Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 02, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000859070 | ||
Entity Registrant Name | FIRST COMMUNITY BANKSHARES INC /VA/ | ||
Amendment Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-19297 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 55-0694814 | ||
Entity Address, Address Line One | P.O. Box 989 | ||
Entity Address, City or Town | Bluefield | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24605-0989 | ||
City Area Code | 276 | ||
Local Phone Number | 326-9000 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | FCBC | ||
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 | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 282,850,000 | ||
Entity Common Stock, Shares Outstanding | 17,641,124 | ||
Amendment Description | First Community Bankshares, Inc. (the “Company”) is filing this Form 10-K/A (the “Form 10-K/A”) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Original Filing”), as filed with the Securities and Exchange Commission (“SEC”) on March 12, 2021, for the sole purpose of including information that was inadvertently omitted in the EDGAR preparation process. Specifically, the following information was excluded in the Original Filing : Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements Management’s Assessment of Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm on Management’s Assessment of Internal Control Over Financial Reporting Item 9 – Changes in Disagreements with Accounting and Financial Disclosure (none) Item 9A – Controls and Procedures Item 9B – Other Information (none) All of Part III, including: Item 10 – Directors, Executive Officers and Corporate Governance Item 11 – Executive Compensation Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13 – Certain Relationships and Related Transactions and Director Independence Item 14 – Principal Accounting Fees and Services Part IV: Item 15 – Exhibits, Financial Statement Schedules Signatures For the convenience of the reader, this Form 10-K/A sets forth the Original Filing in its entirety. However, this Form 10-K/A is only amended to include those sections identified above, and no other information in the Original Filing is amended hereby. Other than the foregoing, and the new certifications required under the Securities and Exchange Act of 1934, the Original Filing is not being amended or updated in any respect. Accordingly, this Form 10-K/A should be read in conjunction with the Company’s other filings made with the SEC subsequent to the filing of the Original Filing. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 58,404 | $ 66,818 |
Federal funds sold | 395,756 | 148,000 |
Interest-bearing deposits in banks | 2,401 | 2,191 |
Total cash and cash equivalents | 456,561 | 217,009 |
Debt securities available for sale | 83,358 | 169,574 |
Loans held for sale | 0 | 263 |
Loans held for investment, net of unearned income (includes covered loans of $9,680 and $12,861, respectively) | 2,186,632 | 2,114,460 |
Allowance for loan losses | (26,182) | (18,425) |
Loans held for investment, net | 2,160,450 | 2,096,035 |
FDIC indemnification asset | 1,223 | 2,883 |
Premises and equipment, net | 57,700 | 62,824 |
Other real estate owned | 2,083 | 3,969 |
Interest receivable | 9,052 | 6,677 |
Goodwill | 129,565 | 129,565 |
Other intangible assets | 7,069 | 8,519 |
Other assets | 104,075 | 101,529 |
Total assets | 3,011,136 | 2,798,847 |
Liabilities | ||
Noninterest-bearing deposits | 772,795 | 627,868 |
Interest-bearing deposits | 1,773,452 | 1,702,044 |
Total deposits | 2,546,247 | 2,329,912 |
Securities sold under agreements to repurchase | 964 | 1,601 |
Interest, taxes, and other liabilities | 37,195 | 38,515 |
Total liabilities | 2,584,406 | 2,370,028 |
Stockholders' equity | ||
Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding | 0 | 0 |
Common stock, $1 par value; 50,000,000 shares authorized; 24,319,076 issued and 17,722,507 outstanding at December 31, 2020; 24,238,907 shares issued and 18,376,991 shares outstanding at December 31, 2019. | 17,723 | 18,377 |
Additional paid-in capital | 173,345 | 192,413 |
Retained earnings | 237,585 | 219,535 |
Accumulated other comprehensive loss | (1,923) | (1,506) |
Total stockholders' equity | 426,730 | 428,819 |
Total liabilities and stockholders' equity | $ 3,011,136 | $ 2,798,847 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans held for investment, covered | $ 9,680 | $ 12,861 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 24,319,076 | 24,238,907 |
Common stock, outstanding (in shares) | 17,722,507 | 18,376,991 |
Undesignated Par Value [Member] | ||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Designated Par Value [Member] | ||
Preferred stock, authorized (in shares) | 25,000 | 25,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Interest and fees on loans | $ 110,447 | $ 88,805 | $ 91,671 |
Interest on securities -- taxable | 1,004 | 1,219 | 2,258 |
Interest on securities -- tax-exempt | 1,785 | 2,497 | 2,828 |
Interest on deposits in banks | 800 | 2,447 | 1,537 |
Total interest income | 114,036 | 94,968 | 98,294 |
Interest expense: | |||
Interest on deposits | 5,460 | 5,392 | 5,144 |
Interest on short-term borrowings | 4 | 123 | 811 |
Interest on long-term debt | 0 | 0 | 1,494 |
Total interest expense | 5,464 | 5,515 | 7,449 |
Net interest income | 108,572 | 89,453 | 90,845 |
Provision for loan losses | 12,668 | 3,571 | 2,393 |
Net interest income after provision for loan losses | 95,904 | 85,882 | 88,452 |
Noninterest income: | |||
Insurance commissions | 0 | 0 | 966 |
Net gain (loss) on sale of securities | 385 | (43) | (618) |
Net FDIC indemnification asset amortization | (1,690) | (2,377) | (2,181) |
Litigation settlements | 0 | 6,995 | 0 |
Other operating income | 4,369 | 2,804 | 2,548 |
Total noninterest income | 29,833 | 33,677 | 26,443 |
Noninterest expense: | |||
Salaries and employee benefits | 44,005 | 37,148 | 36,690 |
Occupancy expense | 5,043 | 4,334 | 4,542 |
Furniture and equipment expense | 5,558 | 4,457 | 3,980 |
Service fees | 5,665 | 4,448 | 3,860 |
Advertising and public relations | 1,951 | 2,310 | 2,011 |
Professional fees | 1,224 | 1,698 | 1,430 |
Amortization of intangibles | 1,450 | 997 | 1,039 |
FDIC premiums and assessments | 426 | 318 | 906 |
Loss on extinguishment of debt | 0 | 0 | 1,096 |
Goodwill impairment | 0 | 0 | 1,492 |
Merger expense | 1,893 | 2,124 | 0 |
Other operating expense | 12,410 | 11,929 | 12,727 |
Total noninterest expense | 79,625 | 69,763 | 69,773 |
Income before income taxes | 46,112 | 49,796 | 45,122 |
Income tax expense | 10,186 | 10,994 | 8,782 |
Net income | $ 35,926 | $ 38,802 | $ 36,340 |
Earnings per common share | |||
Basic (in dollars per share) | $ 2.02 | $ 2.47 | $ 2.19 |
Diluted (in dollars per share) | 2.02 | 2.46 | 2.18 |
Cash dividends per common share (in dollars per share) | $ 1 | $ 0.96 | $ 0.78 |
Weighted average shares outstanding | |||
Basic (in shares) | 17,781,748 | 15,690,812 | 16,587,504 |
Diluted (in shares) | 17,815,380 | 15,756,093 | 16,666,385 |
Common Dividend [Member] | |||
Earnings per common share | |||
Cash dividends per common share (in dollars per share) | $ 1 | $ 0.96 | $ 0.78 |
Special Cash Dividend [Member] | |||
Earnings per common share | |||
Cash dividends per common share (in dollars per share) | $ 0 | $ 0 | $ 0.48 |
Fiduciary and Trust [Member] | |||
Noninterest income: | |||
Noninterest income | $ 3,417 | $ 3,423 | $ 3,262 |
Deposit Account [Member] | |||
Noninterest income: | |||
Noninterest income | 13,019 | 14,594 | 14,733 |
Financial Service, Other [Member] | |||
Noninterest income: | |||
Noninterest income | $ 10,333 | $ 8,281 | $ 7,733 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 35,926 | $ 38,802 | $ 36,340 |
Other comprehensive income, before tax | |||
Change in net unrealized gains (losses) on securities without other-than-temporary impairment | 689 | 1,414 | (2,213) |
Reclassification adjustment for net (gain) loss recognized in net income | (385) | 43 | 618 |
Net unrealized gains (losses) on available-for-sale debt securities | 304 | 1,457 | (1,595) |
Employee benefit plans: | |||
Net actuarial (loss) gain | (1,217) | (1,570) | 565 |
Plan change | 0 | (262) | 0 |
Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income | 386 | 278 | 285 |
Net unrealized (losses) gains on employee benefit plans | (831) | (1,554) | 850 |
Other comprehensive (loss) income, before tax | (527) | (97) | (745) |
Income tax expense | (110) | (20) | (156) |
Other comprehensive (loss) income, net | (417) | (77) | (589) |
Total comprehensive income | $ 35,509 | $ 38,725 | $ 35,751 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 0 | $ 21,382 | $ 180,543 | $ (79,121) | $ (840) | $ 350,714 |
Net income | 0 | 0 | 36,340 | 0 | 0 | 36,340 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (589) | (589) |
Common dividends declared | 0 | 0 | (12,966) | 0 | 0 | (12,966) |
Special common dividend declared -- $0.48 per share | 0 | 0 | (8,124) | 0 | 0 | (8,124) |
Equity-based compensation expense | 0 | 0 | 0 | 623 | 0 | 1,158 |
Common stock options exercised | 0 | 0 | 0 | 468 | 0 | 384 |
Issuance of stock to 401(k) plan | 0 | 0 | 0 | 214 | 0 | 352 |
Purchase of treasury shares | 0 | 0 | 0 | (34,412) | 0 | (34,412) |
Reclassification of treasury stock | 0 | (5,375) | 0 | 112,228 | 0 | 0 |
Balance at Dec. 31, 2018 | 0 | 16,007 | 195,793 | 0 | (1,429) | 332,857 |
Net income | 0 | 0 | 38,802 | 0 | 0 | 38,802 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (77) | (77) |
Common dividends declared | 0 | 0 | (15,060) | 0 | 0 | (15,060) |
Equity-based compensation expense | 0 | 44 | 0 | 0 | 0 | 1,481 |
Common stock options exercised | 0 | 8 | 0 | 0 | 0 | 136 |
Issuance of stock to 401(k) plan | 0 | 12 | 0 | 0 | 0 | 411 |
Repurchase of common shares | 0 | (487) | 0 | 0 | 0 | (16,362) |
Highlands Bankshares, Inc. acquisition | 0 | 2,793 | 0 | 0 | 0 | 86,631 |
Balance at Dec. 31, 2019 | 0 | 18,377 | 219,535 | 0 | (1,506) | 428,819 |
Net income | 0 | 0 | 35,926 | 0 | 0 | 35,926 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (417) | (417) |
Common dividends declared | 0 | 0 | (17,876) | 0 | 0 | (17,876) |
Equity-based compensation expense | 0 | 58 | 0 | 0 | 0 | 1,643 |
Issuance of stock to 401(k) plan | 0 | 23 | 0 | 0 | 0 | 507 |
Repurchase of common shares | 0 | (735) | 0 | 0 | 0 | (21,872) |
Balance at Dec. 31, 2020 | $ 0 | $ 17,723 | $ 237,585 | $ 0 | $ (1,923) | $ 426,730 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common dividends declared, per share (in dollars per share) | $ 1 | $ 0.96 | $ 0.78 |
Special common dividends declared, per share (in dollars per share) | $ 0.48 | ||
Common stock options exercised, shares (in shares) | 0 | 8,459 | 24,186 |
Issuance of stock to 401(k) plan, shares (in shares) | 22,693 | 12,407 | 11,331 |
Purchase of treasury shares, shares (in shares) | 1,060,312 | ||
Purchase of treasury shares, per share (in dollars per share) | $ 32.45 | ||
Repurchase of common shares, shares (in shares) | 734,653 | 487,400 | |
Repurchase of common shares, per share (in dollars per share) | $ 29.77 | $ 33.57 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net income | $ 35,926 | $ 38,802 | $ 36,340 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for loan losses | 12,668 | 3,571 | 2,393 |
Depreciation and amortization of premises and equipment | 4,458 | 3,448 | 2,912 |
Amortization of premiums on investments, net | 1,468 | 195 | 40 |
Amortization of FDIC indemnification asset, net | 1,690 | 2,377 | 2,181 |
Amortization of intangible assets | 1,450 | 997 | 1,039 |
Goodwill impairment | 0 | 0 | 1,492 |
Accretion on acquired loans | (7,991) | (3,231) | (6,391) |
Equity-based compensation expense | 1,643 | 1,481 | 1,158 |
Issuance of common stock to 401(k) plan | 507 | 411 | 352 |
Gain on sale of premises and equipment, net | (59) | (75) | (25) |
Provision expense and loss on sale of other real estate owned | 319 | 1,253 | 1,313 |
(Gain) loss on sale of securities | (385) | 43 | 618 |
Writedowns of property, plant & equipment | 812 | 380 | 1,007 |
Loss on extinguishment of debt | 0 | 0 | 1,096 |
(Increase) decrease in other operating activities | (6,662) | 7,003 | 3,974 |
Net cash provided by operating activities | 45,844 | 56,655 | 49,499 |
Investing activities | |||
Proceeds from sale of securities available for sale | 51,027 | 13,898 | 8,937 |
Proceeds from maturities, prepayments, and calls of securities available for sale | 44,676 | 32,863 | 68,765 |
Proceeds from maturities and calls of securities held to maturity | 0 | 25,000 | 0 |
Payments to acquire securities available for sale | (10,267) | (8,255) | (67,355) |
(Originations of) proceeds from repayments loans, net | (69,259) | 85,233 | 39,512 |
Proceeds from bank owned life insurance | 0 | 0 | 458 |
(Redemption of) payments for FHLB stock, net | (12) | 129 | (2,122) |
Cash proceeds from mergers, acquisitions, and divestitures, net | 0 | 25,863 | 10 |
Payments to the FDIC | (30) | (152) | (151) |
Proceeds from sale of premises and equipment | 2,861 | 1,955 | 955 |
Payments to acquire premises and equipment | (3,195) | (8,411) | (2,551) |
Proceeds from sale of other real estate owned | 1,997 | 3,254 | 2,940 |
Net cash provided by investing activities | 17,798 | 171,377 | 49,398 |
Financing activities | |||
Increase in noninterest-bearing deposits, net | 144,927 | 12,604 | 5,407 |
Increase (decrease) in interest-bearing deposits, net | 71,408 | (41,445) | (79,548) |
Repayments of securities sold under agreements to repurchase, net | (637) | (27,769) | (716) |
Repayments of FHLB and other borrowings, net | (40) | 0 | (50,000) |
Proceeds from stock options exercised | 0 | 136 | 384 |
Payments for repurchase of common stock | (21,872) | (16,362) | (34,412) |
Payments of common stock dividends | (17,876) | (15,060) | (21,090) |
Net cash provided by (used in) financing activities | 175,910 | (87,896) | (179,975) |
Net increase (decrease) in cash and cash equivalents | 239,552 | 140,136 | (81,078) |
Cash and cash equivalents at beginning of period | 217,009 | 76,873 | 157,951 |
Cash and cash equivalents at end of period | 456,561 | 217,009 | 76,873 |
Supplemental disclosure -- cash flow information | |||
Cash paid for interest | 5,500 | 5,661 | 7,935 |
Cash paid for income taxes | 9,074 | 8,057 | 7,610 |
Supplemental transactions -- non-cash items | |||
Transfer of loans to other real estate | 695 | 3,160 | 5,686 |
Loans originated to finance other real estate | 266 | 484 | 164 |
Increase in accumulated other comprehensive loss | 417 | 77 | 589 |
Non-cash sales price related to divestitures | 0 | 0 | 1,603 |
Fair value of assets acquired | 0 | 556,005 | 0 |
Fair value of liabilities assumed | 0 | 506,179 | 0 |
Net assets acquired | 0 | 49,826 | 0 |
Common stock issued in acquisition | $ 0 | $ 86,631 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1. Basis of Presentation and Significant Accounting Policies Basis of Presentation First Community Bankshares, Inc. (the “Company”), a financial holding company, was founded in 1989 2018. 1874. Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one The Company maintains investments in variable interest entities (“VIEs”). VIEs are legal entities in which equity investors do not not not not Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no Use of Estimates Preparation of the consolidated financial statements in conformity with GAAP requires management 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 require the most subjective or complex judgments relate to fair value measurements, the allowance for loan losses and goodwill and other intangible asset. For additional information, see “Critical Accounting Policies” in Part II, Item 7 Summary of Significant Accounting Policies Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. The fair value hierarchy ranks the inputs used in measuring fair value as follows: ● Level 1 ● Level 2 1 ● Level 3 no The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may may not Cash and Cash Equivalent s Cash and cash equivalents include cash and due from banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank (“FHLB”), the Federal Reserve Bank (“FRB”), and correspondent banks that are available for immediate withdrawal. Investment Securities Management classifies debt securities as held-to-maturity or available-for-sale based on the intent and ability to hold the securities to maturity. Debt securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Debt securities not may The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”) using inputs from independent third not not not Other Investments As a condition of membership in the FHLB and the FRB, the Company is required to hold a minimum level of stock in the FHLB of Atlanta and the FRB of Richmond. These securities are carried at cost and periodically reviewed for impairment. The total investment in FHLB and FRB stock, which is included in other assets, was $10.80 million as of December 31, 2020 December 31, 2019 The Company owns certain long-term equity investments without readily determinable fair values, including certain tax credit limited partnerships and various limited liability companies that manage real estate investments, facilitate tax credits, and provide title insurance and other related financial services. These investments are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The total carrying value in these investments, which is included other assets, totaled $3.93 million as of December 31, 2020 December 31, 2019 Business Combinations The Company accounts for business combinations using the acquisition method of accounting as outlined in using Topic 805 one Loans Held for Investment Loans classified as held for investment are originated with the intent to hold indefinitely, until maturity, or until pay-off. Loans held for investment are carried at the principal amount outstanding, net of unearned income and any necessary write-downs to reduce individual loans to net realizable value. Interest income on performing loans is recognized as interest income at the contractual rate of interest. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. Purchased Performing Loans . No P urchased C redit I mpaired (“PCI”) Loans not 310 30 may Impaired Loans and Nonperforming Assets not 90 Loans are considered past due when either principal or interest payments become contractually delinquent by 30 90 may not not may six Seriously delinquent loans are evaluated for loss mitigation options. Closed-end retail loans are generally charged off against the allowance for loan losses when the loans become 120 180 90 120 Loans are considered troubled debt restructurings (“TDRs”) when the Company grants concessions, for legal or economic reasons, to borrowers experiencing financial difficulty that would not $500 six Other real estate owned (“OREO”) acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third Allowance for Loan Losses We review our allowance for loan losses quarterly to determine if it is sufficient to absorb probable loan losses in the portfolio. This determination requires management to make significant estimates and assumptions. While management uses its best judgment and available information, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates, and the view of regulatory authorities towards loan classifications. These uncertainties may Our allowance for loan losses consists of specific reserves assigned to impaired loans and credit relationships and general reserves assigned to unimpaired loans that have been segmented into loan classes with similar risk characteristics such as the type of loan and collateral. General reserve allocations are based on management’s judgments of qualitative and quantitative factors that include, but are not $500 not No December 31, 2020 6, 8 FDIC Indemnification Asset The FDIC indemnification asset represents the carrying amount of the right to receive payments from the FDIC for losses incurred on certain loans and OREO purchased from the FDIC that are covered by loss share agreements. The FDIC indemnification asset is measured separately from related covered assets because it is not not Premises and Equipment Premises, equipment, and capital leases are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for computer software, hardware, and data handling equipment; and 7 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first Intangible Assets Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired that is allocated to the appropriate reporting unit when acquired. Core deposit intangible assets represent the future earnings potential of acquired deposit relationships that are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements that are amortized using the straight-line method. Goodwill is tested for impairment annually, on October 31 st may one not not no no October 31, 2020, no Quantitative goodwill impairment testing involves significant management judgement, requiring an assessment of whether the carrying value of the reporting unit can be supported by its fair value. The process to determine fair value of our reporting unit utilizes widely accepted valuation techniques, such as the market approach (earnings multiples and transaction multiples) and the income approach (discounted cash flow (“DCF”) method). The Company engaged an independent valuation specialist to assist with goodwill impairment testing utilizing both the market and DCF methods. The resulting fair values from the aforementioned methods were appropriately weighted to determine the final fair value of our reporting unit. Under the market approach, the key assumptions are selected price to earnings ratios and price to tangible book value multiples. The selection of the multiples considers the operating performance and financial condition of our reporting unit as compared with those of a group of selected publicly traded guideline companies. Among other factors considered, are the level and expected growth in return on tangible equity relative to the guideline companies selected, implied control premiums, recent transaction prices, as well as data in comparable macroeconomic environments. Under the DCF approach, the key assumptions used are the cash flows for the forecasted period, the terminal growth rate, and the discount rate. The cash flows for the forecasted period are estimated based on management’s most recent projections available as of the testing date, given consideration to minimum equity capital requirements. The projections include macroeconomic variables developed at the same time. The terminal growth rate is selected based on management’s long-term expectation for the reporting unit. The discount rate is based on the reporting unit’s estimated cost of equity capital, computed under the capital asset pricing model and reflects the risk and uncertainty in the financial markets in the internally generated cash flow projections. At October 31, 2020, no Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recognized as short-term borrowings in the Company’s consolidated balance sheets. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third Derivative Instruments The Company primarily uses derivative instruments to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Derivative instruments represent contracts between parties that usually require little or no one may may may If certain conditions are met, a derivative may not Equity-Based Compensation The cost of employee services received in exchange for equity instruments, including stock options and restricted stock awards, is generally measured at fair value on the grant date. The Black-Scholes-Merton valuation model is used to estimate the fair value of stock options at the grant date while the fair value of restricted stock awards is based on the market price of the Company’s common stock on the grant date. The Black-Scholes-Merton model incorporates the following assumptions: the expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the U.S. Department of the Treasury’s (“Treasury”) yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Revenue Recognition Wealth management third third third Service charges on deposits and other service charges and fees Advertising Expenses Advertising costs are generally expensed as incurred. The Company may Income Taxes Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percent of pre-tax income, may Per Share Results Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. Under the treasury stock method of accounting, potential common stock may Risks and Uncertainties Recent COVID- 19 During the year of 2020, 19” Company Response to COVID- 19 As COVID- 19 2020, • Implemented its board-approved pandemic business continuity plan • Appointed an internal pandemic preparedness task force comprised of the Company’s management to address both operational and financial risks posed by COVID- 19 • Modified branch operations: o Branch lobbies remain available, but on a limited appointment-only basis o Most transactions conducted via drive-throughs o Increased emphasis on digital banking platforms • Implemented physical separation of critical operational workforce for Bank and non-Bank financial services subsidiaries • Expanded paid time off and health benefits for employees • Implemented work from home strategy for appropriate staff: ○ Many of the Company's non-branch, operational essential employees remain working remotely o Geographically separated work locations of Bank and Company CEO’s and most other executive management team members o Suspended non-essential work-related travel • Implemented a pay differential for employees continuing to work at branch or back office locations which ended May 31, 2020 • Adopted self-monitoring and quarantining procedures • Implemented enhanced facility cleaning protocols • Redeployed staff to critical customer service operations to expedite loan payment deferral requests, Paycheck Protection Program lending efforts, and other operations Potential Effects of COVID- 19 The adverse impact of COVID- 19 19 December 31, 2020, December 31, 2020, 19 June 30, 2020. The general economic slowdown caused by COVID- 19 In addition to the general impact of COVID- 19, may two 1%, December 31, 2020 December 31, 2020, COVID- 19 no To date, the Company has identified no no 19. no It is impossible to predict the full extent to which COVID- 19 19, Recent Accounting Standard s Standards to be Adopted in 2021 In June 2016, 2016 13, 326 not December 15, 2019, January 1, 2021, first This estimate is influenced by the composition, characteristics and quality of our loan portfolio, as well as the economic conditions and forecasts as of each reporting period. These economic conditions and forecasts could be significantly different in future periods. The impact of the change in the allowance on our results of operations in a provision for credit losses will depend on the current period net charge-offs, level of loan originations, and change in mix of the loan portfolio. Standards Adopted in 2020 In January 2017, 2017 04, 350 2 December 15, 2019. January 1, 2020. not In August 2018, 2018 13, 820 Conceptual Framework for Financial Reporting--Chapter 8: December 15, 2019. In March 2020, 2020 04, 848 2018 March 12, 2020 December 31, 2022. March 12, 2020. not Standards Not In December 2019, 2019 12, 740 December 15, 2020. not not The Company does not |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 . Acquisitions and Divestitures The following are business combinations and divestitures which have occurred over the past three Highlands Bankshares, Inc. On December 31, 2019, two The Highlands transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition. As recorded by Fair Value As recorded by (Amounts in thousands, except share data) Highlands Adjustments the Company Assets Cash and cash equivalents $ 25,879 $ — $ 25,879 Securities available for sale 53,732 — 53,732 Loans held for sale 263 — 263 Loans held for investment, net of allowance and mark 438,896 (11,429 ) ( a ) 427,467 Premises and equipment 16,722 (2,317 ) ( b ) 14,405 Other real estate 1,963 — 1,963 Other assets 25,556 2,250 ( c ) 27,806 Intangible assets — 4,490 ( d ) 4,490 Total assets $ 563,011 $ (7,006 ) $ 556,005 LIABILITIES Deposits: Noninterest-bearing $ 155,714 $ — $ 155,714 Interest-bearing 346,028 1,261 ( e ) 347,289 Total deposits 501,742 1,261 503,003 Long term debt 40 — 40 Other liabilities 2,938 198 ( f ) 3,136 Total liabilities 504,720 1,459 506,179 Net identifiable assets acquired over (under) liabilities assumed 58,291 (8,465 ) 49,826 Goodwill — 36,821 36,821 Net assets acquired over liabilities assumed $ 58,291 $ 28,356 $ 86,647 Consideration: First Community Bankshares, Inc. common 2,792,729 Purchase price per share of the Company's common stock $ 31.02 Fair Value of Company common stock issued $ 86,631 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 86,647 Explanation of fair value adjustments: ( a ) - Adjustment reflects the fair value adjustments of $(14.70) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses and deferred loan fees of $3.27 million recorded by Highlands. ( b ) - Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. ( c ) - Adjustment to record the deferred tax asset related to the fair value adjustments. ( d ) - Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. ( e ) - Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. ( f ) - Adjustment reflects the fair value adjustment for death benefits payable of $320 thousand, the fair value adjustment for lease liability of $(37) thousand and the fair value adjustment to the reserve for unfunded commitments of $(85) thousand. The following table presents the carrying amount of acquired loans at December 31, 2019, no December 31, 2019 Purchased Purchased (Amounts in thousands) Performing Impaired Total Commercial loans Construction, development, and other land $ 15,763 $ 1,956 $ 17,719 Commercial and industrial 44,474 2,829 47,303 Multi-family residential 21,032 1,663 22,695 Single family non-owner occupied 29,357 4,564 33,921 Non-farm, non-residential 107,489 21,710 129,199 Agricultural 2,298 — 2,298 Farmland 3,287 3,722 7,009 Total commercial loans 223,700 36,444 260,144 Consumer real estate loans Home equity lines 23,654 2,157 25,811 Single family owner occupied 116,413 13,174 129,587 Owner occupied construction 1,097 — 1,097 Total consumer real estate loans 141,164 15,331 156,495 Consumer and other loans Consumer loans 9,487 1,341 10,828 Loans acquired at fair value $ 374,351 $ 53,116 $ 427,467 Comparative and Pro Forma Financial Information for Acquisitions in 2020 As the merger date was the close of business, December 31, 2019, no 2019 The following table discloses the impact of the merger. The table also presents certain pro forma information as if Highlands had been acquired on January 1, 2018. not January 1, 2018. Merger-related costs of $1.89 million incurred by the Company for the year ended December 31, 2020 2019 No December 31, 2019 2018 not ProForma ProForma Year Ended Year Ended (Dollars in thousands) December 31, 2019 December 31, 2018 Total revenues (net interest income plus noninterest income) $ 150,618 $ 145,656 Net adjusted income available to the common shareholder $ 43,463 $ 42,470 Bankers Insurance, LLC On October 1, 2018, one third 2018. Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Divestitures Book value of assets sold — — (1,685 ) Book value of liabilities sold — — 37 Sales price in excess of net liabilities assumed — — — Total sales price — — (1,648 ) Cash sold — — 35 Non-cash sales price — — 1,603 Amount due remaining on books — — — Net cash received in divestitures — — (10 ) Net cash received in acquisitions and divestitures $ — $ — $ — |
