,700,000 | 5,200,000 | |
Total Loan Receivables | $ 1,614,595,000 | 1,454,172,000 | |
Loans sold for payment, service rights retain, percent of outstanding balance | 0.25% | ||
Increase in non accrual loans | $ 400,000 | ||
Total Non-accrual Loans | $ 18,222,000 | $ 17,857,000 | |
Total number of loans | loan | 30 | 39 | |
Non-accrual Current Loans | $ 6,257,000 | $ 5,070,000 | |
Percentage of current loans on total non accrual loans | 34.00% | ||
Non- accrual Delinquent Loans | $ 11,965,000 | $ 12,787,000 | |
Percentage of delinquent loans on total non accrual loans | 66.00% | ||
Reserve for delinquent non accrual loans | $ 1,300,000 | ||
Total TDRs | loan | 6 | 8 | |
Increase in financial receivables past due | $ (1,200,000) | ||
Past due | 12,100,000 | $ 13,300,000 | |
Other changes, net | (135,000) | (32,000) | |
Financing receivable post modification recorded investment | $ 2,094,000 | $ 2,049,000 | |
Number of loans added to troubled debt restructuring | loan | 1 | 25,000 | |
Amount of loans added to troubled debt restructuring | $ 200,000 | ||
Unpaid Contractual Principal Balance | 21,674,000 | $ 28,235,000 | |
Total recorded investment | $ 21,395,000 | $ 27,986,000 | |
Performance TDR interest rate | 4.60% | 4.51% | |
Loan participations, loans sold, amount | $ 17,400,000 | $ 14,900,000 | |
Loan participations, loans purchased, amount | 8,700,000 | 3,400,000 | |
Net deferred costs (fees) | (1,096,000) | 1,879,000 | |
Loans Sold for Payment, Service Rights Retained, Amount | $ 23,900,000 | 32,900,000 | |
Number of loan categories | loanCategory | 2 | ||
YTD Interest Income Recognized | $ 508,000 | 1,165,000 | |
Net loans | 1,594,075,000 | 1,445,109,000 | |
Accrual TDR loans | 572,000 | 650,000 | |
Related Party Loans | Charitable And Community Organizations to Which Bank Executive Offices and Directors Volunteer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, related parties | $ 7,600,000 | $ 5,400,000 | |
Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, allowance percentage | 1.29% | 0.75% | |
Percentage status of loan in portfolio | 100.00% | 100.00% | |
Total Loan Receivables | $ 1,504,275,000 | $ 1,454,172,000 | |
Past due | 12,144,000 | 13,327,000 | |
Net deferred costs (fees) | 1,264,000 | 1,879,000 | |
Net loans | $ 1,486,115,000 | 1,445,109,000 | |
Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan security percentage | 80.00% | ||
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net loans | $ 107,960,000 | 0 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan security percentage | 80.00% | ||
Total Loan Receivables | $ 1,049,147,000 | 964,777,000 | |
Total Non-accrual Loans | $ 16,612,000 | $ 12,249,000 | |
Total number of loans | loan | 18 | 16 | |
Non-accrual Current Loans | $ 5,184,000 | $ 1,687,000 | |
Non- accrual Delinquent Loans | $ 11,428,000 | $ 10,562,000 | |
Total TDRs | loan | 2 | 3 | |
Financing receivable post modification recorded investment | $ 1,376,000 | $ 1,420,000 | |
Unpaid Contractual Principal Balance | 17,952,000 | 20,914,000 | |
Total recorded investment | 17,714,000 | 20,707,000 | |
YTD Interest Income Recognized | $ 361,000 | $ 813,000 | |
Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 69.75% | 66.34% | |
Total Loan Receivables | $ 1,049,147,000 | $ 964,777,000 | |
Past due | $ 11,428,000 | $ 10,780,000 | |
Commercial real estate | Commercial Construction Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 6.90% | 8.90% | |
Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase (decrease) in finance receivables | $ 22,000,000 | $ 41,000,000 | |
Total Loan Receivables | 133,779,000 | 167,710,000 | |
Total Non-accrual Loans | $ 794,000 | $ 830,000 | |
Total number of loans | loan | 4 | 3 | |
Non-accrual Current Loans | $ 459,000 | $ 830,000 | |
Non- accrual Delinquent Loans | $ 335,000 | $ 0 | |
Total TDRs | loan | 2 | 1 | |
Financing receivable post modification recorded investment | $ 247,000 | $ 64,000 | |
Unpaid Contractual Principal Balance | 2,001,000 | 1,921,000 | |
Total recorded investment | 1,989,000 | 1,917,000 | |
YTD Interest Income Recognized | $ 70,000 | $ 86,000 | |
Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 8.89% | 11.53% | |
Total Loan Receivables | $ 133,779,000 | $ 167,710,000 | |
Past due | 335,000 | 0 | |
Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 139,059,000 | 123,601,000 | |
Total Non-accrual Loans | $ 275,000 | $ 937,000 | |
Total number of loans | loan | 2 | 5 | |
Non-accrual Current Loans | $ 275,000 | $ 937,000 | |
Non- accrual Delinquent Loans | 0 | 0 | |
Unpaid Contractual Principal Balance | 626,000 | 941,000 | |
Total recorded investment | $ 625,000 | $ 937,000 | |
Number of properties secured as collateral | loan | 120 | 120 | |
YTD Interest Income Recognized | $ 32,000 | $ 56,000 | |
Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 9.24% | 8.50% | |
Total Loan Receivables | $ 139,059,000 | $ 123,601,000 | |
Past due | $ 0 | $ 0 | |
Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 2.50% | 2.40% | |
Total Loan Receivables | $ 37,520,000 | $ 34,133,000 | |
Construction and land development | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 2.49% | 2.35% | |
Total Loan Receivables | $ 37,520,000 | $ 34,133,000 | |
Past due | $ 0 | $ 0 | |
Home equity and second mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 1.90% | 2.50% | |
Total Loan Receivables | $ 29,129,000 | $ 36,098,000 | |
Total Non-accrual Loans | $ 495,000 | $ 448,000 | |
Total number of loans | loan | 3 | 6 | |
Non-accrual Current Loans | $ 293,000 | $ 271,000 | |
Non- accrual Delinquent Loans | 202,000 | 177,000 | |
Unpaid Contractual Principal Balance | 568,000 | 524,000 | |
Total recorded investment | 555,000 | 510,000 | |
YTD Interest Income Recognized | $ 15,000 | $ 23,000 | |
Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 1.94% | 2.48% | |
Total Loan Receivables | $ 29,129,000 | $ 36,098,000 | |
Past due | $ 369,000 | $ 298,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 3.50% | 4.30% | |
Total Loan Receivables | $ 52,921,000 | $ 63,102,000 | |
Total Non-accrual Loans | $ 3,127,000 | ||
Total number of loans | loan | 3 | ||
Non-accrual Current Loans | $ 1,320,000 | ||
Non- accrual Delinquent Loans | 1,807,000 | ||
Unpaid Contractual Principal Balance | 3,127,000 | ||
Total recorded investment | 3,127,000 | ||
YTD Interest Income Recognized | $ 152,000 | ||
Commercial loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 3.52% | 4.34% | |
Total Loan Receivables | $ 52,921,000 | $ 63,102,000 | |
Past due | 0 | 1,807,000 | |
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | $ 1,027,000 | $ 1,104,000 | |
Consumer loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 0.07% | 0.08% | |
Total Loan Receivables | $ 1,027,000 | $ 1,104,000 | |
Past due | 8,000 | 0 | |
Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 61,693,000 | 63,647,000 | |
Total Non-accrual Loans | $ 46,000 | $ 266,000 | |
Total number of loans | loan | 3 | 6 | |
Non-accrual Current Loans | $ 46,000 | $ 25,000 | |
Non- accrual Delinquent Loans | $ 0 | $ 241,000 | |
Total TDRs | loan | 2 | 4 | |
Financing receivable post modification recorded investment | $ 471,000 | $ 565,000 | |
Unpaid Contractual Principal Balance | 527,000 | 808,000 | |
Total recorded investment | 512,000 | 788,000 | |
YTD Interest Income Recognized | $ 30,000 | $ 35,000 | |
Commercial equipment | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 4.10% | 4.38% | |
Total Loan Receivables | $ 61,693,000 | $ 63,647,000 | |
Past due | $ 4,000 | $ 442,000 | |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 6.83% | 0.00% | |
Total Loan Receivables | $ 110,320,000 | $ 0 | |
Apartment Buildings Rentals | Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | $ 33,200,000 | $ 26,500,000 | |
Adjustable Rate Residential Mortgage | Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 7.90% | 7.00% | |
Total Loan Receivables | $ 118,500,000 | $ 102,200,000 | |
Adjustable Rate Residential First Mortgage | Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 2.20% | 3.60% | |
Total Loan Receivables | $ 33,600,000 | $ 52,300,000 | |
One To Four Family Units | Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 105,900,000 | 97,100,000 | |
Eight Loans And Seven Customer Relationships | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Non-accrual Loans | $ 15,700,000 | ||
Total number of loans | loan | 15 | ||
Percentage status of non accrual loans | 86.00% | ||
Thirteen Loans And Four Customer Relationships | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Non-accrual Loans | $ 15,000,000 | ||
Total number of loans | loan | 18 | ||
Number of customer relationships | customer_relationship | 7 | ||
Percentage status of non accrual loans | 84.00% | ||
Financing Receivable Troubled Debt Restructuring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
TDR loan principal curtailment | $ 200,000 | ||
YTD Interest Income Recognized | $ 96,000 | 92,000 | |
One Troubled Debt Restructuring Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Non-accrual Loans | $ 1,500,000 | $ 1,400,000 | |
Total TDRs | loan | 1 | ||
Financing receivable post modification recorded investment | $ 1,300,000 | ||
Allowance for credit losses, specific reserves | $ 400,000 | ||
Three Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans removed from troubled debt restructuring | loan | 3 | ||
Three Troubled Debt Restructuring Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total TDRs | loan | 3 | 3 | |
Three Troubled Debt Restructuring Loans With Reserves | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total TDRs | loan | 3 | ||
Financing receivable post modification recorded investment | $ 100,000 | ||
Allowance for credit losses, specific reserves | $ 87,000 | ||
Seven Troubled Debt Restructuring Loans with Reserves | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total TDRs | loan | 7 | ||
Financing receivable post modification recorded investment | $ 53,000 | ||
Amount of loans removed from troubled debt restructuring | 100,000 | $ 4,400,000 | |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net deferred costs (fees) | (2,400,000) | ||
Deferred Loan Fees And Premiums Include Net Deferred Fees Paid By Small Business Administration | 2,900,000 | ||
Offset By Net Deferred Premiums Paid To Purchase Loans | $ 500,000 | ||
Nonaccrual Loans With No Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 0.81% | 0.92% | |
Total Non-accrual Loans | $ 12,400,000 | $ 11,700,000 | |
Interest due to debt | 400,000 | 300,000 | |
Nonaccrual Loans With Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Non-accrual Loans | 6,100,000 | ||
Interest due to debt | $ 400,000 | 300,000 | |
Minimum | Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 3 years | ||
Minimum | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 2 years | ||
Minimum | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 3 years | ||
Minimum | Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 10 years | ||
Minimum | Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Threshold limit | $ 1,000,000 | ||
Maximum | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 5 years | ||
Fixed interest rate | 1.00% | ||
Maximum | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 20 years | ||
Maximum | Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 30 years | ||
Maximum | Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt maturity period | 5 years | ||
Unrated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | $ 497,734,000 | 350,699,000 | |
Unrated | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 162,434,000 | 102,695,000 | |
