Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover page. | ||
Entity Registrant Name | PREMIER FINANCIAL BANCORP, INC. | |
Entity Central Index Key | 0000887919 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 000-20908 | |
Entity Incorporation, State or Country Code | KY | |
Entity Tax Identification Number | 61-1206757 | |
Entity Address, Address Line One | 2883 Fifth Avenue | |
Entity Address, City or Town | Huntington | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 25702 | |
City Area Code | 304 | |
Local Phone Number | 525-1600 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | PFBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,715,620 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 24,076 | $ 24,961 |
Interest bearing bank balances | 153,468 | 174,209 |
Federal funds sold | 7,665 | 11,306 |
Cash and cash equivalents | 185,209 | 210,476 |
Securities available for sale | 492,464 | 421,190 |
Loans | 1,261,908 | 1,214,378 |
Allowance for loan losses | (14,027) | (13,516) |
Net loans | 1,247,881 | 1,200,862 |
Federal Home Loan Bank stock, at cost | 4,166 | 4,166 |
Premises and equipment, net | 34,539 | 35,287 |
Other real estate owned, net | 13,011 | 13,215 |
Interest receivable | 6,192 | 5,991 |
Goodwill | 47,640 | 47,640 |
Other intangible assets | 4,202 | 4,424 |
Other assets | 2,484 | 2,571 |
Total assets | 2,037,788 | 1,945,822 |
Deposits | ||
Non-interest bearing | 528,637 | 487,675 |
Time deposits, $250,000 and over | 66,089 | 63,602 |
Other interest bearing | 1,101,713 | 1,082,463 |
Total deposits | 1,696,439 | 1,633,740 |
Securities sold under agreements to repurchase | 39,980 | 33,827 |
Subordinated debt | 5,485 | 5,475 |
Interest payable | 272 | 360 |
Other liabilities | 49,933 | 12,513 |
Total liabilities | 1,792,109 | 1,685,915 |
Stockholders' equity | ||
Common stock, no par value; 30,000,000 shares authorized; 14,706,608 shares issued and outstanding at March 31, 2021, and 14,674,379 shares issued and outstanding at December 31, 2020 | 134,322 | 134,110 |
Retained earnings | 106,017 | 116,378 |
Accumulated other comprehensive income | 5,340 | 9,419 |
Total stockholders' equity | 245,679 | 259,907 |
Total liabilities and stockholders' equity | $ 2,037,788 | $ 1,945,822 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 14,706,608 | 14,674,379 |
Common stock, shares outstanding (in shares) | 14,706,608 | 14,674,379 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income | ||
Loans, including fees | $ 15,448 | $ 15,754 |
Securities available for sale | ||
Taxable | 1,329 | 2,543 |
Tax-exempt | 171 | 89 |
Federal funds sold and other | 39 | 258 |
Total interest income | 16,987 | 18,644 |
Interest expense | ||
Deposits | 765 | 2,165 |
Repurchase agreements and other | 12 | 24 |
FHLB advances | 0 | 30 |
Subordinated debt | 60 | 83 |
Total interest expense | 837 | 2,302 |
Net interest income | 16,150 | 16,342 |
Provision for loan losses | 648 | 1,000 |
Net interest income after provision for loan losses | 15,502 | 15,342 |
Non-interest income | ||
Service charges on deposit accounts | 733 | 1,106 |
Electronic banking income | 1,007 | 818 |
Security gains | 1,096 | 0 |
Secondary market mortgage income | 111 | 66 |
Other | 197 | 259 |
Total non-interest income | 3,144 | 2,249 |
Non-interest expenses | ||
Salaries and employee benefits | 4,615 | 5,408 |
Occupancy and equipment expenses | 1,789 | 1,725 |
Outside data processing | 1,717 | 1,531 |
Professional fees | 403 | 244 |
Taxes, other than payroll, property and income | 131 | 275 |
Write-downs, expenses, sales of other real estate owned, net | 164 | 68 |
Amortization of intangibles | 222 | 242 |
FDIC insurance | 127 | (4) |
Other expenses | 1,022 | 1,248 |
Total non-interest expenses | 10,190 | 10,737 |
Income before income taxes | 8,456 | 6,854 |
Provision for income taxes | 1,906 | 1,486 |
Net income | $ 6,550 | $ 5,368 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.45 | $ 0.37 |
Diluted (in dollars per share) | $ 0.44 | $ 0.36 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 6,550 | $ 5,368 |
Other comprehensive income: | ||
Unrealized gains (losses) arising during the period | (4,067) | 6,892 |
Reclassification of realized amount | (1,096) | 0 |
Net change in unrealized gain (loss) on securities | (5,163) | 6,892 |
Less tax impact | 1,084 | (1,447) |
Other comprehensive income (loss) | (4,079) | 5,445 |
Comprehensive income | $ 2,471 | $ 10,813 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balances at Dec. 31, 2019 | $ 133,795 | $ 102,743 | $ 3,703 | $ 240,241 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 5,368 | 0 | 5,368 |
Other comprehensive income | 0 | 0 | 5,445 | 5,445 |
Cash dividends paid | 0 | (2,200) | 0 | (2,200) |
Stock options exercised | 31 | 0 | 0 | 31 |
Stock based compensation expense | 40 | 0 | 0 | 40 |
Balances at Mar. 31, 2020 | 133,866 | 105,911 | 9,148 | 248,925 |
Balances at Dec. 31, 2020 | 134,110 | 116,378 | 9,419 | 259,907 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 6,550 | 0 | 6,550 |
Other comprehensive income | 0 | 0 | (4,079) | (4,079) |
Cash dividends paid | 0 | (16,911) | 0 | (16,911) |
Stock options exercised | 191 | 0 | 0 | 191 |
Stock based compensation expense | 21 | 0 | 0 | 21 |
Balances at Mar. 31, 2021 | $ 134,322 | $ 106,017 | $ 5,340 | $ 245,679 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ||
Cash dividends paid (in dollars per share) | $ 1.15 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 6,550 | $ 5,368 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation | 520 | 460 |
Provision for loan losses | 648 | 1,000 |
Amortization, net of accretion | 1,141 | 94 |
Writedowns of other real estate owned, net | 21 | 14 |
Stock compensation expense | 21 | 40 |
Gain on the disposition of securities available for sale | (1,096) | 0 |
Changes in: | ||
Interest receivable | (201) | (493) |
Other assets | 87 | 434 |
Interest payable | (88) | (47) |
Other liabilities | 1,803 | 455 |
Net cash from operating activities | 9,406 | 7,325 |
Cash flows from investing activities | ||
Purchases of securities available for sale | (112,295) | (47,360) |
Proceeds from maturities and calls of securities available for sale | 47,024 | 40,458 |
Proceeds from the sales of securities available for sale | 25,526 | 0 |
Redemption of FHLB stock | 0 | 136 |
Net change in loans | (47,340) | 8,960 |
Purchases of premises and equipment, net | (71) | (181) |
Proceeds from sales of other real estate acquired through foreclosure | 349 | 380 |
Net cash from (used in) investing activities | (86,807) | 2,393 |
Cash flows from financing activities | ||
Net change in deposits | 62,701 | (33,390) |
Net change in agreements to repurchase securities | 6,153 | (734) |
Advances from FHLB | 0 | 5,000 |
Repayment of FHLB advances | 0 | (3,400) |
Proceeds from stock option exercises | 191 | 31 |
Common stock dividends paid | (16,911) | (2,200) |
Net cash from financing activities | 52,134 | (34,693) |
Net change in cash and cash equivalents | (25,267) | (24,975) |
Cash and cash equivalents at beginning of period | 210,476 | 95,056 |
Cash and cash equivalents at end of period | 185,209 | 70,081 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 925 | 2,349 |
Loans transferred to real estate acquired through foreclosure | 166 | 891 |
Security purchases settled in subsequent period | 37,000 | 0 |
Operating right-of-use asset resulting from lease liability | $ (299) | $ 171 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): March 31, 2021 Year Net Income Subsidiary Location Acquired Assets Qtr Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 635,866 $ 1,874 Premier Bank, Inc. Huntington, West Virginia 1998 1,394,858 5,165 Parent and Intercompany Eliminations 7,064 (489) Consolidated Total $ 2,037,788 $ 6,550 All significant intercompany transactions and balances have been eliminated. Estimates in the Financial Statements: Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
SECURITIES [Abstract] | |
SECURITIES | NOTE 2 - SECURITIES Amortized cost and fair value of investment securities, by category, at March 31, 2021 are summarized as follows: 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,484 $ 7,414 $ (560 ) $ 266,338 U. S. sponsored agency CMO’s - residential 22,869 696 - 23,565 Total mortgage-backed securities of government sponsored agencies 282,353 8,110 (560 ) 289,903 U. S. government sponsored agency securities 140,342 121 (1,553 ) 138,910 Obligations of states and political subdivisions 57,692 945 (400 ) 58,237 Other securities 5,317 97 - 5,414 Total available for sale $ 485,704 $ 9,273 $ (2,513 ) $ 492,464 Amortized cost and fair value of investment securities, by category, at December 31, 2020 are summarized as follows: 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 318,315 $ 9,777 $ (292 ) $ 327,800 U. S. sponsored agency CMO’s - residential 29,264 812 - 30,076 Total mortgage-backed securities of government sponsored agencies 347,579 10,589 (292 ) 357,876 U. S. government sponsored agency securities 2,490 136 - 2,626 Obligations of states and political subdivisions 53,639 1,361 - 55,000 Other securities 5,559 129 - 5,688 Total available for sale $ 409,267 $ 12,215 $ (292 ) $ 421,190 The amortized cost and fair value of securities at March 31, 2021 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale Due in one year or less $ 18,208 $ 18,340 Due after one year through five years 24,682 25,086 Due after five years through ten years 146,043 144,781 Due after ten years 14,418 14,354 Mortgage-backed securities of government sponsored agencies 282,353 289,903 Total available for sale $ 485,704 $ 492,464 During the first three months of 2021 Premier sold $25.5 million of mortgage-backed securities and realized gains upon the sales totaling $1,096,000. There were sales of securities during the first months of . Securities with unrealized losses at March 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 66,447 $ (1,553 ) $ - $ - $ 66,447 $ (1,553 ) U.S government sponsored agency MBS – residential 66,994 (560 ) - - 66,994 (560 ) Obligations of states and political subdivisions 15,333 (400 ) - - 15,333 (400 ) Total temporarily impaired $ 148,774 $ (2,513 ) $ - $ - $ 148,774 $ (2,513 ) Securities with unrealized losses at December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency MBS – residential $ 58,207 $ (292 ) $ - $ - $ 58,207 $ (292 ) Total temporarily impaired $ 58,207 $ (292 ) $ - $ - $ 58,207 $ (292 ) The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at March 31, 2021 and December 31, 2020 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2021 | |
LOANS [Abstract] | |
LOANS | NOTE 3 – LOANS Major classifications of loans at March 31, 2021 and December 31, 2020 are summarized as follows: 2021 2020 Residential real estate $ 379,679 $ 378,659 Multifamily real estate 33,414 37,978 Commercial real estate: Owner occupied 174,206 164,706 Non-owner occupied 332,765 329,031 Commercial and industrial 87,223 90,062 SBA PPP 98,298 61,169 Consumer 22,005 23,984 Construction and land 98,794 92,648 All other 35,524 36,141 $ 1,261,908 $ 1,214,378 Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2021 was as follows: Loan Class Balance Dec 31, 2020 Provision (credit) for loan losses Loans charged-off Recoveries Balance March 31, 2021 Residential real estate $ 2,071 $ 99 $ (60 ) $ 1 $ 2,111 Multifamily real estate 184 (18 ) - - 166 Commercial real estate: Owner occupied 2,874 95 - 1 2,970 Non-owner occupied 5,129 499 - - 5,628 Commercial and industrial 1,538 (95 ) (63 ) 5 1,385 Consumer 226 1 (26 ) 4 205 Construction and land 946 74 - 2 1,022 All other 548 (7 ) (28 ) 27 540 Total $ 13,516 $ 648 $ (177 ) $ 40 $ 14,027 Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020 was as follows: Loan Class Balance Dec 31, 2019 Provision (credit) for loan losses Loans charged-off Recoveries Balance March 31, 2020 Residential real estate $ 1,711 $ 216 $ (93 ) $ 4 $ 1,838 Multifamily real estate 1,954 150 - - 2,104 Commercial real estate: Owner occupied 2,441 342 (566 ) 3 2,220 Non-owner occupied 3,184 479 (24 ) 3 3,642 Commercial and industrial 1,767 22 - 28 1,817 Consumer 281 2 (69 ) 27 241 Construction and land 1,724 (349 ) - 37 1,412 All other 480 138 (74 ) 38 582 Total $ 13,542 $ 1,000 $ (826 ) $ 140 $ 13,856 Purchased Impaired Loans The Company holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at March 31, 2021 and December 31, 2020. 