Note 3 - Debt Securities
Note 3 - Debt Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N ote 3 . Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated: December 31, 2020 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 555 $ — $ (4 ) $ 551 Municipal securities 43,950 509 — 44,459 Mortgage-backed Agency securities 37,453 992 (97 ) 38,348 Total $ 81,958 $ 1,501 $ (101 ) $ 83,358 December 31, 2019 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,038 $ — $ (4 ) $ 5,034 Municipal securities 85,992 886 — 86,878 Mortgage-backed Agency securities 77,448 380 (166 ) 77,662 Total $ 168,478 $ 1,266 $ (170 ) $ 169,574 The following table presents the amortized cost and fair value of available-for-sale debt securities, by contractual maturity, as of December 31, 2020 may (Amounts in thousands) U.S. Agency Securities Municipal Securities Total Amortized cost maturity: One year or less $ — $ — $ — After one year through five years — 24,485 24,485 After five years through ten years 555 19,465 20,020 After ten years — — — Amortized cost $ 555 $ 43,950 44,505 Mortgage-backed securities 37,453 Total amortized cost $ 81,958 Fair value maturity: One year or less $ — $ — $ — After one year through five years — 24,703 24,703 After five years through ten years 551 19,756 20,307 After ten years — — — Fair value $ 551 $ 44,459 45,010 Mortgage-backed securities 38,348 Total fair value $ 83,358 The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 12 December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ — $ — $ 544 $ (4 ) $ 544 $ (4 ) Municipal securities — — — — — — Mortgage-backed Agency securities 11,018 (97 ) — — 11,018 (97 ) Total $ 11,018 $ (97 ) $ 544 $ (4 ) $ 11,562 $ (101 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 975 $ (4 ) $ — $ — $ 975 $ (4 ) Municipal securities — — — — — — Mortgage-backed Agency securities 8,020 (48 ) 8,319 (118 ) 16,339 (166 ) Total $ 8,995 $ (52 ) $ 8,319 $ (118 ) $ 17,314 $ (170 ) There were 6 individual debt securities in an unrealized loss position as of December 31, 2020 12 not not not December 31, 2019 The Company reviews its investment portfolio quarterly for indications of OTTI. The initial indicator of OTTI for debt securities is a decline in fair value below book value and the severity and duration of the decline. The credit-related OTTI is recognized as a charge to noninterest income and the noncredit-related OTTI is recognized in OCI. Temporary impairment on debt securities is primarily related to changes in benchmark interest rates, changes in pricing in the credit markets, and other current economic factors. The following table presents gross realized gains and losses from the sale of available-for-sale debt securities for the periods indicated: Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Gross realized gains $ 419 $ 67 $ — Gross realized losses (34 ) (110 ) (618 ) Net gain (loss) on sale of securities $ 385 $ (43 ) $ (618 ) The carrying amount of securities pledged for various purposes totaled $36.56 million as of December 31, 2020 December 31, 2019 |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . Loans The Company groups loans held for investment into three December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 20, The following table presents loans, net of unearned income with non-covered loans and by loan class, as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Amount Percent Amount Percent Non-covered loans held for investment Commercial loans Construction, development, and other land $ 44,649 2.04 % $ 48,659 2.30 % Commercial and industrial 173,024 7.91 % 142,962 6.76 % Multi-family residential 115,161 5.27 % 121,840 5.76 % Single family non-owner occupied 187,598 8.58 % 163,181 7.72 % Non-farm, non-residential 734,793 33.60 % 727,261 34.39 % Agricultural 9,749 0.45 % 11,756 0.56 % Farmland 19,761 0.90 % 23,155 1.10 % Total commercial loans 1,284,735 58.75 % 1,238,814 58.59 % Consumer real estate loans Home equity lines 89,432 4.09 % 110,078 5.21 % Single family owner occupied 658,678 30.12 % 620,697 29.35 % Owner occupied construction 17,720 0.81 % 17,241 0.82 % Total consumer real estate loans 765,830 35.02 % 748,016 35.38 % Consumer and other loans Consumer loans 120,373 5.50 % 110,027 5.20 % Other 6,014 0.28 % 4,742 0.22 % Total consumer and other loans 126,387 5.78 % 114,769 5.42 % Total non-covered loans 2,176,952 99.56 % 2,101,599 99.39 % Total covered loans 9,680 0.44 % 12,861 0.61 % Total loans held for investment, net of unearned income $ 2,186,632 100.00 % $ 2,114,460 100.00 % Loans held for Sale $ — $ — $ 263 $ — Commercial and industrial loan balances grew significantly compared to December 31, 2019. second 2020. December 31, 2020, $57.06 mil December 31, 2020, 2020, f $868 December 31, 2020, The following table presents the covered loan portfolio, by loan class, as of the dates indicated. December 31, (Amounts in thousands) 2020 2019 Covered loans Commercial loans Construction, development, and other land $ 25 $ 28 Single family non-owner occupied 185 199 Non-farm, non-residential — 3 Total commercial loans 210 230 Consumer real estate loans Home equity lines 7,094 9,853 Single family owner occupied 2,376 2,778 Total consumer real estate loans 9,470 12,631 Total covered loans $ 9,680 $ 12,861 The Company identifies certain purchased loans as impaired when fair values are established at acquisition and groups those PCI loans into loan pools with common risk characteristics. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. Effective January 1, 2020, December 31, 2019. December 31, 2020 2019 (Amounts in thousands) Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance PCI Loans, by acquisition Peoples $ — $ — $ 5,071 $ 6,431 Waccamaw — — 2,708 14,277 Highlands 39,662 47,514 53,116 64,096 Other acquired — — 352 378 Total PCI Loans $ 39,662 $ 47,514 $ 61,247 $ 85,182 The Highlands acquisition added $8.15 million in accretable yield. The total fair value of the Highlands PCI loans was $53.12 million at the time of the acquisition. The gross contractual cash flows for the Highlands PCI loans was $76.45 million. The following table presents the changes in the accretable yield on PCI loans, by acquisition, during the periods indicated: Peoples Waccamaw Highlands Total (Amounts in thousands) Balance January 1, 2018 $ 3,388 $ 19,465 $ — $ 22,853 Accretion (1,263 ) (6,269 ) — (7,532 ) Reclassifications from nonaccretable difference(1) 8 1,770 — 1,778 Other changes, net 457 (327 ) — 130 Balance December 31, 2018 $ 2,590 $ 14,639 $ — $ 17,229 Balance January 1, 2019 $ 2,590 $ 14,639 $ — $ 17,229 Accretion (950 ) (3,317 ) — (4,267 ) Reclassifications from nonaccretable difference(1) 17 1,440 — 1,457 Other changes, net 233 (188 ) — 45 Balance December 31, 2019 $ 1,890 $ 12,574 $ — $ 14,464 Balance January 1, 2020 $ 1,890 $ 12,574 $ — $ 14,464 Additions — — 8,152 8,152 Accretion — — (2,497 ) (2,497 ) Other changes, net (1,890 ) (12,574 ) — (14,464 ) Balance Balance at December 31, 2020 $ — $ — $ 5,655 $ 5,655 ( 1 Represents changes attributable to expected loss assumptions |
Note 5 - Credit Quality
Note 5 - Credit Quality | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5. Credit Quality The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. Loan risk ratings may ● Pass -- This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity, leverage, and industry conditions. ● Special Mention -- This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not may ● Substandard -- This grade is assigned to loans that have well defined weaknesses that may ● Doubtful -- This grade is assigned to loans that have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined. ● Loss -- This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are uncertain. This risk grade does not no not may The following tables present the recorded investment of the loan portfolio, by loan class and credit quality, as of the dates indicated. Losses on covered loans are generally reimbursable by the FDIC at the applicable loss share percentage, 80%; December 31, 2020 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 36,934 $ 4,950 $ 2,765 $ — $ — $ 44,649 Commercial and industrial 160,474 7,031 5,519 — — 173,024 Multi-family residential 103,291 8,586 3,284 — — 115,161 Single family non-owner occupied 165,146 9,602 12,838 12 — 187,598 Non-farm, non-residential 568,438 125,907 40,448 — — 734,793 Agricultural 7,724 1,686 339 — — 9,749 Farmland 13,527 2,597 3,637 — — 19,761 Consumer real estate loans — Home equity lines 85,316 1,112 3,004 — — 89,432 Single family owner occupied 622,082 3,594 33,002 — — 658,678 Owner occupied construction 17,232 201 287 — — 17,720 Consumer and other loans — Consumer loans 118,134 28 2,211 — — 120,373 Other 6,014 — — — — 6,014 Total non-covered loans 1,904,312 165,294 107,334 12 — 2,176,952 Covered loans Commercial loans Construction, development, and other land — 25 — — — 25 Single family non-owner occupied 151 34 — — — 185 Consumer real estate loans Home equity lines 6,396 376 322 — — 7,094 Single family owner occupied 1,778 265 333 — — 2,376 Total covered loans 8,325 700 655 — — 9,680 Total loans $ 1,912,637 $ 165,994 $ 107,989 $ 12 $ — $ 2,186,632 December 31, 2019 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 45,781 $ 2,079 $ 799 $ — $ — $ 48,659 Commercial and industrial 135,651 4,327 2,984 — — 142,962 Multi-family residential 118,045 2,468 1,327 — — 121,840 Single family non-owner occupied 149,916 7,489 5,776 — — 163,181 Non-farm, non-residential 683,481 27,160 16,620 — — 727,261 Agricultural 11,299 122 335 — — 11,756 Farmland 17,609 4,107 1,439 — — 23,155 Consumer real estate loans Home equity lines 106,246 2,014 1,818 — — 110,078 Single family owner occupied 580,580 17,001 23,116 — — 620,697 Owner occupied construction 16,341 179 721 — — 17,241 Consumer and other loans Consumer loans 108,065 1,341 621 — — 110,027 Other 4,742 — — — — 4,742 Total non-covered loans 1,977,756 68,287 55,556 — — 2,101,599 Covered loans Commercial loans Construction, development, and other land — 28 — — — 28 Single family non-owner occupied 199 — — — — 199 Non-farm, non-residential — — 3 — — 3 Consumer real estate loans Home equity lines 7,177 2,327 349 — — 9,853 Single family owner occupied 2,111 275 392 — — 2,778 Total covered loans 9,487 2,630 744 — — 12,861 Total loans $ 1,987,243 $ 70,917 $ 56,300 $ — $ — $ 2,114,460 The Company identifies loans for potential impairment through a variety of means, including, but not not The following table presents the recorded investment, unpaid principal balance, and related allowance for loan losses for impaired loans, excluding PCI loans, as of the dates indicated: December 31, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (Amounts in thousands) Investment Balance Allowance Investment Balance Allowance Impaired loans with no related allowance Commercial loans Construction, development, and other land $ 616 $ 891 $ — $ 552 $ 768 $ — Commercial and industrial 2,341 2,392 — 576 599 — Multi-family residential 946 1,593 — 1,254 1,661 — Single family non-owner occupied 4,816 5,785 — 2,652 3,176 — Non-farm, non-residential 8,238 9,467 — 4,158 4,762 — Agricultural 218 226 — 158 164 — Farmland 1,228 1,311 — 1,437 1,500 — Consumer real estate loans Home equity lines 1,604 1,772 — 1,372 1,477 — Single family owner occupied 16,778 19,361 — 15,588 17,835 — Owner occupied construction 216 216 — 648 648 — Consumer and other loans Consumer loans 818 833 — 290 294 — Total impaired loans with no allowance 37,819 43,847 — 28,685 32,884 — Impaired loans with a related allowance Commercial loans Non-farm, non-residential 1,068 1,121 319 1,241 1,227 292 Consumer real estate loans Single family owner occupied 338 338 108 1,246 1,246 353 Total impaired loans with an allowance 1,406 1,459 427 2,487 2,473 645 Total impaired loans(1) $ 39,225 $ 45,306 $ 427 $ 31,172 $ 35,357 $ 645 ( 1 Total impaired loans include loans totaling $31.18 million as of December 31, 2020 December 31, 2019 not first 2018, The following table presents the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the periods indicated: Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Impaired loans with no related allowance: Commercial loans Construction, development, and other land $ 25 $ 935 $ 22 $ 704 $ 26 $ 921 Commercial and industrial 155 2,749 34 363 19 383 Multi-family residential 19 808 24 1,356 47 910 Single family non-owner occupied 189 4,890 123 2,979 123 2,652 Non-farm, non-residential 295 7,450 123 4,683 133 4,828 Agricultural 9 241 9 121 — 164 Farmland 63 1,569 55 1,469 64 1,172 Consumer real estate loans Home equity lines 51 1,594 46 1,439 44 1,637 Single family owner occupied 578 17,044 599 16,058 503 15,423 Owner occupied construction 10 407 29 308 8 244 Consumer and other loans Consumer loans 42 543 13 213 9 161 Total impaired loans with no related allowance 1,436 38,230 1,077 29,693 976 28,495 Impaired loans with a related allowance: Commercial loans Multi-family residential — 707 — — 2 270 Single family non-owner occupied — — — — 7 110 Non-farm, non-residential 17 1,524 48 766 2 809 Farmland — — — — — 307 Consumer real estate loans Home equity lines — — — — 3 68 Single family owner occupied 29 1,196 46 1,947 158 5,296 Total impaired loans with a related allowance 46 3,427 94 2,713 172 6,860 Total impaired loans $ 1,482 $ 41,657 $ 1,171 $ 32,406 $ 1,148 $ 35,355 There were no PCI loan pools that became impaired subsequent to the acquisition of the loans as of December 31, 2020 2019 The Company generally places a loan on nonaccrual status when it is 90 not December 31, 2020 December 31, 2019 (Amounts in thousands) Non-covered Covered Total Non-covered Covered Total Commercial loans Construction, development, and other land $ 244 $ — $ 244 $ 211 $ — $ 211 Commercial and industrial 895 — 895 530 — 530 Multi-family residential 946 — 946 1,144 — 1,144 Single family non-owner occupied 2,990 — 2,990 1,286 — 1,286 Non-farm, non-residential 6,343 — 6,343 3,400 — 3,400 Agricultural 217 — 217 158 — 158 Farmland 489 — 489 713 — 713 Consumer real estate loans Home equity lines 841 281 1,122 753 220 973 Single family owner occupied 7,960 16 7,976 7,259 24 7,283 Owner occupied construction — — — 428 — 428 Consumer and other loans Consumer loans 781 — 781 231 — 231 Total nonaccrual loans $ 21,706 $ 297 $ 22,003 $ 16,113 $ 244 $ 16,357 The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 not 90 December 31, 2020 December 31, 2019 December 31, 2020 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 1,039 $ — $ 235 $ 1,274 $ 43,375 $ 44,649 Commercial and industrial 669 230 700 1,599 171,425 173,024 Multi-family residential 103 — 946 1,049 114,112 115,161 Single family non-owner occupied 925 488 2,144 3,557 184,041 187,598 Non-farm, non-residential 601 296 3,368 4,265 730,528 734,793 Agricultural 70 189 88 347 9,402 9,749 Farmland 43 — 457 500 19,261 19,761 Consumer real estate loans Home equity lines 574 380 171 1,125 88,307 89,432 Single family owner occupied 5,283 2,265 3,891 11,439 647,239 658,678 Owner occupied construction 82 — — 82 17,638 17,720 Consumer and other loans Consumer loans 2,637 746 651 4,034 116,339 120,373 Other — — — — 6,014 6,014 Total non-covered loans 12,026 4,594 12,651 29,271 2,147,681 2,176,952 Covered loans Commercial loans Construction, development, and other land — — — — 25 25 Single family non-owner occupied — — — — 185 185 Consumer real estate loans Home equity lines 75 — 254 329 6,765 7,094 Single family owner occupied 34 — — 34 2,342 2,376 Total covered loans 109 — 254 363 9,317 9,680 Total loans $ 12,135 $ 4,594 $ 12,905 $ 29,634 $ 2,156,998 $ 2,186,632 December 31, 2019 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 63 $ 65 $ 211 $ 339 $ 48,320 $ 48,659 Commercial and industrial 1,913 238 507 2,658 140,304 142,962 Multi-family residential 375 — 1,144 1,519 120,321 121,840 Single family non-owner occupied 754 267 661 1,682 161,499 163,181 Non-farm, non-residential 917 1,949 3,027 5,893 721,368 727,261 Agricultural 86 164 — 250 11,506 11,756 Farmland 856 349 664 1,869 21,286 23,155 Consumer real estate loans Home equity lines 1,436 165 503 2,104 107,974 110,078 Single family owner occupied 7,728 2,390 3,766 13,884 606,813 620,697 Owner occupied construction 207 — 428 635 16,606 17,241 Consumer and other loans Consumer loans 1,735 439 202 2,376 107,651 110,027 Other 22 — — 22 4,720 4,742 Total non-covered loans 16,092 6,026 11,113 33,231 2,068,368 2,101,599 Covered loans Commercial loans Construction, development, and other land — — — — 28 28 Single family non-owner occupied — — — — 199 199 Non-farm, non-residential — — — — 3 3 Consumer real estate loans Home equity lines 144 28 — 172 9,681 9,853 Single family owner occupied — 50 — 50 2,728 2,778 Total covered loans 144 78 — 222 12,639 12,861 Total loans $ 16,236 $ 6,104 $ 11,113 $ 33,453 $ 2,081,007 $ 2,114,460 The Company may $500 six not No December 31, 2020 2019 The CARES Act included a provision allowing banks to not 19 March 1, 2020 December 31, 2020, 60 19 not 30 December 31, 2019. Through December 31, 2020, 19 not 19 not December 31, 2020, 19 June 30, 2020. The following table presents loans modified as TDRs, by loan class and accrual status, as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Nonaccrual(1) Accruing Total Nonaccrual(1) Accruing Total Commercial loans Commercial and industrial $ — $ 1,326 $ 1,326 $ — $ — $ — Single family non-owner occupied 1,585 1,265 2,850 552 595 1,147 Non-farm, non-residential — 2,407 2,407 — 307 307 Consumer real estate loans Home equity lines — 77 77 — 115 115 Single family owner occupied 229 4,927 5,156 1,790 5,305 7,095 Owner occupied construction — 216 216 — 221 221 Consumer and other loans Consumer loans — 30 30 — 32 32 Total TDRs $ 1,814 $ 10,248 $ 12,062 $ 2,342 $ 6,575 $ 8,917 Allowance for loan losses related to TDRs $ — $ 353 ( 1 Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. The following table presents interest income recognized on TDRs for the periods indicated: Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Interest income recognized $ 473 $ 277 $ 264 The following table presents loans modified as TDRs, by type of concession made and loan class, that were restructured during the periods indicated. Year Ended December 31, 2020 2019 (Amounts in thousands) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Below market interest rate Single family owner occupied 1 $ 50 $ 50 — $ — $ — Below market interest rate and extended payment term Single family owner occupied — — — 6 887 871 Principal deferral Construction, development, and other land development 3 1,708 1,708 — — — Non-farm, non-residential 3 2,115 2,115 — — — Home equity — — — 1 5 2 Single family owner occupied 5 1,085 1,054 3 331 279 Total principal deferral 11 4,908 4,877 4 336 281 Total 12 $ 4,958 $ 4,927 10 $ 1,223 $ 1,152 The following table presents loans modified as TDRs, by loan class, that were restructured within the previous 12 Year Ended December 31, 2020 2019 Total Recorded Total Recorded Contracts Investment Contracts Investment (Amounts in thousands) Single family owner occupied 1 $ 53 — $ — Total 1 $ 53 — $ — The following table provides information about OREO, which consists of properties acquired through foreclosure, as of the dates indicated: December 31, 2020 December 31, 2019 (Amounts in thousands) Non-covered OREO $ 2,083 $ 3,969 Total OREO $ 2,083 $ 3,969 Non-covered OREO secured by residential real estate $ 769 $ 2,232 Residential real estate loans in the foreclosure process(1) 4,141 1,539 ( 1 The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Loan Los
Note 6 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6 . Allowance for Loan Losses The following tables present the changes in the allowance for loan losses, by loan segment, during the periods indicated. There was no December 31, 2020 2019 Year Ended December 31, 2020 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Beginning balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 Provision for loan losses charged to operations 6,583 2,760 3,325 12,668 Charge-offs (2,769 ) (558 ) (3,296 ) (6,623 ) Recoveries 612 424 676 1,712 Net charge-offs (2,157 ) (134 ) (2,620 ) (4,911 ) Ending balance $ 14,661 $ 8,951 $ 2,570 $ 26,182 Year Ended December 31, 2019 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Beginning balance $ 10,499 $ 6,732 $ 1,036 $ 18,267 Provision for (recovery of) loan losses charged to operations 1,411 (105 ) 2,265 3,571 Charge-offs (2,548 ) (1,790 ) (1,923 ) (6,261 ) Recoveries 873 1,488 487 2,848 Net charge-offs (1,675 ) (302 ) (1,436 ) (3,413 ) Ending balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 The following tables present the allowance for loan losses and recorded investment in loans evaluated for impairment, excluding PCI loans, by loan class, as of the dates indicated: December 31, 2020 (Amounts in thousands) Loans Individually Evaluated for Impairment Allowance for Loans Individually Evaluated Loans Collectively Evaluated for Impairment Allowance for Loans Collectively Evaluated Commercial loans Construction, development, and other land $ — $ — $ 43,716 $ 528 Commercial and industrial 724 — 171,486 1,024 Multi-family residential 695 — 112,852 1,417 Single family non-owner occupied 1,041 — 183,283 1,861 Non-farm, non-residential 3,916 319 714,160 9,097 Agricultural — — 9,728 218 Farmland — — 17,540 196 Total commercial loans 6,376 319 1,252,765 14,341 Consumer real estate loans Home equity lines — — 95,765 799 Single family owner occupied 1,673 108 647,040 7,849 Owner occupied construction — — 17,567 195 Total consumer real estate loans 1,673 108 760,372 8,843 Consumer and other loans Consumer loans — — 119,770 2,570 Other — — 6,014 — Total consumer and other loans — — 125,784 2,570 Total loans, excluding PCI loans $ 8,049 $ 427 $ 2,138,921 $ 25,754 December 31, 2019 (Amounts in thousands) Loans Individually Evaluated for Impairment Allowance for Loans Individually Evaluated Loans Collectively Evaluated for Impairment Allowance for Loans Collectively Evaluated Commercial loans Construction, development, and other land $ — $ — $ 30,334 $ 245 Commercial and industrial — — 95,659 699 Multi-family residential 944 — 98,201 969 Single family non-owner occupied — — 128,520 1,323 Non-farm, non-residential 2,575 292 591,520 6,361 Agricultural — — 9,458 145 Farmland — — 16,146 201 Total commercial loans 3,519 292 969,838 9,943 Consumer real estate loans Home equity lines — — 91,999 673 Single family owner occupied 3,016 353 490,712 5,175 Owner occupied construction — — 16,144 124 Total consumer real estate loans 3,016 353 598,855 5,972 Consumer and other loans Consumer loans — — 99,199 1,865 Other — — 4,742 — Total consumer and other loans — — 103,941 1,865 Total loans, excluding PCI loans $ 6,535 $ 645 $ 1,672,634 $ 17,780 The following table presents the allowance for loan losses on PCI loans and recorded investment in PCI loans, by loan pool, as of the dates indicated: December 31, 2020 December 31, 2019 (Amounts in thousands) Recorded Investment Allowance for Loan Pools With Impairment Recorded Investment Allowance for Loan Pools With Impairment Commercial loans Waccamaw commercial $ — $ — $ — $ — Peoples commercial — — 4,371 — Highlands: 1-4 family, senior-commercial — — 4,564 — Construction & land development 958 — 1,956 — Farmland and other agricultural 2,242 — 3,722 — Multifamily 1,614 — 1,663 — Commercial real estate-owner occupied 16,717 — 13,024 — Commercial real estate- non-owner occupied 3,459 — 8,686 — Commercial and industrial 814 — 2,829 — Other — — 352 — Total commercial loans 25,804 — 41,167 — Consumer real estate loans Waccamaw serviced home equity lines — — 2,121 — Waccamaw residential — — 587 — Highlands: 1-4 family, junior and HELOCS 761 — 2,157 — 1-4 family, senior-consumer 12,494 — 13,174 — Consumer 603 — 1,341 — Peoples residential — — 700 — Total consumer real estate loans 13,858 — 20,080 — Total PCI loans $ 39,662 $ — $ 61,247 $ — Management believes the allowance was adequate to absorb probable loan losses inherent in the loan portfolio as of December 31, 2020 |
Note 7 - FDIC Indemnification A
Note 7 - FDIC Indemnification Asset | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
FDIC Loss Share Agreement Receivable [Text Block] | Note 7 . FDIC Indemnification Asset In connection with the FDIC-assisted acquisition of Waccamaw Bank in 2012, June 30, 2017, June 30, 2020. June 30, 2022. Year Ended December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 2,883 $ 5,108 Net amortization (1,690 ) (2,377 ) Payments to the FDIC 30 152 Ending balance $ 1,223 $ 2,883 Covered loans $ 9,680 $ 12,861 |
Note 8 - Premises, Equipment, a
Note 8 - Premises, Equipment, and Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 . Premises , Equipment , and Leases Premises and Equipment The following table presents the components of premises and equipment as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Land $ 21,693 $ 22,899 Buildings and leasehold improvements 50,639 52,351 Equipment 40,072 38,173 Total premises and equipment 112,404 113,423 Accumulated depreciation and amortization (54,704 ) (50,599 ) Total premises and equipment, net $ 57,700 $ 62,824 Impairment charges related to certain long-term investments in land and buildings totaled $812 thousand in 2020 2019 2018 2020 2019 2018 Leases Effective January 1, 2019, 2016 02, 842 two January 1, 2019, The Company’s current operating leases relate primarily to bank branches. Two operating leases were acquired in the Highlands transaction; neither of which were for bank branches. One of the leases was terminated in the first 2020; 2022. No 2022 December 31, 2020 Year Amount (Amounts in thousands) 2021 $ 154 2022 131 2023 119 2024 117 2025 and thereafter 463 Total lease payments 984 Less: Interest (93 ) Present value of lease liabilities $ 891 Lease expense was $180 th 2020 2019 2018 no December 31, 2020 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9 . Goodwill and Other Intangible Assets Goodwill The Company has one October 2018, one fourth 2020 not No The following table presents the changes in goodwill, by reporting unit, during the periods indicated: (Amounts in thousands) Balance January 1, 2018 $ 95,779 Dispositions (1,543 ) Impairment Charges (1,492 ) Balance December 31, 2018 $ 92,744 Balance January 1, 2019 $ 92,744 Acquisitions 36,821 Balance December 31, 2019 $ 129,565 Balance January 1, 2020 $ 129,565 Acquisitions and dispositions, net — Balance December 31, 2020 $ 129,565 Other Intangible Assets As of December 31, 2020 December 31, 2020 2019 2018 (Amounts in thousands) Core deposit intangibles $ 8,519 $ 8,184 $ 8,184 Acquisitions — 4,490 — Accumulated amortization (1,450 ) (4,155 ) (3,158 ) Core deposit intangibles, net 7,069 8,519 5,026 Other identifiable intangibles — — 535 Accumulated amortization — — (535 ) Other identifiable intangibles, net — — — Total other intangible assets, net $ 7,069 $ 8,519 $ 5,026 Amortization expense for other intangible assets was $1.45 million in 2020 2019 2018 The following schedule presents the estimated amortization expense for intangible assets, by year, as of December 31, 2020 (Amounts in thousands) 2021 $ 1,446 2022 1,446 2023 878 2024 856 2025 648 2026 and thereafter 1,795 Total estimated amortization expense $ 7,069 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 . Deposits The following table presents the components of deposits as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Noninterest-bearing demand deposits $ 772,795 $ 627,868 Interest-bearing deposits Interest-bearing demand deposits 598,148 497,470 Money market accounts 258,864 235,712 Savings deposits 495,821 453,240 Certificates of deposit 293,848 372,821 Individual retirement accounts 126,771 142,801 Total interest-bearing deposits 1,773,452 1,702,044 Total deposits $ 2,546,247 $ 2,329,912 The following schedule presents the contractual maturities of time deposits, by year, as of December 31, 2020 (Amounts in thousands) 2021 $ 225,521 2022 86,293 2023 45,797 2024 24,440 2025 30,820 2026 and thereafter 7,748 Total contractual maturities $ 420,619 Time deposits of $250 December 31, 2020 December 31, 2019 $250 December 31, 2020 (Amounts in thousands) Three months or less $ 3,372 Over three through six months 6,605 Over six through twelve months 9,841 Over twelve months 16,112 Total contractual maturities $ 35,930 |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 1 1 . Borrowings The following table presents the components of borrowings as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Balance Weighted Average Rate Balance Weighted Average Rate Short-term borrowings Retail repurchase agreements $ 964 0.32 % $ 1,601 0.14 % Long-term borrowings Wholesale repurchase agreements — — Total borrowings $ 964 $ 1,601 Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may may December 31, 2020 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater than 90 Days Total (Amounts in thousands) U.S. Agency securities $ — $ — $ — $ — $ — Municipal securities 542 — — — 542 Mortgage-backed Agency securities 422 — — — 422 Total $ 964 $ — $ — $ — $ 964 The Company’s remaining wholesale repurchase agreement of $25 million matured during the first 2019. As of December 31, 2020 The Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution with an interest rate of one April 2021. December 31, 2020 2019 |