Unrated | Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 47,605,000 | 38,139,000 | |
Unrated | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 1,036,000 | 2,075,000 | |
Unrated | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 12,962,000 | 16,754,000 | |
Unrated | Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 26,585,000 | 26,045,000 | |
Unrated | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 110,320,000 | 0 | |
Pass | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 1,089,940,000 | 1,076,610,000 | |
Pass | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 866,648,000 | 840,403,000 | |
Pass | Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 90,633,000 | 84,811,000 | |
Pass | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 36,484,000 | 32,058,000 | |
Pass | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 39,959,000 | 43,221,000 | |
Pass | Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 31,091,000 | 37,399,000 | |
Pass | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 7,672,000 | 0 | |
Special mention | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 2,417,000 | 0 | |
Special mention | Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 821,000 | 0 | |
Special mention | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Special mention | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Special mention | Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 3,977,000 | 0 | |
Special mention | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 19,249,000 | 26,863,000 | |
Substandard | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 17,648,000 | 21,679,000 | |
Substandard | Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 651,000 | |
Substandard | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Substandard | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 3,127,000 | |
Substandard | Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 40,000 | 203,000 | |
Substandard | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
31 - 60 Days | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 175,000 | 150,000 | |
31 - 60 Days | Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
31 - 60 Days | Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
31 - 60 Days | Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
31 - 60 Days | Construction and land development | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
31 - 60 Days | Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 167,000 | 98,000 | |
31 - 60 Days | Commercial loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
31 - 60 Days | Consumer loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 8,000 | 0 | |
31 - 60 Days | Commercial equipment | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 52,000 | |
61 - 89 Days | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,000 | 399,000 | |
61 - 89 Days | Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 217,000 | |
61 - 89 Days | Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
61 - 89 Days | Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
61 - 89 Days | Construction and land development | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
61 - 89 Days | Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 23,000 | |
61 - 89 Days | Commercial loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
61 - 89 Days | Consumer loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
61 - 89 Days | Commercial equipment | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 4,000 | 159,000 | |
90 or Greater Days | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 11,965,000 | 12,778,000 | |
90 or Greater Days | Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 11,428,000 | 10,563,000 | |
90 or Greater Days | Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 335,000 | 0 | |
90 or Greater Days | Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
90 or Greater Days | Construction and land development | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
90 or Greater Days | Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 202,000 | 177,000 | |
90 or Greater Days | Commercial loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 1,807,000 | |
90 or Greater Days | Consumer loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
90 or Greater Days | Commercial equipment | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 231,000 | |
Performing Financial Instruments | Residential Rentals Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Largest outstanding loan, amount | 9,500,000 | 9,700,000 | |
Performing Financial Instruments | Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 133,444,000 | 167,710,000 | |
Largest outstanding loan, amount | 3,000,000 | 3,000,000 | |
Performing Financial Instruments | Home equity and second mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 28,927,000 | 35,921,000 | |
Performing Financial Instruments | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Largest outstanding loan, amount | 5,600,000 | 2,800,000 | |
Performing Financial Instruments | Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 1,027,000 | 1,104,000 | |
Performing Financial Instruments | Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Largest outstanding loan, amount | 2,400,000 | 2,100,000 | |
Performing Financial Instruments | Commercial Loans | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Largest outstanding loan, amount | 20,700,000 | 21,100,000 | |
Performing Financial Instruments | One To Four Family Units | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Largest outstanding loan, amount | $ 12,800,000 | $ 5,300,000 | |
Nonperforming Financial Instruments | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 1.23% | 1.13% | |
Nonperforming Financial Instruments | Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | $ 335,000 | $ 0 | |
Nonperforming Financial Instruments | Home equity and second mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 202,000 | 177,000 | |
Nonperforming Financial Instruments | Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
Nonperforming Financial Instruments | U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 2.35% | ||
PCI Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification from nonaccretable difference | $ 25,000 | $ 300,000 | |
Percentage status of loan in portfolio | 0.10% | 0.13% | |
Other changes, net | $ (100,000) | $ (32,000) | |
Unpaid Contractual Principal Balance | 2,300,000 | 2,900,000 | |
Total recorded investment | 2,000,000 | 2,400,000 | |
PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 1,978,000 | 2,424,000 | |
PCI Loans | Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 1,572,000 | 1,738,000 | |
PCI Loans | Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 0 | |
PCI Loans | Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | 0 | 295,000 | |
PCI Loans | Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loan Receivables | $ 406,000 | $ 391,000 | |
County First Acquisition | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 3.78% | 5.30% | |
Total Loan Receivables | $ 60,977,000 | $ 77,078,000 | |
County First Acquisition | Nonaccrual Loans With Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Non-accrual Loans | $ 800,000 | $ 1,200,000 | |
County First Acquisition | PCI Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 0.12% | 0.17% | |
Total Loan Receivables | $ 1,978,000 | $ 2,424,000 | |
Fair value adjustment | 300,000 | 500,000 | |
Total recorded investment | $ 2,000,000 | $ 2,400,000 | |
Percentage change on total loans | 14.95% | 17.55% | |
County First Acquisition | All Other Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 3.66% | 5.13% | |
Total Loan Receivables | $ 58,999,000 | $ 74,654,000 | |
Fair value adjustment | $ 5,800,000 | ||
Percentage change on total loans | 1.25% | 1.55% | |
Net loans | $ 59,000,000 | $ 74,700,000 |
Loans (Schedule of Accounts, No
Loans (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,614,595 | $ 1,454,172 | |
Less: | |||
Net deferred costs (fees) | (1,096) | 1,879 | |
Allowance for loan loss | (19,424) | (10,942) | $ (10,976) |
Net loans | $ 1,594,075 | $ 1,445,109 | |
Deferred loan fees and premiums, percentage | (0.07%) | 0.13% | |
Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,504,275 | $ 1,454,172 | |
Percentage status of loan in portfolio | 100.00% | 100.00% | |
Less: | |||
Net deferred costs (fees) | $ 1,264 | $ 1,879 | |
Allowance for loan loss | (19,424) | (10,942) | |
Net loans | $ 1,486,115 | $ 1,445,109 | |
Deferred loan fees and premiums, percentage | 0.08% | 0.13% | |
Loans and leases receivable, allowance percentage | (1.29%) | (0.75%) | |
Financing Receivable, Net of of Deferred Income | $ (18,160) | $ (9,063) | |
PCI Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage status of loan in portfolio | 0.10% | 0.13% | |
PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,978 | $ 2,424 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,049,147 | 964,777 | |
Less: | |||
Allowance for loan loss | (13,744) | (7,398) | (6,882) |
Commercial real estate | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,049,147 | $ 964,777 | |
Percentage status of loan in portfolio | 69.75% | 66.34% | |
Commercial real estate | PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,572 | $ 1,738 | |
Residential first mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 133,779 | 167,710 | |
Less: | |||
Allowance for loan loss | (1,305) | (464) | (755) |
Residential first mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 133,779 | $ 167,710 | |
Percentage status of loan in portfolio | 8.89% | 11.53% | |
Residential first mortgages | PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 0 | |
Residential rentals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 139,059 | 123,601 | |
Less: | |||
Allowance for loan loss | (1,413) | (397) | (498) |
Residential rentals | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 139,059 | $ 123,601 | |
Percentage status of loan in portfolio | 9.24% | 8.50% | |
Residential rentals | PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 295 | |
Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 37,520 | $ 34,133 | |
Percentage status of loan in portfolio | 2.50% | 2.40% | |
Less: | |||
Allowance for loan loss | $ (401) | $ (273) | (310) |
Construction and land development | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 37,520 | $ 34,133 | |
Percentage status of loan in portfolio | 2.49% | 2.35% | |
Home equity and second mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 29,129 | $ 36,098 | |
Percentage status of loan in portfolio | 1.90% | 2.50% | |
Less: | |||
Allowance for loan loss | $ (261) | $ (149) | (133) |
Home equity and second mortgages | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 29,129 | $ 36,098 | |
Percentage status of loan in portfolio | 1.94% | 2.48% | |
Home equity and second mortgages | PCI Loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 406 | $ 391 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 52,921 | $ 63,102 | |
Percentage status of loan in portfolio | 3.50% | 4.30% | |
Less: | |||
Allowance for loan loss | $ (1,222) | $ (1,086) | (1,482) |
Commercial loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 52,921 | $ 63,102 | |
Percentage status of loan in portfolio | 3.52% | 4.34% | |
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,027 | $ 1,104 | |
Less: | |||
Allowance for loan loss | (20) | (10) | (6) |
Consumer loans | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 1,027 | $ 1,104 | |
Percentage status of loan in portfolio | 0.07% | 0.08% | |
Commercial equipment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 61,693 | $ 63,647 | |