2021 2020 Residential real estate $ 2,025 $ 2,092 Commercial real estate Owner occupied 680 1,012 Non-owner occupied 2,006 2,357 Commercial and industrial 14 16 Consumer 8 9 Construction and land 337 368 All other 38 110 Total carrying amount $ 5,108 $ 5,964 Contractual principal balance $ 8,060 $ 9,267 Carrying amount, net of allowance $ 5,108 $ 5,964 For those purchased loans disclosed above, the Company did not increase the allowance for loan losses during the three-months ended March 31, 2021 and March 31, 2020. For those purchased loans disclosed above, where the Company can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where the Company cannot reasonably estimate the cash flows expected to be collected on the loans, it has continued to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. Any loan accounted for under the cost recovery method is also still included as a non-accrual loan in the amounts presented in the tables below. The accretable yield, or income expected to be collected, on the purchased loans above is as follows at March 31, 2021 and March 31, 2020. 2021 2020 Balance at January 1 $ 277 $ 619 New loans purchased - - Accretion of income (87 ) (36 ) Loans placed on non-accrual (5 ) - Income recognized upon full repayment - (7 ) Reclassifications from non-accretable difference 219 - Disposals - - Balance at March 31 $ 404 $ 576 Past Due and Non-performing Loans The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2021 and December 31, 2020. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. March 31, 2021 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,506 $ 3,562 $ 807 Commercial real estate Owner occupied 3,861 3,602 94 Non-owner occupied 5,367 4,216 7 Commercial and industrial 1,066 490 - Consumer 147 85 1 Construction and land 11 9 - Total $ 14,958 $ 11,964 $ 909 December 31, 2020 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 5,144 $ 3,955 $ 1,348 Commercial real estate Owner occupied 2,601 2,103 7 Non-owner occupied 3,305 2,230 975 Commercial and industrial 1,173 604 - Consumer 168 94 1 Construction and land 12 10 1 Total $ 12,403 $ 8,996 $ 2,332 Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of March 31, 2021 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Residential real estate $ 379,679 $ 2,763 $ 2,512 $ 5,275 $ 374,404 Multifamily real estate 33,414 - - - 33,414 Commercial real estate: Owner occupied 174,206 1,999 580 2,579 171,627 Non-owner occupied 332,765 988 935 1,923 330,842 Commercial and industrial 87,223 30 367 397 86,826 SBA PPP 98,298 - - - 98,298 Consumer 22,005 144 13 157 21,848 Construction and land 98,794 - 4 4 98,790 All other 35,524 - - - 35,524 Total $ 1,261,908 $ 5,924 $ 4,411 $ 10,335 $ 1,251,573 The following table presents the aging of the recorded investment in past due loans as of December 31, 2020 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Residential real estate $ 378,659 $ 3,978 $ 3,190 $ 7,168 $ 371,491 Multifamily real estate 37,978 32 - 32 37,946 Commercial real estate: Owner occupied 164,706 1,197 814 2,011 162,695 Non-owner occupied 329,031 987 2,196 3,183 325,848 Commercial and industrial 90,062 75 476 551 89,511 SBA PPP 61,169 - - - 61,169 Consumer 23,984 190 38 228 23,756 Construction and land 92,648 - 5 5 92,643 All other 36,141 23 - 23 36,118 Total $ 1,214,378 $ 6,482 $ 6,719 $ 13,201 $ 1,201,177 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2021: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 2,111 $ - $ 2,111 $ 56 $ 377,598 $ 2,025 $ 379,679 Multifamily real estate - 166 - 166 - 33,414 - 33,414 Commercial real estate: Owner occupied 291 2,679 - 2,970 3,797 169,729 680 174,206 Non-owner occupied 653 4,975 - 5,628 4,123 326,636 2,006 332,765 Commercial and industrial 277 1,108 - 1,385 400 86,809 14 87,223 SBA PPP - - - - - 98,298 - 98,298 Consumer - 205 - 205 - 21,997 8 22,005 Construction and land - 1,022 - 1,022 - 98,457 337 98,794 All other - 540 - 540 - 35,486 38 35,524 Total $ 1,221 $ 12,806 $ - $ 14,027 $ 8,376 $ 1,248,424 $ 5,108 $ 1,261,908 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2020: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 2,071 $ - $ 2,071 $ 57 $ 376,510 $ 2,092 $ 378,659 Multifamily real estate - 184 - 184 - 37,978 - 37,978 Commercial real estate: Owner occupied 240 2,634 - 2,874 1,981 161,713 1,012 164,706 Non-owner occupied 385 4,744 - 5,129 1,843 324,831 2,357 329,031 Commercial and industrial 374 1,164 - 1,538 548 89,498 16 90,062 SBA PPP - - - - - 61,169 - 61,169 Consumer - 226 - 226 - 23,975 9 23,984 Construction and land - 946 - 946 - 92,280 368 92,648 All other - 548 - 548 - 36,031 110 36,141 Total $ 999 $ 12,517 $ - $ 13,516 $ 4,429 $ 1,203,985 $ 5,964 $ 1,214,378 In the tables below, total individually evaluated impaired loans include certain purchased loans that were acquired with deteriorated credit quality that are still individually evaluated for impairment. The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2021. The table includes $71,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 172 $ 56 $ - Commercial real estate Owner occupied 3,547 3,305 - Non-owner occupied 1,320 421 - Commercial and industrial 509 - - 5,548 3,782 - With an allowance recorded: Commercial real estate Owner occupied 508 492 291 Non-owner occupied 4,019 3,773 653 Commercial and industrial 440 400 277 4,967 4,665 1,221 Total $ 10,515 $ 8,447 $ 1,221 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2020. The table includes $689,000 of loans acquired with deteriorated credit quality for which the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 175 $ 57 $ - Commercial real estate Owner occupied 2,295 1,815 - Non-owner occupied 1,638 743 - Commercial and industrial 509 - - 4,617 2,615 - With an allowance recorded: Commercial real estate Owner occupied $ 506 $ 490 $ 240 Non-owner occupied 1,638 1,465 385 Commercial and industrial 581 548 374 2,725 2,503 999 Total $ 7,342 $ 5,118 $ 999 The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended March 31, 2021 and March 31, 2020. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Three months ended March 31, 2021 Three months ended March 31, 2020 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 57 $ - $ - $ 62 $ - $ - Multifamily real estate - - - 3,761 - - Commercial real estate: Owner occupied 3,050 152 152 2,408 3 3 Non-owner occupied 3,201 - - 4,362 36 36 Commercial and industrial 474 1 1 726 1 1 Construction and land - - - 378 - - Total $ 6,782 $ 153 $ 153 $ 11,697 $ 40 $ 40 Troubled Debt Restructurings A loan is classified as a troubled debt restructuring ("TDR") when loan terms are modified due to a borrower's financial difficulties and a concession is granted to a borrower that would not have otherwise been considered. Most of the Company’s loan modifications involve a restructuring of loan terms prior to maturity to temporarily reduce the payment amount and/or to require only interest for a temporary period, usually up to six months. These modifications generally do not meet the definition of a TDR because the modifications are considered to be an insignificant delay in payment. The determination of an insignificant delay in payment is evaluated based on the facts and circumstances of the individual borrower(s). The following table presents TDR’s as of March 31, 2021 and December 31, 2020: March 31, 2021 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 1 $ 215 $ 216 Commercial real estate Owner occupied - 189 189 Non-owner occupied 856 - 856 Total $ 857 $ 404 $ 1,261 December 31, 2020 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 19 $ 203 $ 222 Commercial real estate Owner occupied - 195 195 Non-owner occupied 856 - 856 Total $ 875 $ 398 $ 1,273 At March 31, 2021, $306,000 in specific reserves was allocated to loans that had restructured terms resulting in a provision for loan losses of $30,000 for the three months ended March 31, 2021, compared to $203,000 in provision for loan losses on restructured loans during the three months ended March 31, 2020. At December 31, 2020, $276,000 in specific reserves was allocated to loans that had restructured terms. There were no commitments to lend additional amounts to these borrowers. There were no TDR’s that occurred during the three months ended March 31, 2021 or the three months ended March 31, 2020. During the three months ended March 31, 2021 and the three months ended March 31, 2020, there were no TDR’s for which there was a payment default within twelve months following the modification. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020. Provisions of the CARES Act permit certain loan payment modifications by banks that would normally be considered TDR’s to be exempt from the TDR rules. To date, management has exercised these provisions of the CARES Act on some loan modifications on an individually requested basis. The following table presents the status of the remaining loans as of and with some degree of payment modification under the CARES Act. March 31, 2021 Modified to Interest Only Payment Modified to Defer Principal and Interest Payment Total Commercial real estate Owner occupied $ 967 $ 5,108 $ 6,075 Non-owner occupied 3,839 12,293 16,132 Construction and land 5,769 - 5,769 Total $ 10,575 $ 17,401 $ 27,976 December 31, 2020 Modified to Interest Only Payment Modified to Defer Principal and Interest Payment Total Residential real estate $ 560 $ 338 $ 898 Multifamily real estate 667 - 667 Commercial real estate Owner occupied 10,567 396 10,963 Non-owner occupied 17,659 214 17,873 Construction and industrial - 898 898 Consumer 7 19 26 Construction and land 2,472 3,849 6,321 Total $ 31,932 $ 5,714 $ 37,646 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans, such as commercial, commercial real estate, multifamily residential and commercial purpose loans secured by residential real estate, on a monthly basis. For consumer loans, including consumer loans secured by residential real estate, and smaller balance non-homogeneous loans, the analysis involves monitoring the performing status of the loan. At the time such loans become past due by 90 days or more, the Company evaluates the loan to determine if a change in risk category is warranted. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of March 31, 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 366,902 $ 2,950 $ 9,827 $ - $ 379,679 Multifamily real estate 30,955 2,459 - - 33,414 Commercial real estate: Owner occupied 165,784 4,540 3,882 - 174,206 Non-owner occupied 303,662 24,348 4,755 - 332,765 Commercial and industrial 82,656 3,291 1,276 - 87,223 SBA PPP 98,298 - - - 98,298 Consumer 21,866 - 139 - 22,005 Construction and land 94,093 4,639 62 - 98,794 All other 35,498 26 - - 35,524 Total $ 1,199,714 $ 42,253 $ 19,941 $ - $ 1,261,908 As of December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 365,397 $ 3,093 $ 10,169 $ - $ 378,659 Multifamily real estate 35,412 2,566 - - 37,978 Commercial real estate: Owner occupied 155,707 4,686 4,313 - 164,706 Non-owner occupied 312,139 13,959 2,933 - 329,031 Commercial and industrial 84,948 3,747 1,367 - 90,062 SBA PPP 61,169 - - - 61,169 Consumer 23,837 5 142 - 23,984 Construction and land 88,587 3,833 228 - 92,648 All other 36,141 - - - 36,141 Total $ 1,163,337 $ 31,889 $ 19,152 $ - $ 1,214,378 As of March 31, 2021 and December 31, 2020, there were no loans with payment deferrals under the CARES Act that were delinquent or on nonaccrual status. As of March 31, 2021, two non-owner occupied loans totaling $15,918,000 were risk rated special mention. As of December 31, 2020, one non-owner occupied loan totaling $3,839,000 was risk rated special mention and one residential real estate loan totaling $38,000 was risk rated substandard. The Company evaluates its deferred loans after a deferral period expires to determine if a further deferment should be granted and if a downgrade in risk rating is appropriate. Otherwise, loans are returned to their original payment terms. |
STOCKHOLDERS' EQUITY AND REGULA