Note 12 - Derivative Instrument
Note 12 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 1 2 . Derivative Instruments and Hedging Activities Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors will adversely affect economic value or net interest income. The Company uses interest rate swap contracts to modify its exposure to interest rate risk caused by changes in the LIBOR curve in relation to certain designated fixed rate loans. These instruments are used to convert these fixed rate loans to an effective floating rate. If the LIBOR rate falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between LIBOR and the stated fixed rate. If LIBOR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between LIBOR and the stated fixed rate. Certain of the Company’s interest rate swaps qualify as fair value hedging instruments; therefore, fair value changes in the derivative and hedged item attributable to the hedged risk are recognized in earnings in the same period. The fair value hedges were effective as of December 31, 2020 not December 31, 2020 2019 (Amounts in thousands) Notional or Contractual Amount Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities Derivatives designated as hedges Interest rate swaps $ 4,772 $ — $ 465 $ 5,136 $ — $ 217 Derivatives not designated as hedges Interest rate swaps 11,928 - 666 12,296 - 293 Total derivatives $ 16,700 $ — $ 1,131 $ 17,432 $ — $ 510 The following table presents the effect of derivative and hedging activity, if applicable, on the consolidated statements of income for the periods indicated: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Income Statement Location Derivatives designated as hedges Interest rate swaps $ 85 $ 12 $ 40 Interest and fees on loans Derivatives not designated as hedges Interest rate swaps 235 - - Interest and fees on loans Total derivative expense $ 320 $ 12 $ 40 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 1 3 . Employee Benefit Plans Defined Benefit Plans The Company maintains two three December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 11,312 $ 9,265 Plan change — 262 Service cost 310 320 Interest cost 355 404 Actuarial loss 1,217 1,570 Benefits paid (615 ) (509 ) Ending balance $ 12,579 $ 11,312 The following table presents the components of net periodic pension cost, the effect on the consolidated statements of income, and the assumed discount rate for the periods indicated: Year Ended December 31, 2020 2019 2018 Income Statement Location (Amounts in thousands) Service cost $ 310 $ 320 $ 245 Salaries and employee benefits Interest cost 355 404 358 Other expense Amortization of prior service cost 201 257 228 Other expense Amortization of losses 186 20 57 Other expense Net periodic cost $ 1,052 $ 1,001 $ 888 Assumed discount rate 2.53 % 3.10 % 4.28 % The following schedule presents the projected benefit payments to be paid under the Benefit Plans, by year, as of December 31, 2020 (Amounts in thousands) 2021 $ 664 2022 675 2023 675 2024 717 2025 707 2026 through 2030 3,694 Deferred Compensation Plan The Company maintains deferred compensation agreements with certain current and former officers that provide benefit payments, over various periods, commencing at retirement or death. There were no accrued benefits, which are based on the present values of expected payments and estimated life expectancies, as of December 31, 2020 2019 2020 2019 2018 Employee Welfare Plan The Company provides various medical, dental, vision, life, accidental death and dismemberment, and long-term disability insurance benefits to all full-time employees who elect coverage under this program. A third third December 31, 2020 2020 2019 2018 Employee Stock Ownership and Savings Plan The Company maintains the Employee Stock Ownership and Savings Plan (“KSOP”) that consists of a 401 first 401 $1.51 million in 2020 , $1.10 million in 2019 , and $1.06 million in 2018 . The KSOP held 351,222 shares of the Company’s common stock as of December 31, 2020 , 346,833 shares as of December 31, 2019 , and 366,969 shares as of December 31, 2018 . Equity-Based Compensation Plans The Company maintains equity-based compensation plans to promote the long-term success of the Company by encouraging officers, employees, directors, and other individuals performing services for the Company to focus on critical long-range objectives. The Company’s equity-based compensation plans include the 2012 “2012 2004 2001 1999 December 31, 2020 2012 2012 no may 2012 2012 may not ten no first four The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans for the periods indicated: Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Pre-tax compensation expense $ 1,643 $ 1,481 $ 1,158 Excess tax benefit — — 95 Stock Options The following table presents stock option activity and related information for the year ended December 31, 2020 (Amounts in thousands, except share and per share data) Option Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2020 147,200 $ 21.10 Granted — — Exercised — — Canceled/Expired (32,921 ) 26.44 Outstanding, December 31, 2020 114,279 $ 19.56 4.52 $ 432 Exercisable, December 31, 2020 114,279 $ 19.56 4.52 $ 432 There were no options granted in 2020 2019 There was no options exercised in 2020 2019 2018 December 31, 2020 Restricted Stock Awards The following table presents restricted stock activity and related information for the year ended December 31, 2020 Shares Weighted Average Grant-Date Fair Value Nonvested, January 1, 2020 57,653 $ 31.93 Granted 89,097 21.20 Vested (57,962 ) 25.28 Canceled (3,873 ) 29.92 Nonvested, December 31, 2020 84,915 $ 25.31 As of December 31, 2020 |
Note 14 - Other Operating Incom
Note 14 - Other Operating Income and Expense | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 1 4 . Other Operating Income and Expense The following table presents the components of other operating income and expense for the periods indicated: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Other operating income Bank owned life insurance $ 814 $ 916 $ 687 Other(1) 3,555 1,888 1,861 Total other operating income $ 4,369 $ 2,804 $ 2,548 Other operating expense OREO expense and net loss 414 1,494 1,549 Telephone and data communications 2,188 1,404 1,333 Office supplies 660 647 1,045 Other(1) 9,148 8,384 8,800 Total other operating expense $ 12,410 $ 11,929 $ 12,727 ( 1 Components of other operating income or expense that do not |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 5 . Income Taxes Income tax expense is comprised of current and deferred, federal and state income taxes on the Company’s pre-tax earnings. The following table presents the components of the income tax provision for the periods indicated: Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Current tax expense: Federal $ 10,048 $ 9,603 $ 7,201 State 1,643 1,554 1,233 Total current tax expense 11,691 11,157 8,434 Deferred tax expense (benefit): Federal (1,266 ) (152 ) 296 State (239 ) (11 ) 52 Total deferred tax expense (benefit) (1,505 ) (163 ) 348 Total income tax expense $ 10,186 $ 10,994 $ 8,782 The Company’s effective tax rate, income tax as a percent of pre-tax income, may Year Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent (Amounts in thousands) Federal income tax at the statutory rate $ 9,683 21.00 % $ 10,457 21.00 % $ 9,475 21.00 % State income tax, net of federal benefit 1,109 3.12 % 1,220 3.12 % 1,016 2.25 % 10,792 24.12 % 11,677 24.12 % 10,491 23.25 % Increase (decrease) resulting from: Tax-exempt interest income (500 ) (1.51 )% (637 ) (1.28 )% (702 ) (1.56 )% Nondeductible goodwill impairment and disposition — 0.00 % — 0.00 % 569 1.26 % Bank owned life insurance (139 ) (0.42 )% (249 ) (0.50 )% (144 ) (0.32 )% Deferred tax revaluation — 0.00 % (98 ) (0.20 )% (1,669 ) (3.70 )% Other items, net 33 (0.10 )% 301 0.10 % 237 0.53 % Income tax at the effective tax rate $ 10,186 22.09 % $ 10,994 22.24 % $ 8,782 19.46 % Deferred taxes derived from continuing operations reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for tax purposes. The following table presents the significant components of the net deferred tax asset as of the dates indicated: December 31, (Amounts in thousands) 2020 2019 Deferred tax assets Allowance for loan losses $ 6,128 $ 4,312 Unrealized asset losses 545 540 Purchase accounting 2,559 3,689 FDIC assisted transactions 1,685 1,597 Intangible assets 217 745 Deferred compensation assets 4,048 4,079 Federal net operating loss carryforward 4,093 4,279 Deferred loan fees 2,401 1,247 Other 1,816 1,746 Total deferred tax assets 23,492 22,234 Deferred tax liabilities FDIC indemnification asset 286 675 Fixed assets 2,450 1,080 Odd days interest deferral 1,482 1,912 Unrealized gains on available for sale securities 257 230 Other 287 399 Total deferred tax liabilities 4,762 4,296 Net deferred tax asset $ 18,730 $ 17,938 The Company had no unrecognized tax benefits or accrued interest or penalties as of December 31, 2020 2019 December 31, 2020 2019 not December 31, 2017 2019. |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 1 6 . Accumulated Other Comprehensive Income The following table presents the changes in AOCI, net of tax and by component, during the periods indicated: Unrealized Gains (Losses) on Available for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Balance January 1, 2018 $ 975 $ (1,815 ) $ (840 ) Other comprehensive (loss) income before reclassifications (1,748 ) 446 (1,302 ) Reclassified from AOCI 488 225 713 Other comprehensive (loss) income, net (1,260 ) 671 (589 ) Balance December 31, 2018 $ (285 ) $ (1,144 ) $ (1,429 ) Balance January 1, 2019 $ (285 ) $ (1,144 ) $ (1,429 ) Other comprehensive income (loss) before reclassifications 1,117 (1,448 ) (331 ) Reclassified from AOCI 34 220 254 Other comprehensive income (loss), net 1,151 (1,228 ) (77 ) Balance December 31, 2019 $ 866 $ (2,372 ) $ (1,506 ) Balance January 1, 2020 $ 866 $ (2,372 ) $ (1,506 ) Other comprehensive income (loss) before reclassifications 544 (961 ) (417 ) Reclassified from AOCI (304 ) 304 — Other comprehensive income (loss), net 240 (657 ) (417 ) Balance December 31, 2020 $ 1,106 $ (3,029 ) $ (1,923 ) The following table presents reclassifications out of AOCI, by component, during the periods indicated: Year Ended December 31, Income Statement (Amounts in thousands) 2020 2019 2018 Line Item Affected Available-for-sale securities (Losses) gains recognized $ (385 ) $ 43 $ 618 Net loss on sale of securities Reclassified out of AOCI, before tax (385 ) 43 618 Income before income taxes Income tax benefit 81 (9 ) (130 ) Income tax expense Reclassified out of AOCI, net of tax (304 ) 34 488 Net income Employee benefit plans Amortization of prior service cost 201 257 228 Other operating expense Amortization of net actuarial loss 185 21 57 Other operating expense Reclassified out of AOCI, before tax 386 278 285 Income before income taxes Income tax expense (82 ) (58 ) (60 ) Income tax expense Reclassified out of AOCI, net of tax 304 220 225 Net income Total reclassified out of AOCI, net of tax $ — $ 254 $ 713 Net income |
Note 17 - Fair Value
Note 17 - Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 1 7 . Fair Value Financial Instruments Measured at Fair Value The following discussion describes the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments under the valuation hierarchy. Assets and Liabilities Reported at Fair Value on a Recurring Basis Available-for-Sale Debt Securities 1 not 2 may 2 3 Fair value models may not not 3 third 3 third Equity Securities. 1 not 2. Loans Held for Investment third Deferred Compensation Assets and Liabilities 1 Derivative Assets and Liabilities 2 The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2020 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 551 $ — $ 551 $ — Municipal securities 44,459 — 44,459 — Mortgage-backed Agency securities 38,348 — 38,348 — Total available-for-sale debt securities 83,358 — 83,358 — Equity securities 55 — 55 — Fair value loans 17,831 — — 17,831 Deferred compensation assets 4,181 4,181 — — Deferred compensation liabilities 4,181 4,181 — — Derivative liabilities 1,131 — 1,131 — December 31, 2019 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,034 $ — $ 5,034 $ — Municipal securities 86,878 — 86,878 — Mortgage-backed Agency securities 77,662 — 77,662 — Total available-for-sale debt securities 169,574 — 169,574 — Equity securities 55 — 55 — Fair value loans 17,942 — — 17,942 Deferred compensation assets 3,990 3,990 — — Deferred compensation liabilities 3,990 3,990 — — Derivative liabilities 510 — 510 — Changes in Level 3 The following table presents the changes in Level 3 Assets (Amounts in thousands) Balance January 1, 2019 $ 5,412 Transfer of certain loans into Level 3 (Highlands acquisition) 12,295 Changes in fair value 522 Changes due to principal reduction (287 ) Balance December 31, 2019 $ 17,942 Balance January 1, 2020 $ 17,942 Changes in fair value 621 Changes due to principal reduction (732 ) Balance December 31, 2020 $ 17,831 No 3 December 31, 2020. Assets Measured at Fair Value on a Nonrecurring Basis Impaired Loans 3 The Company maintains an active and robust problem credit identification system. The impairment review includes obtaining third two four third thirty forty-five third not Specific reserves are generally recorded for impaired loans while third third not not not may OREO 3 The following tables present assets measured at fair value on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2020 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 979 $ — $ — $ 979 OREO, non-covered 2,083 — — 2,083 December 31, 2019 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 1,828 $ — $ — $ 1,828 OREO, non-covered 3,969 — — 3,969 Quantitative Information about Level 3 The following table provides quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 Valuation Unobservable Discount Range (Weighted Average) Technique Input December 31, 2020 December 31, 2019 Impaired loans, non-covered Discounted appraisals(1) Appraisal adjustments(2) 22% to 38% (30)% 22% to 36% (26)% OREO, non-covered Discounted appraisals(1) Appraisal adjustments(2) 8% to 77% (25)% 15% to 100% (8)% ( 1 Fair value is generally based on appraisals of the underlying collateral. ( 2 Appraisals may The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2020 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 456,561 $ 456,561 $ 456,561 $ — $ — Debt securities available for sale 83,358 83,358 — 83,358 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,160,450 2,126,221 — — 2,126,221 FDIC indemnification asset 1,223 509 — — 509 Interest receivable 9,052 9,052 — 9,052 — Deferred compensation assets 4,181 4,181 4,181 — — Liabilities Time deposits 420,619 423,120 — 423,120 — Securities sold under agreements to repurchase 964 964 — 964 — Interest payable 582 582 — 582 — Deferred compensation liabilities 4,181 4,181 4,181 — — Derivative liabilities 1,131 1,131 — 1,131 — December 31, 2019 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 217,009 $ 217,009 $ 217,009 $ — $ — Debt securities available for sale 169,574 169,574 — 169,574 — Equity securities 55 55 — 55 — Loans held for sale 263 263 263 Loans held for investment, net of allowance 2,096,035 2,068,257 — — 2,068,257 FDIC indemnification asset 2,883 1,201 — — 1,201 Interest receivable 6,677 6,677 — 6,677 — Deferred compensation assets 3,990 3,990 3,990 — — Liabilities Time deposits 515,622 512,134 — 512,134 — Securities sold under agreements to repurchase 1,601 1,601 — 1,601 — Interest payable 472 472 — 472 — Deferred compensation liabilities 3,990 3,990 3,990 — — Derivative liabilities 510 510 — 510 — |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 1 8 . Earnings per Share The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: Year Ended December 31, 2020 2019 2018 (Amounts in thousands, except share and per share data) Net income $ 35,926 $ 38,802 $ 36,340 Weighted average common shares outstanding, basic 17,781,748 15,690,812 16,587,504 Dilutive effect of potential common shares Stock options 22,495 53,907 62,417 Restricted stock 11,137 11,374 16,464 Total dilutive effect of potential common shares 33,632 65,281 78,881 Weighted average common shares outstanding, diluted 17,815,380 15,756,093 16,666,385 Basic earnings per common share $ 2.02 $ 2.47 $ 2.19 Diluted earnings per common share 2.02 2.46 2.18 Antidilutive potential common shares Stock options 58,166 25 19 Restricted stock 26,900 25,853 2,736 Total potential antidilutive shares 85,066 25,878 2,755 |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 19 . Related Party Transactions The Company engages in transactions with related parties in the normal course of business. Related parties include directors, executive officers, and principal shareholders and their immediate family members, business interests, and affiliates. All related party transactions are made on terms that are substantially the same as those prevailing at the time for similar transactions with unrelated parties, including interest rates and collateral. The following table presents the changes in loans with related parties during the periods indicated: Year Ended December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 20,345 $ 22,033 New loans and advances 4,821 3,958 Loan repayments (5,023 ) (5,634 ) Reclassifications(1) 23 (12 ) Ending balance $ 20,166 $ 20,345 ( 1 Changes related to the composition of the Company's directors, executive officers, and related insiders Deposits from related parties totaled $8.04 December 31, 2020 December 31, 2019 2020 2019 2018 2020 2019 2018 $68 thousand 2020 2019 2018 |
Note 20 - Litigation, Commitmen
Note 20 - Litigation, Commitments, and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 2 0 . Litigation, Commitments , and Contingencies Litigation In the normal course of business, the Company is a defendant in various legal actions and asserted claims. While the Company and its legal counsel are unable to assess the ultimate outcome of each of these matters with certainty, the Company believes the resolution of these actions, singly or in the aggregate, should not Commitments and Contingencies The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and financial guarantees. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized in the consolidated balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. If the other party to a financial instrument does not Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third The following table presents the off-balance sheet financial instruments as of the dates indicated: December 31, 2020 2019 (Amounts in thousands) Commitments to extend credit $ 229,408 $ 228,716 Standby letters of credit and financial guarantees(1) 179,022 167,612 Total off-balance sheet risk 408,430 396,328 Reserve for unfunded commitments $ 66 $ 66 ( 1 Includes FHLB letters of credit |
Note 21 - Regulatory Requiremen
Note 21 - Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 2 1 . Regulatory Requirements and Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, which applies only to the Bank, the Bank must meet specific capital guidelines that involve quantitative measures of the entity’s balance sheet assets and off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In addition, the Company and the Bank are subject to various regulatory restrictions related to the payment of dividends, including requirements to maintain capital at or above regulatory minimums. The current risk-based capital requirements, based on the international capital standards known as Basel III, requires the Company and the Bank to maintain minimum amounts and ratios of Common Equity Tier 1 1 1 1 January 1, 2016, four January 1, 2019). The following tables present actual and required capital ratios, under Basel III capital rules, as of the dates indicated: December 31, 2020 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 292,019 14.28 % $ 92,043 4.50 % $ 143,178 7.00 % N/A N/A Tier 1 risk-based capital ratio 292,019 14.28 % 122,724 6.00 % 214,767 8.50 % N/A N/A Total risk-based capital ratio 317,595 15.53 % 163,632 8.00 % 173,859 10.50 % N/A N/A Tier 1 Leverage ratio 292,019 10.24 % 114,081 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 277,449 13.57 % $ 92,017 4.50 % $ 143,137 7.00 % $ 132,913 6.50 % Tier 1 risk-based capital ratio 277,449 13.57 % 122,689 6.00 % 173,809 8.50 % 163,585 8.00 % Total risk-based capital ratio 303,018 14.82 % 163,585 8.00 % 214,706 10.50 % 204,482 10.00 % Tier 1 Leverage ratio 277,449 9.73 % 114,058 4.00 % N/A N/A 142,572 5.00 % ( 1 Based on prompt corrective action provisions December 31, 2019 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 292,241 14.31 % $ 91,926 4.50 % $ 142,996 7.00 % N/A N/A Tier 1 risk-based capital ratio 292,241 14.31 % 122,568 6.00 % 173,637 8.50 % N/A N/A Total risk-based capital ratio 310,732 15.21 % 163,423 8.00 % 214,493 10.50 % N/A N/A Tier 1 Leverage ratio 292,241 14.01 % 83,408 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 262,716 12.87 % $ 91,860 4.50 % $ 142,893 7.00 % $ 132,686 6.50 % Tier 1 risk-based capital ratio 262,716 12.87 % 122,480 6.00 % 173,513 8.50 % 163,306 8.00 % Total risk-based capital ratio 281,207 13.78 % 163,306 8.00 % 214,339 10.50 % 204,133 10.00 % Tier 1 Leverage ratio 262,716 12.61 % 83,313 4.00 % N/A N/A 104,141 5.00 % ( 1 Based on prompt corrective action provisions |
Note 22 - Parent Company Financ
Note 22 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 2 2 . Parent Company Financial Information The following tables present condensed financial information for the parent company, First Community Bankshares, Inc., as of and for the dates indicated: CONDENSED BALANCE SHEETS December 31, (Amounts in thousands) 2020 2019 Assets Cash and due from banks $ 10,089 $ 23,998 Loans to affiliates — 184 Investment in subsidiaries 412,161 399,294 Other assets 5,089 5,888 Total assets $ 427,339 $ 429,364 Liabilities Other liabilities $ 609 $ 545 Total liabilities 609 545 Stockholders' equity Common stock 17,723 18,377 Additional paid-in capital 173,345 192,413 Retained earnings 237,585 219,535 Accumulated other comprehensive loss (1,923 ) (1,506 ) Total stockholders' equity 426,730 428,819 Total liabilities and stockholders' equity $ 427,339 $ 429,364 CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Cash dividends received from subsidiary bank $ 23,710 $ 38,500 $ 48,000 Other income 3 444 306 Other operating expense 1,446 1,420 2,293 Income before income taxes and equity in undistributed net income of subsidiaries 22,267 37,524 46,013 Income tax benefit (375 ) (276 ) (595 ) Income before equity in undistributed net income of subsidiaries 22,642 37,800 46,608 Equity in (dividends in excess) of undistributed net income of subsidiaries 13,284 1,002 (10,268 ) Net income $ 35,926 $ 38,802 $ 36,340 CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Operating activities Net income $ 35,926 $ 38,802 $ 36,340 Adjustments to reconcile net income to net cash provided by operating activities Net change in other operating activities 1,047 1,865 1,509 Net cash provided by operating activities 36,973 40,667 37,849 Investing activities Dividends in excess of undistributed net income of subsidiaries (13,284 ) (1,002 ) 10,268 Net cash provided by investing activities (13,284 ) (1,002 ) 10,268 Financing activities Proceeds from issuance of common stock — 136 832 Payments for repurchase of common stock (21,872 ) (16,362 ) (34,412 ) Payments of common dividends (17,876 ) (15,060 ) (21,090 ) Net change in other financing activities 2,150 1,893 1,063 Net cash used in financing activities (37,598 ) (29,393 ) (53,607 ) Net increase (decrease) in cash and cash equivalents (13,909 ) 10,272 (5,490 ) Cash and cash equivalents at beginning of period 23,998 13,726 19,216 Cash and cash equivalents at end of period $ 10,089 $ 23,998 $ 13,726 |
Note 23 - Quarterly Financial D
Note 23 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 2 3 . Quarterly Financial Data (Unaudited) The following tables present selected financial data for the periods indicated: Year Ended December 31, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 29,509 $ 27,786 $ 27,995 $ 28,746 Interest expense 1,827 1,447 1,161 1,029 Net interest income 27,682 26,339 26,834 27,717 Provision for loan losses 3,500 3,831 4,703 634 Net interest income after provision 24,182 22,508 22,131 27,083 Noninterest income, excluding net loss on sale of securities 7,164 6,913 7,638 7,733 Net loss on sale of securities 385 — — — Noninterest expense 21,664 18,913 19,171 19,877 Income before income taxes 10,067 10,508 10,598 14,939 Income tax expense 2,195 2,270 2,332 3,389 Net income $ 7,872 $ 8,238 $ 8,266 $ 11,550 Basic earnings per common share $ 0.44 $ 0.47 $ 0.47 $ 0.65 Diluted earnings per common share 0.44 0.46 0.47 0.65 Dividends per common share 0.25 0.25 0.25 0.25 Weighted average basic shares outstanding 17,998,994 17,701,853 17,710,283 17,717,356 Weighted average diluted shares outstanding 18,050,071 17,728,300 17,732,428 17,751,805 Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 23,611 $ 24,382 $ 23,605 $ 23,370 Interest expense 1,425 1,393 1,384 1,313 Net interest income 22,186 22,989 22,221 22,057 Provision for loan losses 1,220 1,585 675 91 Net interest income after provision 20,966 21,404 21,546 21,966 Noninterest income, excluding net loss on sale of securities 8,080 8,692 7,634 9,314 Net loss on sale of securities — (43 ) — — Noninterest expense 16,785 16,651 17,444 18,883 Income before income taxes 12,261 13,402 11,736 12,397 Income tax expense 2,630 2,951 2,580 2,833 Net income $ 9,631 $ 10,451 $ 9,156 $ 9,564 Basic earnings per common share $ 0.61 $ 0.67 $ 0.59 $ 0.61 Diluted earnings per common share 0.60 0.66 0.58 0.61 Dividends per common share 0.21 0.25 0.25 0.25 Weighted average basic shares outstanding 15,839,424 15,712,204 15,603,992 15,611,093 Weighted average diluted shares outstanding 15,920,950 15,775,320 15,664,587 15,670,047 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation First Community Bankshares, Inc. (the “Company”), a financial holding company, was founded in 1989 2018. 1874. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one The Company maintains investments in variable interest entities (“VIEs”). VIEs are legal entities in which equity investors do not not not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Preparation of the consolidated financial statements in conformity with GAAP requires management 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 require the most subjective or complex judgments relate to fair value measurements, the allowance for loan losses and goodwill and other intangible asset. For additional information, see “Critical Accounting Policies” in Part II, Item 7 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. The fair value hierarchy ranks the inputs used in measuring fair value as follows: ● Level 1 ● Level 2 1 ● Level 3 no The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalent s Cash and cash equivalents include cash and due from banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank (“FHLB”), the Federal Reserve Bank (“FRB”), and correspondent banks that are available for immediate withdrawal. |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Management classifies debt securities as held-to-maturity or available-for-sale based on the intent and ability to hold the securities to maturity. Debt securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Debt securities not may The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”) using inputs from independent third not not not |
Other Investments [Policy Text Block] | Other Investments As a condition of membership in the FHLB and the FRB, the Company is required to hold a minimum level of stock in the FHLB of Atlanta and the FRB of Richmond. These securities are carried at cost and periodically reviewed for impairment. The total investment in FHLB and FRB stock, which is included in other assets, was $10.80 million as of December 31, 2020 December 31, 2019 The Company owns certain long-term equity investments without readily determinable fair values, including certain tax credit limited partnerships and various limited liability companies that manage real estate investments, facilitate tax credits, and provide title insurance and other related financial services. These investments are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The total carrying value in these investments, which is included other assets, totaled $3.93 million as of December 31, 2020 December 31, 2019 |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations using the acquisition method of accounting as outlined in using Topic 805 one |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment Loans classified as held for investment are originated with the intent to hold indefinitely, until maturity, or until pay-off. Loans held for investment are carried at the principal amount outstanding, net of unearned income and any necessary write-downs to reduce individual loans to net realizable value. Interest income on performing loans is recognized as interest income at the contractual rate of interest. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. Purchased Performing Loans . No P urchased C redit I mpaired (“PCI”) Loans not 310 30 may Impaired Loans and Nonperforming Assets not 90 Loans are considered past due when either principal or interest payments become contractually delinquent by 30 90 may not not may six Seriously delinquent loans are evaluated for loss mitigation options. Closed-end retail loans are generally charged off against the allowance for loan losses when the loans become 120 180 90 120 Loans are considered troubled debt restructurings (“TDRs”) when the Company grants concessions, for legal or economic reasons, to borrowers experiencing financial difficulty that would not $500 six Other real estate owned (“OREO”) acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses We review our allowance for loan losses quarterly to determine if it is sufficient to absorb probable loan losses in the portfolio. This determination requires management to make significant estimates and assumptions. While management uses its best judgment and available information, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates, and the view of regulatory authorities towards loan classifications. These uncertainties may Our allowance for loan losses consists of specific reserves assigned to impaired loans and credit relationships and general reserves assigned to unimpaired loans that have been segmented into loan classes with similar risk characteristics such as the type of loan and collateral. General reserve allocations are based on management’s judgments of qualitative and quantitative factors that include, but are not $500 not No December 31, 2020 6, 8 |