Less: | |||
Allowance for loan loss | (1,058) | (1,165) | $ (910) |
Commercial equipment | Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 61,693 | $ 63,647 | |
Percentage status of loan in portfolio | 4.10% | 4.38% | |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 110,320 | $ 0 | |
Percentage status of loan in portfolio | 6.83% | 0.00% | |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | Non Portfolio Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 110,320 | $ 0 | |
Less: | |||
Net deferred costs (fees) | (2,360) | 0 | |
Net loans | $ 107,960 | $ 0 |
Loans (Schedule of Financing Re
Loans (Schedule of Financing Receivables, Non-Accrual Status) (Details) $ in Thousands | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 11,965 | $ 12,787 |
Number of Loans | loan | 13 | 21 |
Non-accrual Current Loans | $ 6,257 | $ 5,070 |
Number of Loans | loan | 17 | 18 |
Total Non-accrual Loans | $ 18,222 | $ 17,857 |
Total Number of Loans | loan | 30 | 39 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 11,428 | $ 10,562 |
Number of Loans | loan | 9 | 11 |
Non-accrual Current Loans | $ 5,184 | $ 1,687 |
Number of Loans | loan | 9 | 5 |
Total Non-accrual Loans | $ 16,612 | $ 12,249 |
Total Number of Loans | loan | 18 | 16 |
Residential first mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 335 | $ 0 |
Number of Loans | loan | 2 | |
Non-accrual Current Loans | $ 459 | $ 830 |
Number of Loans | loan | 2 | 3 |
Total Non-accrual Loans | $ 794 | $ 830 |
Total Number of Loans | loan | 4 | 3 |
Residential rentals | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 0 | $ 0 |
Non-accrual Current Loans | $ 275 | $ 937 |
Number of Loans | loan | 2 | 5 |
Total Non-accrual Loans | $ 275 | $ 937 |
Total Number of Loans | loan | 2 | 5 |
Home equity and second mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 202 | $ 177 |
Number of Loans | loan | 2 | 3 |
Non-accrual Current Loans | $ 293 | $ 271 |
Number of Loans | loan | 1 | 3 |
Total Non-accrual Loans | $ 495 | $ 448 |
Total Number of Loans | loan | 3 | 6 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 1,807 | |
Number of Loans | loan | 2 | |
Non-accrual Current Loans | $ 1,320 | |
Number of Loans | loan | 1 | |
Total Non-accrual Loans | $ 3,127 | |
Total Number of Loans | loan | 3 | |
Commercial equipment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- accrual Delinquent Loans | $ 0 | $ 241 |
Number of Loans | loan | 5 | |
Non-accrual Current Loans | $ 46 | $ 25 |
Number of Loans | loan | 3 | 1 |
Total Non-accrual Loans | $ 46 | $ 266 |
Total Number of Loans | loan | 3 | 6 |
Loans (Past Due Financing Recei
Loans (Past Due Financing Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 12,100 | $ 13,300 |
Total Loan Receivables | 1,614,595 | 1,454,172 |
Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 12,144 | 13,327 |
Total Loan Receivables | 1,504,275 | 1,454,172 |
PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 1,978 | 2,424 |
Total Loan Receivables | 1,978 | 2,424 |
All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,490,153 | 1,438,421 |
31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 175 | 150 |
61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 4 | 399 |
90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 11,965 | 12,778 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 1,049,147 | 964,777 |
Commercial real estate | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 11,428 | 10,780 |
Total Loan Receivables | 1,049,147 | 964,777 |
Commercial real estate | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 1,572 | 1,738 |
Total Loan Receivables | 1,572 | 1,738 |
Commercial real estate | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,036,147 | 952,259 |
Commercial real estate | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial real estate | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 217 |
Commercial real estate | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 11,428 | 10,563 |
Residential first mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 133,779 | 167,710 |
Residential first mortgages | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 335 | 0 |
Total Loan Receivables | 133,779 | 167,710 |
Residential first mortgages | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 0 |
Total Loan Receivables | 0 | 0 |
Residential first mortgages | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 133,444 | 167,710 |
Residential first mortgages | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Residential first mortgages | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Residential first mortgages | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 335 | 0 |
Residential rentals | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 139,059 | 123,601 |
Residential rentals | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Total Loan Receivables | 139,059 | 123,601 |
Residential rentals | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 295 |
Total Loan Receivables | 0 | 295 |
Residential rentals | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 139,059 | 123,306 |
Residential rentals | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Residential rentals | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Residential rentals | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 37,520 | 34,133 |
Construction and land development | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Total Loan Receivables | 37,520 | 34,133 |
Construction and land development | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 0 |
Construction and land development | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 37,520 | 34,133 |
Construction and land development | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Construction and land development | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Construction and land development | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Home equity and second mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 29,129 | 36,098 |
Home equity and second mortgages | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 369 | 298 |
Total Loan Receivables | 29,129 | 36,098 |
Home equity and second mortgages | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 406 | 391 |
Total Loan Receivables | 406 | 391 |
Home equity and second mortgages | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 28,354 | 35,409 |
Home equity and second mortgages | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 167 | 98 |
Home equity and second mortgages | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 23 |
Home equity and second mortgages | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 202 | 177 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 52,921 | 63,102 |
Commercial loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 1,807 |
Total Loan Receivables | 52,921 | 63,102 |
Commercial loans | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 0 |
Commercial loans | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 52,921 | 61,295 |
Commercial loans | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 1,807 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 1,027 | 1,104 |
Consumer loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 8 | 0 |
Total Loan Receivables | 1,027 | 1,104 |
Consumer loans | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 0 |
Consumer loans | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,019 | 1,104 |
Consumer loans | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 8 | 0 |
Consumer loans | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer loans | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial equipment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 61,693 | 63,647 |
Commercial equipment | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 4 | 442 |
Total Loan Receivables | 61,693 | 63,647 |
Commercial equipment | PCI Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | 0 |
Commercial equipment | All Other Loans | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 61,689 | 63,205 |
Commercial equipment | 31 - 60 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 52 |
Commercial equipment | 61 - 89 Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 4 | 159 |
Commercial equipment | 90 or Greater Days | Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 231 |
U.S. SBA PPP loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loan Receivables | 110,320 | 0 |
U.S. SBA PPP loans | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | |
Total Loan Receivables | 110,320 | $ 0 |
U.S. SBA PPP loans | PCI Loans | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
PCI Loans | 0 | |
U.S. SBA PPP loans | All Other Loans | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 110,320 | |
U.S. SBA PPP loans | 31 - 60 Days | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | |
U.S. SBA PPP loans | 61 - 89 Days | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | |
U.S. SBA PPP loans | 90 or Greater Days | Non Portfolio Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 0 |
Loans (Impaired Financing Recei
Loans (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 21,674 | $ 28,235 |
Recorded Investment With No Allowance | 15,556 | 21,675 |
Recorded Investment With Allowance | 5,839 | 6,311 |
Total Recorded Investment | 21,395 | 27,986 |
Related Allowance | 1,356 | 828 |
YTD Average Recorded Investment | 21,505 | 28,593 |
YTD Interest Income Recognized | 508 | 1,165 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 17,952 | 20,914 |
Recorded Investment With No Allowance | 11,915 | 15,919 |
Recorded Investment With Allowance | 5,799 | 4,788 |
Total Recorded Investment | 17,714 | 20,707 |
Related Allowance | 1,316 | 417 |
YTD Average Recorded Investment | 17,729 | 21,035 |
YTD Interest Income Recognized | 361 | 813 |
Residential first mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 2,001 | 1,921 |
Recorded Investment With No Allowance | 1,989 | 1,917 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 1,989 | 1,917 |
Related Allowance | 0 | 0 |
YTD Average Recorded Investment | 2,043 | 1,962 |
YTD Interest Income Recognized | 70 | 86 |
Residential rentals | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 626 | 941 |
Recorded Investment With No Allowance | 625 | 937 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 625 | 937 |
Related Allowance | 0 | 0 |
YTD Average Recorded Investment | 643 | 967 |
YTD Interest Income Recognized | 32 | 56 |
Home equity and second mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 568 | 524 |
Recorded Investment With No Allowance | 555 | 510 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 555 | 510 |
Related Allowance | 0 | 0 |
YTD Average Recorded Investment | 559 | 519 |
YTD Interest Income Recognized | 15 | 23 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 3,127 | |
Recorded Investment With No Allowance | 1,807 | |
Recorded Investment With Allowance | 1,320 | |
Total Recorded Investment | 3,127 | |
Related Allowance | 210 | |
YTD Average Recorded Investment | 3,284 | |
YTD Interest Income Recognized | 152 | |
Commercial equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 527 | 808 |
Recorded Investment With No Allowance | 472 | 585 |
Recorded Investment With Allowance | 40 | 203 |
Total Recorded Investment | 512 | 788 |
Related Allowance | 40 | 201 |
YTD Average Recorded Investment | 531 | 826 |
YTD Interest Income Recognized | $ 30 | $ 35 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructurings on Financing Receivables) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Dollars | ||