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2021 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | NOTE 4 - STOCKHOLDERS’ EQUITY AND REGULATORY MATTERS The Company’s principal source of funds for dividend payments to shareholders is dividends received from the subsidiary Banks. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, as defined, combined with the retained net profits of the preceding two years, subject to the capital requirements and additional restrictions as discussed below. During 2021 the Banks could, without prior approval, declare dividends to the Company of approximately $12.3 million plus any 2021 net profits retained to the date of the dividend declaration. The Company and the subsidiary Banks are subject to various regulatory capital requirements administered by the 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. In 2020, the Company elected to adopt the regulatory capital simplification rules permitting bank holding companies of Premier’s size to utilize one measure of regulatory capital, the Community Bank Leverage Ratio ("CBLR"), to determine regulatory capital adequacy. The CBLR requires a higher amount of Tier 1 capital to average assets than the standard leverage ratio for a financial institution to be considered well capitalized. However, meeting this higher standard eliminates the need to compute and monitor the Tier 1 risk-based capital ratio, the Common Equity Tier 1 risk-based capital ratio and the total risk-based capital ratio as well as maintain the 2.50% regulatory capital buffer necessary to avoid limitations on equity distributions and discretionary bonus payments. Other criteria required to be able to utilize the CBLR as the sole measure of capital adequacy include 1.) total assets less than $10.0 billion, 2.) trading assets and liabilities equal to less than 5.0% of total assets and 3.) off-balance sheet exposures, such as the unused portion of conditionally cancellable lines of credit, equal to less than 25% of total assets. Premier and its subsidiary Banks meet all three of these criteria and have elected to utilize the CBLR as their measure of regulatory capital adequacy. Under interim guidance issued in June 2020, a CBLR of Total Tier 1 capital to quarterly average assets must be at least 8.50% in year 2021 and at least 9.00% in year 2022. Premier’s Tier 1 capital totaled $197.8 million at March 31, 2021, which represents a community bank leverage ratio of 10.50%. Premier’s wholly owned subsidiary Premier Bank, Inc. maintained a CBLR of 10.67% at March 31, 2021, well in excess of the 8.50% required to be considered well capitalized under the prompt corrective action framework. Premier’s other wholly owned subsidiary bank, Citizens Deposit Bank maintained a CBLR of 8.44% at March 31, 2021. The ratio is slightly below the required 8.50%; however the bank has until the quarter immediately following the quarter it falls below the required minimum to restore the ratio to the required percentage. Shown below is a summary of regulatory capital ratios for the Company: March 31, 2021 December 31, 2020 Regulatory Minimum Requirements To Be Considered Well Capitalized Tier 1 Capital to average assets (CBLR): 10.50 % 11.30 % 8.50 % 8.50 % |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2021 | |
PREMISES AND EQUIPMENT [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 5 – PREMISES AND EQUIPMENT The Company leases certain banking facilities and equipment under various agreements with original terms providing for fixed monthly payments over periods generally ranging from two Total lease expense for the Total lease expense for the three months ended March 31, 2020, was $332,000, which is included in net occupancy and equipment expense, consisting of $38,000 short-term lease expense and $294,000 of operating lease expense. The following table summarizes the future minimum rental commitments under operating leases: 2021 $ 844 2022 1,069 2023 805 2024 680 2025 681 2026 and Thereafter 2,813 Total undiscounted cash flows 6,892 Discounted cash flows (469 ) Total lease liability $ 6,423 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 6 - EARNINGS PER SHARE A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for the three months ended March 31, 2021 and 2020 is presented below: Three Months Ended March 31, 2021 2020 Basic earnings per share Income available to common stockholders $ 6,550 $ 5,368 Weighted average common shares outstanding 14,696,958 14,658,998 Earnings per share $ 0.45 $ 0.37 Diluted earnings per share Income available to common stockholders $ 6,550 $ 5,368 Weighted average common shares outstanding 14,696,958 14,658,998 Add dilutive effects of potential additional common stock 88,397 67,473 Weighted average common and dilutive potential common shares outstanding 14,785,355 14,726,471 Earnings per share assuming dilution $ 0.44 $ 0.36 There were no stock options considered antidilutive for the three months ended March 31, 2021. Stock options for 72,075 shares of common stock were not considered in computing diluted earnings per share for the three months ended March 31, 2020 because they were antidilutive. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE [Abstract] | |
FAIR VALUE | NOTE 7 - FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and the Company must use other valuation methods to develop a fair value. Carrying amount is the estimated fair value for cash and due from banks, Federal funds sold, accrued interest receivable and payable, demand deposits, short-term debt, and deposits that reprice frequently and fully. Fair values of time deposits with other banks are based on current rates for similar time deposits using the remaining time to maturity. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to the restrictions placed on its transferability. For deposits and variable rate deposits with infrequent repricing, fair value is based on discounted cash flows using current market rates applied to the estimated life. Fair values for loans is measured at the exit price notion by using the discounted cash flow or collateral value but also incorporates additional factors such as using economic factors, credit risk, and market rates and conditions. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values. Fair value of debt is based on current rates for similar financing. The fair value of commitments to extend credit and standby letters of credit is not material. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a recurring basis: Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). The carrying amounts and estimated fair values of financial instruments at March 31, 2021 were as follows: Carrying Fair Value Measurements at March 31, 2021 Using Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 177,544 $ 177,194 $ 350 $ - $ 177,544 Federal funds sold 7,665 7,665 - - 7,665 Securities available for sale 492,464 - 492,464 - 492,464 Loans, net 1,247,881 - - 1,256,402 1,256,402 Interest receivable 6,192 - 1,569 4,623 6,192 Financial liabilities Deposits $ 1,696,439 $ 1,384,212 $ 313,159 $ - $ 1,697,371 Securities sold under agreements to repurchase 39,980 - 39,980 - 39,980 Subordinated debt 5,485 - 5,378 - 5,378 Interest payable 272 4 268 - 272 The carrying amounts and estimated fair values of financial instruments at December 31, 2020 were as follows: Carrying Fair Value Measurements at December 31, 2020 Using Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 199,170 $ 198,820 $ 350 $ - $ 199,170 Federal funds sold 11,306 11,306 - - 11,306 Securities available for sale 421,190 - 421,190 - 421,190 Loans, net 1,200,862 - - 1,209,579 1,209,579 Interest receivable 5,991 - 1,301 4,690 5,991 Financial liabilities Deposits $ 1,633,740 $ 1,308,188 $ 327,448 $ - $ 1,635,636 Securities sold under agreements to repurchase 33,827 - 33,827 - 33,827 Subordinated debt 5,475 - 5,366 - 5,366 Interest payable 360 4 356 - 360 Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2021 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 266,338 $ - $ 266,338 $ - U. S. agency CMO’s - residential 23,565 - 23,565 - Total mortgage-backed securities of government sponsored agencies 289,903 - 289,903 - U. S. government sponsored agency securities 138,910 - 138,910 - Obligations of states and political subdivisions 58,237 - 58,237 - Other securities 5,414 - 5,414 - Total securities available for sale $ 492,464 $ - $ 492,464 $ - Fair Value Measurements at December 31, 2020 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 327,800 $ - $ 327,800 $ - U. S. agency CMO’s 30,076 - 30,076 - Total mortgage-backed securities of government sponsored agencies 357,876 - 357,876 - U. S. government sponsored agency securities 2,626 - 2,626 - Obligations of states and political subdivisions 55,000 - 55,000 - Other securities 5,688 - 5,688 - Total securities available for sale $ 421,190 $ - $ 421,190 $ - There were no transfers between Level 1 and Level 2 during 2021 or 2020. Assets and Liabilities Measured on a Non-Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a non-recurring basis: Impaired loans: Other real estate owned (OREO): Assets and liabilities measured at fair value on a non-recurring basis at March 31, 2021 are summarized below: Fair Value Measurements at March 31, 2021 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate Owner occupied $ 201 $ - $ - $ 201 Non-owner occupied 3,120 - - 3,120 Commercial and industrial 123 - - 123 Total impaired loans $ 3,444 $ - $ - $ 3,444 Other real estate owned: Residential real estate $ 128 $ - $ - $ 128 Multifamily real estate 10,843 - - 10,843 Commercial real estate Owner occupied 817 - - 817 Construction and land 400 - - 400 Total OREO $ 12,188 $ - $ - $ 12,188 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a recorded investment of $ at , with a valuation allowance of $ resulting in a provision for loan losses of $ for the three months ended , , compared to a $ provision for loan losses for the three months ended , . At , impaired loans had a recorded investment of $ with a valuation allowance of $ . The detail of impaired loans by loan class is contained in Note 3 above . Other real estate owned measured at fair value less costs to sell, had a net carrying amount of $12,188,000 which is made up of the outstanding balance of $14,229,000 net of a valuation allowance of $2,041,000 at March 31, 2021. There were no write downs during the three months ended March 31, 2021 and $25,000 of write downs were recorded during the three months ended March 31, 2020. At December 31, 2020, other real estate owned had a net carrying amount of $12,273,000, made up of the outstanding balance of $14,320,000, net of a valuation allowance of $2,047,000. The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at March 31, 2021 are summarized below: March 31, 2021 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Commercial real estate Owner occupied $ 201 sales comparison adjustment for estimated realizable value 79.0%-79.0% (79.0%) Non-owner occupied 3,120 income approach adjustment for differences in net operating income expectations 19.2%-37.4% (22.7%) Commercial and industrial 123 sales comparison adjustment for estimated realizable value 62.5%-84.4% (66.0%) Total impaired loans $ 3,444 Other real estate owned: Residential real estate $ 128 sales comparison adjustment for estimated realizable value 2.0%-59.8% (28.9%) Multifamily real estate 10,843 income approach adjustment for differences in net operating income expectations 41.9%-70.3% (45.4%) Commercial real estate Owner occupied 817 sales comparison adjustment for estimated realizable value 22.1%-28.5% (26.3%) Construction and land 400 sales comparison adjustment for estimated realizable value 50.3%-98.6% (80.5%) Total OREO $ 12,188 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2020 are summarized below: Fair Value Measurements at December 31, 2020 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate Owner occupied $ 250 $ - $ - $ 250 Non-owner occupied 1,080 - - 1,080 Commercial and industrial 174 - - 174 Total impaired loans $ 1,504 $ - $ - $ 1,504 Other real estate owned: Residential real estate $ 206 $ - $ - $ 206 Multifamily real estate 10,838 - - 10,838 Commercial real estate Owner occupied 829 - - 829 Construction and land 400 - - 400 Total OREO $ 12,273 $ - $ - $ 12,273 The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2020 are summarized below: December 31, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Commercial real estate Owner occupied $ 250 sales comparison adjustment for estimated realizable value 73.8%-73.8% (73.8%) Non-owner occupied 1,080 income approach adjustment for differences in net operating income expectations 14.7%-37.4% (25.2%) Commercial and industrial 174 sales comparison adjustment for estimated realizable value 50.0%-85.0% (62.0%) Total impaired loans $ 1,504 Other real estate owned: Residential real estate $ 206 sales comparison adjustment for estimated realizable value 0.2%-59.8% (18.1%) Multifamily real estate 10,838 income approach adjustment for differences in net operating income expectations 42.0%-70.4% (45.5%) Commercial real estate Owner occupied 829 sales comparison adjustment for estimated realizable value 22.1%-26.8% (25.2%) Construction and land 400 sales comparison adjustment for estimated realizable value 50.3%-98.6% (80.5%) Total OREO $ 12,273 |