Federal Deposit Insurance Corporation Indemnification Asset [Policy Text Block] | FDIC Indemnification Asset The FDIC indemnification asset represents the carrying amount of the right to receive payments from the FDIC for losses incurred on certain loans and OREO purchased from the FDIC that are covered by loss share agreements. The FDIC indemnification asset is measured separately from related covered assets because it is not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises, equipment, and capital leases are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for computer software, hardware, and data handling equipment; and 7 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired that is allocated to the appropriate reporting unit when acquired. Core deposit intangible assets represent the future earnings potential of acquired deposit relationships that are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements that are amortized using the straight-line method. Goodwill is tested for impairment annually, on October 31 st may one not not no no October 31, 2020, no Quantitative goodwill impairment testing involves significant management judgement, requiring an assessment of whether the carrying value of the reporting unit can be supported by its fair value. The process to determine fair value of our reporting unit utilizes widely accepted valuation techniques, such as the market approach (earnings multiples and transaction multiples) and the income approach (discounted cash flow (“DCF”) method). The Company engaged an independent valuation specialist to assist with goodwill impairment testing utilizing both the market and DCF methods. The resulting fair values from the aforementioned methods were appropriately weighted to determine the final fair value of our reporting unit. Under the market approach, the key assumptions are selected price to earnings ratios and price to tangible book value multiples. The selection of the multiples considers the operating performance and financial condition of our reporting unit as compared with those of a group of selected publicly traded guideline companies. Among other factors considered, are the level and expected growth in return on tangible equity relative to the guideline companies selected, implied control premiums, recent transaction prices, as well as data in comparable macroeconomic environments. Under the DCF approach, the key assumptions used are the cash flows for the forecasted period, the terminal growth rate, and the discount rate. The cash flows for the forecasted period are estimated based on management’s most recent projections available as of the testing date, given consideration to minimum equity capital requirements. The projections include macroeconomic variables developed at the same time. The terminal growth rate is selected based on management’s long-term expectation for the reporting unit. The discount rate is based on the reporting unit’s estimated cost of equity capital, computed under the capital asset pricing model and reflects the risk and uncertainty in the financial markets in the internally generated cash flow projections. At October 31, 2020, no |
Repurchase Agreements, Collateral, Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recognized as short-term borrowings in the Company’s consolidated balance sheets. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company primarily uses derivative instruments to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Derivative instruments represent contracts between parties that usually require little or no one may may may If certain conditions are met, a derivative may not |
Share-based Payment Arrangement [Policy Text Block] | Equity-Based Compensation The cost of employee services received in exchange for equity instruments, including stock options and restricted stock awards, is generally measured at fair value on the grant date. The Black-Scholes-Merton valuation model is used to estimate the fair value of stock options at the grant date while the fair value of restricted stock awards is based on the market price of the Company’s common stock on the grant date. The Black-Scholes-Merton model incorporates the following assumptions: the expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the U.S. Department of the Treasury’s (“Treasury”) yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Wealth management third third third Service charges on deposits and other service charges and fees |
Advertising Cost [Policy Text Block] | Advertising Expenses Advertising costs are generally expensed as incurred. The Company may |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percent of pre-tax income, may |
Earnings Per Share, Policy [Policy Text Block] | Per Share Results Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. Under the treasury stock method of accounting, potential common stock may |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties Recent COVID- 19 During the year of 2020, 19” Company Response to COVID- 19 As COVID- 19 2020, • Implemented its board-approved pandemic business continuity plan • Appointed an internal pandemic preparedness task force comprised of the Company’s management to address both operational and financial risks posed by COVID- 19 • Modified branch operations: o Branch lobbies remain available, but on a limited appointment-only basis o Most transactions conducted via drive-throughs o Increased emphasis on digital banking platforms • Implemented physical separation of critical operational workforce for Bank and non-Bank financial services subsidiaries • Expanded paid time off and health benefits for employees • Implemented work from home strategy for appropriate staff: ○ Many of the Company's non-branch, operational essential employees remain working remotely o Geographically separated work locations of Bank and Company CEO’s and most other executive management team members o Suspended non-essential work-related travel • Implemented a pay differential for employees continuing to work at branch or back office locations which ended May 31, 2020 • Adopted self-monitoring and quarantining procedures • Implemented enhanced facility cleaning protocols • Redeployed staff to critical customer service operations to expedite loan payment deferral requests, Paycheck Protection Program lending efforts, and other operations Potential Effects of COVID- 19 The adverse impact of COVID- 19 19 December 31, 2020, December 31, 2020, 19 June 30, 2020. The general economic slowdown caused by COVID- 19 In addition to the general impact of COVID- 19, may two 1%, December 31, 2020 December 31, 2020, COVID- 19 no To date, the Company has identified no no 19. no It is impossible to predict the full extent to which COVID- 19 19, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standard s Standards to be Adopted in 2021 In June 2016, 2016 13, 326 not December 15, 2019, January 1, 2021, first This estimate is influenced by the composition, characteristics and quality of our loan portfolio, as well as the economic conditions and forecasts as of each reporting period. These economic conditions and forecasts could be significantly different in future periods. The impact of the change in the allowance on our results of operations in a provision for credit losses will depend on the current period net charge-offs, level of loan originations, and change in mix of the loan portfolio. Standards Adopted in 2020 In January 2017, 2017 04, 350 2 December 15, 2019. January 1, 2020. not In August 2018, 2018 13, 820 Conceptual Framework for Financial Reporting--Chapter 8: December 15, 2019. In March 2020, 2020 04, 848 2018 March 12, 2020 December 31, 2022. March 12, 2020. not Standards Not In December 2019, 2019 12, 740 December 15, 2020. not not The Company does not |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As recorded by Fair Value As recorded by (Amounts in thousands, except share data) Highlands Adjustments the Company Assets Cash and cash equivalents $ 25,879 $ — $ 25,879 Securities available for sale 53,732 — 53,732 Loans held for sale 263 — 263 Loans held for investment, net of allowance and mark 438,896 (11,429 ) ( a ) 427,467 Premises and equipment 16,722 (2,317 ) ( b ) 14,405 Other real estate 1,963 — 1,963 Other assets 25,556 2,250 ( c ) 27,806 Intangible assets — 4,490 ( d ) 4,490 Total assets $ 563,011 $ (7,006 ) $ 556,005 LIABILITIES Deposits: Noninterest-bearing $ 155,714 $ — $ 155,714 Interest-bearing 346,028 1,261 ( e ) 347,289 Total deposits 501,742 1,261 503,003 Long term debt 40 — 40 Other liabilities 2,938 198 ( f ) 3,136 Total liabilities 504,720 1,459 506,179 Net identifiable assets acquired over (under) liabilities assumed 58,291 (8,465 ) 49,826 Goodwill — 36,821 36,821 Net assets acquired over liabilities assumed $ 58,291 $ 28,356 $ 86,647 Consideration: First Community Bankshares, Inc. common 2,792,729 Purchase price per share of the Company's common stock $ 31.02 Fair Value of Company common stock issued $ 86,631 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 86,647 |
Schedule of Loans Acquired [Table Text Block] | December 31, 2019 Purchased Purchased (Amounts in thousands) Performing Impaired Total Commercial loans Construction, development, and other land $ 15,763 $ 1,956 $ 17,719 Commercial and industrial 44,474 2,829 47,303 Multi-family residential 21,032 1,663 22,695 Single family non-owner occupied 29,357 4,564 33,921 Non-farm, non-residential 107,489 21,710 129,199 Agricultural 2,298 — 2,298 Farmland 3,287 3,722 7,009 Total commercial loans 223,700 36,444 260,144 Consumer real estate loans Home equity lines 23,654 2,157 25,811 Single family owner occupied 116,413 13,174 129,587 Owner occupied construction 1,097 — 1,097 Total consumer real estate loans 141,164 15,331 156,495 Consumer and other loans Consumer loans 9,487 1,341 10,828 Loans acquired at fair value $ 374,351 $ 53,116 $ 427,467 |
Business Acquisition, Pro Forma Information [Table Text Block] | ProForma ProForma Year Ended Year Ended (Dollars in thousands) December 31, 2019 December 31, 2018 Total revenues (net interest income plus noninterest income) $ 150,618 $ 145,656 Net adjusted income available to the common shareholder $ 43,463 $ 42,470 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Divestitures Book value of assets sold — — (1,685 ) Book value of liabilities sold — — 37 Sales price in excess of net liabilities assumed — — — Total sales price — — (1,648 ) Cash sold — — 35 Non-cash sales price — — 1,603 Amount due remaining on books — — — Net cash received in divestitures — — (10 ) Net cash received in acquisitions and divestitures $ — $ — $ — |
Note 3 - Debt Securities (Table
Note 3 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2020 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 555 $ — $ (4 ) $ 551 Municipal securities 43,950 509 — 44,459 Mortgage-backed Agency securities 37,453 992 (97 ) 38,348 Total $ 81,958 $ 1,501 $ (101 ) $ 83,358 December 31, 2019 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,038 $ — $ (4 ) $ 5,034 Municipal securities 85,992 886 — 86,878 Mortgage-backed Agency securities 77,448 380 (166 ) 77,662 Total $ 168,478 $ 1,266 $ (170 ) $ 169,574 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Amounts in thousands) U.S. Agency Securities Municipal Securities Total Amortized cost maturity: One year or less $ — $ — $ — After one year through five years — 24,485 24,485 After five years through ten years 555 19,465 20,020 After ten years — — — Amortized cost $ 555 $ 43,950 44,505 Mortgage-backed securities 37,453 Total amortized cost $ 81,958 Fair value maturity: One year or less $ — $ — $ — After one year through five years — 24,703 24,703 After five years through ten years 551 19,756 20,307 After ten years — — — Fair value $ 551 $ 44,459 45,010 Mortgage-backed securities 38,348 Total fair value $ 83,358 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ — $ — $ 544 $ (4 ) $ 544 $ (4 ) Municipal securities — — — — — — Mortgage-backed Agency securities 11,018 (97 ) — — 11,018 (97 ) Total $ 11,018 $ (97 ) $ 544 $ (4 ) $ 11,562 $ (101 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 975 $ (4 ) $ — $ — $ 975 $ (4 ) Municipal securities — — — — — — Mortgage-backed Agency securities 8,020 (48 ) 8,319 (118 ) 16,339 (166 ) Total $ 8,995 $ (52 ) $ 8,319 $ (118 ) $ 17,314 $ (170 ) |
Realized Gain (Loss) on Investments [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Gross realized gains $ 419 $ 67 $ — Gross realized losses (34 ) (110 ) (618 ) Net gain (loss) on sale of securities $ 385 $ (43 ) $ (618 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Amount Percent Amount Percent Non-covered loans held for investment Commercial loans Construction, development, and other land $ 44,649 2.04 % $ 48,659 2.30 % Commercial and industrial 173,024 7.91 % 142,962 6.76 % Multi-family residential 115,161 5.27 % 121,840 5.76 % Single family non-owner occupied 187,598 8.58 % 163,181 7.72 % Non-farm, non-residential 734,793 33.60 % 727,261 34.39 % Agricultural 9,749 0.45 % 11,756 0.56 % Farmland 19,761 0.90 % 23,155 1.10 % Total commercial loans 1,284,735 58.75 % 1,238,814 58.59 % Consumer real estate loans Home equity lines 89,432 4.09 % 110,078 5.21 % Single family owner occupied 658,678 30.12 % 620,697 29.35 % Owner occupied construction 17,720 0.81 % 17,241 0.82 % Total consumer real estate loans 765,830 35.02 % 748,016 35.38 % Consumer and other loans Consumer loans 120,373 5.50 % 110,027 5.20 % Other 6,014 0.28 % 4,742 0.22 % Total consumer and other loans 126,387 5.78 % 114,769 5.42 % Total non-covered loans 2,176,952 99.56 % 2,101,599 99.39 % Total covered loans 9,680 0.44 % 12,861 0.61 % Total loans held for investment, net of unearned income $ 2,186,632 100.00 % $ 2,114,460 100.00 % Loans held for Sale $ — $ — $ 263 $ — |
Schedule of Covered Loans Held for Investment Net of Unearned Income [Table Text Block] | December 31, (Amounts in thousands) 2020 2019 Covered loans Commercial loans Construction, development, and other land $ 25 $ 28 Single family non-owner occupied 185 199 Non-farm, non-residential — 3 Total commercial loans 210 230 Consumer real estate loans Home equity lines 7,094 9,853 Single family owner occupied 2,376 2,778 Total consumer real estate loans 9,470 12,631 Total covered loans $ 9,680 $ 12,861 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance PCI Loans, by acquisition Peoples $ — $ — $ 5,071 $ 6,431 Waccamaw — — 2,708 14,277 Highlands 39,662 47,514 53,116 64,096 Other acquired — — 352 378 Total PCI Loans $ 39,662 $ 47,514 $ 61,247 $ 85,182 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Accretable Yield [Table Text Block] | Peoples Waccamaw Highlands Total (Amounts in thousands) Balance January 1, 2018 $ 3,388 $ 19,465 $ — $ 22,853 Accretion (1,263 ) (6,269 ) — (7,532 ) Reclassifications from nonaccretable difference(1) 8 1,770 — 1,778 Other changes, net 457 (327 ) — 130 Balance December 31, 2018 $ 2,590 $ 14,639 $ — $ 17,229 Balance January 1, 2019 $ 2,590 $ 14,639 $ — $ 17,229 Accretion (950 ) (3,317 ) — (4,267 ) Reclassifications from nonaccretable difference(1) 17 1,440 — 1,457 Other changes, net 233 (188 ) — 45 Balance December 31, 2019 $ 1,890 $ 12,574 $ — $ 14,464 Balance January 1, 2020 $ 1,890 $ 12,574 $ — $ 14,464 Additions — — 8,152 8,152 Accretion — — (2,497 ) (2,497 ) Other changes, net (1,890 ) (12,574 ) — (14,464 ) Balance Balance at December 31, 2020 $ — $ — $ 5,655 $ 5,655 |
Note 5 - Credit Quality (Tables
Note 5 - Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2020 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 36,934 $ 4,950 $ 2,765 $ — $ — $ 44,649 Commercial and industrial 160,474 7,031 5,519 — — 173,024 Multi-family residential 103,291 8,586 3,284 — — 115,161 Single family non-owner occupied 165,146 9,602 12,838 12 — 187,598 Non-farm, non-residential 568,438 125,907 40,448 — — 734,793 Agricultural 7,724 1,686 339 — — 9,749 Farmland 13,527 2,597 3,637 — — 19,761 Consumer real estate loans — Home equity lines 85,316 1,112 3,004 — — 89,432 Single family owner occupied 622,082 3,594 33,002 — — 658,678 Owner occupied construction 17,232 201 287 — — 17,720 Consumer and other loans — Consumer loans 118,134 28 2,211 — — 120,373 Other 6,014 — — — — 6,014 Total non-covered loans 1,904,312 165,294 107,334 12 — 2,176,952 Covered loans Commercial loans Construction, development, and other land — 25 — — — 25 Single family non-owner occupied 151 34 — — — 185 Consumer real estate loans Home equity lines 6,396 376 322 — — 7,094 Single family owner occupied 1,778 265 333 — — 2,376 Total covered loans 8,325 700 655 — — 9,680 Total loans $ 1,912,637 $ 165,994 $ 107,989 $ 12 $ — $ 2,186,632 December 31, 2019 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 45,781 $ 2,079 $ 799 $ — $ — $ 48,659 Commercial and industrial 135,651 4,327 2,984 — — 142,962 Multi-family residential 118,045 2,468 1,327 — — 121,840 Single family non-owner occupied 149,916 7,489 5,776 — — 163,181 Non-farm, non-residential 683,481 27,160 16,620 — — 727,261 Agricultural 11,299 122 335 — — 11,756 Farmland 17,609 4,107 1,439 — — 23,155 Consumer real estate loans Home equity lines 106,246 2,014 1,818 — — 110,078 Single family owner occupied 580,580 17,001 23,116 — — 620,697 Owner occupied construction 16,341 179 721 — — 17,241 Consumer and other loans Consumer loans 108,065 1,341 621 — — 110,027 Other 4,742 — — — — 4,742 Total non-covered loans 1,977,756 68,287 55,556 — — 2,101,599 Covered loans Commercial loans Construction, development, and other land — 28 — — — 28 Single family non-owner occupied 199 — — — — 199 Non-farm, non-residential — — 3 — — 3 Consumer real estate loans Home equity lines 7,177 2,327 349 — — 9,853 Single family owner occupied 2,111 275 392 — — 2,778 Total covered loans 9,487 2,630 744 — — 12,861 Total loans $ 1,987,243 $ 70,917 $ 56,300 $ — $ — $ 2,114,460 |
Impaired Financing Receivables [Table Text Block] | December 31, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (Amounts in thousands) Investment Balance Allowance Investment Balance Allowance Impaired loans with no related allowance Commercial loans Construction, development, and other land $ 616 $ 891 $ — $ 552 $ 768 $ — Commercial and industrial 2,341 2,392 — 576 599 — Multi-family residential 946 1,593 — 1,254 1,661 — Single family non-owner occupied 4,816 5,785 — 2,652 3,176 — Non-farm, non-residential 8,238 9,467 — 4,158 4,762 — Agricultural 218 226 — 158 164 — Farmland 1,228 1,311 — 1,437 1,500 — Consumer real estate loans Home equity lines 1,604 1,772 — 1,372 1,477 — Single family owner occupied 16,778 19,361 — 15,588 17,835 — Owner occupied construction 216 216 — 648 648 — Consumer and other loans Consumer loans 818 833 — 290 294 — Total impaired loans with no allowance 37,819 43,847 — 28,685 32,884 — Impaired loans with a related allowance Commercial loans Non-farm, non-residential 1,068 1,121 319 1,241 1,227 292 Consumer real estate loans Single family owner occupied 338 338 108 1,246 1,246 353 Total impaired loans with an allowance 1,406 1,459 427 2,487 2,473 645 Total impaired loans(1) $ 39,225 $ 45,306 $ 427 $ 31,172 $ 35,357 $ 645 |
Schedule of Impaired Financing Receivable, Average Recorded Investment and Interest Income Recognized [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Impaired loans with no related allowance: Commercial loans Construction, development, and other land $ 25 $ 935 $ 22 $ 704 $ 26 $ 921 Commercial and industrial 155 2,749 34 363 19 383 Multi-family residential 19 808 24 1,356 47 910 Single family non-owner occupied 189 4,890 123 2,979 123 2,652 Non-farm, non-residential 295 7,450 123 4,683 133 4,828 Agricultural 9 241 9 121 — 164 Farmland 63 1,569 55 1,469 64 1,172 Consumer real estate loans Home equity lines 51 1,594 46 1,439 44 1,637 Single family owner occupied 578 17,044 599 16,058 503 15,423 Owner occupied construction 10 407 29 308 8 244 Consumer and other loans Consumer loans 42 543 13 213 9 161 Total impaired loans with no related allowance 1,436 38,230 1,077 29,693 976 28,495 Impaired loans with a related allowance: Commercial loans Multi-family residential — 707 — — 2 270 Single family non-owner occupied — — — — 7 110 Non-farm, non-residential 17 1,524 48 766 2 809 Farmland — — — — — 307 Consumer real estate loans Home equity lines — — — — 3 68 Single family owner occupied 29 1,196 46 1,947 158 5,296 Total impaired loans with a related allowance 46 3,427 94 2,713 172 6,860 Total impaired loans $ 1,482 $ 41,657 $ 1,171 $ 32,406 $ 1,148 $ 35,355 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2020 December 31, 2019 (Amounts in thousands) Non-covered Covered Total Non-covered Covered Total Commercial loans Construction, development, and other land $ 244 $ — $ 244 $ 211 $ — $ 211 Commercial and industrial 895 — 895 530 — 530 Multi-family residential 946 — 946 1,144 — 1,144 Single family non-owner occupied 2,990 — 2,990 1,286 — 1,286 Non-farm, non-residential 6,343 — 6,343 3,400 — 3,400 Agricultural 217 — 217 158 — 158 Farmland 489 — 489 713 — 713 Consumer real estate loans Home equity lines 841 281 1,122 753 220 973 Single family owner occupied 7,960 16 7,976 7,259 24 7,283 Owner occupied construction — — — 428 — 428 Consumer and other loans Consumer loans 781 — 781 231 — 231 Total nonaccrual loans $ 21,706 $ 297 $ 22,003 $ 16,113 $ 244 $ 16,357 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2020 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 1,039 $ — $ 235 $ 1,274 $ 43,375 $ 44,649 Commercial and industrial 669 230 700 1,599 171,425 173,024 Multi-family residential 103 — 946 1,049 114,112 115,161 Single family non-owner occupied 925 488 2,144 3,557 184,041 187,598 Non-farm, non-residential 601 296 3,368 4,265 730,528 734,793 Agricultural 70 189 88 347 9,402 9,749 Farmland 43 — 457 500 19,261 19,761 Consumer real estate loans Home equity lines 574 380 171 1,125 88,307 89,432 Single family owner occupied 5,283 2,265 3,891 11,439 647,239 658,678 Owner occupied construction 82 — — 82 17,638 17,720 Consumer and other loans Consumer loans 2,637 746 651 4,034 116,339 120,373 Other — — — — 6,014 6,014 Total non-covered loans 12,026 4,594 12,651 29,271 2,147,681 2,176,952 Covered loans Commercial loans Construction, development, and other land — — — — 25 25 Single family non-owner occupied — — — — 185 185 Consumer real estate loans Home equity lines 75 — 254 329 6,765 7,094 Single family owner occupied 34 — — 34 2,342 2,376 Total covered loans 109 — 254 363 9,317 9,680 Total loans $ 12,135 $ 4,594 $ 12,905 $ 29,634 $ 2,156,998 $ 2,186,632 December 31, 2019 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 63 $ 65 $ 211 $ 339 $ 48,320 $ 48,659 Commercial and industrial 1,913 238 507 2,658 140,304 142,962 Multi-family residential 375 — 1,144 1,519 120,321 121,840 Single family non-owner occupied 754 267 661 1,682 161,499 163,181 Non-farm, non-residential 917 1,949 3,027 5,893 721,368 727,261 Agricultural 86 164 — 250 11,506 11,756 Farmland 856 349 664 1,869 21,286 23,155 Consumer real estate loans Home equity lines 1,436 165 503 2,104 107,974 110,078 Single family owner occupied 7,728 2,390 3,766 13,884 606,813 620,697 Owner occupied construction 207 — 428 635 16,606 17,241 Consumer and other loans Consumer loans 1,735 439 202 2,376 107,651 110,027 Other 22 — — 22 4,720 4,742 Total non-covered loans 16,092 6,026 11,113 33,231 2,068,368 2,101,599 Covered loans Commercial loans Construction, development, and other land — — — — 28 28 Single family non-owner occupied — — — — 199 199 Non-farm, non-residential — — — — 3 3 Consumer real estate loans Home equity lines 144 28 — 172 9,681 9,853 Single family owner occupied — 50 — 50 2,728 2,778 Total covered loans 144 78 — 222 12,639 12,861 Total loans $ 16,236 $ 6,104 $ 11,113 $ 33,453 $ 2,081,007 $ 2,114,460 |
Trouble Debt Restructuring Accrual Status [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Nonaccrual(1) Accruing Total Nonaccrual(1) Accruing Total Commercial loans Commercial and industrial $ — $ 1,326 $ 1,326 $ — $ — $ — Single family non-owner occupied 1,585 1,265 2,850 552 595 1,147 Non-farm, non-residential — 2,407 2,407 — 307 307 Consumer real estate loans Home equity lines — 77 77 — 115 115 Single family owner occupied 229 4,927 5,156 1,790 5,305 7,095 Owner occupied construction — 216 216 — 221 221 Consumer and other loans Consumer loans — 30 30 — 32 32 Total TDRs $ 1,814 $ 10,248 $ 12,062 $ 2,342 $ 6,575 $ 8,917 Allowance for loan losses related to TDRs $ — $ 353 |
Interest Income Related to Troubled Debt Restructurings [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Interest income recognized $ 473 $ 277 $ 264 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Year Ended December 31, 2020 2019 (Amounts in thousands) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Below market interest rate Single family owner occupied 1 $ 50 $ 50 — $ — $ — Below market interest rate and extended payment term Single family owner occupied — — — 6 887 871 Principal deferral Construction, development, and other land development 3 1,708 1,708 — — — Non-farm, non-residential 3 2,115 2,115 — — — Home equity — — — 1 5 2 Single family owner occupied 5 1,085 1,054 3 331 279 Total principal deferral 11 4,908 4,877 4 336 281 Total 12 $ 4,958 $ 4,927 10 $ 1,223 $ 1,152 Year Ended December 31, 2020 2019 Total Recorded Total Recorded Contracts Investment Contracts Investment (Amounts in thousands) Single family owner occupied 1 $ 53 — $ — Total 1 $ 53 — $ — |
Other Real Estate Owned [Table Text Block] | December 31, 2020 December 31, 2019 (Amounts in thousands) Non-covered OREO $ 2,083 $ 3,969 Total OREO $ 2,083 $ 3,969 Non-covered OREO secured by residential real estate $ 769 $ 2,232 Residential real estate loans in the foreclosure process(1) 4,141 1,539 |
Note 6 - Allowance for Loan L_2
Note 6 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2020 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Beginning balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 Provision for loan losses charged to operations 6,583 2,760 3,325 12,668 Charge-offs (2,769 ) (558 ) (3,296 ) (6,623 ) Recoveries 612 424 676 1,712 Net charge-offs (2,157 ) (134 ) (2,620 ) (4,911 ) Ending balance $ 14,661 $ 8,951 $ 2,570 $ 26,182 Year Ended December 31, 2019 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Beginning balance $ 10,499 $ 6,732 $ 1,036 $ 18,267 Provision for (recovery of) loan losses charged to operations 1,411 (105 ) 2,265 3,571 Charge-offs (2,548 ) (1,790 ) (1,923 ) (6,261 ) Recoveries 873 1,488 487 2,848 Net charge-offs (1,675 ) (302 ) (1,436 ) (3,413 ) Ending balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 |
Allowance for Credit Losses and Recorded Investment in Loans by Segment and Class [Table Text Block] | December 31, 2020 (Amounts in thousands) Loans Individually Evaluated for Impairment Allowance for Loans Individually Evaluated Loans Collectively Evaluated for Impairment Allowance for Loans Collectively Evaluated Commercial loans Construction, development, and other land $ — $ — $ 43,716 $ 528 Commercial and industrial 724 — 171,486 1,024 Multi-family residential 695 — 112,852 1,417 Single family non-owner occupied 1,041 — 183,283 1,861 Non-farm, non-residential 3,916 319 714,160 9,097 Agricultural — — 9,728 218 Farmland — — 17,540 196 Total commercial loans 6,376 319 1,252,765 14,341 Consumer real estate loans Home equity lines — — 95,765 799 Single family owner occupied 1,673 108 647,040 7,849 Owner occupied construction — — 17,567 195 Total consumer real estate loans 1,673 108 760,372 8,843 Consumer and other loans Consumer loans — — 119,770 2,570 Other — — 6,014 — Total consumer and other loans — — 125,784 2,570 Total loans, excluding PCI loans $ 8,049 $ 427 $ 2,138,921 $ 25,754 December 31, 2019 (Amounts in thousands) Loans Individually Evaluated for Impairment Allowance for Loans Individually Evaluated Loans Collectively Evaluated for Impairment Allowance for Loans Collectively Evaluated Commercial loans Construction, development, and other land $ — $ — $ 30,334 $ 245 Commercial and industrial — — 95,659 699 Multi-family residential 944 — 98,201 969 Single family non-owner occupied — — 128,520 1,323 Non-farm, non-residential 2,575 292 591,520 6,361 Agricultural — — 9,458 145 Farmland — — 16,146 201 Total commercial loans 3,519 292 969,838 9,943 Consumer real estate loans Home equity lines — — 91,999 673 Single family owner occupied 3,016 353 490,712 5,175 Owner occupied construction — — 16,144 124 Total consumer real estate loans 3,016 353 598,855 5,972 Consumer and other loans Consumer loans — — 99,199 1,865 Other — — 4,742 — Total consumer and other loans — — 103,941 1,865 Total loans, excluding PCI loans $ 6,535 $ 645 $ 1,672,634 $ 17,780 |