Total TDRs | $ | $ 2,094 | $ 2,049 |
Less: TDRs included in non-accrual loans | $ | (1,522) | (1,399) |
Accrual TDR loans | $ | $ 572 | $ 650 |
Number of Loans | ||
Total TDRs | loan | 6 | 8 |
Less: TDRs included in non-accrual loans | loan | (3) | (3) |
Total performing accrual TDR loans | loan | 3 | 5 |
Commercial real estate | ||
Dollars | ||
Total TDRs | $ | $ 1,376 | $ 1,420 |
Number of Loans | ||
Total TDRs | loan | 2 | 3 |
Residential first mortgages | ||
Dollars | ||
Total TDRs | $ | $ 247 | $ 64 |
Number of Loans | ||
Total TDRs | loan | 2 | 1 |
Commercial equipment | ||
Dollars | ||
Total TDRs | $ | $ 471 | $ 565 |
Number of Loans | ||
Total TDRs | loan | 2 | 4 |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses: | ||
Beginning Balance | $ 10,942 | $ 10,976 |
Charge-offs | (2,358) | (2,375) |
Recoveries | 140 | 211 |
Provisions | 10,700 | 2,130 |
Ending Balance | 19,424 | 10,942 |
Commercial real estate | ||
Allowance for loan losses: | ||
Beginning Balance | 7,398 | 6,882 |
Charge-offs | (944) | (148) |
Recoveries | 17 | 15 |
Provisions | 7,273 | 649 |
Ending Balance | 13,744 | 7,398 |
Residential first mortgages | ||
Allowance for loan losses: | ||
Beginning Balance | 464 | 755 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 841 | (291) |
Ending Balance | 1,305 | 464 |
Residential rentals | ||
Allowance for loan losses: | ||
Beginning Balance | 397 | 498 |
Charge-offs | 0 | (53) |
Recoveries | 0 | 46 |
Provisions | 1,016 | (94) |
Ending Balance | 1,413 | 397 |
Construction and land development | ||
Allowance for loan losses: | ||
Beginning Balance | 273 | 310 |
Charge-offs | 0 | (329) |
Recoveries | 0 | 0 |
Provisions | 128 | 292 |
Ending Balance | 401 | 273 |
Home equity and second mortgages | ||
Allowance for loan losses: | ||
Beginning Balance | 149 | 133 |
Charge-offs | (53) | (28) |
Recoveries | 9 | 6 |
Provisions | 156 | 38 |
Ending Balance | 261 | 149 |
Commercial loans | ||
Allowance for loan losses: | ||
Beginning Balance | 1,086 | 1,482 |
Charge-offs | (1,027) | (1,127) |
Recoveries | 20 | 40 |
Provisions | 1,143 | 691 |
Ending Balance | 1,222 | 1,086 |
Consumer loans | ||
Allowance for loan losses: | ||
Beginning Balance | 10 | 6 |
Charge-offs | (6) | (5) |
Recoveries | 0 | 2 |
Provisions | 16 | 7 |
Ending Balance | 20 | 10 |
Commercial equipment | ||
Allowance for loan losses: | ||
Beginning Balance | 1,165 | 910 |
Charge-offs | (328) | (685) |
Recoveries | 94 | 102 |
Provisions | 127 | 838 |
Ending Balance | 1,058 | 1,165 |
PCI Loans | ||
Allowance for loan losses: | ||
Beginning Balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
Loans (Loan Receivable and Allo
Loans (Loan Receivable and Allowance Balances Disaggregated) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loan receivables: | |||
Total Loan Receivables | $ 1,614,595 | $ 1,454,172 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 1,356 | 828 | |
Ending balance: collectively evaluated for impairment | 18,068 | 10,114 | |
Total allowance for loan losses | 19,424 | 10,942 | $ 10,976 |
Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 21,395 | 27,986 | |
Ending balance: collectively evaluated for impairment | 1,480,902 | 1,423,762 | |
Total Loan Receivables | 1,504,275 | 1,454,172 | |
Allowance for loan losses: | |||
Total allowance for loan losses | 19,424 | 10,942 | |
PCI Loans | Portfolio Loans | |||
Loan receivables: | |||
Total Loan Receivables | 1,978 | 2,424 | |
Commercial real estate | |||
Loan receivables: | |||
Total Loan Receivables | 1,049,147 | 964,777 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 1,316 | 417 | |
Ending balance: collectively evaluated for impairment | 12,428 | 6,981 | |
Total allowance for loan losses | 13,744 | 7,398 | 6,882 |
Commercial real estate | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 17,714 | 20,707 | |
Ending balance: collectively evaluated for impairment | 1,029,861 | 942,332 | |
Total Loan Receivables | 1,049,147 | 964,777 | |
Commercial real estate | PCI Loans | Portfolio Loans | |||
Loan receivables: | |||
Total Loan Receivables | 1,572 | 1,738 | |
Residential first mortgages | |||
Loan receivables: | |||
Total Loan Receivables | 133,779 | 167,710 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 0 | ||
Ending balance: collectively evaluated for impairment | 1,305 | 464 | |
Total allowance for loan losses | 1,305 | 464 | 755 |
Residential first mortgages | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 1,989 | 1,917 | |
Ending balance: collectively evaluated for impairment | 131,790 | 165,793 | |
Total Loan Receivables | 133,779 | 167,710 | |
Residential first mortgages | PCI Loans | Portfolio Loans | |||
Loan receivables: | |||
Total Loan Receivables | 0 | 0 | |
Residential rentals | |||
Loan receivables: | |||
Total Loan Receivables | 139,059 | 123,601 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 0 | ||
Ending balance: collectively evaluated for impairment | 1,413 | 397 | |
Total allowance for loan losses | 1,413 | 397 | 498 |
Residential rentals | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 625 | 937 | |
Ending balance: collectively evaluated for impairment | 138,434 | 122,369 | |
Total Loan Receivables | 139,059 | 123,601 | |
Residential rentals | PCI Loans | Portfolio Loans | |||
Loan receivables: | |||
Total Loan Receivables | 0 | 295 | |
Construction and land development | |||
Loan receivables: | |||
Total Loan Receivables | 37,520 | 34,133 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 0 | ||
Ending balance: collectively evaluated for impairment | 401 | 273 | |
Total allowance for loan losses | 401 | 273 | 310 |
Construction and land development | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 37,520 | 34,133 | |
Total Loan Receivables | 37,520 | 34,133 | |
Home equity and second mortgages | |||
Loan receivables: | |||
Total Loan Receivables | 29,129 | 36,098 | |
Allowance for loan losses: | |||
Ending balance: collectively evaluated for impairment | 261 | 149 | |
Total allowance for loan losses | 261 | 149 | 133 |
Home equity and second mortgages | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 555 | 510 | |
Ending balance: collectively evaluated for impairment | 28,168 | 35,197 | |
Total Loan Receivables | 29,129 | 36,098 | |
Home equity and second mortgages | PCI Loans | Portfolio Loans | |||
Loan receivables: | |||
Total Loan Receivables | 406 | 391 | |
Commercial loans | |||
Loan receivables: | |||
Total Loan Receivables | 52,921 | 63,102 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 0 | 210 | |
Ending balance: collectively evaluated for impairment | 1,222 | 876 | |
Total allowance for loan losses | 1,222 | 1,086 | 1,482 |
Commercial loans | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 0 | 3,127 | |
Ending balance: collectively evaluated for impairment | 52,921 | 59,975 | |
Total Loan Receivables | 52,921 | 63,102 | |
Consumer loans | |||
Loan receivables: | |||
Total Loan Receivables | 1,027 | 1,104 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 20 | 10 | |
Total allowance for loan losses | 20 | 10 | 6 |
Consumer loans | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 1,027 | 1,104 | |
Total Loan Receivables | 1,027 | 1,104 | |
Commercial equipment | |||
Loan receivables: | |||
Total Loan Receivables | 61,693 | 63,647 | |
Allowance for loan losses: | |||
Ending balance: individually evaluated for impairment | 40 | 201 | |
Ending balance: collectively evaluated for impairment | 1,018 | 964 | |
Total allowance for loan losses | 1,058 | 1,165 | $ 910 |
Commercial equipment | Portfolio Loans | |||
Loan receivables: | |||
Ending balance: individually evaluated for impairment | 512 | 788 | |
Ending balance: collectively evaluated for impairment | 61,181 | 62,859 | |
Total Loan Receivables | $ 61,693 | $ 63,647 |
Loans (Schedule of Financing _2
Loans (Schedule of Financing Receivable Recorded Investment Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,614,595 | $ 1,454,172 |
Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 497,734 | 350,699 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,089,940 | 1,076,610 |
Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,672 | 0 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,249 | 26,863 |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,049,147 | 964,777 |
Commercial real estate | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 162,434 | 102,695 |
Commercial real estate | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 866,648 | 840,403 |
Commercial real estate | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,417 | 0 |
Commercial real estate | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,648 | 21,679 |
Commercial real estate | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 37,520 | 34,133 |
Construction and land development | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,036 | 2,075 |
Construction and land development | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 36,484 | 32,058 |
Construction and land development | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Residential rentals | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 139,059 | 123,601 |
Residential rentals | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 47,605 | 38,139 |
Residential rentals | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 90,633 | 84,811 |
Residential rentals | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 821 | 0 |
Residential rentals | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 651 |
Residential rentals | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Residential rentals | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 52,921 | 63,102 |
Commercial loans | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 12,962 | 16,754 |
Commercial loans | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 39,959 | 43,221 |
Commercial loans | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial loans | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 3,127 |
Commercial loans | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial loans | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial equipment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 61,693 | 63,647 |
Commercial equipment | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 26,585 | 26,045 |
Commercial equipment | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 31,091 | 37,399 |
Commercial equipment | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,977 | 0 |
Commercial equipment | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 40 | 203 |
Commercial equipment | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial equipment | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,340,340 | 1,249,260 |
Commercial Portfolio | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 250,622 | 185,708 |
Commercial Portfolio | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,064,815 | 1,037,892 |
Commercial Portfolio | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,215 | 0 |
Commercial Portfolio | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,688 | 25,660 |
Commercial Portfolio | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Non Commercial Portfolio | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 163,935 | 204,912 |
Non Commercial Portfolio | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 136,792 | 164,991 |
Non Commercial Portfolio | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 25,125 | 38,718 |
Non Commercial Portfolio | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 457 | 0 |
Non Commercial Portfolio | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,561 | 1,203 |