MERGER AGREEMENT
MERGER AGREEMENT | 3 Months Ended |
Mar. 31, 2021 | |
MERGER AGREEMENT [Abstract] | |
MERGER AGREEMENT | NOTE 8 - MERGER AGREEMENT On March 26, 2021, the Company entered into an Agreement and Plan of Merger ("Merger Agreement") with Peoples Bancorp, Inc. (“Peoples”). The Merger Agreement provides for a business combination whereby Premier Financial will merge with and into Peoples (the “Merger”), with Peoples as the surviving corporation in the Merger. Under the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Premier common stock, issued and outstanding immediately prior to the Effective Time (except for Treasury Shares and Dissenting Shares, both as provided for in the Merger Agreement), will be converted, in accordance with the procedures set forth in the Merger Agreement, into 0.58 (the “Exchange Ratio”) of common shares, no par value, of Peoples. The Merger Agreement contains certain termination rights for both Peoples and Premier Financial, and further provides that, upon termination of the Merger Agreement under specified circumstances, Premier Financial may be required to pay Peoples a termination fee of $ . (1) adoption of the Merger Agreement by the shareholders of Peoples and Premier Financial; (2) authorization for listing on Nasdaq of the Peoples Common Shares to be issued in the Merger; (3) the receipt of required regulatory approvals, including the approval of the Board of Governors of the Federal Reserve System and the Ohio Division of Financial Institutions; (4) effectiveness of the registration statement on Form S-4 for the Peoples Common Shares to be issued in the Merger; and (5) the absence of any order, injunction or other legal restraint preventing or making illegal the completion of the Merger or any of the other transactions contemplated by the Merger Agreement. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): March 31, 2021 Year Net Income Subsidiary Location Acquired Assets Qtr Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 635,866 $ 1,874 Premier Bank, Inc. Huntington, West Virginia 1998 1,394,858 5,165 Parent and Intercompany Eliminations 7,064 (489) Consolidated Total $ 2,037,788 $ 6,550 All significant intercompany transactions and balances have been eliminated. |
Estimates in the Financial Statements | Estimates in the Financial Statements: |
Accounting Pronouncements | Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION [Abstract] | |
Accounts of the Company and its Wholly Owned Subsidiaries | The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): March 31, 2021 Year Net Income Subsidiary Location Acquired Assets Qtr Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 635,866 $ 1,874 Premier Bank, Inc. Huntington, West Virginia 1998 1,394,858 5,165 Parent and Intercompany Eliminations 7,064 (489) Consolidated Total $ 2,037,788 $ 6,550 |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
SECURITIES [Abstract] | |
Amortized Cost and Fair Value of Investment Securities, by Category | Amortized cost and fair value of investment securities, by category, at March 31, 2021 are summarized as follows: 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,484 $ 7,414 $ (560 ) $ 266,338 U. S. sponsored agency CMO’s - residential 22,869 696 - 23,565 Total mortgage-backed securities of government sponsored agencies 282,353 8,110 (560 ) 289,903 U. S. government sponsored agency securities 140,342 121 (1,553 ) 138,910 Obligations of states and political subdivisions 57,692 945 (400 ) 58,237 Other securities 5,317 97 - 5,414 Total available for sale $ 485,704 $ 9,273 $ (2,513 ) $ 492,464 Amortized cost and fair value of investment securities, by category, at December 31, 2020 are summarized as follows: 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 318,315 $ 9,777 $ (292 ) $ 327,800 U. S. sponsored agency CMO’s - residential 29,264 812 - 30,076 Total mortgage-backed securities of government sponsored agencies 347,579 10,589 (292 ) 357,876 U. S. government sponsored agency securities 2,490 136 - 2,626 Obligations of states and political subdivisions 53,639 1,361 - 55,000 Other securities 5,559 129 - 5,688 Total available for sale $ 409,267 $ 12,215 $ (292 ) $ 421,190 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at March 31, 2021 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale Due in one year or less $ 18,208 $ 18,340 Due after one year through five years 24,682 25,086 Due after five years through ten years 146,043 144,781 Due after ten years 14,418 14,354 Mortgage-backed securities of government sponsored agencies 282,353 289,903 Total available for sale $ 485,704 $ 492,464 |
Securities with Unrealized Losses in Continuous Unrealized Loss Position | Securities with unrealized losses at March 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 66,447 $ (1,553 ) $ - $ - $ 66,447 $ (1,553 ) U.S government sponsored agency MBS – residential 66,994 (560 ) - - 66,994 (560 ) Obligations of states and political subdivisions 15,333 (400 ) - - 15,333 (400 ) Total temporarily impaired $ 148,774 $ (2,513 ) $ - $ - $ 148,774 $ (2,513 ) Securities with unrealized losses at December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency MBS – residential $ 58,207 $ (292 ) $ - $ - $ 58,207 $ (292 ) Total temporarily impaired $ 58,207 $ (292 ) $ - $ - $ 58,207 $ (292 ) |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
LOANS [Abstract] | |
Major Classifications of Loans | Major classifications of loans at March 31, 2021 and December 31, 2020 are summarized as follows: 2021 2020 Residential real estate $ 379,679 $ 378,659 Multifamily real estate 33,414 37,978 Commercial real estate: Owner occupied 174,206 164,706 Non-owner occupied 332,765 329,031 Commercial and industrial 87,223 90,062 SBA PPP 98,298 61,169 Consumer 22,005 23,984 Construction and land 98,794 92,648 All other 35,524 36,141 $ 1,261,908 $ 1,214,378 |
Activity in the Allowance for Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2021 was as follows: Loan Class Balance Dec 31, 2020 Provision (credit) for loan losses Loans charged-off Recoveries Balance March 31, 2021 Residential real estate $ 2,071 $ 99 $ (60 ) $ 1 $ 2,111 Multifamily real estate 184 (18 ) - - 166 Commercial real estate: Owner occupied 2,874 95 - 1 2,970 Non-owner occupied 5,129 499 - - 5,628 Commercial and industrial 1,538 (95 ) (63 ) 5 1,385 Consumer 226 1 (26 ) 4 205 Construction and land 946 74 - 2 1,022 All other 548 (7 ) (28 ) 27 540 Total $ 13,516 $ 648 $ (177 ) $ 40 $ 14,027 Activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020 was as follows: Loan Class Balance Dec 31, 2019 Provision (credit) for loan losses Loans charged-off Recoveries Balance March 31, 2020 Residential real estate $ 1,711 $ 216 $ (93 ) $ 4 $ 1,838 Multifamily real estate 1,954 150 - - 2,104 Commercial real estate: Owner occupied 2,441 342 (566 ) 3 2,220 Non-owner occupied 3,184 479 (24 ) 3 3,642 Commercial and industrial 1,767 22 - 28 1,817 Consumer 281 2 (69 ) 27 241 Construction and land 1,724 (349 ) - 37 1,412 All other 480 138 (74 ) 38 582 Total $ 13,542 $ 1,000 $ (826 ) $ 140 $ 13,856 |
Purchased Impaired Loans | The Company holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at March 31, 2021 and December 31, 2020. 2021 2020 Residential real estate $ 2,025 $ 2,092 Commercial real estate Owner occupied 680 1,012 Non-owner occupied 2,006 2,357 Commercial and industrial 14 16 Consumer 8 9 Construction and land 337 368 All other 38 110 Total carrying amount $ 5,108 $ 5,964 Contractual principal balance $ 8,060 $ 9,267 Carrying amount, net of allowance $ 5,108 $ 5,964 |
Purchase Loans Accretable Yield, or Income Expected to be Collected | The accretable yield, or income expected to be collected, on the purchased loans above is as follows at March 31, 2021 and March 31, 2020. 2021 2020 Balance at January 1 $ 277 $ 619 New loans purchased - - Accretion of income (87 ) (36 ) Loans placed on non-accrual (5 ) - Income recognized upon full repayment - (7 ) Reclassifications from non-accretable difference 219 - Disposals - - Balance at March 31 $ 404 $ 576 |
Past Due and Non-performing Loans | The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2021 and December 31, 2020. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. March 31, 2021 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,506 $ 3,562 $ 807 Commercial real estate Owner occupied 3,861 3,602 94 Non-owner occupied 5,367 4,216 7 Commercial and industrial 1,066 490 - Consumer 147 85 1 Construction and land 11 9 - Total $ 14,958 $ 11,964 $ 909 December 31, 2020 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 5,144 $ 3,955 $ 1,348 Commercial real estate Owner occupied 2,601 2,103 7 Non-owner occupied 3,305 2,230 975 Commercial and industrial 1,173 604 - Consumer 168 94 1 Construction and land 12 10 1 Total $ 12,403 $ 8,996 $ 2,332 |
Aging of Recorded Investment in Past Due Loans by Loan Class | The following table presents the aging of the recorded investment in past due loans as of March 31, 2021 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Residential real estate $ 379,679 $ 2,763 $ 2,512 $ 5,275 $ 374,404 Multifamily real estate 33,414 - - - 33,414 Commercial real estate: Owner occupied 174,206 1,999 580 2,579 171,627 Non-owner occupied 332,765 988 935 1,923 330,842 Commercial and industrial 87,223 30 367 397 86,826 SBA PPP 98,298 - - - 98,298 Consumer 22,005 144 13 157 21,848 Construction and land 98,794 - 4 4 98,790 All other 35,524 - - - 35,524 Total $ 1,261,908 $ 5,924 $ 4,411 $ 10,335 $ 1,251,573 The following table presents the aging of the recorded investment in past due loans as of December 31, 2020 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Residential real estate $ 378,659 $ 3,978 $ 3,190 $ 7,168 $ 371,491 Multifamily real estate 37,978 32 - 32 37,946 Commercial real estate: Owner occupied 164,706 1,197 814 2,011 162,695 Non-owner occupied 329,031 987 2,196 3,183 325,848 Commercial and industrial 90,062 75 476 551 89,511 SBA PPP 61,169 - - - 61,169 Consumer 23,984 190 38 228 23,756 Construction and land 92,648 - 5 5 92,643 All other 36,141 23 - 23 36,118 Total $ 1,214,378 $ 6,482 $ 6,719 $ 13,201 $ 1,201,177 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2021: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 2,111 $ - $ 2,111 $ 56 $ 377,598 $ 2,025 $ 379,679 Multifamily real estate - 166 - 166 - 33,414 - 33,414 Commercial real estate: Owner occupied 291 2,679 - 2,970 3,797 169,729 680 174,206 Non-owner occupied 653 4,975 - 5,628 4,123 326,636 2,006 332,765 Commercial and industrial 277 1,108 - 1,385 400 86,809 14 87,223 SBA PPP - - - - - 98,298 - 98,298 Consumer - 205 - 205 - 21,997 8 22,005 Construction and land - 1,022 - 1,022 - 98,457 337 98,794 All other - 540 - 540 - 35,486 38 35,524 Total $ 1,221 $ 12,806 $ - $ 14,027 $ 8,376 $ 1,248,424 $ 5,108 $ 1,261,908 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2020: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 2,071 $ - $ 2,071 $ 57 $ 376,510 $ 2,092 $ 378,659 Multifamily real estate - 184 - 184 - 37,978 - 37,978 Commercial real estate: Owner occupied 240 2,634 - 2,874 1,981 161,713 1,012 164,706 Non-owner occupied 385 4,744 - 5,129 1,843 324,831 2,357 329,031 Commercial and industrial 374 1,164 - 1,538 548 89,498 16 90,062 SBA PPP - - - - - 61,169 - 61,169 Consumer - 226 - 226 - 23,975 9 23,984 Construction and land - 946 - 946 - 92,280 368 92,648 All other - 548 - 548 - 36,031 110 36,141 Total $ 999 $ 12,517 $ - $ 13,516 $ 4,429 $ 1,203,985 $ 5,964 $ 1,214,378 |
Loans Individually Evaluated for Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2021. The table includes $71,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 172 $ 56 $ - Commercial real estate Owner occupied 3,547 3,305 - Non-owner occupied 1,320 421 - Commercial and industrial 509 - - 5,548 3,782 - With an allowance recorded: Commercial real estate Owner occupied 508 492 291 Non-owner occupied 4,019 3,773 653 Commercial and industrial 440 400 277 4,967 4,665 1,221 Total $ 10,515 $ 8,447 $ 1,221 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2020. The table includes $689,000 of loans acquired with deteriorated credit quality for which the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 175 $ 57 $ - Commercial real estate Owner occupied 2,295 1,815 - Non-owner occupied 1,638 743 - Commercial and industrial 509 - - 4,617 2,615 - With an allowance recorded: Commercial real estate Owner occupied $ 506 $ 490 $ 240 Non-owner occupied 1,638 1,465 385 Commercial and industrial 581 548 374 2,725 2,503 999 Total $ 7,342 $ 5,118 $ 999 |