Schedule of Information Related to Purchased Credit Impaired Loans [Table Text Block] | December 31, 2020 December 31, 2019 (Amounts in thousands) Recorded Investment Allowance for Loan Pools With Impairment Recorded Investment Allowance for Loan Pools With Impairment Commercial loans Waccamaw commercial $ — $ — $ — $ — Peoples commercial — — 4,371 — Highlands: 1-4 family, senior-commercial — — 4,564 — Construction & land development 958 — 1,956 — Farmland and other agricultural 2,242 — 3,722 — Multifamily 1,614 — 1,663 — Commercial real estate-owner occupied 16,717 — 13,024 — Commercial real estate- non-owner occupied 3,459 — 8,686 — Commercial and industrial 814 — 2,829 — Other — — 352 — Total commercial loans 25,804 — 41,167 — Consumer real estate loans Waccamaw serviced home equity lines — — 2,121 — Waccamaw residential — — 587 — Highlands: 1-4 family, junior and HELOCS 761 — 2,157 — 1-4 family, senior-consumer 12,494 — 13,174 — Consumer 603 — 1,341 — Peoples residential — — 700 — Total consumer real estate loans 13,858 — 20,080 — Total PCI loans $ 39,662 $ — $ 61,247 $ — |
Note 7 - FDIC Indemnification_2
Note 7 - FDIC Indemnification Asset (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
FDIC Indemnification Asset Roll Forward [Table Text Block] | Year Ended December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 2,883 $ 5,108 Net amortization (1,690 ) (2,377 ) Payments to the FDIC 30 152 Ending balance $ 1,223 $ 2,883 Covered loans $ 9,680 $ 12,861 |
Note 8 - Premises, Equipment,_2
Note 8 - Premises, Equipment, and Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Land $ 21,693 $ 22,899 Buildings and leasehold improvements 50,639 52,351 Equipment 40,072 38,173 Total premises and equipment 112,404 113,423 Accumulated depreciation and amortization (54,704 ) (50,599 ) Total premises and equipment, net $ 57,700 $ 62,824 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Amount (Amounts in thousands) 2021 $ 154 2022 131 2023 119 2024 117 2025 and thereafter 463 Total lease payments 984 Less: Interest (93 ) Present value of lease liabilities $ 891 |
Note 9 - Goodwill and Other I_2
Note 9 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Amounts in thousands) Balance January 1, 2018 $ 95,779 Dispositions (1,543 ) Impairment Charges (1,492 ) Balance December 31, 2018 $ 92,744 Balance January 1, 2019 $ 92,744 Acquisitions 36,821 Balance December 31, 2019 $ 129,565 Balance January 1, 2020 $ 129,565 Acquisitions and dispositions, net — Balance December 31, 2020 $ 129,565 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 2019 2018 (Amounts in thousands) Core deposit intangibles $ 8,519 $ 8,184 $ 8,184 Acquisitions — 4,490 — Accumulated amortization (1,450 ) (4,155 ) (3,158 ) Core deposit intangibles, net 7,069 8,519 5,026 Other identifiable intangibles — — 535 Accumulated amortization — — (535 ) Other identifiable intangibles, net — — — Total other intangible assets, net $ 7,069 $ 8,519 $ 5,026 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) 2021 $ 1,446 2022 1,446 2023 878 2024 856 2025 648 2026 and thereafter 1,795 Total estimated amortization expense $ 7,069 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Noninterest-bearing demand deposits $ 772,795 $ 627,868 Interest-bearing deposits Interest-bearing demand deposits 598,148 497,470 Money market accounts 258,864 235,712 Savings deposits 495,821 453,240 Certificates of deposit 293,848 372,821 Individual retirement accounts 126,771 142,801 Total interest-bearing deposits 1,773,452 1,702,044 Total deposits $ 2,546,247 $ 2,329,912 |
Time Deposit Maturities [Table Text Block] | (Amounts in thousands) 2021 $ 225,521 2022 86,293 2023 45,797 2024 24,440 2025 30,820 2026 and thereafter 7,748 Total contractual maturities $ 420,619 |
Scheduled Maturities of Certificates of Deposits, Greater than 250,000 [Table Text Block] | (Amounts in thousands) Three months or less $ 3,372 Over three through six months 6,605 Over six through twelve months 9,841 Over twelve months 16,112 Total contractual maturities $ 35,930 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Balance Weighted Average Rate Balance Weighted Average Rate Short-term borrowings Retail repurchase agreements $ 964 0.32 % $ 1,601 0.14 % Long-term borrowings Wholesale repurchase agreements — — Total borrowings $ 964 $ 1,601 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | Overnight and Continuous Up to 30 Days 30 - 90 Days Greater than 90 Days Total (Amounts in thousands) U.S. Agency securities $ — $ — $ — $ — $ — Municipal securities 542 — — — 542 Mortgage-backed Agency securities 422 — — — 422 Total $ 964 $ — $ — $ — $ 964 |
Note 12 - Derivative Instrume_2
Note 12 - Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Notional or Contractual Amount Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities Derivatives designated as hedges Interest rate swaps $ 4,772 $ — $ 465 $ 5,136 $ — $ 217 Derivatives not designated as hedges Interest rate swaps 11,928 - 666 12,296 - 293 Total derivatives $ 16,700 $ — $ 1,131 $ 17,432 $ — $ 510 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Income Statement Location Derivatives designated as hedges Interest rate swaps $ 85 $ 12 $ 40 Interest and fees on loans Derivatives not designated as hedges Interest rate swaps 235 - - Interest and fees on loans Total derivative expense $ 320 $ 12 $ 40 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 11,312 $ 9,265 Plan change — 262 Service cost 310 320 Interest cost 355 404 Actuarial loss 1,217 1,570 Benefits paid (615 ) (509 ) Ending balance $ 12,579 $ 11,312 |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2020 2019 2018 Income Statement Location (Amounts in thousands) Service cost $ 310 $ 320 $ 245 Salaries and employee benefits Interest cost 355 404 358 Other expense Amortization of prior service cost 201 257 228 Other expense Amortization of losses 186 20 57 Other expense Net periodic cost $ 1,052 $ 1,001 $ 888 Assumed discount rate 2.53 % 3.10 % 4.28 % |
Schedule of Expected Benefit Payments [Table Text Block] | (Amounts in thousands) 2021 $ 664 2022 675 2023 675 2024 717 2025 707 2026 through 2030 3,694 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Pre-tax compensation expense $ 1,643 $ 1,481 $ 1,158 Excess tax benefit — — 95 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | (Amounts in thousands, except share and per share data) Option Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2020 147,200 $ 21.10 Granted — — Exercised — — Canceled/Expired (32,921 ) 26.44 Outstanding, December 31, 2020 114,279 $ 19.56 4.52 $ 432 Exercisable, December 31, 2020 114,279 $ 19.56 4.52 $ 432 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Grant-Date Fair Value Nonvested, January 1, 2020 57,653 $ 31.93 Granted 89,097 21.20 Vested (57,962 ) 25.28 Canceled (3,873 ) 29.92 Nonvested, December 31, 2020 84,915 $ 25.31 |
Note 14 - Other Operating Inc_2
Note 14 - Other Operating Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Other operating income Bank owned life insurance $ 814 $ 916 $ 687 Other(1) 3,555 1,888 1,861 Total other operating income $ 4,369 $ 2,804 $ 2,548 Other operating expense OREO expense and net loss 414 1,494 1,549 Telephone and data communications 2,188 1,404 1,333 Office supplies 660 647 1,045 Other(1) 9,148 8,384 8,800 Total other operating expense $ 12,410 $ 11,929 $ 12,727 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Current tax expense: Federal $ 10,048 $ 9,603 $ 7,201 State 1,643 1,554 1,233 Total current tax expense 11,691 11,157 8,434 Deferred tax expense (benefit): Federal (1,266 ) (152 ) 296 State (239 ) (11 ) 52 Total deferred tax expense (benefit) (1,505 ) (163 ) 348 Total income tax expense $ 10,186 $ 10,994 $ 8,782 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Amount Percent Amount Percent Amount Percent (Amounts in thousands) Federal income tax at the statutory rate $ 9,683 21.00 % $ 10,457 21.00 % $ 9,475 21.00 % State income tax, net of federal benefit 1,109 3.12 % 1,220 3.12 % 1,016 2.25 % 10,792 24.12 % 11,677 24.12 % 10,491 23.25 % Increase (decrease) resulting from: Tax-exempt interest income (500 ) (1.51 )% (637 ) (1.28 )% (702 ) (1.56 )% Nondeductible goodwill impairment and disposition — 0.00 % — 0.00 % 569 1.26 % Bank owned life insurance (139 ) (0.42 )% (249 ) (0.50 )% (144 ) (0.32 )% Deferred tax revaluation — 0.00 % (98 ) (0.20 )% (1,669 ) (3.70 )% Other items, net 33 (0.10 )% 301 0.10 % 237 0.53 % Income tax at the effective tax rate $ 10,186 22.09 % $ 10,994 22.24 % $ 8,782 19.46 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (Amounts in thousands) 2020 2019 Deferred tax assets Allowance for loan losses $ 6,128 $ 4,312 Unrealized asset losses 545 540 Purchase accounting 2,559 3,689 FDIC assisted transactions 1,685 1,597 Intangible assets 217 745 Deferred compensation assets 4,048 4,079 Federal net operating loss carryforward 4,093 4,279 Deferred loan fees 2,401 1,247 Other 1,816 1,746 Total deferred tax assets 23,492 22,234 Deferred tax liabilities FDIC indemnification asset 286 675 Fixed assets 2,450 1,080 Odd days interest deferral 1,482 1,912 Unrealized gains on available for sale securities 257 230 Other 287 399 Total deferred tax liabilities 4,762 4,296 Net deferred tax asset $ 18,730 $ 17,938 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Balance January 1, 2018 $ 975 $ (1,815 ) $ (840 ) Other comprehensive (loss) income before reclassifications (1,748 ) 446 (1,302 ) Reclassified from AOCI 488 225 713 Other comprehensive (loss) income, net (1,260 ) 671 (589 ) Balance December 31, 2018 $ (285 ) $ (1,144 ) $ (1,429 ) Balance January 1, 2019 $ (285 ) $ (1,144 ) $ (1,429 ) Other comprehensive income (loss) before reclassifications 1,117 (1,448 ) (331 ) Reclassified from AOCI 34 220 254 Other comprehensive income (loss), net 1,151 (1,228 ) (77 ) Balance December 31, 2019 $ 866 $ (2,372 ) $ (1,506 ) Balance January 1, 2020 $ 866 $ (2,372 ) $ (1,506 ) Other comprehensive income (loss) before reclassifications 544 (961 ) (417 ) Reclassified from AOCI (304 ) 304 — Other comprehensive income (loss), net 240 (657 ) (417 ) Balance December 31, 2020 $ 1,106 $ (3,029 ) $ (1,923 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, Income Statement (Amounts in thousands) 2020 2019 2018 Line Item Affected Available-for-sale securities (Losses) gains recognized $ (385 ) $ 43 $ 618 Net loss on sale of securities Reclassified out of AOCI, before tax (385 ) 43 618 Income before income taxes Income tax benefit 81 (9 ) (130 ) Income tax expense Reclassified out of AOCI, net of tax (304 ) 34 488 Net income Employee benefit plans Amortization of prior service cost 201 257 228 Other operating expense Amortization of net actuarial loss 185 21 57 Other operating expense Reclassified out of AOCI, before tax 386 278 285 Income before income taxes Income tax expense (82 ) (58 ) (60 ) Income tax expense Reclassified out of AOCI, net of tax 304 220 225 Net income Total reclassified out of AOCI, net of tax $ — $ 254 $ 713 Net income |
Note 17 - Fair Value (Tables)
Note 17 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2020 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 551 $ — $ 551 $ — Municipal securities 44,459 — 44,459 — Mortgage-backed Agency securities 38,348 — 38,348 — Total available-for-sale debt securities 83,358 — 83,358 — Equity securities 55 — 55 — Fair value loans 17,831 — — 17,831 Deferred compensation assets 4,181 4,181 — — Deferred compensation liabilities 4,181 4,181 — — Derivative liabilities 1,131 — 1,131 — December 31, 2019 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,034 $ — $ 5,034 $ — Municipal securities 86,878 — 86,878 — Mortgage-backed Agency securities 77,662 — 77,662 — Total available-for-sale debt securities 169,574 — 169,574 — Equity securities 55 — 55 — Fair value loans 17,942 — — 17,942 Deferred compensation assets 3,990 3,990 — — Deferred compensation liabilities 3,990 3,990 — — Derivative liabilities 510 — 510 — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Assets (Amounts in thousands) Balance January 1, 2019 $ 5,412 Transfer of certain loans into Level 3 (Highlands acquisition) 12,295 Changes in fair value 522 Changes due to principal reduction (287 ) Balance December 31, 2019 $ 17,942 Balance January 1, 2020 $ 17,942 Changes in fair value 621 Changes due to principal reduction (732 ) Balance December 31, 2020 $ 17,831 |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2020 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 979 $ — $ — $ 979 OREO, non-covered 2,083 — — 2,083 December 31, 2019 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 1,828 $ — $ — $ 1,828 OREO, non-covered 3,969 — — 3,969 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Valuation Unobservable Discount Range (Weighted Average) Technique Input December 31, 2020 December 31, 2019 Impaired loans, non-covered Discounted appraisals(1) Appraisal adjustments(2) 22% to 38% (30)% 22% to 36% (26)% OREO, non-covered Discounted appraisals(1) Appraisal adjustments(2) 8% to 77% (25)% 15% to 100% (8)% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 456,561 $ 456,561 $ 456,561 $ — $ — Debt securities available for sale 83,358 83,358 — 83,358 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,160,450 2,126,221 — — 2,126,221 FDIC indemnification asset 1,223 509 — — 509 Interest receivable 9,052 9,052 — 9,052 — Deferred compensation assets 4,181 4,181 4,181 — — Liabilities Time deposits 420,619 423,120 — 423,120 — Securities sold under agreements to repurchase 964 964 — 964 — Interest payable 582 582 — 582 — Deferred compensation liabilities 4,181 4,181 4,181 — — Derivative liabilities 1,131 1,131 — 1,131 — December 31, 2019 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 217,009 $ 217,009 $ 217,009 $ — $ — Debt securities available for sale 169,574 169,574 — 169,574 — Equity securities 55 55 — 55 — Loans held for sale 263 263 263 Loans held for investment, net of allowance 2,096,035 2,068,257 — — 2,068,257 FDIC indemnification asset 2,883 1,201 — — 1,201 Interest receivable 6,677 6,677 — 6,677 — Deferred compensation assets 3,990 3,990 3,990 — — Liabilities Time deposits 515,622 512,134 — 512,134 — Securities sold under agreements to repurchase 1,601 1,601 — 1,601 — Interest payable 472 472 — 472 — Deferred compensation liabilities 3,990 3,990 3,990 — — Derivative liabilities 510 510 — 510 — |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Amounts in thousands, except share and per share data) Net income $ 35,926 $ 38,802 $ 36,340 Weighted average common shares outstanding, basic 17,781,748 15,690,812 16,587,504 Dilutive effect of potential common shares Stock options 22,495 53,907 62,417 Restricted stock 11,137 11,374 16,464 Total dilutive effect of potential common shares 33,632 65,281 78,881 Weighted average common shares outstanding, diluted 17,815,380 15,756,093 16,666,385 Basic earnings per common share $ 2.02 $ 2.47 $ 2.19 Diluted earnings per common share 2.02 2.46 2.18 Antidilutive potential common shares Stock options 58,166 25 19 Restricted stock 26,900 25,853 2,736 Total potential antidilutive shares 85,066 25,878 2,755 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, 2020 2019 (Amounts in thousands) Beginning balance $ 20,345 $ 22,033 New loans and advances 4,821 3,958 Loan repayments (5,023 ) (5,634 ) Reclassifications(1) 23 (12 ) Ending balance $ 20,166 $ 20,345 |
Note 20 - Litigation, Commitm_2
Note 20 - Litigation, Commitments, and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2020 2019 (Amounts in thousands) Commitments to extend credit $ 229,408 $ 228,716 Standby letters of credit and financial guarantees(1) 179,022 167,612 Total off-balance sheet risk 408,430 396,328 Reserve for unfunded commitments $ 66 $ 66 |
Note 21 - Regulatory Requirem_2
Note 21 - Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2020 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 292,019 14.28 % $ 92,043 4.50 % $ 143,178 7.00 % N/A N/A Tier 1 risk-based capital ratio 292,019 14.28 % 122,724 6.00 % 214,767 8.50 % N/A N/A Total risk-based capital ratio 317,595 15.53 % 163,632 8.00 % 173,859 10.50 % N/A N/A Tier 1 Leverage ratio 292,019 10.24 % 114,081 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 277,449 13.57 % $ 92,017 4.50 % $ 143,137 7.00 % $ 132,913 6.50 % Tier 1 risk-based capital ratio 277,449 13.57 % 122,689 6.00 % 173,809 8.50 % 163,585 8.00 % Total risk-based capital ratio 303,018 14.82 % 163,585 8.00 % 214,706 10.50 % 204,482 10.00 % Tier 1 Leverage ratio 277,449 9.73 % 114,058 4.00 % N/A N/A 142,572 5.00 % December 31, 2019 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 292,241 14.31 % $ 91,926 4.50 % $ 142,996 7.00 % N/A N/A Tier 1 risk-based capital ratio 292,241 14.31 % 122,568 6.00 % 173,637 8.50 % N/A N/A Total risk-based capital ratio 310,732 15.21 % 163,423 8.00 % 214,493 10.50 % N/A N/A Tier 1 Leverage ratio 292,241 14.01 % 83,408 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 262,716 12.87 % $ 91,860 4.50 % $ 142,893 7.00 % $ 132,686 6.50 % Tier 1 risk-based capital ratio 262,716 12.87 % 122,480 6.00 % 173,513 8.50 % 163,306 8.00 % Total risk-based capital ratio 281,207 13.78 % 163,306 8.00 % 214,339 10.50 % 204,133 10.00 % Tier 1 Leverage ratio 262,716 12.61 % 83,313 4.00 % N/A N/A 104,141 5.00 % |
Note 22 - Parent Company Fina_2
Note 22 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEETS December 31, (Amounts in thousands) 2020 2019 Assets Cash and due from banks $ 10,089 $ 23,998 Loans to affiliates — 184 Investment in subsidiaries 412,161 399,294 Other assets 5,089 5,888 Total assets $ 427,339 $ 429,364 Liabilities Other liabilities $ 609 $ 545 Total liabilities 609 545 Stockholders' equity Common stock 17,723 18,377 Additional paid-in capital 173,345 192,413 Retained earnings 237,585 219,535 Accumulated other comprehensive loss (1,923 ) (1,506 ) Total stockholders' equity 426,730 428,819 Total liabilities and stockholders' equity $ 427,339 $ 429,364 |
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2020 2019 2018 (Amounts in thousands) Cash dividends received from subsidiary bank $ 23,710 $ 38,500 $ 48,000 Other income 3 444 306 Other operating expense 1,446 1,420 2,293 Income before income taxes and equity in undistributed net income of subsidiaries 22,267 37,524 46,013 Income tax benefit (375 ) (276 ) (595 ) Income before equity in undistributed net income of subsidiaries 22,642 37,800 46,608 Equity in (dividends in excess) of undistributed net income of subsidiaries 13,284 1,002 (10,268 ) Net income $ 35,926 $ 38,802 $ 36,340 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (Amounts in thousands) 2020 2019 2018 Operating activities Net income $ 35,926 $ 38,802 $ 36,340 Adjustments to reconcile net income to net cash provided by operating activities Net change in other operating activities 1,047 1,865 1,509 Net cash provided by operating activities 36,973 40,667 37,849 Investing activities Dividends in excess of undistributed net income of subsidiaries (13,284 ) (1,002 ) 10,268 Net cash provided by investing activities (13,284 ) (1,002 ) 10,268 Financing activities Proceeds from issuance of common stock — 136 832 Payments for repurchase of common stock (21,872 ) (16,362 ) (34,412 ) Payments of common dividends (17,876 ) (15,060 ) (21,090 ) Net change in other financing activities 2,150 1,893 1,063 Net cash used in financing activities (37,598 ) (29,393 ) (53,607 ) Net increase (decrease) in cash and cash equivalents (13,909 ) 10,272 (5,490 ) Cash and cash equivalents at beginning of period 23,998 13,726 19,216 Cash and cash equivalents at end of period $ 10,089 $ 23,998 $ 13,726 |
Note 23 - Quarterly Financial_2
Note 23 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2020 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 29,509 $ 27,786 $ 27,995 $ 28,746 Interest expense 1,827 1,447 1,161 1,029 Net interest income 27,682 26,339 26,834 27,717 Provision for loan losses 3,500 3,831 4,703 634 Net interest income after provision 24,182 22,508 22,131 27,083 Noninterest income, excluding net loss on sale of securities 7,164 6,913 7,638 7,733 Net loss on sale of securities 385 — — — Noninterest expense 21,664 18,913 19,171 19,877 Income before income taxes 10,067 10,508 10,598 14,939 Income tax expense 2,195 2,270 2,332 3,389 Net income $ 7,872 $ 8,238 $ 8,266 $ 11,550 Basic earnings per common share $ 0.44 $ 0.47 $ 0.47 $ 0.65 Diluted earnings per common share 0.44 0.46 0.47 0.65 Dividends per common share 0.25 0.25 0.25 0.25 Weighted average basic shares outstanding 17,998,994 17,701,853 17,710,283 17,717,356 Weighted average diluted shares outstanding 18,050,071 17,728,300 17,732,428 17,751,805 Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 23,611 $ 24,382 $ 23,605 $ 23,370 Interest expense 1,425 1,393 1,384 1,313 Net interest income 22,186 22,989 22,221 22,057 Provision for loan losses 1,220 1,585 675 91 Net interest income after provision 20,966 21,404 21,546 21,966 Noninterest income, excluding net loss on sale of securities 8,080 8,692 7,634 9,314 Net loss on sale of securities — (43 ) — — Noninterest expense 16,785 16,651 17,444 18,883 Income before income taxes 12,261 13,402 11,736 12,397 Income tax expense 2,630 2,951 2,580 2,833 Net income $ 9,631 $ 10,451 $ 9,156 $ 9,564 Basic earnings per common share $ 0.61 $ 0.67 $ 0.59 $ 0.61 Diluted earnings per common share 0.60 0.66 0.58 0.61 Dividends per common share 0.21 0.25 0.25 0.25 Weighted average basic shares outstanding 15,839,424 15,712,204 15,603,992 15,611,093 Weighted average diluted shares outstanding 15,920,950 15,775,320 15,664,587 15,670,047 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Significant Accounting Policies (Details Textual) $ in Thousands | Oct. 31, 2020USD ($) | Oct. 31, 2018USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2020USD ($) |
Number of Operating Segments | 1 | |||||||
Minimum Principal Balance of Loans for Quarterly Rating Review | $ 500 | |||||||
Restructured Loans, Reserves | $ 500 | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||||||
Number of Reportable Segments | 1 | |||||||
Goodwill, Impairment Loss | $ 0 | $ 1,490 | $ 1,490 | $ 0 | $ 0 | $ 1,492 | ||
Financing Receivable, Number of Payment Deferrals | 3,625 | |||||||
Financing Receivable, Deferred Payments | $ 458,170 | $ 436,110 | ||||||
Loans and Leases Receivable, Allowance, Ending Balance | 26,182 | 18,425 | 18,267 | |||||
Reserve for Unfunded Credit Commitments | 66 | 66 | ||||||
Forecast [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 39,290 | |||||||
Reserve for Unfunded Credit Commitments | 576 | |||||||
Stockholders' Equity, Period Increase (Decrease), Total | $ (5,870) | |||||||
SBA CARES Act Paycheck Protection Program [Member] | ||||||||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 3,940 | |||||||
Financing Receivable, Percentage of Loans Forgiven from Total Loans with Deferred Payments | 6.46% | |||||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Deferred Payments | $ 26,540 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 14,661 | 10,235 | 10,499 | |||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Deferred Payments | 5,720 | |||||||
Consumer Real Estate Portfolio Segment [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 8,951 | 6,325 | $ 6,732 | |||||
Consumer Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Financing Receivable, Number Closed Under Paycheck Protection Program Under CARES Act | 803 | |||||||
Loans and Leases Receivable, Gross, Total | $ 62,740 | |||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||
Equipment, Computer Hardware and Software [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Equipment, Computer Hardware and Software [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
Land and Land Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||||
Other Assets [Member] | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,930 | 3,680 | ||||||
Investment in Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock [Member] | ||||||||
Investment Owned, at Cost | $ 10,800 | $ 8,900 |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestitures (Details Textual) | Oct. 31, 2020USD ($) | Sep. 11, 2019USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Combination, Acquisition Related Costs | $ 1,893,000 | $ 2,124,000 | $ 0 | ||||
Provision for Loan and Lease Losses, Total | 12,668,000 | 3,571,000 | |||||
Goodwill, Impairment Loss | $ 0 | $ 1,490,000 | $ 1,490,000 | 0 | $ 0 | 1,492,000 | |
Highlands Bankshares, Inc. [Member] | |||||||
Business Combination, Stock Conversion Ratio | 0.2703 | ||||||
Business Combination, Consideration Transferred, Total | $ 86,647,000 | $ 86,650,000 | |||||
Acquired Loan, Fair Value Adjustments | (14,700,000) | ||||||
Deferred Loan Fees Excluded from Fair Value Adjustment of Acquired Loan | 3,270,000 | ||||||
Death Benefits Payable, Fair Value Adjustment | 320,000 | ||||||
Lease Liability, Fair Value Adjustment | (37,000) | ||||||
Reserve for Unfunded Commitments, Fair Value Adjustment | (85,000) | ||||||
Business Combination, Acquisition Related Costs | $ 1,890,000 | 2,120,000 | |||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 7,160,000 | ||||||
Provision for Loan and Lease Losses, Total | $ 738,000 | $ 1,840,000 |
Note 2 - Acquisitions and Div_4
Note 2 - Acquisitions and Divestitures - Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | |
Goodwill | $ 129,565 | $ 129,565 | ||
Highlands Bankshares, Inc. [Member] | ||||
Cash and cash equivalents | $ 25,879 | |||
Securities available for sale | 53,732 | |||
Loans held for sale | 263 | |||
Loans held for investment, net of allowance and mark | 427,467 | 427,467 | ||
Premises and equipment | 14,405 | |||
Other real estate | 1,963 | |||
Other assets | 27,806 | |||
Intangible assets | 4,490 | |||
Total assets | 556,005 | |||
Noninterest-bearing | 155,714 | |||
Interest-bearing | 347,289 | |||
Total deposits | 503,003 | |||
Long term debt | 40 | |||
Other liabilities | 3,136 | |||
Total liabilities | 506,179 | |||
Net identifiable assets acquired over (under) liabilities assumed | 49,826 | |||
Goodwill | 36,821 | |||
Net assets acquired over liabilities assumed | $ 86,647 | |||
First Community Bankshares, Inc. common (in shares) | 2,792,729 | |||
Purchase price per share of the Company's common stock (in dollars per share) | $ 31.02 | |||
Fair Value of Company common stock issued | $ 86,631 | |||
Cash paid for fractional shares | 16 | |||
Fair Value of total consideration transferred | 86,647 | $ 86,650 | ||
Highlands Bankshares, Inc. [Member] | Recorded by Acquiree [Member] | ||||
Cash and cash equivalents | 25,879 | |||
Securities available for sale | 53,732 | |||
Loans held for sale | 263 | |||
Loans held for investment, net of allowance and mark | 438,896 | |||
Premises and equipment | 16,722 | |||
Other real estate | 1,963 | |||
Other assets | 25,556 | |||
Intangible assets | 0 | |||
Total assets | 563,011 | |||
Noninterest-bearing | 155,714 | |||
Interest-bearing | 346,028 | |||
Total deposits | 501,742 | |||
Long term debt | 40 | |||
Other liabilities | 2,938 | |||
Total liabilities | 504,720 | |||
Net identifiable assets acquired over (under) liabilities assumed | 58,291 | |||
Goodwill | 0 | |||
Net assets acquired over liabilities assumed | 58,291 | |||
Highlands Bankshares, Inc. [Member] | Fair Value Adjustments [Member] | ||||
Cash and cash equivalents | 0 | |||
Securities available for sale | 0 | |||
Loans held for sale | 0 | |||
Loans held for investment, net of allowance and mark | [1] | (11,429) | ||
Premises and equipment | [2] | (2,317) | ||
Other real estate | 0 | |||
Other assets | [3] | 2,250 | ||
Intangible assets | [4] | 4,490 | ||
Total assets | (7,006) | |||
Noninterest-bearing | 0 | |||
Interest-bearing | [5] | 1,261 | ||
Total deposits | 1,261 | |||
Long term debt | 0 | |||
Other liabilities | [6] | 198 | ||
Total liabilities | 1,459 | |||
Net identifiable assets acquired over (under) liabilities assumed | (8,465) | |||
Goodwill | 36,821 | |||
Net assets acquired over liabilities assumed | $ 28,356 | |||
[1] | Adjustment reflects the fair value adjustments of $(14.70) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses ("ALLL") and deferred loan fees of $3.27 million recorded by Highlands. | |||
[2] | Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. | |||
[3] | Adjustment to record the deferred tax asset related to the fair value adjustments. | |||
[4] | Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. | |||
[5] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. | |||
[6] | Adjustment reflects the fair value adjustment for death benefits payable of $320 thousand, the fair value adjustment for lease liability of $(37) thousand and the fair value adjustment to the reserve for unfunded commitments of $(85) thousand. |
Note 2 - Acquisitions and Div_5
Note 2 - Acquisitions and Divestitures - Acquired Loans (Details) - Highlands Bankshares, Inc. [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 11, 2019 |
Loans acquired at fair value | $ 427,467 | $ 427,467 |
Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 374,351 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 53,116 | |
Commercial Portfolio Segment [Member] | ||
Loans acquired at fair value | 260,144 | |
Commercial Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 223,700 | |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 36,444 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Loans acquired at fair value | 17,719 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 15,763 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 1,956 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans acquired at fair value | 47,303 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 44,474 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 2,829 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Loans acquired at fair value | 22,695 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 21,032 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 1,663 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Loans acquired at fair value | 33,921 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 29,357 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 4,564 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Loans acquired at fair value | 129,199 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 107,489 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 21,710 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Loans acquired at fair value | 2,298 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 2,298 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 0 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Loans acquired at fair value | 7,009 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 3,287 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 3,722 | |