Non Commercial Portfolio | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Non Commercial Portfolio | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
U.S. SBA PPP loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 110,320 | 0 |
U.S. SBA PPP loans | Unrated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 110,320 | 0 |
U.S. SBA PPP loans | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
U.S. SBA PPP loans | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
U.S. SBA PPP loans | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
U.S. SBA PPP loans | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
U.S. SBA PPP loans | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Residential first mortgages | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 133,779 | 167,710 |
Residential first mortgages | Performing Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 133,444 | 167,710 |
Residential first mortgages | Nonperforming Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 335 | 0 |
Home equity and second mortgages | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 29,129 | 36,098 |
Home equity and second mortgages | Performing Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 28,927 | 35,921 |
Home equity and second mortgages | Nonperforming Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 202 | 177 |
Consumer loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,027 | 1,104 |
Consumer loans | Performing Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,027 | 1,104 |
Consumer loans | Nonperforming Financial Instruments | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans (Changes in the accretabl
Loans (Changes in the accretable yield for PCI loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning of period | $ 677 | $ 733 |
Accretion | (225) | (354) |
Reclassification from nonaccretable difference | 25 | 330 |
Other changes, net | (135) | (32) |
Accretable yield, end of period | $ 342 | $ 677 |
Loans (Acquired and Non-Acquire
Loans (Acquired and Non-Acquired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 1,614,595 | $ 1,454,172 |
Net deferred costs (fees) | $ (1,096) | $ 1,879 |
Deferred loan fees and premiums (as a percent) | (0.07%) | 0.13% |
Total loans, net of deferred costs | $ 1,613,499 | $ 1,456,051 |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 110,320 | $ 0 |
Percentage status of loan in portfolio | 6.83% | 0.00% |
PCI Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Percentage status of loan in portfolio | 0.10% | 0.13% |
County First Acquisition | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 60,977 | $ 77,078 |
Percentage status of loan in portfolio | 3.78% | 5.30% |
County First Acquisition | PCI Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 1,978 | $ 2,424 |
Percentage status of loan in portfolio | 0.12% | 0.17% |
County First Acquisition | All Other Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 58,999 | $ 74,654 |
Percentage status of loan in portfolio | 3.66% | 5.13% |
Non Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loan Receivables | $ 1,443,298 | $ 1,377,094 |
Percentage status of loan in portfolio | 89.39% | 94.70% |
Loans (Related Party Loans) (De
Loans (Related Party Loans) (Details) - Related Party Loans - Executive Officers And Directors - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Balance, beginning of period | $ 19,373 | $ 35,290 |
Loans and additions | 1,569 | 1,845 |
Change in Directors' status | (2,617) | (9,408) |
Repayments | (1,958) | (8,354) |
Balance, end of period | 16,367 | 19,373 |
Revision of prior period | ||
Related Party Transaction [Line Items] | ||
Balance, beginning of period | $ 8,700 | |
Balance, end of period | $ 8,700 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets Goodwill And Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 10,835 | $ 10,835 |
Amortization of core deposit intangible | $ 591 | 688 |
Goodwill, percent of equity | 5.47% | |
CDI | $ 1,500 | |
CDI, percent of equity | 0.77% | |
County First Bank | Core deposit | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 3,600 | |
Estimated life of core deposit | 8 years | |
Amortization of core deposit intangible | $ 600 | $ 700 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets Goodwill And Other Intangible Assets- Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 10,835 | $ 10,835 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets - Acquired intangible assets subject to amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Net Intangible Asset | $ 1,527 | |
Core deposit | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,590 | $ 3,590 |
Accumulated Amortization | (2,063) | (1,472) |
Net Intangible Asset | $ 1,527 | $ 2,118 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets - Estimated amortization expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Estimated amortization expense | |
2021 | $ 495 |
2022 | 398 |
2023 | 302 |
2024 | 205 |
2025 | 109 |
Thereafter | 18 |
Net Intangible Asset | $ 1,527 |
Premises and Equipment and Le_3
Premises and Equipment and Lease Commitments (Narrative) (Details) - Small Office Condo - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Long lived assets to be disposed of fair value | $ 400 | |
Impairment of long-lived assets to be disposed of | $ 1 |
Premises and Equipment and Held
Premises and Equipment and Held for Sale Premises and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 4,406 | $ 4,406 |
Building and improvements | 25,043 | 25,001 |
Furniture and equipment | 10,185 | 10,149 |
Automobiles | 163 | 256 |
Total cost | 39,797 | 39,812 |
Less accumulated depreciation | (19,526) | (18,150) |
Premises and equipment, net | $ 20,271 | $ 21,662 |
Premises and Equipment And Le_4
Premises and Equipment And Lease Commitments - Operating Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right of use asset, net | $ 7,831 | $ 8,382 |
Operating lease liability | $ 8,088 | $ 8,495 |
Weighted average remaining lease term | 18 years 2 months 15 days | 18 years 9 months 18 days |
Weighted average discount rate | 3.52% | 3.50% |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 8 months 12 days | 0 years |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease term | 24 years | 25 years |
Premises and Equipment And Le_5
Premises and Equipment And Lease Commitments - Lease Cost (Details) - Occupancy Expense - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 791 | $ 854 |
Cash paid for lease liability | $ 697 | $ 740 |
Premises and Equipment And Le_6
Premises and Equipment And Lease Commitments Premises and Equipment and Held for Sale Premises and Equipment (Reconciliation of Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Within one year | $ 670 | |
After one but within two years | 602 | |
After two but within three years | 612 | |
After three but within four years | 620 | |
After four but within five years | 658 | |
After five years | 8,115 | |
Total undiscounted cash flows | 11,277 | |
Discount on cash flows | (3,189) | |
Lease liabilities - operating leases | $ 8,088 | $ 8,495 |
Premises and Equipment and He_2
Premises and Equipment and Held for Sale Premises and Equipment (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Property, Plant and Equipment [Abstract] | |
2021 | $ 670 |
2022 | 602 |
2023 | 612 |
2024 | 620 |
2025 | 658 |
Thereafter | 8,115 |
Total undiscounted cash flows | $ 11,277 |
Other Real Estate Owned ("ORE_3
Other Real Estate Owned ("OREO") (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Additions of underlying property | $ 1,240,000 | $ 3,567,000 |
Net losses on disposals | (9,000) | 188,000 |
Foreclosed real estate disposals | 2,882,000 | 3,004,000 |
Loans from other federal home loan banks | 300,000 | |
Implaired loans secured by residential real estate | 0 | 0 |
Commercial Equipment | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Foreclosed real estate disposals | 35,000 | |
Commercial Real Estate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Foreclosed real estate disposals | 2,400,000 | |
Residential Lots | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Foreclosed real estate disposals | $ 500,000 | |
Development Project | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Additions of underlying property | 3,800,000 | |
Residential Lots | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Foreclosed Real Estate Additions, Adjusted Cost Basis | 100,000 | |
Proceeds from sale of OREO | 63,000 | |
Gains (losses) on sale of OREO | (2,000) | |
Commercial Real Estate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Proceeds from sale of OREO | 3,100,000 | |
Gains (losses) on sale of OREO | $ 200,000 |
Other Real Estate Owned ("ORE_4
Other Real Estate Owned ("OREO") (Foreclosed Real Estate Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Roll Forward] | ||
Balance at beginning of year | $ 7,773 | $ 8,111 |
Additions of underlying property | 1,240 | 3,567 |
Disposals of underlying property | (2,882) | (3,004) |
Valuation allowance | (3,022) | (901) |
Balance at end of period | $ 3,109 | $ 7,773 |
Other Real Estate Owned ("ORE_5
Other Real Estate Owned ("OREO") (Foreclosed Real Estate Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | ||
Valuation allowance | $ 3,022 | $ 901 |
Losses (gains) on dispositions | 9 | (188) |
Operating expenses | 169 | 250 |
Expenses applicable to OREO assets | $ 3,200 | $ 963 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)deposit | Dec. 31, 2019USD ($)deposit | |
Time Deposits [Line Items] | ||
Total Deposits | $ 1,745,602 | $ 1,511,837 |
Time deposits $250000 or more | $ 64,300 | $ 86,600 |
Number of customers with deposits exceeding threshold | deposit | 2 | 2 |
Customer Concentration Risk | Sales Revenue, Net | ||
Time Deposits [Line Items] | ||
Percentage concentration risk | 2.00% | 2.00% |
Executive Officers And Directors | ||
Time Deposits [Line Items] | ||
Total Deposits | $ 10,600 | $ 7,500 |
One Customer With Deposits With Company | Customer Concentration Risk | Sales Revenue, Net | ||
Time Deposits [Line Items] | ||
Total Deposits | $ 238,800 | $ 297,100 |
Percentage of total deposits | 13.70% | 19.60% |
Deposits (Schedule Of Deposits)
Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits, by Type [Abstract] | ||
Non-interest-bearing deposits | $ 362,079 | $ 241,174 |
Interest-bearing | ||
Demand | 590,159 | 523,802 |
Money market deposits | 340,725 | 283,438 |
Savings | 98,783 | 69,254 |
Certificates of deposit | 353,856 | 394,169 |
Total interest-bearing | 1,383,523 | 1,270,663 |
Total Deposits | $ 1,745,602 | $ 1,511,837 |
Deposits (Schedule Of Deposits
Deposits (Schedule Of Deposits Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits, by Type [Abstract] | ||
Within one year | $ 266,134 | |
Year 2 | 62,144 | |
Year 3 | 11,505 | |
Year 4 | 5,441 | |
Year 5 | 8,632 | |
Time deposits | $ 353,856 | $ 394,169 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 27,302,000 | $ 40,370,000 |
Repayments of long-term debt | $ 10,000,000 | $ 15,100,000 |
Number of long-term fixed-rate convertible advances repaid | loan | 2 | |
Number of long-term fixed-rate advances added | loan | 5 | |
Proceeds from Issuance of debt | $ 35,000,000 | |
Early repayment of senior debt | $ 30,000,000 | |
Debt prepayment fees | 600,000 | |
Debt conversion, original debt, amount | $ 300,000 | $ 40,400,000 |
Percentage of Bank's long-term debt at fixed rate | 1.00% | 100.00% |
Daily advances outstanding | $ 0 | $ 0 |
Short-term advances | 0 | 5,000,000 |
Fixed Rate Advance Matures in 2019 | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | 15,100,000 | |