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized | The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended March 31, 2021 and March 31, 2020. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Three months ended March 31, 2021 Three months ended March 31, 2020 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 57 $ - $ - $ 62 $ - $ - Multifamily real estate - - - 3,761 - - Commercial real estate: Owner occupied 3,050 152 152 2,408 3 3 Non-owner occupied 3,201 - - 4,362 36 36 Commercial and industrial 474 1 1 726 1 1 Construction and land - - - 378 - - Total $ 6,782 $ 153 $ 153 $ 11,697 $ 40 $ 40 |
Troubled Debt Restructurings | The following table presents TDR’s as of March 31, 2021 and December 31, 2020: March 31, 2021 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 1 $ 215 $ 216 Commercial real estate Owner occupied - 189 189 Non-owner occupied 856 - 856 Total $ 857 $ 404 $ 1,261 December 31, 2020 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 19 $ 203 $ 222 Commercial real estate Owner occupied - 195 195 Non-owner occupied 856 - 856 Total $ 875 $ 398 $ 1,273 |
Loans Modified under CARES Act | The following table presents the status of the remaining loans as of and with some degree of payment modification under the CARES Act. March 31, 2021 Modified to Interest Only Payment Modified to Defer Principal and Interest Payment Total Commercial real estate Owner occupied $ 967 $ 5,108 $ 6,075 Non-owner occupied 3,839 12,293 16,132 Construction and land 5,769 - 5,769 Total $ 10,575 $ 17,401 $ 27,976 December 31, 2020 Modified to Interest Only Payment Modified to Defer Principal and Interest Payment Total Residential real estate $ 560 $ 338 $ 898 Multifamily real estate 667 - 667 Commercial real estate Owner occupied 10,567 396 10,963 Non-owner occupied 17,659 214 17,873 Construction and industrial - 898 898 Consumer 7 19 26 Construction and land 2,472 3,849 6,321 Total $ 31,932 $ 5,714 $ 37,646 |
Risk Category of Loans by Class of Loans | As of March 31, 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 366,902 $ 2,950 $ 9,827 $ - $ 379,679 Multifamily real estate 30,955 2,459 - - 33,414 Commercial real estate: Owner occupied 165,784 4,540 3,882 - 174,206 Non-owner occupied 303,662 24,348 4,755 - 332,765 Commercial and industrial 82,656 3,291 1,276 - 87,223 SBA PPP 98,298 - - - 98,298 Consumer 21,866 - 139 - 22,005 Construction and land 94,093 4,639 62 - 98,794 All other 35,498 26 - - 35,524 Total $ 1,199,714 $ 42,253 $ 19,941 $ - $ 1,261,908 As of December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 365,397 $ 3,093 $ 10,169 $ - $ 378,659 Multifamily real estate 35,412 2,566 - - 37,978 Commercial real estate: Owner occupied 155,707 4,686 4,313 - 164,706 Non-owner occupied 312,139 13,959 2,933 - 329,031 Commercial and industrial 84,948 3,747 1,367 - 90,062 SBA PPP 61,169 - - - 61,169 Consumer 23,837 5 142 - 23,984 Construction and land 88,587 3,833 228 - 92,648 All other 36,141 - - - 36,141 Total $ 1,163,337 $ 31,889 $ 19,152 $ - $ 1,214,378 |
STOCKHOLDERS' EQUITY AND REGU_2
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |
Regulatory Capital Ratios | Shown below is a summary of regulatory capital ratios for the Company: March 31, 2021 December 31, 2020 Regulatory Minimum Requirements To Be Considered Well Capitalized Tier 1 Capital to average assets (CBLR): 10.50 % 11.30 % 8.50 % 8.50 % |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
PREMISES AND EQUIPMENT [Abstract] | |
Future Minimum Rental Commitments under Operating Leases | The following table summarizes the future minimum rental commitments under operating leases: 2021 $ 844 2022 1,069 2023 805 2024 680 2025 681 2026 and Thereafter 2,813 Total undiscounted cash flows 6,892 Discounted cash flows (469 ) Total lease liability $ 6,423 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerators and Denominators of the Earnings Per Share | A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for the three months ended March 31, 2021 and 2020 is presented below: Three Months Ended March 31, 2021 2020 Basic earnings per share Income available to common stockholders $ 6,550 $ 5,368 Weighted average common shares outstanding 14,696,958 14,658,998 Earnings per share $ 0.45 $ 0.37 Diluted earnings per share Income available to common stockholders $ 6,550 $ 5,368 Weighted average common shares outstanding 14,696,958 14,658,998 Add dilutive effects of potential additional common stock 88,397 67,473 Weighted average common and dilutive potential common shares outstanding 14,785,355 14,726,471 Earnings per share assuming dilution $ 0.44 $ 0.36 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2021 were as follows: Carrying Fair Value Measurements at March 31, 2021 Using Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 177,544 $ 177,194 $ 350 $ - $ 177,544 Federal funds sold 7,665 7,665 - - 7,665 Securities available for sale 492,464 - 492,464 - 492,464 Loans, net 1,247,881 - - 1,256,402 1,256,402 Interest receivable 6,192 - 1,569 4,623 6,192 Financial liabilities Deposits $ 1,696,439 $ 1,384,212 $ 313,159 $ - $ 1,697,371 Securities sold under agreements to repurchase 39,980 - 39,980 - 39,980 Subordinated debt 5,485 - 5,378 - 5,378 Interest payable 272 4 268 - 272 The carrying amounts and estimated fair values of financial instruments at December 31, 2020 were as follows: Carrying Fair Value Measurements at December 31, 2020 Using Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 199,170 $ 198,820 $ 350 $ - $ 199,170 Federal funds sold 11,306 11,306 - - 11,306 Securities available for sale 421,190 - 421,190 - 421,190 Loans, net 1,200,862 - - 1,209,579 1,209,579 Interest receivable 5,991 - 1,301 4,690 5,991 Financial liabilities Deposits $ 1,633,740 $ 1,308,188 $ 327,448 $ - $ 1,635,636 Securities sold under agreements to repurchase 33,827 - 33,827 - 33,827 Subordinated debt 5,475 - 5,366 - 5,366 Interest payable 360 4 356 - 360 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at March 31, 2021 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 266,338 $ - $ 266,338 $ - U. S. agency CMO’s - residential 23,565 - 23,565 - Total mortgage-backed securities of government sponsored agencies 289,903 - 289,903 - U. S. government sponsored agency securities 138,910 - 138,910 - Obligations of states and political subdivisions 58,237 - 58,237 - Other securities 5,414 - 5,414 - Total securities available for sale $ 492,464 $ - $ 492,464 $ - Fair Value Measurements at December 31, 2020 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 327,800 $ - $ 327,800 $ - U. S. agency CMO’s 30,076 - 30,076 - Total mortgage-backed securities of government sponsored agencies 357,876 - 357,876 - U. S. government sponsored agency securities 2,626 - 2,626 - Obligations of states and political subdivisions 55,000 - 55,000 - Other securities 5,688 - 5,688 - Total securities available for sale $ 421,190 $ - $ 421,190 $ - |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis at March 31, 2021 are summarized below: Fair Value Measurements at March 31, 2021 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate Owner occupied $ 201 $ - $ - $ 201 Non-owner occupied 3,120 - - 3,120 Commercial and industrial 123 - - 123 Total impaired loans $ 3,444 $ - $ - $ 3,444 Other real estate owned: Residential real estate $ 128 $ - $ - $ 128 Multifamily real estate 10,843 - - 10,843 Commercial real estate Owner occupied 817 - - 817 Construction and land 400 - - 400 Total OREO $ 12,188 $ - $ - $ 12,188 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2020 are summarized below: Fair Value Measurements at December 31, 2020 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate Owner occupied $ 250 $ - $ - $ 250 Non-owner occupied 1,080 - - 1,080 Commercial and industrial 174 - - 174 Total impaired loans $ 1,504 $ - $ - $ 1,504 Other real estate owned: Residential real estate $ 206 $ - $ - $ 206 Multifamily real estate 10,838 - - 10,838 Commercial real estate Owner occupied 829 - - 829 Construction and land 400 - - 400 Total OREO $ 12,273 $ - $ - $ 12,273 |
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at March 31, 2021 are summarized below: March 31, 2021 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Commercial real estate Owner occupied $ 201 sales comparison adjustment for estimated realizable value 79.0%-79.0% (79.0%) Non-owner occupied 3,120 income approach adjustment for differences in net operating income expectations 19.2%-37.4% (22.7%) Commercial and industrial 123 sales comparison adjustment for estimated realizable value 62.5%-84.4% (66.0%) Total impaired loans $ 3,444 Other real estate owned: Residential real estate $ 128 sales comparison adjustment for estimated realizable value 2.0%-59.8% (28.9%) Multifamily real estate 10,843 income approach adjustment for differences in net operating income expectations 41.9%-70.3% (45.4%) Commercial real estate Owner occupied 817 sales comparison adjustment for estimated realizable value 22.1%-28.5% (26.3%) Construction and land 400 sales comparison adjustment for estimated realizable value 50.3%-98.6% (80.5%) Total OREO $ 12,188 The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2020 are summarized below: December 31, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Commercial real estate Owner occupied $ 250 sales comparison adjustment for estimated realizable value 73.8%-73.8% (73.8%) Non-owner occupied 1,080 income approach adjustment for differences in net operating income expectations 14.7%-37.4% (25.2%) Commercial and industrial 174 sales comparison adjustment for estimated realizable value 50.0%-85.0% (62.0%) Total impaired loans $ 1,504 Other real estate owned: Residential real estate $ 206 sales comparison adjustment for estimated realizable value 0.2%-59.8% (18.1%) Multifamily real estate 10,838 income approach adjustment for differences in net operating income expectations 42.0%-70.4% (45.5%) Commercial real estate Owner occupied 829 sales comparison adjustment for estimated realizable value 22.1%-26.8% (25.2%) Construction and land 400 sales comparison adjustment for estimated realizable value 50.3%-98.6% (80.5%) Total OREO $ 12,273 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||
Total Assets | $ 2,037,788 | $ 1,945,822 | |
Net Income | $ 6,550 | $ 5,368 | |
Citizens Deposit Bank & Trust [Member] | Vanceburg, Kentucky [Member] | |||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||
Year Acquired | 1991 | ||
Total Assets | $ 635,866 | ||
Net Income | $ 1,874 | ||
Premier Bank, Inc. [Member] | Huntington, West Virginia [Member] | |||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||
Year Acquired | 1998 | ||
Total Assets | $ 1,394,858 | ||
Net Income | 5,165 | ||
Parent and Intercompany Eliminations [Member] | |||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||
Total Assets | 7,064 | ||
Net Income | $ (489) |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | $ 485,704 | $ 409,267 |
Unrealized gains | 9,273 | 12,215 |
Unrealized losses | (2,513) | (292) |
Fair value | 492,464 | 421,190 |
U.S. Government Sponsored Agency MBS - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 259,484 | 318,315 |
Unrealized gains | 7,414 | 9,777 |
Unrealized losses | (560) | (292) |
Fair value | 266,338 | 327,800 |
U.S. Government Sponsored Agency CMO's - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 22,869 | 29,264 |
Unrealized gains | 696 | 812 |
Unrealized losses | 0 | 0 |
Fair value | 23,565 | 30,076 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 282,353 | 347,579 |
Unrealized gains | 8,110 | 10,589 |
Unrealized losses | (560) | (292) |
Fair value | 289,903 | 357,876 |
U.S. Government Sponsored Agency Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 140,342 | 2,490 |
Unrealized gains | 121 | 136 |
Unrealized losses | (1,553) | 0 |
Fair value | 138,910 | 2,626 |
Obligations of States and Political Subdivisions [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 57,692 | 53,639 |
Unrealized gains | 945 | 1,361 |
Unrealized losses | (400) | 0 |
Fair value | 58,237 | 55,000 |
Other Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 5,317 | 5,559 |
Unrealized gains | 97 | 129 |
Unrealized losses | 0 | 0 |
Fair value | $ 5,414 | $ 5,688 |
SECURITIES, Contractual Maturit
SECURITIES, Contractual Maturity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | $ 18,208,000 | ||