Consumer Real Estate Portfolio Segment [Member] | ||
Loans acquired at fair value | 156,495 | |
Consumer Real Estate Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 141,164 | |
Consumer Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 15,331 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Loans acquired at fair value | 25,811 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 23,654 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 2,157 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Loans acquired at fair value | 129,587 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 116,413 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 13,174 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Loans acquired at fair value | 1,097 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 1,097 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | 0 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Loans acquired at fair value | 10,828 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||
Loans acquired at fair value | 9,487 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans acquired at fair value | $ 1,341 |
Note 2 - Acquisitions and Div_6
Note 2 - Acquisitions and Divestitures - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues (net interest income plus noninterest income) | $ 150,618 | $ 145,656 |
Net adjusted income available to the common shareholder | $ 43,463 | $ 42,470 |
Note 2 - Acquisitions and Div_7
Note 2 - Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Book value of assets sold | $ 0 | $ 0 | $ (1,685) |
Book value of liabilities sold | 0 | 0 | 37 |
Sales price in excess of net liabilities assumed | 0 | 0 | 0 |
Total sales price | 0 | 0 | (1,648) |
Cash sold | 0 | 0 | 35 |
Non-cash sales price | 0 | 0 | 1,603 |
Amount due remaining on books | 0 | 0 | 0 |
Net cash received in divestitures | $ 0 | $ 0 | $ (10) |
Note 3 - Debt Securities (Detai
Note 3 - Debt Securities (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Number of Securities in Unrealized Loss Position | 6 | 17 |
Percentage of Combined Depreciation of Combined Reported Value of Aggregate Securities Portfolio | 0.12% | 0.10% |
Number of Securities in Unrealized Loss Position, Greater than or Equal to One Year | 1 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 36,560 | $ 27,870 |
Note 3 - Debt Securities - Secu
Note 3 - Debt Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, amortized cost | $ 81,958 | $ 168,478 |
Securities available for sale, unrealized gains | 1,501 | 1,266 |
Securities available for sale, unrealized losses | (101) | (170) |
Securities available for sale, fair value | 83,358 | 169,574 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, amortized cost | 555 | 5,038 |
Securities available for sale, unrealized gains | 0 | 0 |
Securities available for sale, unrealized losses | (4) | (4) |
Securities available for sale, fair value | 551 | 5,034 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, amortized cost | 43,950 | 85,992 |
Securities available for sale, unrealized gains | 509 | 886 |
Securities available for sale, unrealized losses | 0 | 0 |
Securities available for sale, fair value | 44,459 | 86,878 |
Mortgage-backed Agency Securities [Member] | ||
Securities available for sale, amortized cost | 37,453 | 77,448 |
Securities available for sale, unrealized gains | 992 | 380 |
Securities available for sale, unrealized losses | (97) | (166) |
Securities available for sale, fair value | $ 38,348 | $ 77,662 |
Note 3 - Debt Securities - Se_2
Note 3 - Debt Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, due within one year, amortized cost | $ 0 | |
Securities available for sale, due after one year but within five years, amortized cost | 24,485 | |
Securities available for sale, due after five years but within ten years, amortized cost | 20,020 | |
Securities available for sale, due after ten years, amortized cost | 0 | |
Securities available for sale, single maturity date, amortized cost | 44,505 | |
Securities available for sale, amortized cost | 81,958 | $ 168,478 |
Securities available for sale, due within one year, fair value | 0 | |
Securities available for sale, due after one year but within five years, fair value | 24,703 | |
Securities available for sale, due after five years but within ten years, fair value | 20,307 | |
Securities available for sale, due after ten years, fair value | 0 | |
Securities available for sale, single maturity date, fair value | 45,010 | |
Securities available for sale | 83,358 | 169,574 |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, due within one year, amortized cost | 0 | |
Securities available for sale, due after one year but within five years, amortized cost | 0 | |
Securities available for sale, due after five years but within ten years, amortized cost | 555 | |
Securities available for sale, due after ten years, amortized cost | 0 | |
Securities available for sale, single maturity date, amortized cost | 555 | |
Securities available for sale, amortized cost | 555 | 5,038 |
Securities available for sale, due within one year, fair value | 0 | |
Securities available for sale, due after one year but within five years, fair value | 0 | |
Securities available for sale, due after five years but within ten years, fair value | 551 | |
Securities available for sale, due after ten years, fair value | 0 | |
Securities available for sale, single maturity date, fair value | 551 | |
Securities available for sale | 551 | 5,034 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, due within one year, amortized cost | 0 | |
Securities available for sale, due after one year but within five years, amortized cost | 24,485 | |
Securities available for sale, due after five years but within ten years, amortized cost | 19,465 | |
Securities available for sale, due after ten years, amortized cost | 0 | |
Securities available for sale, single maturity date, amortized cost | 43,950 | |
Securities available for sale, amortized cost | 43,950 | 85,992 |
Securities available for sale, due within one year, fair value | 0 | |
Securities available for sale, due after one year but within five years, fair value | 24,703 | |
Securities available for sale, due after five years but within ten years, fair value | 19,756 | |
Securities available for sale, due after ten years, fair value | 0 | |
Securities available for sale, single maturity date, fair value | 44,459 | |
Securities available for sale | 44,459 | $ 86,878 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, no single maturity date, amortized cost | 37,453 | |
Securities available for sale, no single maturity date, fair value | $ 38,348 |
Note 3 - Debt Securities - Avai
Note 3 - Debt Securities - Available For Sale Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale, less than 12 months, fair value | $ 11,018 | $ 8,995 |
Securities available for sale, less than 12 months, unrealized losses | (97) | (52) |
Securities available for sale, 12 months or longer, fair value | 544 | 8,319 |
Securities available for sale, 12 months or longer, unrealized losses | (4) | (118) |
Securities available for sale, total fair value | 11,562 | 17,314 |
Securities available for sale, total unrealized losses | (101) | (170) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 0 | 975 |
Securities available for sale, less than 12 months, unrealized losses | 0 | (4) |
Securities available for sale, 12 months or longer, fair value | 544 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | (4) | 0 |
Securities available for sale, total fair value | 544 | 975 |
Securities available for sale, total unrealized losses | (4) | (4) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 0 | 0 |
Securities available for sale, less than 12 months, unrealized losses | 0 | 0 |
Securities available for sale, 12 months or longer, fair value | 0 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | 0 | 0 |
Securities available for sale, total fair value | 0 | 0 |
Securities available for sale, total unrealized losses | 0 | 0 |
Mortgage-backed Agency Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 11,018 | 8,020 |
Securities available for sale, less than 12 months, unrealized losses | (97) | (48) |
Securities available for sale, 12 months or longer, fair value | 0 | 8,319 |
Securities available for sale, 12 months or longer, unrealized losses | 0 | (118) |
Securities available for sale, total fair value | 11,018 | 16,339 |
Securities available for sale, total unrealized losses | $ (97) | $ (166) |
Note 3 - Debt Securities - Gros
Note 3 - Debt Securities - Gross Realized Gains and Losses from Sale of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross realized gains | $ 419 | $ 67 | $ 0 |
Gross realized losses | (34) | (110) | (618) |
Net gain (loss) on sale of securities | $ 385 | $ (43) | $ (618) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Bank Overdrafts | $ 1,130 | $ 2,200 | ||
Deferred Loan Fees | 5,580 | 4,600 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 5,655 | 14,464 | $ 17,229 | $ 22,853 |
Highlands Bankshares, Inc. [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | 8,150 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 53,120 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 76,450 | |||
SBA CARES Act Paycheck Protection Program [Member] | ||||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 3,940 | |||
Financing Receivable, Percentage of Loans Forgiven from Total Loans with Deferred Payments | 6.46% | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Gross, Total | $ 57,060 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 2,300 | |||
Amortization of Deferred Loan Origination Fees, Net | $ 868 |
Note 4 - Loans - Loans by Class
Note 4 - Loans - Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-covered loans | $ 2,176,952 | $ 2,101,599 |
Non-covered loans, percent | 99.56% | 99.39% |
Covered loans | $ 9,680 | $ 12,861 |
Covered loans, percent | 0.44% | 0.61% |
Total loans held for investment, net of unearned income | $ 2,186,632 | $ 2,114,460 |
Total loans held for investment, net of unearned income, percent | 100.00% | 100.00% |
Loans held for Sale | $ 0 | $ 263 |
Commercial Portfolio Segment [Member] | ||
Non-covered loans | $ 1,284,735 | $ 1,238,814 |
Non-covered loans, percent | 58.75% | 58.59% |
Covered loans | $ 210 | $ 230 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | $ 44,649 | $ 48,659 |
Non-covered loans, percent | 2.04% | 2.30% |
Covered loans | $ 25 | $ 28 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | $ 173,024 | $ 142,962 |
Non-covered loans, percent | 7.91% | 6.76% |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | $ 115,161 | $ 121,840 |
Non-covered loans, percent | 5.27% | 5.76% |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | $ 187,598 | $ 163,181 |
Non-covered loans, percent | 8.58% | 7.72% |
Covered loans | $ 185 | $ 199 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | $ 734,793 | $ 727,261 |
Non-covered loans, percent | 33.60% | 34.39% |
Covered loans | $ 0 | $ 3 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | $ 9,749 | $ 11,756 |
Non-covered loans, percent | 0.45% | 0.56% |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | $ 19,761 | $ 23,155 |
Non-covered loans, percent | 0.90% | 1.10% |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered loans | $ 765,830 | $ 748,016 |
Non-covered loans, percent | 35.02% | 35.38% |
Covered loans | $ 9,470 | $ 12,631 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | $ 89,432 | $ 110,078 |
Non-covered loans, percent | 4.09% | 5.21% |
Covered loans | $ 7,094 | $ 9,853 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | $ 658,678 | $ 620,697 |
Non-covered loans, percent | 30.12% | 29.35% |
Covered loans | $ 2,376 | $ 2,778 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | $ 17,720 | $ 17,241 |
Non-covered loans, percent | 0.81% | 0.82% |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered loans | $ 126,387 | $ 114,769 |
Non-covered loans, percent | 5.78% | 5.42% |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | $ 120,373 | $ 110,027 |
Non-covered loans, percent | 5.50% | 5.20% |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | $ 6,014 | $ 4,742 |
Non-covered loans, percent | 0.28% | 0.22% |
Note 4 - Loans - Covered Loans
Note 4 - Loans - Covered Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Covered loans | $ 9,680 | $ 12,861 |
Commercial Portfolio Segment [Member] | ||
Covered loans | 210 | 230 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Covered loans | 25 | 28 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Covered loans | 185 | 199 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Covered loans | 0 | 3 |
Consumer Real Estate Portfolio Segment [Member] | ||
Covered loans | 9,470 | 12,631 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Covered loans | 7,094 | 9,853 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Covered loans | $ 2,376 | $ 2,778 |
Note 4 - Loans - PCI loans (Det
Note 4 - Loans - PCI loans (Details) - Financial Asset Acquired with Credit Deterioration [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
PCI loans, recorded investment | $ 39,662 | $ 61,247 |
PCI loans, unpaid principal balance | 47,514 | 85,182 |
Peoples Bank of Virginia [Member] | ||
PCI loans, recorded investment | 0 | 5,071 |
PCI loans, unpaid principal balance | 0 | 6,431 |
Waccamaw Bank [Member] | ||
PCI loans, recorded investment | 0 | 2,708 |
PCI loans, unpaid principal balance | 0 | 14,277 |
Highlands [Member] | ||
PCI loans, recorded investment | 39,662 | 53,116 |
PCI loans, unpaid principal balance | 47,514 | 64,096 |
Other Receivables [Member] | ||
PCI loans, recorded investment | 0 | 352 |
PCI loans, unpaid principal balance | $ 0 | $ 378 |
Note 4 - Loans - Activity in Ac
Note 4 - Loans - Activity in Accretable Yield on PCI loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Beginning balance | $ 14,464 | $ 17,229 | $ 22,853 | |
Accretion | (2,497) | (4,267) | (7,532) | |
Reclassifications from nonaccretable difference(1) | [1] | 1,457 | 1,778 | |
Other changes, net | (14,464) | 45 | 130 | |
Additions | 8,152 | |||
Ending balance | 5,655 | 14,464 | 17,229 | |
Peoples Bank of Virginia [Member] | ||||
Beginning balance | 1,890 | 2,590 | 3,388 | |
Accretion | 0 | (950) | (1,263) | |
Reclassifications from nonaccretable difference(1) | [1] | 17 | 8 | |
Other changes, net | (1,890) | 233 | 457 | |
Additions | 0 | |||
Ending balance | 0 | 1,890 | 2,590 | |
Waccamaw Bank [Member] | ||||
Beginning balance | 12,574 | 14,639 | 19,465 | |
Accretion | 0 | (3,317) | (6,269) | |
Reclassifications from nonaccretable difference(1) | [1] | 1,440 | 1,770 | |
Other changes, net | (12,574) | (188) | (327) | |
Additions | 0 | |||
Ending balance | 0 | 12,574 | 14,639 | |
Highlands [Member] | ||||
Beginning balance | 0 | 0 | 0 | |
Accretion | (2,497) | 0 | 0 | |
Reclassifications from nonaccretable difference(1) | [1] | 0 | 0 | |
Other changes, net | 0 | 0 | 0 | |
Additions | 8,152 | |||
Ending balance | $ 5,655 | $ 0 | $ 0 | |
[1] | Represents changes attributable to expected loss assumptions |
Note 5 - Credit Quality (Detail
Note 5 - Credit Quality (Details Textual) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 2,138,921 | $ 1,672,634 | ||||
Loans Deemed to be Impaired, Threshold | $ 500 | $ 250 | ||||
Impaired Financing Receivable, Recorded Investment, Total | [1] | 39,225 | 31,172 | |||
Restructured Loans, Reserves | $ 500 | |||||
Performing Status Returned Period (Month) | 6 months | |||||
Financing Receivable, Troubled Debt Restructuring | $ 12,062 | 8,917 | ||||
Financing Receivable, Number of Payment Deferrals | 3,625 | |||||
Financing Receivable, Deferred Payments | $ 458,170 | $ 436,110 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,252,765 | 969,838 | ||||
Financing Receivable, Deferred Payments | 26,540 | |||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Deferred Payments | 5,720 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Impaired Financing Receivable, Recorded Investment, Total | 0 | 0 | ||||
Impaired Loans [Member] | ||||||
Financing Receivable, Collectively Evaluated for Impairment | 31,180 | 24,640 | ||||
Non-covered Loans [Member] | ||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 295 | 144 | ||||
Covered Loans [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 0 | ||||
[1] | Total impaired loans include loans totaling $31.18 million as of December 31, 2020, and $24.64 million as of December 31, 2019, that do not meet the Company's evaluation threshold for individual impairment and are therefore collectively evaluated for impairment. During the first quarter of 2018, the Company changed the threshold for quarterly reviews of individual loans that are deemed to be impaired from $250 thousand to $500 thousand or greater. |
Note 5 - Credit Quality - Loans
Note 5 - Credit Quality - Loans by Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-covered loans | $ 2,176,952 | $ 2,101,599 |
Covered loans | 9,680 | 12,861 |
Total loans | 2,186,632 | 2,114,460 |
Commercial Portfolio Segment [Member] | ||
Non-covered loans | 1,284,735 | 1,238,814 |
Covered loans | 210 | 230 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 44,649 | 48,659 |
Covered loans | 25 | 28 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 173,024 | 142,962 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 115,161 | 121,840 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 187,598 | 163,181 |
Covered loans | 185 | 199 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 734,793 | 727,261 |
Covered loans | 3 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 9,749 | 11,756 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 19,761 | 23,155 |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered loans | 765,830 | 748,016 |
Covered loans | 9,470 | 12,631 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 89,432 | 110,078 |
Covered loans | 7,094 | 9,853 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 658,678 | 620,697 |
Covered loans | 2,376 | 2,778 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 17,720 | 17,241 |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered loans | 126,387 | 114,769 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 120,373 | 110,027 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 6,014 | 4,742 |
Pass [Member] | ||
Non-covered loans | 1,904,312 | 1,977,756 |
Covered loans | 8,325 | 9,487 |
Total loans | 1,912,637 | 1,987,243 |
Pass [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 36,934 | 45,781 |
Covered loans | 0 | 0 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 160,474 | 135,651 |
Pass [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 103,291 | 118,045 |
Pass [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 165,146 | 149,916 |
Covered loans | 151 | 199 |
Pass [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 568,438 | 683,481 |
Covered loans | 0 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 7,724 | 11,299 |
Pass [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 13,527 | 17,609 |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 85,316 | 106,246 |
Covered loans | 6,396 | 7,177 |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 622,082 | 580,580 |
Covered loans | 1,778 | 2,111 |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 17,232 | 16,341 |
Pass [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 118,134 | 108,065 |
Pass [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 6,014 | 4,742 |
Special Mention [Member] | ||
Non-covered loans | 165,294 | 68,287 |
Covered loans | 700 | 2,630 |
Total loans | 165,994 | 70,917 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 4,950 | 2,079 |
Covered loans | 25 | 28 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 7,031 | 4,327 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 8,586 | 2,468 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 9,602 | 7,489 |
Covered loans | 34 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 125,907 | 27,160 |
Covered loans | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 1,686 | 122 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 2,597 | 4,107 |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 1,112 | 2,014 |
Covered loans | 376 | 2,327 |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 3,594 | 17,001 |
Covered loans | 265 | 275 |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 201 | 179 |
Special Mention [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 28 | 1,341 |
Special Mention [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Substandard [Member] | ||
Non-covered loans | 107,334 | 55,556 |
Covered loans | 655 | 744 |
Total loans | 107,989 | 56,300 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 2,765 | 799 |
Covered loans | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 5,519 | 2,984 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 3,284 | 1,327 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 12,838 | 5,776 |
Covered loans | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 40,448 | 16,620 |
Covered loans | 3 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 339 | 335 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 3,637 | 1,439 |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 3,004 | 1,818 |
Covered loans | 322 | 349 |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 33,002 | 23,116 |
Covered loans | 333 | 392 |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 287 | 721 |
Substandard [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 2,211 | 621 |
Substandard [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | ||
Non-covered loans | 12 | 0 |
Covered loans | 0 | 0 |
Total loans | 12 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 12 | 0 |
Covered loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 0 | 0 |
Doubtful [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Total loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 0 | 0 |
Unlikely to be Collected Financing Receivable [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | $ 0 | $ 0 |
Note 5 - Credit Quality - Recor
Note 5 - Credit Quality - Recorded Investment and Interest Income Recognized on Impaired Loans Excluding Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired loans with no related allowance, recorded investment | $ 37,819 | $ 28,685 | |
Impaired loans with no related allowance, unpaid principal balance | 43,847 | 32,884 | |
Impaired loans with a related allowance, recorded investment | 1,406 | 2,487 | |
Impaired loans with a related allowance, unpaid principal balance | 1,459 | 2,473 | |
Impaired loans, related allowance | [1] | 427 | 645 |
Total impaired loans, recorded investment | [1] | 39,225 | 31,172 |
Total impaired loans, unpaid principal balance | [1] | 45,306 | 35,357 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Impaired loans with no related allowance, recorded investment | 616 | 552 | |
Impaired loans with no related allowance, unpaid principal balance | 891 | 768 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Impaired loans with no related allowance, recorded investment | 2,341 | 576 | |
Impaired loans with no related allowance, unpaid principal balance | 2,392 | 599 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Impaired loans with no related allowance, recorded investment | 946 | 1,254 | |
Impaired loans with no related allowance, unpaid principal balance | 1,593 | 1,661 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Impaired loans with no related allowance, recorded investment | 4,816 | 2,652 | |
Impaired loans with no related allowance, unpaid principal balance | 5,785 | 3,176 | |
Impaired loans with a related allowance, recorded investment | 338 | 1,246 | |
Impaired loans with a related allowance, unpaid principal balance | 338 | 1,246 | |
Impaired loans, related allowance | 108 | 353 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Impaired loans with no related allowance, recorded investment | 8,238 | 4,158 | |
Impaired loans with no related allowance, unpaid principal balance | 9,467 | 4,762 | |
Impaired loans with a related allowance, recorded investment | 1,068 | 1,241 | |
Impaired loans with a related allowance, unpaid principal balance | 1,121 | 1,227 | |
Impaired loans, related allowance | 319 | 292 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Impaired loans with no related allowance, recorded investment | 218 | 158 | |
Impaired loans with no related allowance, unpaid principal balance | 226 | 164 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Impaired loans with no related allowance, recorded investment | 1,228 | 1,437 | |
Impaired loans with no related allowance, unpaid principal balance | 1,311 | 1,500 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Impaired loans with no related allowance, recorded investment | 1,604 | 1,372 | |
Impaired loans with no related allowance, unpaid principal balance | 1,772 | 1,477 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Impaired loans with no related allowance, recorded investment | 16,778 | 15,588 | |
Impaired loans with no related allowance, unpaid principal balance | 19,361 | 17,835 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Impaired loans with no related allowance, recorded investment | 216 | 648 | |
Impaired loans with no related allowance, unpaid principal balance | 216 | 648 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Impaired loans with no related allowance, recorded investment | 818 | 290 | |
Impaired loans with no related allowance, unpaid principal balance | $ 833 | $ 294 | |
[1] | Total impaired loans include loans totaling $31.18 million as of December 31, 2020, and $24.64 million as of December 31, 2019, that do not meet the Company's evaluation threshold for individual impairment and are therefore collectively evaluated for impairment. During the first quarter of 2018, the Company changed the threshold for quarterly reviews of individual loans that are deemed to be impaired from $250 thousand to $500 thousand or greater. |
Note 5 - Credit Quality - Avera
Note 5 - Credit Quality - Average Annual Recorded Investment and Interest Income Recognized on Impaired Loans Excluding Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired loans with no related allowance, interest income recognized | $ 1,436 | $ 1,077 | $ 976 |
Impaired loans with no related allowance, average recorded investment | 38,230 | 29,693 | 28,495 |
Impaired loans with a related allowance, interest income recognized | 46 | 94 | 172 |
Impaired loans with a related allowance, average recorded investment | 3,427 | 2,713 | 6,860 |
Total impaired loans, average recorded investment | 1,482 | 1,171 | 1,148 |
Total impaired loans, average recorded investment | 41,657 | 32,406 | 35,355 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Impaired loans with no related allowance, interest income recognized | 25 | 22 | 26 |
Impaired loans with no related allowance, average recorded investment | 935 | 704 | 921 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Impaired loans with no related allowance, interest income recognized | 155 | 34 | 19 |
Impaired loans with no related allowance, average recorded investment | 2,749 | 363 | 383 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Impaired loans with no related allowance, interest income recognized | 19 | 24 | 47 |
Impaired loans with no related allowance, average recorded investment | 808 | 1,356 | 910 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 2 |
Impaired loans with a related allowance, average recorded investment | 707 | 0 | 270 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Impaired loans with no related allowance, interest income recognized | 189 | 123 | 123 |
Impaired loans with no related allowance, average recorded investment | 4,890 | 2,979 | 2,652 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 7 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 110 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Impaired loans with no related allowance, interest income recognized | 295 | 123 | 133 |
Impaired loans with no related allowance, average recorded investment | 7,450 | 4,683 | 4,828 |
Impaired loans with a related allowance, interest income recognized | 17 | 48 | 2 |
Impaired loans with a related allowance, average recorded investment | 1,524 | 766 | 809 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Impaired loans with no related allowance, interest income recognized | 9 | 9 | 0 |
Impaired loans with no related allowance, average recorded investment | 241 | 121 | 164 |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Impaired loans with no related allowance, interest income recognized | 63 | 55 | 64 |
Impaired loans with no related allowance, average recorded investment | 1,569 | 1,469 | 1,172 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 307 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Impaired loans with no related allowance, interest income recognized | 51 | 46 | 44 |
Impaired loans with no related allowance, average recorded investment | 1,594 | 1,439 | 1,637 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 3 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 68 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Impaired loans with no related allowance, interest income recognized | 578 | 599 | 503 |
Impaired loans with no related allowance, average recorded investment | 17,044 | 16,058 | 15,423 |
Impaired loans with a related allowance, interest income recognized | 29 | 46 | 158 |
Impaired loans with a related allowance, average recorded investment | 1,196 | 1,947 | 5,296 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Impaired loans with no related allowance, interest income recognized | 10 | 29 | 8 |
Impaired loans with no related allowance, average recorded investment | 407 | 308 | 244 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Impaired loans with no related allowance, interest income recognized | 42 | 13 | 9 |
Impaired loans with no related allowance, average recorded investment | $ 543 | $ 213 | $ 161 |
Note 5 - Credit Quality - Nonac
Note 5 - Credit Quality - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total nonaccrual loans | $ 22,003 | $ 16,357 |
Non-covered Loans [Member] | ||