Fixed Rate Advance Matures in 2020 | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 10,000,000 | |
Interest rate | 1.85% | |
Fixed Rate Advance Matures in 2021 | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 3,000,000 | |
Interest rate | 1.70% | |
Fixed Rate Advance Matures in 2022 | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 2,000,000 | |
Interest rate | 1.69% | |
Fixed Rate Advance Matures in 2024 | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 5,000,000 | |
Interest rate | 1.67% | |
Fixed Rate Convertible Advances, 0.79% and 0.43% Maturing in 2030 | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of debt | $ 27,000,000 | |
Fixed Rate Convertible Advance, 0.79%, Maturing in 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.79% | |
Fixed Rate Convertible Advance, 0.43% Maturing in 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.43% | |
Fixed-Rate Convertible | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 27,000,000 | |
Variable Convertible | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, fair value of amount outstanding | 43,000,000 | |
Other Commercial Banks | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 32,000,000 | $ 32,000,000 |
Credit Facility With Commercial Bank | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 40,000,000 | |
Federal Home Loan Bank Borrowings | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 364,300,000 | 369,800,000 |
Security owned and pledged as collateral, fair value | 542,600,000 | 578,700,000 |
FHLB lendable collateral | 434,600,000 | 458,100,000 |
FHLB lendable pledged collateral | 257,800,000 | 304,600,000 |
Line of credit facility, current borrowing capacity | 187,500,000 | 216,300,000 |
Line of credit facility, fair value of amount outstanding | 27,300,000 | 45,400,000 |
FHLB lendable unpledged collateral | 176,800,000 | 153,500,000 |
Borrower in Custody | Federal Reserve Bank Of Richmond | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 6,000,000 | 7,700,000 |
Borrower in Custody or Unsecured and Secured Commercial Lines | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | 0 |
Maximum | ||
Debt Instrument [Line Items] | ||
Initial period after which debt callable | 10 years | |
Minimum | ||
Debt Instrument [Line Items] | ||
Initial period after which debt callable | 3 months | |
Advances and Security Agreement | ||
Debt Instrument [Line Items] | ||
Percentage of assets limited to maximum borrowing capacity | 30.00% | |
Line of credit facility, maximum borrowing capacity | $ 607,400,000 | $ 538,800,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt (Schedule Related to the Classification of Debt Interest Rate) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fixed-Rate | ||
Debt Instrument [Line Items] | ||
Weighted average rate | 2.01% | 2.26% |
Matures through | 2036 | 2036 |
Fixed-Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.75% | 2.92% |
Fixed-Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.00% | 1.00% |
Fixed-Rate Convertible | ||
Debt Instrument [Line Items] | ||
Weighted average rate | 59.00% | |
Matures through | 2030 | |
Fixed-Rate Convertible | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate | 79.00% | |
Fixed-Rate Convertible | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate | 43.00% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term debt | ||
Long-term debt outstanding at end of period | $ 27,302 | $ 40,370 |
Weighted average rate on outstanding long-term debt | 0.61% | 2.31% |
Maximum outstanding long-term debt of any month end | $ 67,359 | $ 55,392 |
Average outstanding long-term debt | $ 53,615 | $ 32,702 |
Approximate average rate paid on long-term debt | 2.56% | 2.27% |
Short-term borrowings | ||
Short-term borrowings outstanding at end of period | $ 0 | $ 5,000 |
Weighted average rate on short-term borrowings | 0.00% | 1.81% |
Maximum outstanding short-term borrowings at any month end | $ 27,000 | $ 59,500 |
Average outstanding short-term borrowings | $ 8,156 | $ 30,965 |
Approximate average rate paid on short-term borrowings | 1.36% | 2.50% |
PPPLF advances | ||
PPPLF advances outstanding at end of period | $ 0 | |
Weighted average rate on PPPLF advances | 0.00% | |
Maximum outstanding PPPLF advances at any month end | $ 127,674 | |
Average outstanding PPPLF advances | $ 60,360 | |
Approximate average rate paid on PPPLF advances | 0.35% |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 0 | |
2022 | 128 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 27,174 | |
Long-term debt, total | 27,302 | $ 40,370 |
Fixed-Rate | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 128 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 174 | |
Long-term debt, total | 302 | |
Fixed-Rate Convertible | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 27,000 | |
Long-term debt, total | 27,000 | |
Variable Convertible | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Long-term debt, total | $ 0 |
Guaranteed Preferred Benefici_2
Guaranteed Preferred Beneficial Interest in Junior Subordinated Debentures ("TRUPs") (Narrative) (Details) - USD ($) | Jun. 15, 2005 | Jul. 22, 2004 | Dec. 31, 2020 |
Capital Trust I I | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 5,000,000 | ||
Additional amount contributed to purchase debt | 200,000 | ||
Junior subordinated notes purchased | $ 5,200,000 | ||
Capital Trust I | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 7,000,000 | ||
Additional amount contributed to purchase debt | 200,000 | ||
Junior subordinated notes purchased | $ 7,200,000 | ||
London Interbank Offered Rate (LIBOR) | Capital Trust I I | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | ||
London Interbank Offered Rate (LIBOR) | Capital Trust I | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.60% |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 14, 2020 | Feb. 15, 2020 | Feb. 06, 2015 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Proceeds from Issuance of private placement and dividend from bank | $ 10,600 | ||||
Payments of Subordinated Notes - 6.25% | $ 23,000 | $ 0 | |||
Subordinated notes | $ 19,526 | $ 23,000 | |||
Fixed 4.75% to Floating Rate Notes, Due 2030 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.75% | ||||
Subordinated notes | $ 20,000 | ||||
Fixed 4.75% to Floating Rate Notes, Due 2030 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 500 | ||||
Fixed 4.75% to Floating Rate Notes, Due 2030 | Federal Home Loan Bank of New York | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 4.58% | ||||
Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 23,000 | ||||
Subordinated notes interest rate | 6.25% | 4.75% | 6.25% | ||
Interest rate | 6.25% | 6.25% | |||
Redemption percentage | 100.00% | ||||
Payments of Subordinated Notes - 6.25% | $ 23,000 | ||||
Private Placement | |||||
Debt Instrument [Line Items] | |||||
Common stock, issued (in shares) | 312,747 | ||||
Common stock, par value (in dollars per share) | $ 0.01 |
Regulatory Capital (Narrative)
Regulatory Capital (Narrative) (Details) | Jan. 01, 2019 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital to risk-weighted assets minimum ratio | 4.50% | |
Total Capital to risk-weighted assets | 0.080 | |
Tier 1 leverage ratio | 0.040 | |
Capital conversion buffer percentage | 2.50% | |
Capital conservation buffer, phase In period | 3 years | |
PCA well capitalized | 0.0500 | |
Maximum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum ratio of Tier 1 capital to risk-weighted assets | 0.060 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Assets | ||
Common equity | $ 198,013 | $ 181,494 |
Goodwill | (10,835) | (10,835) |
Core deposit intangible (net of deferred tax liability) | (1,129) | (1,534) |
AOCI (gains) losses | (4,504) | (1,504) |
Common Equity Tier 1 Capital | 181,545 | 167,621 |
Junior Subordinated Notes | 12,000 | 12,000 |
Tier 1 Capital | 193,545 | 179,621 |
Allowable reserve for credit losses and other Tier 2 adjustments | 19,475 | 10,993 |
Subordinated notes | 19,526 | 23,000 |
Tier 2 Capital | 232,546 | 213,614 |
Risk-Weighted Assets ("RWA") | 1,582,581 | 1,508,352 |
Average Assets ("AA") | $ 2,025,061 | $ 1,782,834 |
Common Tier 1 capital to RWA, 2019 Regulatory Min. Ratio + CCB | 7.00% | |
Common Tier 1 Capital to RWA | 11.47% | 11.11% |
Tier 1 capital to RWA, 2019 Regulatory Min. Ratio + CCB | 8.50% | |
Tier 1 Capital to RWA | 0.1223 | 0.1191 |
Tier 2 capital to RWA, 2019 Regulatory Min. Ratio + CCB | 10.50% | |
Tier 2 Capital to RWA | 14.69% | 14.16% |
Tier 1 capital to AA (leverage) | 0.0956 | 0.1008 |
Tier one leverage capital required to be well capitalized to average assets | 0.0500 | |
Bank | ||
Regulatory Assets | ||
Common equity | $ 217,142 | $ 202,604 |
Goodwill | (10,835) | (10,835) |
Core deposit intangible (net of deferred tax liability) | (1,129) | (1,534) |
AOCI (gains) losses | (4,504) | (1,504) |
Common Equity Tier 1 Capital | 200,674 | 188,731 |
Tier 1 Capital | 200,674 | 188,731 |
Allowable reserve for credit losses and other Tier 2 adjustments | 19,475 | 10,993 |
Tier 2 Capital | 220,149 | 199,724 |
Risk-Weighted Assets ("RWA") | 1,580,786 | 1,506,766 |
Average Assets ("AA") | $ 2,023,325 | $ 1,781,415 |
Common Tier 1 Capital to RWA | 12.69% | 12.53% |
Tier 1 Capital to RWA | 0.1269 | 0.1253 |
Tier 2 Capital to RWA | 13.93% | 13.26% |
Tier 1 capital to AA (leverage) | 0.0992 | 0.1059 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income "(AOCI)" - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 181,494 | $ 154,482 |
Other comprehensive income | ||
Balance at the end of the period | 198,013 | 181,494 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 1,504 | (1,847) |
Other comprehensive income | ||
Other comprehensive gains, net of tax before reclassifications | 1,977 | 2,600 |
Amounts reclassified for reclassification of HTM to AFS securities | 0 | 587 |
Amounts reclassified from accumulated other comprehensive gain | 1,023 | 164 |
Net other comprehensive income | 3,000 | 3,351 |
Balance at the end of the period | $ 4,504 | $ 1,504 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income "(AOCI)" - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Gain on sale of AFS securities | $ 1.4 | $ 0.2 |
Earnings Per Share ("EPS") (Nar
Earnings Per Share ("EPS") (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted net income per share | 0 | 0 |
Earnings Per Share ("EPS") (Sch
Earnings Per Share ("EPS") (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 16,136 | $ 15,272 |
Average number of common shares outstanding (in shares) | 5,892,269 | 5,560,588 |
Dilutive effect of common stock equivalents (in shares) | 1,290 | 0 |
Average number of shares used to calculate diluted EPS (in shares) | 5,893,559 | 5,560,588 |
Basic (in dollars per share) | $ 2.74 | $ 2.75 |
Diluted (in dollars per share) | $ 2.74 | $ 2.75 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Contingency [Line Items] | ||
Allowance for loan losses | $ 5,018 | $ 3,011 |
Deferred income tax recognized | 0 | 0 |
Unrecorded income tax liability from bad debt deductions | 300 | 300 |
Retained Earnings | ||
Income Tax Contingency [Line Items] | ||
Allowance for loan losses | $ 1,200 | $ 1,200 |
Income Taxes (Schedule of Alloc
Income Taxes (Schedule of Allocation of Federal and State Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current | ||
Federal | $ 6,412 | $ 4,234 |
State | 839 | 2,179 |
Current income tax expense (benefit), total | 7,251 | 6,413 |
Deferred | ||
Federal | (2,018) | (547) |
State | (739) | (201) |
Deferred income tax expense (benefit), total | (2,757) | (748) |
Income tax expense | $ 4,494 | $ 5,665 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amount | ||