Due after one year through five years | 24,682,000 | ||
Due after five years through ten years | 146,043,000 | ||
Due after ten years | 14,418,000 | ||
Amortized cost | 485,704,000 | $ 409,267,000 | |
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | 18,340,000 | ||
Due after one year through five years | 25,086,000 | ||
Due after five years through ten years | 144,781,000 | ||
Due after ten years | 14,354,000 | ||
Fair value | 492,464,000 | 421,190,000 | |
Sale of mortgage-backed securities | 25,526,000 | $ 0 | |
Realized gain on sale of mortgage-backed securities | 1,096,000 | $ 0 | |
Mortgage-backed Securities of Government Sponsored Agencies [Member] | |||
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 282,353,000 | ||
Amortized cost | 282,353,000 | 347,579,000 | |
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 289,903,000 | ||
Fair value | 289,903,000 | $ 357,876,000 | |
Sale of mortgage-backed securities | 25,500,000 | ||
Realized gain on sale of mortgage-backed securities | $ 1,096,000 |
SECURITIES, Securities with Unr
SECURITIES, Securities with Unrealized Losses in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | $ 148,774 | $ 58,207 |
12 months or more | 0 | 0 |
Total | 148,774 | 58,207 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (2,513) | (292) |
12 months or more | 0 | 0 |
Total | (2,513) | (292) |
U.S. Government Sponsored Agency Securities [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 66,447 | |
12 months or more | 0 | |
Total | 66,447 | |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (1,553) | |
12 months or more | 0 | |
Total | (1,553) | |
U.S. Government Sponsored Agency MBS - Residential [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 66,994 | 58,207 |
12 months or more | 0 | 0 |
Total | 66,994 | 58,207 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (560) | (292) |
12 months or more | 0 | 0 |
Total | (560) | $ (292) |
Obligations of States and Political Subdivisions [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 15,333 | |
12 months or more | 0 | |
Total | 15,333 | |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (400) | |
12 months or more | 0 | |
Total | $ (400) |
LOANS, Major Classifications of
LOANS, Major Classifications of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Major Classifications of Loans [Abstract] | ||
Loans | $ 1,261,908 | $ 1,214,378 |
Residential Real Estate [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 379,679 | 378,659 |
Multifamily Real Estate [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 33,414 | 37,978 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 174,206 | 164,706 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 332,765 | 329,031 |
Commercial and Industrial [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 87,223 | 90,062 |
SBA PPP [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 98,298 | 61,169 |
Consumer [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 22,005 | 23,984 |
Construction and Land [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 98,794 | 92,648 |
All Other [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | $ 35,524 | $ 36,141 |
LOANS, Activity in Allowance Fo
LOANS, Activity in Allowance For Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | $ 13,516 | $ 13,542 |
Provision (credit) for loan losses | 648 | 1,000 |
Loans charged-off | (177) | (826) |
Recoveries | 40 | 140 |
Balance, end of period | 14,027 | 13,856 |
Residential Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,071 | 1,711 |
Provision (credit) for loan losses | 99 | 216 |
Loans charged-off | (60) | (93) |
Recoveries | 1 | 4 |
Balance, end of period | 2,111 | 1,838 |
Multifamily Real Estate [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 184 | 1,954 |
Provision (credit) for loan losses | (18) | 150 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 166 | 2,104 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,874 | 2,441 |
Provision (credit) for loan losses | 95 | 342 |
Loans charged-off | 0 | (566) |
Recoveries | 1 | 3 |
Balance, end of period | 2,970 | 2,220 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 5,129 | 3,184 |
Provision (credit) for loan losses | 499 | 479 |
Loans charged-off | 0 | (24) |
Recoveries | 0 | 3 |
Balance, end of period | 5,628 | 3,642 |
Commercial and Industrial [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 1,538 | 1,767 |
Provision (credit) for loan losses | (95) | 22 |
Loans charged-off | (63) | 0 |
Recoveries | 5 | 28 |
Balance, end of period | 1,385 | 1,817 |
Consumer [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 226 | 281 |
Provision (credit) for loan losses | 1 | 2 |
Loans charged-off | (26) | (69) |
Recoveries | 4 | 27 |
Balance, end of period | 205 | 241 |
Construction and Land [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 946 | 1,724 |
Provision (credit) for loan losses | 74 | (349) |
Loans charged-off | 0 | 0 |
Recoveries | 2 | 37 |
Balance, end of period | 1,022 | 1,412 |
All Other [Member] | ||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 548 | 480 |
Provision (credit) for loan losses | (7) | 138 |
Loans charged-off | (28) | (74) |
Recoveries | 27 | 38 |
Balance, end of period | $ 540 | $ 582 |
LOANS, Purchased Impaired Loans
LOANS, Purchased Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Purchased loans [Abstract] | |||
Total carrying amount | $ 5,108 | $ 5,964 | |
Contractual principal balance | 8,060 | 9,267 | |
Carrying amount, net of allowance | 5,108 | 5,964 | |
Increase in loan allowance related to acquisitions | 0 | $ 0 | |
Accretable Yield [Roll Forward] | |||
Beginning Balance | 277 | 619 | |
New loans purchased | 0 | 0 | |
Accretion of income | (87) | (36) | |
Loans placed on non-accrual | 0 | (7) | |
Income recognized upon full repayment | (5) | 0 | |
Reclassifications from non-accretable difference | 219 | 0 | |
Disposals | 0 | 0 | |
Ending Balance | 404 | $ 576 | |
Residential Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 2,025 | 2,092 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 680 | 1,012 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 2,006 | 2,357 | |
Commercial and Industrial [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 14 | 16 | |
Consumer [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 8 | 9 | |
Construction and Land [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 337 | 368 | |
All Other [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | $ 38 | $ 110 |
LOANS, Past Due and Non-perform
LOANS, Past Due and Non-performing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | $ 14,958 | $ 12,403 |
Recorded investment in non-accrual loans | 11,964 | 8,996 |
Loans past due over 90 days, still accruing | 909 | 2,332 |
Residential Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 4,506 | 5,144 |
Recorded investment in non-accrual loans | 3,562 | 3,955 |
Loans past due over 90 days, still accruing | 807 | 1,348 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 3,861 | 2,601 |
Recorded investment in non-accrual loans | 3,602 | 2,103 |
Loans past due over 90 days, still accruing | 94 | 7 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 5,367 | 3,305 |
Recorded investment in non-accrual loans | 4,216 | 2,230 |
Loans past due over 90 days, still accruing | 7 | 975 |
Commercial and Industrial [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 1,066 | 1,173 |
Recorded investment in non-accrual loans | 490 | 604 |
Loans past due over 90 days, still accruing | 0 | 0 |
Consumer [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 147 | 168 |
Recorded investment in non-accrual loans | 85 | 94 |
Loans past due over 90 days, still accruing | 1 | 1 |
Construction and Land [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 11 | 12 |
Recorded investment in non-accrual loans | 9 | 10 |
Loans past due over 90 days, still accruing | $ 0 | $ 1 |
LOANS, Past Due Aging Analysis
LOANS, Past Due Aging Analysis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | $ 1,261,908 | $ 1,214,378 |
Total past due | 10,335 | 13,201 |
Loans not past due | 1,251,573 | 1,201,177 |
30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 5,924 | 6,482 |
Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 4,411 | 6,719 |
Residential Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 379,679 | 378,659 |
Total past due | 5,275 | 7,168 |
Loans not past due | 374,404 | 371,491 |
Residential Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 2,763 | 3,978 |
Residential Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 2,512 | 3,190 |
Multifamily Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 33,414 | 37,978 |
Total past due | 0 | 32 |
Loans not past due | 33,414 | 37,946 |
Multifamily Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 32 |
Multifamily Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 174,206 | 164,706 |
Total past due | 2,579 | 2,011 |
Loans not past due | 171,627 | 162,695 |
Commercial Real Estate [Member] | Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 1,999 | 1,197 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 580 | 814 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 332,765 | 329,031 |
Total past due | 1,923 | 3,183 |
Loans not past due | 330,842 | 325,848 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 988 | 987 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 935 | 2,196 |
Commercial and Industrial [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 87,223 | 90,062 |
Total past due | 397 | 551 |
Loans not past due | 86,826 | 89,511 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 30 | 75 |
Commercial and Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 367 | 476 |
SBA PPP [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 98,298 | 61,169 |
Total past due | 0 | 0 |
Loans not past due | 98,298 | 61,169 |
SBA PPP [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 0 |
SBA PPP [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 0 |
Consumer [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 22,005 | 23,984 |
Total past due | 157 | 228 |
Loans not past due | 21,848 | 23,756 |
Consumer [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 144 | 190 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 13 | 38 |
Construction and Land [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 98,794 | 92,648 |
Total past due | 4 | 5 |
Loans not past due | 98,790 | 92,643 |
Construction and Land [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 0 |
Construction and Land [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 4 | 5 |
All Other [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 35,524 | 36,141 |
Total past due | 0 | 23 |
Loans not past due | 35,524 | 36,118 |
All Other [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 0 | 23 |
All Other [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | $ 0 | $ 0 |
LOANS, Allowance for Loan Losse
LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | $ 1,221,000 | $ 999,000 | ||
Collectively evaluated for impairment, allowance for loan losses | 12,806,000 | 12,517,000 | ||
Total allowance for loan losses | 14,027,000 | 13,516,000 | $ 13,856,000 | $ 13,542,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 8,376,000 | 4,429,000 | ||
Collectively evaluated for impairment, loan balances | 1,248,424,000 | 1,203,985,000 | ||
Total loans | 1,261,908,000 | 1,214,378,000 | ||
Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 71,000 | 689,000 | ||
Total loans | 5,108,000 | 5,964,000 | ||
Residential Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 2,111,000 | 2,071,000 | ||
Total allowance for loan losses | 2,111,000 | 2,071,000 | 1,838,000 | 1,711,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 56,000 | 57,000 | ||
Collectively evaluated for impairment, loan balances | 377,598,000 | 376,510,000 | ||
Total loans | 379,679,000 | 378,659,000 | ||
Residential Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 2,025,000 | 2,092,000 | ||
Multifamily Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 166,000 | 184,000 | ||
Total allowance for loan losses | 166,000 | 184,000 | 2,104,000 | 1,954,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 33,414,000 | 37,978,000 | ||
Total loans | 33,414,000 | 37,978,000 | ||
Multifamily Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 0 | 0 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 291,000 | 240,000 | ||
Collectively evaluated for impairment, allowance for loan losses | 2,679,000 | 2,634,000 | ||