Total nonaccrual loans | 21,706 | 16,113 |
Covered Loans [Member] | ||
Total nonaccrual loans | 297 | 244 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Total nonaccrual loans | 244 | 211 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 244 | 211 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonaccrual loans | 895 | 530 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 895 | 530 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Total nonaccrual loans | 946 | 1,144 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 946 | 1,144 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Total nonaccrual loans | 2,990 | 1,286 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 2,990 | 1,286 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Total nonaccrual loans | 6,343 | 3,400 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 6,343 | 3,400 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Total nonaccrual loans | 217 | 158 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 217 | 158 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Total nonaccrual loans | 489 | 713 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 489 | 713 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Total nonaccrual loans | 1,122 | 973 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 841 | 753 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 281 | 220 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Total nonaccrual loans | 7,976 | 7,283 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 7,960 | 7,259 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 16 | 24 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Total nonaccrual loans | 0 | 428 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 0 | 428 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Total nonaccrual loans | 781 | 231 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 781 | 231 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 5 - Credit Quality - Aging
Note 5 - Credit Quality - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Past due | $ 29,634 | $ 33,453 |
Current loans | 2,156,998 | 2,081,007 |
Non-covered | 2,176,952 | 2,101,599 |
Loans held for investment, covered | 9,680 | 12,861 |
Loans held for investment, net of unearned income (includes covered loans of $9,680 and $12,861, respectively) | 2,186,632 | 2,114,460 |
Non-covered Loans [Member] | ||
Past due | 29,271 | 33,231 |
Current loans | 2,147,681 | 2,068,368 |
Covered Loans [Member] | ||
Past due | 363 | 222 |
Current loans | 9,317 | 12,639 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 12,135 | 16,236 |
Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 12,026 | 16,092 |
Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 109 | 144 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 4,594 | 6,104 |
Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 4,594 | 6,026 |
Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 78 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 12,905 | 11,113 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 12,651 | 11,113 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 254 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-covered | 1,284,735 | 1,238,814 |
Loans held for investment, covered | 210 | 230 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered | 44,649 | 48,659 |
Loans held for investment, covered | 25 | 28 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Non-covered Loans [Member] | ||
Past due | 1,274 | 339 |
Current loans | 43,375 | 48,320 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Current loans | 25 | 28 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 1,039 | 63 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 65 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 235 | 211 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered | 173,024 | 142,962 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Non-covered Loans [Member] | ||
Past due | 1,599 | 2,658 |
Current loans | 171,425 | 140,304 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 669 | 1,913 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 230 | 238 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 700 | 507 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered | 115,161 | 121,840 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Non-covered Loans [Member] | ||
Past due | 1,049 | 1,519 |
Current loans | 114,112 | 120,321 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 103 | 375 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 946 | 1,144 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered | 187,598 | 163,181 |
Loans held for investment, covered | 185 | 199 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Non-covered Loans [Member] | ||
Past due | 3,557 | 1,682 |
Current loans | 184,041 | 161,499 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Current loans | 185 | 199 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 925 | 754 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 488 | 267 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 2,144 | 661 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered | 734,793 | 727,261 |
Loans held for investment, covered | 0 | 3 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Non-covered Loans [Member] | ||
Past due | 4,265 | 5,893 |
Current loans | 730,528 | 721,368 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Covered Loans [Member] | ||
Past due | 0 | |
Current loans | 3 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 601 | 917 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 296 | 1,949 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 3,368 | 3,027 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered | 9,749 | 11,756 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Non-covered Loans [Member] | ||
Past due | 347 | 250 |
Current loans | 9,402 | 11,506 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 70 | 86 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 189 | 164 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 88 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered | 19,761 | 23,155 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Non-covered Loans [Member] | ||
Past due | 500 | 1,869 |
Current loans | 19,261 | 21,286 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 43 | 856 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 349 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 457 | 664 |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered | 765,830 | 748,016 |
Loans held for investment, covered | 9,470 | 12,631 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered | 89,432 | 110,078 |
Loans held for investment, covered | 7,094 | 9,853 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Non-covered Loans [Member] | ||
Past due | 1,125 | 2,104 |
Current loans | 88,307 | 107,974 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Covered Loans [Member] | ||
Past due | 329 | 172 |
Current loans | 6,765 | 9,681 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 574 | 1,436 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 75 | 144 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 380 | 165 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 28 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 171 | 503 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 254 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered | 658,678 | 620,697 |
Loans held for investment, covered | 2,376 | 2,778 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Non-covered Loans [Member] | ||
Past due | 11,439 | 13,884 |
Current loans | 647,239 | 606,813 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Covered Loans [Member] | ||
Past due | 34 | 50 |
Current loans | 2,342 | 2,728 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 5,283 | 7,728 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 34 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 2,265 | 2,390 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 50 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 3,891 | 3,766 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | ||
Past due | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered | 17,720 | 17,241 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Non-covered Loans [Member] | ||
Past due | 82 | 635 |
Current loans | 17,638 | 16,606 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 82 | 207 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 428 |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered | 126,387 | 114,769 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered | 120,373 | 110,027 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Non-covered Loans [Member] | ||
Past due | 4,034 | 2,376 |
Current loans | 116,339 | 107,651 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 2,637 | 1,735 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 746 | 439 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 651 | 202 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered | 6,014 | 4,742 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 22 |
Current loans | 6,014 | 4,720 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 22 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Past due | $ 0 | $ 0 |
Note 5 - Credit Quality - Loa_2
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings by Loan Class and Accrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Nonaccrual | [1] | $ 1,814 | $ 2,342 |
Accrual | 10,248 | 6,575 | |
TDRs | 12,062 | 8,917 | |
Allowance for loan losses related to TDRs | 0 | 353 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 1,326 | 0 | |
TDRs | 1,326 | 0 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Nonaccrual | [1] | 1,585 | 552 |
Accrual | 1,265 | 595 | |
TDRs | 2,850 | 1,147 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 2,407 | 307 | |
TDRs | 2,407 | 307 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 77 | 115 | |
TDRs | 77 | 115 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Nonaccrual | [1] | 229 | 1,790 |
Accrual | 4,927 | 5,305 | |
TDRs | 5,156 | 7,095 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 216 | 221 | |
TDRs | 216 | 221 | |
Consumer and Other Portfolio Segment [Member] | |||
TDRs | 32 | ||
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 30 | $ 32 | |
TDRs | $ 30 | ||
[1] | Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. |
Note 5 - Credit Quality - Balan
Note 5 - Credit Quality - Balance and Interest Income Related to Impaired Loan Pools (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income recognized | $ 1,482 | $ 1,171 | $ 1,148 |
Troubled Debt Restructurings [Member] | Purchased Credit Impaired Loans [Member] | |||
Interest income recognized | $ 473 | $ 277 | $ 264 |
Note 5 - Credit Quality - Loa_3
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Total contracts | 12 | 10 |
Post-modification recorded investment | $ 4,927 | $ 1,152 |
Pre-modification recorded investment | $ 4,958 | $ 1,223 |
Total contracts, payment default | 1 | 0 |
Recorded investment, payment default | $ 53 | $ 0 |
Single Family Owner Occupied [Member] | ||
Total contracts, payment default | 1 | 0 |
Recorded investment, payment default | $ 53 | $ 0 |
Below Market Interest Rate [Member] | Single Family Owner Occupied [Member] | ||
Total contracts | 1 | 0 |
Post-modification recorded investment | $ 50 | $ 0 |
Pre-modification recorded investment | $ 0 | |
Below Market Interest Rate and Extended Payment Term [Member] | Single Family Non-owner Occupied [Member] | ||
Total contracts | 6 | |
Post-modification recorded investment | $ 871 | |
Pre-modification recorded investment | 887 | |
Payment Deferral [Member] | ||
Total contracts | 11 | |
Post-modification recorded investment | $ 4,877 | 281 |
Pre-modification recorded investment | $ 4,908 | |
Payment Deferral [Member] | Single Family Owner Occupied [Member] | ||
Total contracts | 5 | |
Post-modification recorded investment | $ 1,054 | $ 279 |
Pre-modification recorded investment | $ 1,085 | |
Payment Deferral [Member] | Construction, Development and Other Land [Member] | ||
Total contracts | 3 | 0 |
Post-modification recorded investment | $ 1,708 | $ 0 |
Pre-modification recorded investment | $ 1,708 | $ 0 |
Payment Deferral [Member] | Non-farm, Non-residential [Member] | ||
Total contracts | 3 | |
Post-modification recorded investment | $ 2,115 | |
Pre-modification recorded investment | $ 2,115 | |
Payment Deferral [Member] | Home Equity Lines [Member] | ||
Total contracts | 0 | 1 |
Post-modification recorded investment | $ 0 | $ 2 |
Pre-modification recorded investment | $ 0 | $ 5 |
Note 5 - Credit Quality - Other
Note 5 - Credit Quality - Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-covered OREO | $ 2,083 | $ 3,969 | |
Total OREO | 2,083 | 3,969 | |
Non-covered OREO secured by residential real estate | 769 | 2,232 | |
Residential real estate loans in the foreclosure process(1) | [1] | $ 4,141 | $ 1,539 |
[1] | The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Loan L_3
Note 6 - Allowance for Loan Losses (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Allowance, Ending Balance | $ 26,182 | $ 18,425 | $ 18,267 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | $ 0 |
Note 6 - Allowance for Loan L_4
Note 6 - Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 18,425 | $ 18,267 |
Provision for loan losses charged to operations | 12,668 | 3,571 |
Charge-offs | (6,623) | (6,261) |
Recoveries | 1,712 | 2,848 |
Net charge-offs | (4,911) | (3,413) |
Ending balance | 26,182 | 18,425 |
Commercial Portfolio Segment [Member] | ||
Beginning balance | 10,235 | 10,499 |
Provision for loan losses charged to operations | 6,583 | 1,411 |
Charge-offs | (2,769) | (2,548) |
Recoveries | 612 | 873 |
Net charge-offs | (2,157) | (1,675) |
Ending balance | 14,661 | 10,235 |
Consumer Real Estate Portfolio Segment [Member] | ||
Beginning balance | 6,325 | 6,732 |
Provision for loan losses charged to operations | 2,760 | (105) |
Charge-offs | (558) | (1,790) |
Recoveries | 424 | 1,488 |
Net charge-offs | (134) | (302) |
Ending balance | 8,951 | 6,325 |
Consumer and Other Portfolio Segment [Member] | ||
Beginning balance | 1,865 | 1,036 |
Provision for loan losses charged to operations | 3,325 | 2,265 |
Charge-offs | (3,296) | (1,923) |
Recoveries | 676 | 487 |
Net charge-offs | (2,620) | (1,436) |
Ending balance | $ 2,570 | $ 1,865 |
Note 6 - Allowance for Loan L_5
Note 6 - Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans, Evaluated for Impairment Excluding PCI Loans, by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans individually evaluated for impairment | $ 8,049 | $ 6,535 |
Allowance for loans individually evaluated | 427 | 645 |
Loans collectively evaluated for impairment | 2,138,921 | 1,672,634 |
Allowance for loans collectively evaluated | 25,754 | 17,780 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 6,376 | 3,519 |
Allowance for loans individually evaluated | 319 | 292 |
Loans collectively evaluated for impairment | 1,252,765 | 969,838 |
Allowance for loans collectively evaluated | 14,341 | 9,943 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 43,716 | 30,334 |
Allowance for loans collectively evaluated | 528 | 245 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans individually evaluated for impairment | 724 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 171,486 | 95,659 |
Allowance for loans collectively evaluated | 1,024 | 699 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Loans individually evaluated for impairment | 695 | 944 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 112,852 | 98,201 |
Allowance for loans collectively evaluated | 1,417 | 969 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Loans individually evaluated for impairment | 1,041 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 183,283 | 128,520 |
Allowance for loans collectively evaluated | 1,861 | 1,323 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Loans individually evaluated for impairment | 3,916 | 2,575 |
Allowance for loans individually evaluated | 319 | 292 |
Loans collectively evaluated for impairment | 714,160 | 591,520 |
Allowance for loans collectively evaluated | 9,097 | 6,361 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 9,728 | 9,458 |
Allowance for loans collectively evaluated | 218 | 145 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 17,540 | 16,146 |
Allowance for loans collectively evaluated | 196 | 201 |
Consumer Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 1,673 | 3,016 |
Allowance for loans individually evaluated | 108 | 353 |
Loans collectively evaluated for impairment | 760,372 | 598,855 |
Allowance for loans collectively evaluated | 8,843 | 5,972 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 95,765 | 91,999 |
Allowance for loans collectively evaluated | 799 | 673 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Loans individually evaluated for impairment | 1,673 | 3,016 |
Allowance for loans individually evaluated | 108 | 353 |
Loans collectively evaluated for impairment | 647,040 | 490,712 |
Allowance for loans collectively evaluated | 7,849 | 5,175 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 17,567 | 16,144 |
Allowance for loans collectively evaluated | 195 | 124 |
Consumer and Other Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 125,784 | 103,941 |
Allowance for loans collectively evaluated | 2,570 | 1,865 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 119,770 | 99,199 |
Allowance for loans collectively evaluated | 2,570 | 1,865 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 6,014 | 4,742 |
Allowance for loans collectively evaluated | $ 0 | $ 0 |
Note 6 - Allowance for Loan L_6
Note 6 - Allowance for Loan Losses - Allowance for Loan Losses on PCI Loans and Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired impaired loans evaluated for impairment | $ 39,662 | $ 61,247 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Acquired impaired loans evaluated for impairment | 25,804 | 41,167 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Waccamaw Commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 0 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Peoples Commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 4,371 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | 1-4 family, Senior-commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 4,564 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Acquired impaired loans evaluated for impairment | 958 | 1,956 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland and Other Agricultural [Member] | ||
Acquired impaired loans evaluated for impairment | 2,242 | 3,722 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Multifamily [Member] | ||
Acquired impaired loans evaluated for impairment | 1,614 | 1,663 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate-owner Occupied [Member] | ||
Acquired impaired loans evaluated for impairment | 16,717 | 13,024 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied [Member] | ||
Acquired impaired loans evaluated for impairment | 3,459 | 8,686 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Acquired impaired loans evaluated for impairment | 814 | 2,829 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Commercial Loan [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 352 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | ||
Acquired impaired loans evaluated for impairment | 13,858 | 20,080 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Waccamaw Serviced Home Equity Lines [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 2,121 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Waccamaw Residential [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 587 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | 1-4 Family, Junior and HELOCS [Member] | ||
Acquired impaired loans evaluated for impairment | 761 | 2,157 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | 1-4 Family, Senior-consumer [Member] | ||
Acquired impaired loans evaluated for impairment | 12,494 | 13,174 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Consumer Loan [Member] | ||
Acquired impaired loans evaluated for impairment | 603 | 1,341 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Peoples Residential [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 700 |
Allowance for acquired impaired loans | $ 0 | $ 0 |
Note 7 - FDIC Indemnification_3
Note 7 - FDIC Indemnification Asset (Details Textual) | Dec. 31, 2012 |
Percentage of Loss Covered by FDIC | 80.00% |
Note 7 - FDIC Indemnification_4
Note 7 - FDIC Indemnification Asset - Changes in Receivable From FDIC (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 2,883 | $ 5,108 | |
Net FDIC indemnification asset amortization | (1,690) | (2,377) | $ (2,181) |
Payments to the FDIC | 30 | 152 | |
Ending balance | 1,223 | 2,883 | $ 5,108 |
Covered loans | $ 9,680 | $ 12,861 |
Note 8 - Premises, Equipment,_3
Note 8 - Premises, Equipment, and Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment of Long-Lived Assets to be Disposed of | $ 812 | $ 380 | $ 1,010 |
Depreciation, Depletion and Amortization, Total | 4,460 | 3,450 | 2,910 |
Operating Lease, Right-of-Use Asset | $ 830 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.22% | ||
Operating Lease, Expense | $ 180 | $ 203 | $ 318 |
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 891 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years | ||
Lease Acquired from Acquisition [Member] | |||
Operating Lease, Liability, Total | $ 82 |
Note 8 - Premises, Equipment,_4
Note 8 - Premises, Equipment, and Leases - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Land | $ 21,693 | $ 22,899 |
Buildings and leasehold improvements | 50,639 | 52,351 |
Equipment | 40,072 | 38,173 |
Total premises and equipment | 112,404 | 113,423 |
Accumulated depreciation and amortization | (54,704) | (50,599) |
Total premises and equipment, net | $ 57,700 | $ 62,824 |
Note 8 - Premises, Equipment,_5
Note 8 - Premises, Equipment, and Leases - Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 154 |
2022 | 131 |
2023 | 119 |
2024 | 117 |
2025 and thereafter | 463 |
Total lease payments | 984 |
Less: Interest | (93) |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 891 |
Note 9 - Goodwill and Other I_3
Note 9 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | Oct. 31, 2020USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of Reportable Segments | 1 | |||||
Goodwill, Impairment Loss | $ 0 | $ 1,490 | $ 1,490 | $ 0 | $ 0 | $ 1,492 |
Amortization of Intangible Assets, Total | $ 1,450 | $ 997 | $ 1,039 | |||
Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 7 years | |||||
Minimum [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |||||
Maximum [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 9 - Goodwill and Other I_4
Note 9 - Goodwill and Other Intangible Assets - Changes in Goodwill, by Reporting Unit (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Oct. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Balance | $ 129,565 | |||||
Impairment Charges | $ 0 | $ (1,490) | $ (1,490) | 0 | $ 0 | $ (1,492) |
Balance | 129,565 | 129,565 | ||||
Community Banking [Member] | ||||||
Balance | 129,565 | 92,744 | 95,779 | |||
Dispositions | (1,543) | |||||
Impairment Charges | (1,492) | |||||
Acquisitions | 36,821 | |||||
Acquisitions and dispositions, net | 0 | |||||
Balance | $ 129,565 | $ 129,565 | $ 92,744 |
Note 9 - Goodwill and Other I_5
Note 9 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets, by Reporting Unit (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-lived intangible assets, net | $ 7,069 | ||
Other intangible assets | 7,069 | $ 8,519 | |
Community Banking [Member] | |||
Other intangible assets | 8,519 | $ 5,026 | |
Core Deposits [Member] | |||
Finite-lived intangible assets, gross | 8,519 | ||
Accumulated amortization | (1,450) | ||
Finite-lived intangible assets, net | 7,069 | ||
Core Deposits [Member] | Highlands Bankshares, Inc. [Member] | |||
Finite-lived intangible assets, gross | 0 | 4,490 | 0 |
Core Deposits [Member] | Community Banking [Member] | |||
Finite-lived intangible assets, gross | 8,184 | 8,184 | |
Accumulated amortization | (4,155) | (3,158) | |
Finite-lived intangible assets, net | 8,519 | 5,026 | |
Other Intangible Assets [Member] | |||
Finite-lived intangible assets, gross | 0 | ||
Accumulated amortization | 0 | ||
Finite-lived intangible assets, net | $ 0 | ||
Other Intangible Assets [Member] | Community Banking [Member] | |||
Finite-lived intangible assets, gross | 0 | 535 | |
Accumulated amortization | 0 | (535) | |
Finite-lived intangible assets, net | $ 0 | $ 0 |
Note 9 - Goodwill and Other I_6
Note 9 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Intangible Assets, by Year (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,446 |
2022 | 1,446 |
2023 | 878 |
2024 | 856 |
2025 | 648 |
2026 and thereafter | 1,795 |
Total estimated amortization expense | $ 7,069 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 35,930 | $ 53,490 |
Note 10 - Deposits - Components
Note 10 - Deposits - Components of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noninterest-bearing demand deposits | $ 772,795 | $ 627,868 |
Interest-bearing demand deposits | 598,148 | 497,470 |
Money market accounts | 258,864 | 235,712 |
Savings deposits | 495,821 | 453,240 |
Certificates of deposit | 293,848 | 372,821 |
Individual retirement accounts | 126,771 | 142,801 |
Total interest-bearing deposits | 1,773,452 | 1,702,044 |
Total deposits | $ 2,546,247 | $ 2,329,912 |
Note 10 - Deposits - Scheduled
Note 10 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 225,521 |
2022 | 86,293 |
2023 | 45,797 |
2024 | 24,440 |
2025 | 30,820 |
2026 and thereafter | 7,748 |
Total contractual maturities | $ 420,619 |
Note 10 - Deposits - Schedule_2
Note 10 - Deposits - Scheduled Maturities of Certificates of Deposit of $250 Thousand or More (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Three months or less | $ 3,372 | |
Over three through six months | 6,605 | |
Over six through twelve months | 9,841 | |
Over twelve months | 16,112 | |
Total contractual maturities | $ 35,930 | $ 53,490 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Long-term Federal Home Loan Bank Advances, Noncurrent | $ 25,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 292,920 | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 175,830 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 840,630 | ||
Unsecured Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 11 - Borrowings - Componen
Note 11 - Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities sold under agreements to repurchase | $ 964 | $ 1,601 |
Wholesale Repurchase Agreements [Member] | ||
Securities sold under agreements to repurchase | $ 0 | $ 0 |
Retail repurchase agreements | ||
Retail Repurchase Agreements [Member] | ||
Securities sold under agreements to repurchase | $ 964 | $ 1,601 |
Retail repurchase agreements | 0.32% | 0.14% |
Note 11 - Borrowings - Contract
Note 11 - Borrowings - Contractual Maturities of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Repurchase agreements | $ 964 | $ 1,601 |
Maturity Overnight and Continuous [Member] | ||
Repurchase agreements | 964 | |
Maturity Less than 30 Days [Member] | ||
Repurchase agreements | 0 | |
Maturity 30 to 90 Days [Member] | ||
Repurchase agreements | 0 | |
Maturity Greater than 90 Days [Member] | ||
Repurchase agreements | 0 | |
US Treasury Securities [Member] | ||
Repurchase agreements | 0 | |
US Treasury Securities [Member] | Maturity Overnight and Continuous [Member] | ||
Repurchase agreements | 0 | |
US Treasury Securities [Member] | Maturity Less than 30 Days [Member] | ||
Repurchase agreements | 0 | |
US Treasury Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Repurchase agreements | 0 | |
US Treasury Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Repurchase agreements | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Repurchase agreements | 542 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Overnight and Continuous [Member] | ||
Repurchase agreements | 542 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Less than 30 Days [Member] | ||
Repurchase agreements | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Repurchase agreements | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Repurchase agreements | 0 | |
Mortgage-backed Agency Securities [Member] | ||
Repurchase agreements | 422 | |
Mortgage-backed Agency Securities [Member] | Maturity Overnight and Continuous [Member] | ||
Repurchase agreements | 422 | |
Mortgage-backed Agency Securities [Member] | Maturity Less than 30 Days [Member] | ||
Repurchase agreements | 0 | |
Mortgage-backed Agency Securities [Member] | Maturity 30 to 90 Days [Member] | ||
Repurchase agreements | 0 | |
Mortgage-backed Agency Securities [Member] | Maturity Greater than 90 Days [Member] | ||
Repurchase agreements | $ 0 |
Note 12 - Derivative Instrume_3
Note 12 - Derivative Instruments and Hedging Activities - Notional or Contractual Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Notional or contractual amount | $ 16,700 | $ 17,432 |
Derivative assets | 0 | 0 |
Derivative liabilities | 1,131 | 510 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Notional or contractual amount | 4,772 | 5,136 |
Derivative assets | 0 | 0 |
Derivative liabilities | 465 | 217 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional or contractual amount | 11,928 | 12,296 |
Derivative assets | 0 | 0 |
Derivative liabilities | $ 666 | $ 293 |
Note 12 - Derivative Instrume_4
Note 12 - Derivative Instruments and Hedging Activities - Effect of Derivative and Hedging Activity, on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - Interest and Fees on Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative expense | $ 320 | $ 12 | $ 40 |
Designated as Hedging Instrument [Member] | |||
Derivative expense | 85 | 12 | 40 |
Not Designated as Hedging Instrument [Member] | |||
Derivative expense | $ 235 | $ 0 | $ 0 |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 0 | $ 0 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 0 | $ 0 |