Expected income tax expense at federal tax rate | $ 4,332 | $ 4,397 |
State taxes net of federal benefit | 1,071 | 1,745 |
Nondeductible expenses | 85 | 103 |
Nontaxable income | (396) | (277) |
Income tax apportionment adjustment | (743) | 0 |
Other | 145 | (303) |
Income tax expense | $ 4,494 | $ 5,665 |
Percent of Pre-Tax Income | ||
Expected income tax expense at federal tax rate | 21.00% | 21.00% |
State taxes net of federal benefit | 5.19% | 8.33% |
Nondeductible expenses | 0.41% | 0.49% |
Nontaxable income | (1.91%) | (1.31%) |
Income tax apportionment adjustment | (3.60%) | 0.00% |
Other | 0.70% | (1.45%) |
Total income tax expense (as a percent of pre-tax income) | 21.79% | 27.06% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Allowance for loan losses | $ 5,018 | $ 3,011 |
Deferred compensation | 3,218 | 3,239 |
Lease liability | 2,090 | 2,338 |
OREO valuation allowance & expenses | 718 | 457 |
Depreciation | 158 | 50 |
Deferred fees | 283 | 0 |
Other | 287 | 189 |
Deferred tax assets, gross | 11,772 | 9,284 |
Deferred tax liabilities | ||
Fair value adjustments for acquired assets and liabilities | 111 | 115 |
FHLB stock dividends | 102 | 109 |
Unrealized gain on investment securities | 1,627 | 585 |
Right of use asset | 2,023 | 2,307 |
Deferred tax liabilities, gross | 3,863 | 3,116 |
Net deferred tax assets | $ 7,909 | $ 6,168 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)metric | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance metrics period | 3 years | |
Performance metric, average return on average assets | 3 years | |
Performance metrics, average return on average equity | 3 years | |
Restricted Stock, Restricted Stock Units and Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 400 | $ 300 |
Unrecognized stock compensation expense | $ 800 | $ 300 |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Number of performance metrics | metric | 2 | |
Minimum | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Minimum | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
Maximum | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Maximum | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock | ||
Number of Shares | ||
Beginning period, nonvested number of shares (in shares) | 14,440 | 25,473 |
Shares granted (in shares) | 9,065 | 6,524 |
Shares vested (in shares) | (8,933) | (17,557) |
Shares cancelled (in shares) | (442) | 0 |
Ending period, nonvested number of shares (in shares) | 14,130 | 14,440 |
Weighted Average Grant Date Fair Value | ||
Beginning period, weighted average grant date fair value (in dollars per share) | $ 25.79 | $ 28.76 |
Weighted average grant date fair value, granted (in dollars per share) | 33.42 | 31.82 |
Weighted average grant date fair value, vested (in dollars per share) | $ 34.02 | $ 25.83 |
Weighted average grant date fair value, cancelled (in dollars per share) | 33.81 | 0 |
Ending period, weighted average grant date fair value (in dollars per share) | $ 32.77 | $ 25.79 |
Restricted Stock Units | ||
Number of Shares | ||
Beginning period, nonvested number of shares (in shares) | 0 | 0 |
Shares granted (in shares) | 19,151 | 0 |
Shares vested (in shares) | 0 | 0 |
Shares cancelled (in shares) | 0 | 0 |
Ending period, nonvested number of shares (in shares) | 19,151 | 0 |
Weighted Average Grant Date Fair Value | ||
Beginning period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Weighted average grant date fair value, granted (in dollars per share) | 24.06 | 0 |
Weighted average grant date fair value, vested (in dollars per share) | $ 0 | $ 0 |
Weighted average grant date fair value, cancelled (in dollars per share) | 0 | 0 |
Ending period, weighted average grant date fair value (in dollars per share) | $ 24.06 | $ 0 |
Performance Stock Units | ||
Number of Shares | ||
Beginning period, nonvested number of shares (in shares) | 0 | 0 |
Shares granted (in shares) | 8,482 | 0 |
Shares vested (in shares) | 0 | 0 |
Shares cancelled (in shares) | 0 | 0 |
Ending period, nonvested number of shares (in shares) | 8,482 | 0 |
Weighted Average Grant Date Fair Value | ||
Beginning period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Weighted average grant date fair value, granted (in dollars per share) | 22.64 | 0 |
Weighted average grant date fair value, vested (in dollars per share) | $ 0 | $ 0 |
Weighted average grant date fair value, cancelled (in dollars per share) | 0 | 0 |
Ending period, weighted average grant date fair value (in dollars per share) | $ 22.64 | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee Stock Ownership Plan (ESOP), cash contributions to ESOP | $ 200,000 | $ 200,000 | |||
Employee Stock Ownership Plan (ESOP), number of allocated shares (in shares) | 156,447 | 156,707 | |||
Employee Stock Ownership Plan (ESOP), number of unallocated shares (in shares) | 13,175 | 17,325 | |||
Employee Stock Ownership Plan (ESOP), allocated shares market value | $ 300,000 | $ 600,000 | |||
Employee Stock Ownership Plan (ESOP), allocated excess of fair market value of leveraged ESOP shares released | $ (39,000) | $ (3,000) | |||
Employee Stock Ownership Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee benefit plan requisite service period | 1 year | ||||
Award vesting period | 3 years | ||||
Share Price (in dollars per share) | $ 26.48 | $ 35.57 | |||
Promissory notes | $ 500,000 | $ 600,000 | |||
Employee Stock Ownership Plan (ESOP) promissory note amortization period | 7 years | ||||
Employee Stock Ownership Plan (ESOP), Employer cash payments used for debt service | $ 100,000 | $ 200,000 | |||
Employee Stock Ownership Plan (ESOP), debt structure direct loan employer shares used for debt service (in shares) | 4,150 | 4,815 | |||
Employee Stock Ownership Plan (ESOP), debt structure offset by purchase of common shares (in shares) | 0 | 3,271 | |||
Employee Stock Ownership Plan (ESOP), debt structure offset by purchase of common shares, amount | $ 63,000 | $ 39,000 | |||
Prime Rate | Employee Stock Ownership Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee Stock Ownership Plan (ESOP) basis spread on variable rate | 1.00% | ||||
401 (K) Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum employee contribution employer will match | 8.00% | 8.00% | 8.00% | ||
Minimim period of service | 6 months | ||||
Period of service eligible for vesting | 3 years | ||||
Retirement plan expense | $ 500,000 | $ 500,000 | |||
Nonqualified Retirement Plan For Non Employee Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee benefit plan requisite service period | 15 years | ||||
Award vesting period | 2 years | ||||
Contributions by employer | $ 41,000 | ||||
Retirement plan expense | 20,000 | 26,000 | |||
Liability | 2,100,000 | 2,200,000 | |||
Maximum annual benefit following retirement (per employee) | $ 3,500 | ||||
Number of years following retirement benefit is paid | 10 years | ||||
Individual Supplemental Retirement Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Retirement plan expense | $ 800,000 | $ 900,000 | |||
Number of years following retirement benefit is paid | 15 years | ||||
Maximum | Nonqualified Retirement Plan For Non Employee Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Period for distribution of deferred amount | 10 years | ||||
Minimum | Nonqualified Retirement Plan For Non Employee Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Period for distribution of deferred amount | 1 year |
Restrictions on Cash and Amou_2
Restrictions on Cash and Amounts Due from Banks (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Restrictions on Cash and Amounts Due from Banks [Abstract] | ||
Reserve balance maintained by bank | $ 0 | $ 6 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Line of credit facility, commitment amount | $ 66.5 | $ 96.6 |
Letters of credit outstanding, amount | 20 | 22.3 |
Amounts available under lines of credit | $ 225.5 | $ 230.5 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Director | Legal Services | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related party | $ 113,000 | $ 110,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment, unpaid principal | $ 5.8 | $ 6.3 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | $ 246,105 | $ 208,187 |
CRA investment fund | 4,855 | 4,669 |
U.S. Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 9,733 | |
Residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 288 | 371 |
Callable GSE Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 2,002 | |
Certificates of Deposit Fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 250 | |
U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 1,500 | 1,489 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 44,478 | 11,318 |
CRA investment fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 4,855 | 4,669 |
Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 207 | 209 |
Student Loan Trust ABSs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 37,439 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
Fair Value, Measurements, Recurring | MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 34,953 | 36,092 |
Fair Value, Measurements, Recurring | CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 127,447 | 146,932 |
Fair Value, Measurements, Recurring | U.S. Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 9,733 | |
Fair Value, Measurements, Recurring | Residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 288 | 371 |
Fair Value, Measurements, Recurring | Callable GSE Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 2,002 | |
Fair Value, Measurements, Recurring | Certificates of Deposit Fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 250 | |
Fair Value, Measurements, Recurring | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 1,500 | 1,489 |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 44,478 | 11,318 |
Fair Value, Measurements, Recurring | Student Loan Trust ABSs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 37,439 | |
Level 1 | CRA investment fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 0 | 0 |
Level 1 | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | U.S. Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Callable GSE Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 1 | Fair Value, Measurements, Recurring | Certificates of Deposit Fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 1 | Fair Value, Measurements, Recurring | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Student Loan Trust ABSs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
Level 2 | CRA investment fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 4,855 | 4,669 |
Level 2 | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 207 | 209 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
Level 2 | Fair Value, Measurements, Recurring | MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 34,953 | 36,092 |
Level 2 | Fair Value, Measurements, Recurring | CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 127,447 | 146,932 |
Level 2 | Fair Value, Measurements, Recurring | U.S. Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 9,733 | |
Level 2 | Fair Value, Measurements, Recurring | Residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 288 | 371 |
Level 2 | Fair Value, Measurements, Recurring | Callable GSE Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 2,002 | |
Level 2 | Fair Value, Measurements, Recurring | Certificates of Deposit Fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 250 | |
Level 2 | Fair Value, Measurements, Recurring | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 1,500 | 1,489 |
Level 2 | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 44,478 | 11,318 |