Total allowance for loan losses | 2,970,000 | 2,874,000 | 2,220,000 | 2,441,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 3,797,000 | 1,981,000 | ||
Collectively evaluated for impairment, loan balances | 169,729,000 | 161,713,000 | ||
Total loans | 174,206,000 | 164,706,000 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 680,000 | 1,012,000 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 653,000 | 385,000 | ||
Collectively evaluated for impairment, allowance for loan losses | 4,975,000 | 4,744,000 | ||
Total allowance for loan losses | 5,628,000 | 5,129,000 | 3,642,000 | 3,184,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 4,123,000 | 1,843,000 | ||
Collectively evaluated for impairment, loan balances | 326,636,000 | 324,831,000 | ||
Total loans | 332,765,000 | 329,031,000 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 2,006,000 | 2,357,000 | ||
Commercial and Industrial [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 277,000 | 374,000 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,108,000 | 1,164,000 | ||
Total allowance for loan losses | 1,385,000 | 1,538,000 | 1,817,000 | 1,767,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 400,000 | 548,000 | ||
Collectively evaluated for impairment, loan balances | 86,809,000 | 89,498,000 | ||
Total loans | 87,223,000 | 90,062,000 | ||
Commercial and Industrial [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 14,000 | 16,000 | ||
SBA PPP [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 98,298,000 | 61,169,000 | ||
Total loans | 98,298,000 | 61,169,000 | ||
SBA PPP [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 0 | 0 | ||
Consumer [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 205,000 | 226,000 | ||
Total allowance for loan losses | 205,000 | 226,000 | 241,000 | 281,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 21,997,000 | 23,975,000 | ||
Total loans | 22,005,000 | 23,984,000 | ||
Consumer [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 8,000 | 9,000 | ||
Construction and Land [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,022,000 | 946,000 | ||
Total allowance for loan losses | 1,022,000 | 946,000 | 1,412,000 | 1,724,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 98,457,000 | 92,280,000 | ||
Total loans | 98,794,000 | 92,648,000 | ||
Construction and Land [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | 337,000 | 368,000 | ||
All Other [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 540,000 | 548,000 | ||
Total allowance for loan losses | 540,000 | 548,000 | $ 582,000 | $ 480,000 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 35,486,000 | 36,031,000 | ||
Total loans | 35,524,000 | 36,141,000 | ||
All Other [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total loans | $ 38,000 | $ 110,000 |
LOANS, Individually Evaluated F
LOANS, Individually Evaluated For Impairment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | $ 5,548,000 | $ 4,617,000 |
Unpaid principal balance with an allowance recorded | 4,967,000 | 2,725,000 |
Unpaid principal balance, total | 10,515,000 | 7,342,000 |
Recorded investment with no related allowance recorded | 3,782,000 | 2,615,000 |
Recorded investment with an allowance recorded | 4,665,000 | 2,503,000 |
Recorded investment, total | 8,447,000 | 5,118,000 |
Allowance for loan losses allocated | 1,221,000 | 999,000 |
Individually evaluated for impairment, loan balances | 8,376,000 | 4,429,000 |
Acquired with Deteriorated Credit Quality [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Individually evaluated for impairment, loan balances | 71,000 | 689,000 |
Residential Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 172,000 | 175,000 |
Recorded investment with no related allowance recorded | 56,000 | 57,000 |
Individually evaluated for impairment, loan balances | 56,000 | 57,000 |
Multifamily Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Individually evaluated for impairment, loan balances | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 3,547,000 | 2,295,000 |
Unpaid principal balance with an allowance recorded | 508,000 | 506,000 |
Recorded investment with no related allowance recorded | 3,305,000 | 1,815,000 |
Recorded investment with an allowance recorded | 492,000 | 490,000 |
Allowance for loan losses allocated | 291,000 | 240,000 |
Individually evaluated for impairment, loan balances | 3,797,000 | 1,981,000 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 1,320,000 | 1,638,000 |
Unpaid principal balance with an allowance recorded | 4,019,000 | 1,638,000 |
Recorded investment with no related allowance recorded | 421,000 | 743,000 |
Recorded investment with an allowance recorded | 3,773,000 | 1,465,000 |
Allowance for loan losses allocated | 653,000 | 385,000 |
Individually evaluated for impairment, loan balances | 4,123,000 | 1,843,000 |
Commercial and Industrial [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 509,000 | 509,000 |
Unpaid principal balance with an allowance recorded | 440,000 | 581,000 |
Recorded investment with no related allowance recorded | 0 | 0 |
Recorded investment with an allowance recorded | 400,000 | 548,000 |
Allowance for loan losses allocated | 277,000 | 374,000 |
Individually evaluated for impairment, loan balances | 400,000 | 548,000 |
Construction and Land [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Individually evaluated for impairment, loan balances | $ 0 | $ 0 |
LOANS, Average Balance of Loans
LOANS, Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | $ 6,782 | $ 11,697 |
Interest income recognized | 153 | 40 |
Cash basis interest recognized | 153 | 40 |
Residential Real Estate [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 57 | 62 |
Interest income recognized | 0 | 0 |
Cash basis interest recognized | 0 | 0 |
Multifamily Real Estate [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 0 | 3,761 |
Interest income recognized | 0 | 0 |
Cash basis interest recognized | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 3,050 | 2,408 |
Interest income recognized | 152 | 3 |
Cash basis interest recognized | 152 | 3 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 3,201 | 4,362 |
Interest income recognized | 0 | 36 |
Cash basis interest recognized | 0 | 36 |
Commercial and Industrial [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 474 | 726 |
Interest income recognized | 1 | 1 |
Cash basis interest recognized | 1 | 1 |
Construction and Land [Member] | ||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 0 | 378 |
Interest income recognized | 0 | 0 |
Cash basis interest recognized | $ 0 | $ 0 |
LOANS, Troubled Debt Restructur
LOANS, Troubled Debt Restructurings (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)Loan | Mar. 31, 2020USD ($)Loan | Dec. 31, 2020USD ($) | |
Troubled Debt Restructurings [Abstract] | |||
TDR's on Non-accrual | $ 857,000 | $ 875,000 | |
Other TDR's | 404,000 | 398,000 | |
Total TDR's | 1,261,000 | 1,273,000 | |
Specific reserves allocated to loans that have restructured terms | 306,000 | 276,000 | |
Provision for loan losses on restructured loans | 30,000 | $ 203,000 | |
Commitments to lend additional amounts to borrowers | $ 0 | $ 0 | |
New TDR's occurred during the period | Loan | 0 | 0 | |
TDR's with payment defaults within 12 months after modification | $ 0 | $ 0 | |
Residential Real Estate [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
TDR's on Non-accrual | 1,000 | 19,000 | |
Other TDR's | 215,000 | 203,000 | |
Total TDR's | 216,000 | 222,000 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
TDR's on Non-accrual | 0 | 0 | |
Other TDR's | 189,000 | 195,000 | |
Total TDR's | 189,000 | 195,000 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Troubled Debt Restructurings [Abstract] | |||
TDR's on Non-accrual | 856,000 | 856,000 | |
Other TDR's | 0 | 0 | |
Total TDR's | $ 856,000 | $ 856,000 |
LOANS, Loan Modifications under
LOANS, Loan Modifications under CARES Act (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | $ 27,976 | $ 37,646 |
Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 10,575 | 31,932 |
Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 17,401 | 5,714 |
Residential Real Estate [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 898 | |
Residential Real Estate [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 560 | |
Residential Real Estate [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 338 | |
Multifamily Real Estate [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 667 | |
Multifamily Real Estate [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 667 | |
Multifamily Real Estate [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 0 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 6,075 | 10,963 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 967 | 10,567 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 5,108 | 396 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 16,132 | 17,873 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 3,839 | 17,659 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 12,293 | 214 |
Commercial and Industrial [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 898 | |
Commercial and Industrial [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 0 | |
Commercial and Industrial [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 898 | |
Consumer [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 26 | |
Consumer [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 7 | |
Consumer [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 19 | |
Construction and Land [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 5,769 | 6,321 |
Construction and Land [Member] | Modified to Interest Only Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | 5,769 | 2,472 |
Construction and Land [Member] | Modified to Defer Principal and Interest Payment [Member] | ||
Loan Modifications under CARES Act [Abstract] | ||
Remaining loans with some degree of payment modification under the CARES Act | $ 0 | $ 3,849 |
LOANS, Risk Category of Loans b
LOANS, Risk Category of Loans by Class of Loans, Credit Quality Indicators (Details) | Mar. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan |
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 1,261,908,000 | $ 1,214,378,000 |
Loans with Payment Deferrals under CARES Act [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Number of loans that were delinquent or on nonaccrual status | Loan | 0 | 0 |
Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 379,679,000 | $ 378,659,000 |
Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 33,414,000 | 37,978,000 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 174,206,000 | 164,706,000 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 332,765,000 | 329,031,000 |
Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 87,223,000 | 90,062,000 |
SBA PPP [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 98,298,000 | 61,169,000 |
Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 22,005,000 | 23,984,000 |
Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 98,794,000 | 92,648,000 |
All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 35,524,000 | 36,141,000 |
Pass [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,199,714,000 | 1,163,337,000 |
Pass [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 366,902,000 | 365,397,000 |
Pass [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 30,955,000 | 35,412,000 |
Pass [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 165,784,000 | 155,707,000 |
Pass [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 303,662,000 | 312,139,000 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 82,656,000 | 84,948,000 |
Pass [Member] | SBA PPP [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 98,298,000 | 61,169,000 |
Pass [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 21,866,000 | 23,837,000 |
Pass [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 94,093,000 | 88,587,000 |
Pass [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 35,498,000 | 36,141,000 |
Special Mention [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 42,253,000 | 31,889,000 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 2,950,000 | 3,093,000 |
Special Mention [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 2,459,000 | 2,566,000 |
Special Mention [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 4,540,000 | 4,686,000 |
Special Mention [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 24,348,000 | 13,959,000 |