Stop-loss Insurance Liability for Individual Claims | 200 | ||
Stop-loss Insurance Liability for Aggregate Claims | 6,000 | ||
Other Postretirement Benefits Cost (Reversal of Cost) | $ 4,170 | $ 3,970 | $ 3,720 |
Common Stock, Shares Held in Employee Trust, Shares (in shares) | 351,222 | 346,833 | 366,969 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 8,459 | 24,186 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 150 | $ 423 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,380 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 29 days | ||
2012 Omnibus Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 600,000 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Maximum Exercise Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
2012 Omnibus Incentive Compensation Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 35.00% | ||
Defined Benefit Plan, Employee Contribution, Age | 62 | ||
Directors' Plan [Member] | |||
Defined Benefit Plan, Employee Contribution, Age | 70 | ||
Defined Contribution Plan, Maximum Employee Contribution as Percentage of Base Salary | 100.00% | ||
401 (k) Savings Plan [Member] | |||
Defined Benefit Plan, Employer Matching Contributions | $ 1,510 | $ 1,100 | $ 1,060 |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Schedule of Changes in Aggregate Actuarial Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 11,312 | $ 9,265 | |
Plan change | 0 | 262 | |
Service cost | 310 | 320 | $ 245 |
Interest cost | 355 | 404 | 358 |
Actuarial loss | 1,217 | 1,570 | |
Benefits paid | (615) | (509) | |
Ending balance | $ 12,579 | $ 11,312 | $ 9,265 |
Note 13 - Employee Benefit Pl_5
Note 13 - Employee Benefit Plans - Components of Net Periodic Pension Cost and Assumed Discount Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Service cost | $ 310 | $ 320 | $ 245 |
Interest cost | 355 | 404 | 358 |
Amortization of prior service cost | 201 | 257 | 228 |
Amortization of losses | 186 | 20 | 57 |
Net periodic cost | $ 1,052 | $ 1,001 | $ 888 |
Assumed discount rate | 2.53% | 3.10% | 4.28% |
Note 13 - Employee Benefit Pl_6
Note 13 - Employee Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2025 | $ 707 |
Supplemental Employee Retirement Plan [Member] | |
2021 | 664 |
2022 | 675 |
2023 | 675 |
2024 | 717 |
2026 through 2030 | $ 3,694 |
Note 13 - Employee Benefit Pl_7
Note 13 - Employee Benefit Plans - Pre-tax Compensation Expense and Excess Tax Benefit Recognized in Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pre-tax compensation expense | $ 1,643 | $ 1,481 | $ 1,158 |
Excess tax benefit | $ 0 | $ 0 | $ 95 |
Note 13 - Employee Benefit Pl_8
Note 13 - Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options outstanding at beginning of period (in shares) | 147,200 | ||
Options outstanding at beginning of period (in dollars per share) | $ 21.10 | ||
Granted (in shares) | 0 | 0 | |
Granted (in dollars per share) | $ 0 | ||
Exercised (in shares) | 0 | (8,459) | (24,186) |
Exercised (in dollars per share) | $ 0 | ||
Canceled/Expired (in shares) | (32,921) | ||
Canceled/Expired (in dollars per share) | $ 26.44 | ||
Options outstanding at end of period (in shares) | 114,279 | 147,200 | |
Options outstanding at end of period (in dollars per share) | $ 19.56 | $ 21.10 | |
Options outstanding at end of period (Year) | 4 years 6 months 7 days | ||
Options outstanding at end of period | $ 432 | ||
Options exercisable at end of period (in shares) | 114,279 | ||
Options exercisable at end of period (in dollars per share) | $ 19.56 | ||
Options exercisable at end of period (Year) | 4 years 6 months 7 days | ||
Options exercisable at end of period | $ 432 |
Note 13 - Employee Benefit Pl_9
Note 13 - Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Nonvested shares at beginning of period (in shares) | shares | 57,653 |
Nonvested shares at beginning of period (in dollars per share) | $ / shares | $ 31.93 |
Granted (in shares) | shares | 89,097 |
Granted (in dollars per share) | $ / shares | $ 21.20 |
Vested (in shares) | shares | (57,962) |
Vested (in dollars per share) | $ / shares | $ 25.28 |
Canceled (in shares) | shares | (3,873) |
Canceled (in dollars per share) | $ / shares | $ 29.92 |
Nonvested shares at end of period (in shares) | shares | 84,915 |
Nonvested shares at end of period (in dollars per share) | $ / shares | $ 25.31 |
Note 14 - Other Operating Inc_3
Note 14 - Other Operating Income and Expense (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Percentage of Operating Income | 1.00% |
Note 14 - Other Operating Inc_4
Note 14 - Other Operating Income and Expense - Components of Other Operating Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Bank owned life insurance | $ 814 | $ 916 | $ 687 | |
Other(1) | [1] | 3,555 | 1,888 | 1,861 |
Total other operating income | 4,369 | 2,804 | 2,548 | |
OREO expense and net loss | 414 | 1,494 | 1,549 | |
Telephone and data communications | 2,188 | 1,404 | 1,333 | |
Office supplies | 660 | 647 | 1,045 | |
Other(1) | [1] | 9,148 | 8,384 | 8,800 |
Total other operating expense | $ 12,410 | $ 11,929 | $ 12,727 | |
[1] | Components of other operating income or expense that do not exceed 1% of total income |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 |
Open Tax Year | 2017 2018 2019 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 10,048 | $ 9,603 | $ 7,201 | ||||||||
State | 1,643 | 1,554 | 1,233 | ||||||||
Total current tax expense | 11,691 | 11,157 | 8,434 | ||||||||
Federal | (1,266) | (152) | 296 | ||||||||
State | (239) | (11) | 52 | ||||||||
Total deferred tax expense (benefit) | (1,505) | (163) | 348 | ||||||||
Total income tax expense | $ 3,389 | $ 2,332 | $ 2,270 | $ 2,195 | $ 2,833 | $ 2,580 | $ 2,951 | $ 2,630 | $ 10,186 | $ 10,994 | $ 8,782 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate From Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal income tax at the statutory rate, amount | $ 9,683 | $ 10,457 | $ 9,475 | ||||||||
Federal income tax at the statutory rate | 21.00% | 21.00% | 21.00% | ||||||||
State income tax, net of federal benefit, amount | $ 1,109 | $ 1,220 | $ 1,016 | ||||||||
State income tax, net of federal benefit | 3.12% | 3.12% | 2.25% | ||||||||
Total effective income tax rate reconciliation, amount | $ 10,792 | $ 11,677 | $ 10,491 | ||||||||
Total effective income tax rate reconciliation | 24.12% | 24.12% | 23.25% | ||||||||
Tax-exempt interest income, amount | $ (500) | $ (637) | $ (702) | ||||||||
Tax-exempt interest income | (1.51%) | (1.28%) | (1.56%) | ||||||||
Nondeductible goodwill impairment and disposition, amount | $ 0 | $ 0 | $ 569 | ||||||||
Nondeductible goodwill impairment and disposition | 0.00% | 0.00% | 1.26% | ||||||||
Bank owned life insurance, amount | $ (139) | $ (249) | $ (144) | ||||||||
Bank owned life insurance | (0.42%) | (0.50%) | (0.32%) | ||||||||
Deferred tax revaluation, amount | $ 0 | $ (98) | $ (1,669) | ||||||||
Deferred tax revaluation | 0.00% | (0.20%) | (3.70%) | ||||||||
Other items, net, amount | $ 33 | $ 301 | $ 237 | ||||||||
Other items, net | (0.10%) | 0.10% | 0.53% | ||||||||
Total income tax expense | $ 3,389 | $ 2,332 | $ 2,270 | $ 2,195 | $ 2,833 | $ 2,580 | $ 2,951 | $ 2,630 | $ 10,186 | $ 10,994 | $ 8,782 |
Income tax at the effective tax rate | 22.09% | 22.24% | 19.46% |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | $ 6,128 | $ 4,312 |
Unrealized asset losses | 545 | 540 |
Purchase accounting | 2,559 | 3,689 |
FDIC assisted transactions | 1,685 | 1,597 |
Intangible assets | 217 | 745 |
Deferred compensation assets | 4,048 | 4,079 |
Federal net operating loss carryforward | 4,093 | 4,279 |
Deferred loan fees | 2,401 | 1,247 |
Other | 1,816 | 1,746 |
Total deferred tax assets | 23,492 | 22,234 |
FDIC indemnification asset | 286 | 675 |
Fixed assets | 2,450 | 1,080 |
Odd days interest deferral | 1,482 | 1,912 |
Unrealized gains on available for sale securities | 257 | 230 |
Other | 287 | 399 |
Total deferred tax liabilities | 4,762 | 4,296 |
Net deferred tax asset | $ 18,730 | $ 17,938 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 428,819 | $ 332,857 | $ 350,714 |
Other comprehensive (loss) income, net | (417) | (77) | (589) |
Balance | 426,730 | 428,819 | 332,857 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | 866 | (285) | 975 |
Other comprehensive (loss) income before reclassifications | 544 | 1,117 | (1,748) |
Reclassified from AOCI | (304) | 34 | 488 |
Other comprehensive (loss) income, net | 240 | 1,151 | (1,260) |
Balance | 1,106 | 866 | (285) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (2,372) | (1,144) | (1,815) |
Other comprehensive (loss) income before reclassifications | (961) | (1,448) | 446 |
Reclassified from AOCI | 304 | 220 | 225 |
Other comprehensive (loss) income, net | (657) | (1,228) | 671 |
Balance | (3,029) | (2,372) | (1,144) |
AOCI Attributable to Parent [Member] | |||
Balance | (1,506) | (1,429) | (840) |
Other comprehensive (loss) income before reclassifications | (417) | (331) | (1,302) |
Reclassified from AOCI | 0 | 254 | 713 |
Other comprehensive (loss) income, net | (417) | (77) | (589) |
Balance | $ (1,923) | $ (1,506) | $ (1,429) |
Note 16 - Accumulated Other C_4
Note 16 - Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
(Losses) gains recognized | $ 0 | $ 0 | $ 0 | $ 385 | $ 0 | $ 0 | $ (43) | $ 0 | $ 385 | $ (43) | $ (618) |
Income before income taxes | 14,939 | 10,598 | 10,508 | 10,067 | 12,397 | 11,736 | 13,402 | 12,261 | 46,112 | 49,796 | 45,122 |
Income tax benefit | 3,389 | 2,332 | 2,270 | 2,195 | 2,833 | 2,580 | 2,951 | 2,630 | 10,186 | 10,994 | 8,782 |
Net income | $ 11,550 | $ 8,266 | $ 8,238 | $ 7,872 | $ 9,564 | $ 9,156 | $ 10,451 | $ 9,631 | 35,926 | 38,802 | 36,340 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
(Losses) gains recognized | (385) | 43 | 618 | ||||||||
Income tax benefit | 81 | (9) | (130) | ||||||||
Net income | 0 | 254 | 713 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||||||||
Income before income taxes | (385) | 43 | 618 | ||||||||
Income tax benefit | (82) | (58) | (60) | ||||||||
Net income | (304) | 34 | 488 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||
Other operating expense | 201 | 257 | 228 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||
Other operating expense | 185 | 21 | 57 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Income before income taxes | 386 | 278 | 285 | ||||||||
Net income | $ 304 | $ 220 | $ 225 |
Note 17 - Fair Value - Assets a
Note 17 - Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 83,358 | $ 169,574 |
Derivative liabilities | 1,131 | 510 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 83,358 | 169,574 |
Equity securities | 55 | 55 |
Fair value loans | 17,831 | 17,942 |
Deferred compensation assets | 4,181 | 3,990 |
Deferred compensation liabilities | 4,181 | 3,990 |
Derivative liabilities | 1,131 | 510 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Equity securities | 0 | 0 |
Fair value loans | 0 | 0 |
Deferred compensation assets | 4,181 | 3,990 |
Deferred compensation liabilities | 4,181 | 3,990 |
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 83,358 | 169,574 |
Equity securities | 55 | 55 |
Fair value loans | 0 | 0 |
Deferred compensation assets | 0 | 0 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 1,131 | 510 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Equity securities | 0 | 0 |
Fair value loans | 17,831 | 17,942 |
Deferred compensation assets | 0 | 0 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available for sale | 551 | 5,034 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 551 | 5,034 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 44,459 | 86,878 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 44,459 | 86,878 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | ||
Securities available for sale | 38,348 | 77,662 |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 38,348 | 77,662 |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 17 - Fair Value - Changes
Note 17 - Fair Value - Changes in Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 17,942 | $ 5,412 |
Transfer of certain loans into Level 3 (Highlands acquisition) | 12,295 | |
Changes in fair value | 621 | 522 |
Changes due to principal reduction | (732) | (287) |
Balance | $ 17,831 | $ 17,942 |
Note 17 - Fair Value - Assets M
Note 17 - Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Non-covered Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Impaired Loans [Member] | ||
Total Fair Value | $ 979 | $ 1,828 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 979 | 1,828 |
OREO [Member] | ||
Total Fair Value | 2,083 | 3,969 |
OREO [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 2,083 | $ 3,969 |
Note 17 - Fair Value - Quantita
Note 17 - Fair Value - Quantitative Information for Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Measurement Input, Discount Rate [Member] - Valuation, Market Approach [Member] | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum [Member] | |||
Discount range, impaired loans | [1],[2] | 0.22 | 0.22 |
Discount range, non-covered OREO | [1],[2] | 0.08 | 0.15 |
Maximum [Member] | |||
Discount range, impaired loans | [1],[2] | 0.38 | 0.36 |
Discount range, non-covered OREO | [1],[2] | 0.77 | 1 |
Weighted Average [Member] | |||
Discount range, impaired loans | [1],[2] | (0.30) | (0.26) |
Discount range, non-covered OREO | [1],[2] | (0.25) | (0.08) |
[1] | Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments. | ||
[2] | Fair value is generally based on appraisals of the underlying collateral. |
Note 17 - Fair Value - Financia
Note 17 - Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale | $ 83,358 | $ 169,574 | |
FDIC indemnification asset | 1,223 | 2,883 | $ 5,108 |
Interest receivable | 9,052 | 6,677 | |
Derivative liabilities | 1,131 | 510 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 456,561 | 217,009 | |
Debt securities available for sale | 83,358 | 169,574 | |
Equity securities | 55 | 55 | |
Loans held for investment, net of allowance | 2,160,450 | 2,096,035 | |
FDIC indemnification asset | 1,223 | 2,883 | |
Interest receivable | 9,052 | 6,677 | |
Deferred compensation assets | 4,181 | 3,990 | |
Securities sold under agreements to repurchase | 964 | 1,601 | |
Interest payable | 582 | 472 | |
Deferred compensation liabilities | 4,181 | 3,990 | |
Derivative liabilities | 1,131 | 510 | |
Loans held for sale | 263 | ||
Reported Value Measurement [Member] | Bank Time Deposits [Member] | |||
Deposits fair value | 420,619 | 515,622 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 456,561 | 217,009 | |
Debt securities available for sale | 83,358 | 169,574 | |
Equity securities | 55 | 55 | |
Loans held for investment, net of allowance | 2,126,221 | 2,068,257 | |
FDIC indemnification asset | 509 | 1,201 | |
Interest receivable | 9,052 | 6,677 | |
Deferred compensation assets | 4,181 | 3,990 | |
Securities sold under agreements to repurchase | 964 | 1,601 | |
Interest payable | 582 | 472 | |
Deferred compensation liabilities | 4,181 | 3,990 | |
Derivative liabilities | 1,131 | 510 | |
Loans held for sale | 263 | ||
Estimate of Fair Value Measurement [Member] | Bank Time Deposits [Member] | |||
Deposits fair value | 423,120 | 512,134 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 456,561 | 217,009 | |
Debt securities available for sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Loans held for investment, net of allowance | 0 | 0 | |
FDIC indemnification asset | 0 | 0 | |
Interest receivable | 0 | 0 | |
Deferred compensation assets | 4,181 | 3,990 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Interest payable | 0 | 0 | |
Deferred compensation liabilities | 4,181 | 3,990 | |
Derivative liabilities | 0 | 0 | |
Loans held for sale | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member] | |||
Deposits fair value | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Debt securities available for sale | 83,358 | 169,574 | |
Equity securities | 55 | 55 | |
Loans held for investment, net of allowance | 0 | 0 | |
FDIC indemnification asset | 0 | 0 | |
Interest receivable | 9,052 | 6,677 | |
Deferred compensation assets | 0 | 0 | |
Securities sold under agreements to repurchase | 964 | 1,601 | |
Interest payable | 582 | 472 | |
Deferred compensation liabilities | 0 | 0 | |
Derivative liabilities | 1,131 | 510 | |
Loans held for sale | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits [Member] | |||
Deposits fair value | 423,120 | 512,134 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Debt securities available for sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Loans held for investment, net of allowance | 2,126,221 | 2,068,257 | |
FDIC indemnification asset | 509 | 1,201 | |
Interest receivable | 0 | 0 | |
Deferred compensation assets | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Interest payable | 0 | 0 | |
Deferred compensation liabilities | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Loans held for sale | 263 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Bank Time Deposits [Member] | |||
Deposits fair value | $ 0 | $ 0 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 11,550 | $ 8,266 | $ 8,238 | $ 7,872 | $ 9,564 | $ 9,156 | $ 10,451 | $ 9,631 | $ 35,926 | $ 38,802 | $ 36,340 |
Weighted average common shares outstanding, basic (in shares) | 17,717,356 | 17,710,283 | 17,701,853 | 17,998,994 | 15,611,093 | 15,603,992 | 15,712,204 | 15,839,424 | 17,781,748 | 15,690,812 | 16,587,504 |
Total dilutive effect of potential common shares (in shares) | 33,632 | 65,281 | 78,881 | ||||||||
Weighted average common shares outstanding, diluted (in shares) | 17,751,805 | 17,732,428 | 17,728,300 | 18,050,071 | 15,670,047 | 15,664,587 | 15,775,320 | 15,920,950 | 17,815,380 | 15,756,093 | 16,666,385 |
Basic earnings per common share (in dollars per share) | $ 0.65 | $ 0.47 | $ 0.47 | $ 0.44 | $ 0.61 | $ 0.59 | $ 0.67 | $ 0.61 | $ 2.02 | $ 2.47 | $ 2.19 |
Diluted earnings per common share (in dollars per share) | $ 0.65 | $ 0.47 | $ 0.46 | $ 0.44 | $ 0.61 | $ 0.58 | $ 0.66 | $ 0.60 | $ 2.02 | $ 2.46 | $ 2.18 |
Antidilutive potential common shares (in shares) | 85,066 | 25,878 | 2,755 | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||
Dilutive effect of potential common shares (in shares) | 22,495 | 53,907 | 62,417 | ||||||||
Antidilutive potential common shares (in shares) | 58,166 | 25 | 19 | ||||||||
Restricted Stock [Member] | |||||||||||
Dilutive effect of potential common shares (in shares) | 11,137 | 11,374 | 16,464 | ||||||||
Antidilutive potential common shares (in shares) | 26,900 | 25,853 | 2,736 |
Note 19 - Related Party Trans_3
Note 19 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Deposit Liabilities | $ 8,040 | $ 7,290 | |
Related Party Transaction, Expenses from Transactions with Related Party | 70 | 150 | $ 67 |
Operating Lease, Expense | 180 | 203 | 318 |
Due to Other Related Parties | 68 | 7 | 4 |
Related Parties [Member] | |||
Operating Lease, Expense | $ 0 | $ 0 | $ 0 |
Note 19 - Related Party Trans_4
Note 19 - Related Party Transactions - Changes in Loans With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Beginning balance | $ 20,345 | $ 22,033 | |
New loans and advances | 4,821 | 3,958 | |
Loan repayments | (5,023) | (5,634) | |
Reclassifications | [1] | 23 | (12) |
Ending balance | $ 20,166 | $ 20,345 | |
[1] | Changes related to the composition of the Company's directors, executive officers, and related insiders |
Note 20 - Litigation, Commitm_3
Note 20 - Litigation, Commitments, and Contingencies - Off-balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments to extend credit | $ 229,408 | $ 228,716 | |
Standby letters of credit and financial guarantees(1) | [1] | 179,022 | 167,612 |
Total off-balance sheet risk | 408,430 | 396,328 | |
Reserve for unfunded commitments | $ 66 | $ 66 | |
[1] | Includes FHLB letters of credit |
Note 21 - Regulatory Requirem_3
Note 21 - Regulatory Requirements and Restrictions (Details Textual) | Jan. 01, 2016 | Jan. 01, 2019 |
Capital Conservation Buffer | 0.625% | 2.50% |
Tier One Capital Securities Phase Out Period (Year) | 4 years | |
Capital Conservation Buffer Phase In Amount | 0.625% |
Note 21 - Regulatory Requirem_4
Note 21 - Regulatory Requirements and Restrictions - Company's and Bank's Capital Ratios (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Common equity Tier 1 ratio, actual amount | $ 292,019 | $ 292,241 | |
Common equity Tier 1, actual ratio | 0.1428 | 0.1431 | |
Common equity Tier 1 ratio, required amount | $ 92,043 | $ 91,926 | |
Common equity Tier 1, required ratio | 4.50% | 4.50% | |
Tier 1 risk-based capital ratio, actual amount | $ 292,019 | $ 292,241 | |
Tier 1 risk-based capital, actual ratio | 0.1428 | 0.1431 | |
Tier 1 risk-based capital ratio, required amount | $ 122,724 | $ 122,568 | |
Tier 1 risk-based capital, required ratio | 0.0600 | 0.0600 | |
Total risk-based capital ratio, actual amount | $ 317,595 | $ 310,732 | |
Total risk-based capital, actual ratio | 0.1553 | 0.1521 | |
Total risk-based capital ratio, required amount | $ 163,632 | $ 163,423 | |
Total risk-based capital, required ratio | 0.0800 | 0.0800 | |
Tier 1 Leverage ratio, actual amount | $ 292,019 | $ 292,241 | |
Tier 1 Leverage, actual ratio | 0.1024 | 0.1401 | |
Tier 1 Leverage ratio, required amount | $ 114,081 | $ 83,408 | |
Tier 1 Leverage, required ratio | 0.0400 | 0.0400 | |
First Community Bank [Member] | |||
Common equity Tier 1 ratio, actual amount | $ 277,449 | $ 262,716 | |
Common equity Tier 1, actual ratio | 0.1357 | 0.1287 | |
Common equity Tier 1 ratio, required amount | $ 92,017 | $ 91,860 | |
Common equity Tier 1, required ratio | 4.50% | 4.50% | |
Tier 1 risk-based capital ratio, actual amount | $ 277,449 | $ 262,716 | |
Tier 1 risk-based capital, actual ratio | 0.1357 | 0.1287 | |
Tier 1 risk-based capital ratio, required amount | $ 122,689 | $ 122,480 | |
Tier 1 risk-based capital, required ratio | 0.0600 | 0.0600 | |
Total risk-based capital ratio, actual amount | $ 303,018 | $ 281,207 | |
Total risk-based capital, actual ratio | 0.1482 | 0.1378 | |
Total risk-based capital ratio, required amount | $ 163,585 | $ 163,306 | |
Total risk-based capital, required ratio | 0.0800 | 0.0800 | |
Tier 1 Leverage ratio, actual amount | $ 277,449 | $ 262,716 | |
Tier 1 Leverage, actual ratio | 0.0973 | 0.1261 | |
Tier 1 Leverage ratio, required amount | $ 114,058 | $ 83,313 | |
Tier 1 Leverage, required ratio | 0.0400 | 0.0400 | |
Common equity Tier 1 to be well capitalized, amount | [1] | $ 132,913 | $ 132,686 |
Common equity Tier 1, to be well capitalized ratio | [1] | 6.50% | 6.50% |
Tier 1 risk-based capital to be well capitalized, amount | [1] | $ 163,585 | $ 163,306 |
Tier 1 risk-based capital, to be well capitalized ratio | [1] | 0.0800 | 0.0800 |
Total risk-based capital to be well capitalized, amount | [1] | $ 204,482 | $ 204,133 |
Total risk-based capital, to be well capitalized ratio | [1] | 0.1000 | 0.1000 |
Tier 1 Leverage to be well capitalized, amount | [1] | $ 142,572 | $ 104,141 |
Tier 1 Leverage, to be well capitalized ratio | [1] | 0.0500 | 0.0500 |
Fully Phased-In [Member] | |||
Common equity Tier 1 ratio, required amount | $ 143,178 | $ 142,996 | |
Common equity Tier 1, required ratio | 7.00% | 7.00% | |
Tier 1 risk-based capital, actual ratio | 0.0850 | 0.0850 | |
Tier 1 risk-based capital ratio, required amount | $ 214,767 | $ 173,637 | |
Total risk-based capital ratio, required amount | $ 173,859 | $ 214,493 | |
Total risk-based capital, required ratio | 0.1050 | 0.1050 | |
Fully Phased-In [Member] | First Community Bank [Member] | |||
Common equity Tier 1 ratio, required amount | $ 143,137 | $ 142,893 | |
Common equity Tier 1, required ratio | 7.00% | 7.00% | |
Tier 1 risk-based capital, actual ratio | 0.0850 | 0.0850 | |
Tier 1 risk-based capital ratio, required amount | $ 173,809 | $ 173,513 | |
Total risk-based capital ratio, required amount | $ 214,706 | $ 214,339 | |
Total risk-based capital, required ratio | 0.1050 | 0.1050 | |
[1] | Based on prompt corrective action provisions |
Note 22 - Parent Company Fina_3
Note 22 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and due from banks | $ 58,404 | $ 66,818 | ||
Other assets | 104,075 | 101,529 | ||
Total assets | 3,011,136 | 2,798,847 | ||
Total liabilities | 2,584,406 | 2,370,028 | ||
Common stock | 17,723 | 18,377 | ||
Additional paid-in capital | 173,345 | 192,413 | ||
Retained earnings | 237,585 | 219,535 | ||
Accumulated other comprehensive loss | (1,923) | (1,506) | ||
Total stockholders' equity | 426,730 | 428,819 | $ 332,857 | $ 350,714 |
Total liabilities and stockholders' equity | 3,011,136 | 2,798,847 | ||
Parent Company [Member] | ||||
Cash and due from banks | 10,089 | 23,998 | ||
Loans to affiliates | 0 | 184 | ||
Investment in subsidiaries | 412,161 | 399,294 | ||
Other assets | 5,089 | 5,888 | ||
Total assets | 427,339 | 429,364 | ||
Other liabilities | 609 | 545 | ||
Total liabilities | 609 | 545 | ||
Common stock | 17,723 | 18,377 | ||
Additional paid-in capital | 173,345 | 192,413 | ||
Retained earnings | 237,585 | 219,535 | ||
Accumulated other comprehensive loss | (1,923) | (1,506) | ||
Total stockholders' equity | 426,730 | 428,819 | ||
Total liabilities and stockholders' equity | $ 427,339 | $ 429,364 |
Note 22 - Parent Company Fina_4
Note 22 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other operating expense | $ 12,410 | $ 11,929 | $ 12,727 | ||||||||
Income tax expense | $ 3,389 | $ 2,332 | $ 2,270 | $ 2,195 | $ 2,833 | $ 2,580 | $ 2,951 | $ 2,630 | 10,186 | 10,994 | 8,782 |
Net income | $ 11,550 | $ 8,266 | $ 8,238 | $ 7,872 | $ 9,564 | $ 9,156 | $ 10,451 | $ 9,631 | 35,926 | 38,802 | 36,340 |
Parent Company [Member] | |||||||||||
Cash dividends received from subsidiary bank | 23,710 | 38,500 | 48,000 | ||||||||
Other income | 3 | 444 | 306 | ||||||||
Other operating expense | 1,446 | 1,420 | 2,293 | ||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 22,267 | 37,524 | 46,013 | ||||||||
Income tax expense | (375) | (276) | (595) | ||||||||
Income before equity in undistributed net income of subsidiaries | 22,642 | 37,800 | 46,608 | ||||||||
Equity in (dividends in excess) of undistributed net income of subsidiaries | 13,284 | 1,002 | (10,268) | ||||||||
Net income | $ 35,926 | $ 38,802 | $ 36,340 |
Note 22 - Parent Company Fina_5
Note 22 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 11,550 | $ 8,266 | $ 8,238 | $ 7,872 | $ 9,564 | $ 9,156 | $ 10,451 | $ 9,631 | $ 35,926 | $ 38,802 | $ 36,340 |
(Increase) decrease in other operating activities | (6,662) | 7,003 | 3,974 | ||||||||
Net cash provided by operating activities | 45,844 | 56,655 | 49,499 | ||||||||
Investing activities | |||||||||||
Net cash provided by investing activities | 17,798 | 171,377 | 49,398 | ||||||||
Payments for repurchase of common stock | 21,872 | 16,362 | 34,412 | ||||||||
Payments of common stock dividends | (17,876) | (15,060) | (21,090) | ||||||||
Net cash used in financing activities | 175,910 | (87,896) | (179,975) | ||||||||
Parent Company [Member] | |||||||||||
Net income | 35,926 | 38,802 | 36,340 | ||||||||
(Increase) decrease in other operating activities | 1,047 | 1,865 | 1,509 | ||||||||
Net cash provided by operating activities | 36,973 | 40,667 | 37,849 | ||||||||
Investing activities | |||||||||||
Dividends in excess of undistributed net income of subsidiaries | (13,284) | (1,002) | 10,268 | ||||||||
Net cash provided by investing activities | (13,284) | (1,002) | 10,268 | ||||||||
Proceeds from issuance of common stock | 0 | 136 | 832 | ||||||||
Payments for repurchase of common stock | (21,872) | (16,362) | (34,412) | ||||||||
Payments of common stock dividends | (17,876) | (15,060) | (21,090) | ||||||||
Net change in other financing activities | 2,150 | 1,893 | 1,063 | ||||||||
Net cash used in financing activities | (37,598) | (29,393) | (53,607) | ||||||||
Net increase (decrease) in cash and cash equivalents | (13,909) | 10,272 | (5,490) | ||||||||
Cash and cash equivalents at beginning of period | $ 23,998 | $ 13,726 | 23,998 | 13,726 | 19,216 | ||||||
Cash and cash equivalents at end of period | $ 10,089 | $ 23,998 | $ 10,089 | $ 23,998 | $ 13,726 |
Note 23 - Quarterly Financial_3
Note 23 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 28,746 | $ 27,995 | $ 27,786 | $ 29,509 | $ 23,370 | $ 23,605 | $ 24,382 | $ 23,611 | $ 114,036 | $ 94,968 | $ 98,294 |
Interest expense | 1,029 | 1,161 | 1,447 | 1,827 | 1,313 | 1,384 | 1,393 | 1,425 | 5,464 | 5,515 | 7,449 |
Net interest income | 27,717 | 26,834 | 26,339 | 27,682 | 22,057 | 22,221 | 22,989 | 22,186 | 108,572 | 89,453 | 90,845 |
Provision for loan losses | 634 | 4,703 | 3,831 | 3,500 | 91 | 675 | 1,585 | 1,220 | 12,668 | 3,571 | 2,393 |
Net interest income after provision | 27,083 | 22,131 | 22,508 | 24,182 | 21,966 | 21,546 | 21,404 | 20,966 | 95,904 | 85,882 | 88,452 |
Noninterest income, excluding net gain (loss) on sale of securities | 7,733 | 7,638 | 6,913 | 7,164 | 9,314 | 7,634 | 8,692 | 8,080 | |||
Net gain (loss) on sale of securities | 0 | 0 | 0 | 385 | 0 | 0 | (43) | 0 | 385 | (43) | (618) |
Noninterest expense | 19,877 | 19,171 | 18,913 | 21,664 | 18,883 | 17,444 | 16,651 | 16,785 | 79,625 | 69,763 | 69,773 |
Income before income taxes | 14,939 | 10,598 | 10,508 | 10,067 | 12,397 | 11,736 | 13,402 | 12,261 | 46,112 | 49,796 | 45,122 |
Income tax expense | 3,389 | 2,332 | 2,270 | 2,195 | 2,833 | 2,580 | 2,951 | 2,630 | 10,186 | 10,994 | 8,782 |
Net income | $ 11,550 | $ 8,266 | $ 8,238 | $ 7,872 | $ 9,564 | $ 9,156 | $ 10,451 | $ 9,631 | $ 35,926 | $ 38,802 | $ 36,340 |
Basic (in dollars per share) | $ 0.65 | $ 0.47 | $ 0.47 | $ 0.44 | $ 0.61 | $ 0.59 | $ 0.67 | $ 0.61 | $ 2.02 | $ 2.47 | $ 2.19 |
Diluted (in dollars per share) | 0.65 | 0.47 | 0.46 | 0.44 | 0.61 | 0.58 | 0.66 | 0.60 | 2.02 | 2.46 | 2.18 |
Dividends per common share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.21 | $ 1 | $ 0.96 | $ 0.78 |
Weighted average common shares outstanding, basic (in shares) | 17,717,356 | 17,710,283 | 17,701,853 | 17,998,994 | 15,611,093 | 15,603,992 | 15,712,204 | 15,839,424 | 17,781,748 | 15,690,812 | 16,587,504 |
Weighted average diluted shares outstanding (in shares) | 17,751,805 | 17,732,428 | 17,728,300 | 18,050,071 | 15,670,047 | 15,664,587 | 15,775,320 | 15,920,950 | 17,815,380 | 15,756,093 | 16,666,385 |