Level 2 | Fair Value, Measurements, Recurring | Student Loan Trust ABSs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 37,439 | |
Level 3 | CRA investment fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 0 | 0 |
Level 3 | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CRA investment fund | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Callable GSE Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Certificates of Deposit Fixed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | |
Level 3 | Fair Value, Measurements, Recurring | U.S. government obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | 0 | $ 0 |
Level 3 | Fair Value, Measurements, Recurring | Student Loan Trust ABSs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale ("AFS"), at fair value | $ 0 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | $ 4,483 | $ 5,483 |
Premises and equipment held for sale | 430 | 430 |
Other real estate owned | 3,109 | 7,773 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Premises and equipment held for sale | 0 | 0 |
Other real estate owned | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Premises and equipment held for sale | 0 | 0 |
Other real estate owned | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 4,483 | 5,483 |
Premises and equipment held for sale | 430 | 430 |
Other real estate owned | 3,109 | 7,773 |
Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 4,483 | 4,371 |
Commercial real estate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial real estate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial real estate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 4,483 | 4,371 |
Commercial Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 1,110 |
Commercial Loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial Loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial Loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 1,110 |
Commercial Equipment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 2 |
Commercial Equipment | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial Equipment | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | 0 | 0 |
Commercial Equipment | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with impairment | $ 0 | $ 2 |
Fair Value Measurements (Unobse
Fair Value Measurements (Unobservable Inputs Used in Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Level 3 | Loans With Impairment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure of assets | $ 4,483 | $ 5,483 |
Level 3 | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure of assets | $ 3,109 | $ 7,773 |
Level 3 | Minimum | Loans With Impairment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | 0.00% | 0.00% |
Level 3 | Minimum | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | 0.00% | 0.00% |
Level 3 | Maximum | Loans With Impairment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (50.00%) | (50.00%) |
Level 3 | Maximum | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (50.00%) | (50.00%) |
Level 3 | Weighted Average | Loans With Impairment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (23.00%) | (13.00%) |
Level 3 | Weighted Average | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (47.00%) | (18.00%) |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premises and equipment held for sale | $ 430 | $ 430 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premises and equipment held for sale | 430 | 430 |
Fair Value, Measurements, Nonrecurring | Level 3 | Premesis and Equipment Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Premises and equipment held for sale | $ 430 | $ 430 |
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Premesis and Equipment Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Premesis and Equipment Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (25.00%) | (25.00%) |
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Premesis and Equipment Held for Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs discount rate one | (10.00%) | (10.00%) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, All Other Investments [Abstract] | ||
Loans commitments outstanding | $ 66.5 | $ 96.6 |
Letters of credit outstanding, amount | 20 | 22.3 |
Amounts available under lines of credit | $ 225.5 | $ 230.5 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Securities available for sale ("AFS"), at fair value | $ 246,105 | $ 208,187 |
Equity securities carried at fair value through income | 4,855 | 4,669 |
Non-marketable equity securities in other financial institutions | 207 | 209 |
FHLB Stock | 2,777 | 3,447 |
Net loans receivable | 1,581,922 | 1,424,506 |
Accrued Interest Receivable | 8,717 | 5,019 |
Investment in BOLI | 38,061 | 37,180 |
Liabilities | ||
Savings, NOW and money market accounts | 1,391,746 | 1,117,668 |
Time deposits | 355,478 | 396,492 |
Short-term borrowings | 0 | 5,007 |
Long-term debt | 27,805 | 40,588 |
TRUPs | 9,444 | 10,129 |
Subordinated notes | 20,106 | 23,031 |
Level 2 | ||
Assets | ||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
Equity securities carried at fair value through income | 4,855 | 4,669 |
Non-marketable equity securities in other financial institutions | 207 | 209 |
FHLB Stock | 2,777 | 3,447 |
Accrued Interest Receivable | 8,717 | 5,019 |
Investment in BOLI | 38,061 | 37,180 |
Liabilities | ||
Savings, NOW and money market accounts | 1,391,746 | 1,117,668 |
Time deposits | 355,478 | 396,492 |
Short-term borrowings | 0 | 5,007 |
Long-term debt | 27,805 | 40,588 |
TRUPs | 9,444 | 10,129 |
Subordinated notes | 20,106 | 23,031 |
Level 3 | ||
Assets | ||
Net loans receivable | 1,581,922 | 1,424,506 |
Carrying Amount | ||
Assets | ||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 |
Equity securities carried at fair value through income | 4,855 | 4,669 |
Non-marketable equity securities in other financial institutions | 207 | 209 |
FHLB Stock | 2,777 | 3,447 |
Net loans receivable | 1,594,075 | 1,445,109 |
Accrued Interest Receivable | 8,717 | 5,019 |
Investment in BOLI | 38,061 | 37,180 |
Liabilities | ||
Savings, NOW and money market accounts | 1,391,746 | 1,117,668 |
Time deposits | 353,856 | 394,169 |
Short-term borrowings | 0 | 5,000 |
Long-term debt | 27,302 | 40,370 |
TRUPs | 12,000 | 12,000 |
Subordinated notes | $ 19,526 | $ 23,000 |
Condensed Financial Statement_3
Condensed Financial Statements - Parent Company Only (Schedule of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Feb. 06, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Other assets | $ 2,665 | $ 3,879 | ||
Total Assets | 2,026,439 | 1,797,536 | ||
Liabilities and Stockholders' Equity | ||||
Guaranteed preferred beneficial interest in junior subordinated debentures | 12,000 | 12,000 | ||
Subordinated notes - 4.75% and 6.25%, respectively | 19,526 | 23,000 | ||
Total Liabilities | 1,828,426 | 1,616,042 | ||
Stockholders' Equity | ||||
Common stock - par value $0.01; authorized - 15,000,000 shares; issued 5,903,613 and 5,900,249 shares, respectively | 59 | 59 | ||
Additional paid in capital | 95,965 | 95,474 | ||
Retained earnings | 97,944 | 85,059 | ||
Accumulated other comprehensive income | 4,504 | 1,504 | ||
Unearned ESOP shares | (459) | (602) | ||
Total Stockholders' Equity | 198,013 | 181,494 | $ 154,482 | |
Total Liabilities and Stockholders' Equity | $ 2,026,439 | $ 1,797,536 | ||
Subordinated Debt | ||||
Liabilities and Stockholders' Equity | ||||
Subordinated notes interest rate | 6.25% | 4.75% | 6.25% | |
Parent Company | ||||
Assets | ||||
Non interest bearing cash | $ 12,076 | $ 3,268 | ||
Interest bearing cash | 0 | 10,759 | ||
Investment in wholly-owned subsidiaries | 217,514 | 202,976 | ||
Other assets | 1,423 | 1,214 | ||
Total Assets | 231,013 | 218,217 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities | 1,102 | 1,351 | ||
Guaranteed preferred beneficial interest in junior subordinated debentures | 12,372 | 12,372 | ||
Subordinated notes - 4.75% and 6.25%, respectively | 19,526 | 23,000 | ||
Total Liabilities | 33,000 | 36,723 | ||
Stockholders' Equity | ||||
Common stock - par value $0.01; authorized - 15,000,000 shares; issued 5,903,613 and 5,900,249 shares, respectively | 59 | 59 | ||
Additional paid in capital | 95,965 | 95,474 | ||
Retained earnings | 97,944 | 85,059 | ||
Accumulated other comprehensive income | 4,504 | 1,504 | ||
Unearned ESOP shares | (459) | (602) | ||
Total Stockholders' Equity | 198,013 | 181,494 | ||
Total Liabilities and Stockholders' Equity | $ 231,013 | $ 218,217 | ||
Parent Company | Subordinated Debt | ||||
Liabilities and Stockholders' Equity | ||||
Subordinated notes interest rate | 4.75% | 6.25% |
Condensed Financial Statement_4
Condensed Financial Statements - Parent Company Only (Schedule of Condensed Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | ||
Interest expense | $ 10,156 | $ 18,919 |
Net Interest Income | 60,917 | 53,534 |
Income before income taxes | 20,630 | 20,937 |
Federal and state income tax benefit | (4,494) | (5,665) |
Net Income | 16,136 | 15,272 |
Parent Company | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from subsidiary | 17,000 | 4,500 |
Interest income | 46 | 65 |
Interest expense | 779 | 2,023 |
Net Interest Income | 16,267 | 2,542 |
Miscellaneous expenses | (2,302) | (2,408) |
Income before income taxes | 13,965 | 134 |
Federal and state income tax benefit | 647 | 954 |
Equity in undistributed net income of subsidiary | 1,524 | 14,184 |
Net Income | $ 16,136 | $ 15,272 |
Condensed Financial Statement_5
Condensed Financial Statements - Parent Company Only (Schedule of Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 16,136 | $ 15,272 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Amortization of debt issuance costs | 10 | 0 |
Stock based compensation | 396 | 329 |
(Increase) decrease in other assets | 1,209 | (2,139) |
(Increase) decrease in deferred income tax benefit | (2,757) | (748) |
Net Cash Provided by Operating Activities | 28,083 | 15,690 |
Cash Flows from Investing Activities | ||
Net Cash Provided by Investing Activities | 192,726 | 96,462 |
Cash Flows from Financing Activities | ||
Dividends paid | (2,819) | (2,668) |
Proceeds from public offering | 10,632 | |
Proceeds from Subordinated Notes - 4.75% | 19,516 | 0 |
Payments of Subordinated Notes - 6.25% | (23,000) | 0 |
Net change in unearned ESOP shares | 143 | 116 |
Repurchase of common stock | (298) | (17) |
Net Cash (Used in) Provided by Financing Activities | 209,239 | 80,205 |
Parent Company | ||
Cash Flows from Operating Activities | ||
Net income | 16,136 | 15,272 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Equity in undistributed earnings of subsidiary | (1,524) | (14,184) |
Amortization of debt issuance costs | 10 | 0 |
Stock based compensation | 343 | 329 |
(Increase) decrease in other assets | (169) | 164 |
(Increase) decrease in deferred income tax benefit | (41) | 11 |
(Decrease) increase in current liabilities | (248) | 126 |
Net Cash Provided by Operating Activities | 14,507 | 1,718 |
Cash Flows from Investing Activities | ||
Net Cash Provided by Investing Activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Dividends paid | (2,819) | (2,668) |
Proceeds from public offering | 0 | |
Capital to subsidiary | (10,000) | 0 |
Proceeds from Subordinated Notes - 4.75% | 19,516 | 0 |
Payments of Subordinated Notes - 6.25% | (23,000) | 0 |
Net change in unearned ESOP shares | 143 | 116 |
Repurchase of common stock | (298) | (17) |
Net Cash (Used in) Provided by Financing Activities | (16,458) | 8,063 |
(Decrease) Increase in Cash and Cash Equivalents | (1,951) | 9,781 |
Cash at Beginning of Year | 14,027 | 4,246 |
Cash at End of Year | $ 12,076 | $ 14,027 |