Special Mention [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Loans with Payment Deferrals under CARES Act [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 15,918,000 | $ 3,839,000 |
Number of loans | Loan | 2 | 1 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 3,291,000 | $ 3,747,000 |
Special Mention [Member] | SBA PPP [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 5,000 |
Special Mention [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 4,639,000 | 3,833,000 |
Special Mention [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 26,000 | 0 |
Substandard [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 19,941,000 | 19,152,000 |
Substandard [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 9,827,000 | 10,169,000 |
Substandard [Member] | Residential Real Estate [Member] | Loans with Payment Deferrals under CARES Act [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 38,000 | |
Number of loans | Loan | 1 | |
Substandard [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | $ 0 |
Substandard [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 3,882,000 | 4,313,000 |
Substandard [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 4,755,000 | 2,933,000 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,276,000 | 1,367,000 |
Substandard [Member] | SBA PPP [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 139,000 | 142,000 |
Substandard [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 62,000 | 228,000 |
Substandard [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | SBA PPP [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY AND REGU_3
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2020 | |
Regulatory Matters [Abstract] | ||
Number of previous years retained profit taken for dividend calculation | 2 years | |
Funds available for dividends without prior approval | $ 12.3 | |
Tier 1 capital | $ 197.8 | |
Summary of Regulatory Capital Ratios [Abstract] | ||
Tier 1 Capital to average assets (CBLR), Ratio | 0.1050 | 0.1130 |
Tier 1 Capital to average assets (CBLR), Regulatory Minimum Requirements, Ratio | 0.0850 | |
Tier 1 Capital to average assets (CBLR) To Be Considered Well Capitalized, Ratio | 0.0850 | |
Premier Bank, Inc. [Member] | ||
Summary of Regulatory Capital Ratios [Abstract] | ||
Tier 1 Capital to average assets (CBLR), Ratio | 0.1067 | |
Citizens Deposit Bank & Trust [Member] | ||
Summary of Regulatory Capital Ratios [Abstract] | ||
Tier 1 Capital to average assets (CBLR), Ratio | 0.0844 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases [Abstract] | ||
Weighed average remaining lease term | 8 years 6 months | |
Weighted average discount rate used in measurement of operating lease liabilities | 1.15% | |
Lease Expenses [Abstract] | ||
Short-term lease expense | $ 36,000 | $ 38,000 |
Operating lease expense | 302,000 | 294,000 |
Total lease expense | 338,000 | $ 332,000 |
Future Minimum Rental Commitments under Operating Leases [Abstract] | ||
2021 | 844,000 | |
2022 | 1,069,000 | |
2023 | 805,000 | |
2024 | 680,000 | |
2025 | 681,000 | |
2026 and Thereafter | 2,813,000 | |
Total undiscounted cash flows | 6,892,000 | |
Discounted cash flows | (469,000) | |
Total lease liability | $ 6,423,000 | |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 2 years | |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 16 years |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic earnings per share [Abstract] | ||
Income available to common stockholders | $ 6,550 | $ 5,368 |
Weighted average common shares outstanding (in shares) | 14,696,958 | 14,658,998 |
Earnings per share (in dollars per share) | $ 0.45 | $ 0.37 |
Diluted earnings per share [Abstract] | ||
Income available to common stockholders | $ 6,550 | $ 5,368 |
Weighted average common shares outstanding (in shares) | 14,696,958 | 14,658,998 |
Add dilutive effects of potential additional common stock (in shares) | 88,397 | 67,473 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 14,785,355 | 14,726,471 |
Earnings per share assuming dilution (in dollars per share) | $ 0.44 | $ 0.36 |
Stock Options [Member] | ||
Earnings Per Share [Abstract] | ||
Securities not considered in computing diluted earnings per share (in shares) | 0 | 72,075 |
FAIR VALUE, Carrying Amount and
FAIR VALUE, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets [Abstract] | ||
Securities available for sale | $ 492,464 | $ 421,190 |
FHLB stock | 4,166 | 4,166 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 177,544 | 199,170 |
Federal funds sold | 7,665 | 11,306 |
Securities available for sale | 492,464 | 421,190 |
Loans, net | 1,247,881 | 1,200,862 |
Interest receivable | 6,192 | 5,991 |
Financial liabilities [Abstract] | ||
Deposits | 1,696,439 | 1,633,740 |
Securities sold under agreements to repurchase | 39,980 | 33,827 |
Subordinated debt | 5,485 | 5,475 |
Interest payable | 272 | 360 |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 177,544 | 199,170 |
Federal funds sold | 7,665 | 11,306 |
Securities available for sale | 492,464 | 421,190 |
Loans, net | 1,256,402 | 1,209,579 |
Interest receivable | 6,192 | 5,991 |
Financial liabilities [Abstract] | ||
Deposits | 1,697,371 | 1,635,636 |
Securities sold under agreements to repurchase | 39,980 | 33,827 |
Subordinated debt | 5,378 | 5,366 |
Interest payable | 272 | 360 |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 177,194 | 198,820 |
Federal funds sold | 7,665 | 11,306 |
Securities available for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | 1,384,212 | 1,308,188 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest payable | 4 | 4 |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 350 | 350 |
Federal funds sold | 0 | 0 |
Securities available for sale | 492,464 | 421,190 |
Loans, net | 0 | 0 |
Interest receivable | 1,569 | 1,301 |
Financial liabilities [Abstract] | ||
Deposits | 313,159 | 327,448 |
Securities sold under agreements to repurchase | 39,980 | 33,827 |
Subordinated debt | 5,378 | 5,366 |
Interest payable | 268 | 356 |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans, net | 1,256,402 | 1,209,579 |
Interest receivable | 4,623 | 4,690 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest payable | $ 0 | $ 0 |
FAIR VALUE, Assets and Liabilit
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale [Abstract] | ||
Securities available for sale | $ 492,464 | $ 421,190 |
Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 492,464 | 421,190 |
Fair Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 492,464 | 421,190 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 492,464 | 421,190 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U. S. Agency MBS - Residential [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 266,338 | 327,800 |
U. S. Agency MBS - Residential [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 266,338 | 327,800 |
U. S. Agency MBS - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U. S. Agency MBS - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 266,338 | 327,800 |
U. S. Agency MBS - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U. S. Agency CMO's - Residential [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 23,565 | 30,076 |
U. S. Agency CMO's - Residential [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 23,565 | 30,076 |
U. S. Agency CMO's - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U. S. Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 23,565 | 30,076 |
U. S. Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 289,903 | 357,876 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 289,903 | 357,876 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 289,903 | 357,876 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U.S. Government Sponsored Agency Securities [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 138,910 | 2,626 |
U.S. Government Sponsored Agency Securities [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 138,910 | 2,626 |
U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 138,910 | 2,626 |
U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 58,237 | 55,000 |
Obligations of States and Political Subdivisions [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 58,237 | 55,000 |
Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 58,237 | 55,000 |
Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Other Securities [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 5,414 | 5,688 |
Other Securities [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 5,414 | 5,688 |
Other Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Other Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 5,414 | 5,688 |
Other Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | $ 0 | $ 0 |
FAIR VALUE, Assets and Liabil_2
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Assets [Abstract] | |||
Total impaired loans | $ 3,444,000 | $ 1,504,000 | |
Total OREO | 12,188,000 | 12,273,000 | |
Impaired Loans, Additional Disclosure [Abstract] | |||
Recorded investment in impaired loans carried at fair value | 4,665,000 | 2,503,000 | |
Valuation allowance for impaired loans | 1,221,000 | 999,000 | |
Impaired collateral dependent loans, provision for loan losses | 31,000 | $ 182,000 | |
Other Real Estate Owned, Additional Disclosure [Abstract] | |||
Recorded investment in other real estate owned carried at fair value - gross | 14,229,000 | 14,320,000 | |
Valuation allowance for other real estate owned | 2,041,000 | 2,047,000 | |
Write downs | $ 25,000 | ||
Multifamily Real Estate [Member] | |||
Assets [Abstract] | |||
Total OREO | 10,843,000 | 10,838,000 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 201,000 | 250,000 | |
Total OREO | 817,000 | 829,000 | |
Impaired Loans, Additional Disclosure [Abstract] | |||
Valuation allowance for impaired loans | 291,000 | 240,000 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 3,120,000 | 1,080,000 | |
Impaired Loans, Additional Disclosure [Abstract] | |||
Valuation allowance for impaired loans | 653,000 | 385,000 | |
Residential Real Estate [Member] | |||
Assets [Abstract] | |||
Total OREO | 128,000 | 206,000 | |
Commercial and Industrial [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 123,000 | 174,000 | |
Impaired Loans, Additional Disclosure [Abstract] | |||
Valuation allowance for impaired loans | 277,000 | 374,000 | |
Construction & Land [Member] | |||
Assets [Abstract] | |||
Total OREO | 400,000 | 400,000 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 3,444,000 | 1,504,000 | |
Total OREO | 12,188,000 | 12,273,000 | |
Nonrecurring [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 3,444,000 | 1,504,000 | |
Total OREO | 12,188,000 | 12,273,000 | |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total OREO | 10,843,000 | 10,838,000 | |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total OREO | 10,843,000 | 10,838,000 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 201,000 | 250,000 | |
Total OREO | 817,000 | 829,000 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 201,000 | 250,000 | |
Total OREO | 817,000 | 829,000 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 3,120,000 | 1,080,000 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 3,120,000 | 1,080,000 | |
Nonrecurring [Member] | Residential Real Estate [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Residential Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Residential Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total OREO | 128,000 | 206,000 | |
Nonrecurring [Member] | Residential Real Estate [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total OREO | 128,000 | 206,000 | |
Nonrecurring [Member] | Commercial and Industrial [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Nonrecurring [Member] | Commercial and Industrial [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 0 | 0 | |
Nonrecurring [Member] | Commercial and Industrial [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 123,000 | 174,000 | |
Nonrecurring [Member] | Commercial and Industrial [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total impaired loans | 123,000 | 174,000 | |
Nonrecurring [Member] | Construction & Land [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Construction & Land [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets [Abstract] | |||
Total OREO | 0 | 0 | |
Nonrecurring [Member] | Construction & Land [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets [Abstract] | |||
Total OREO | 400,000 | 400,000 | |
Nonrecurring [Member] | Construction & Land [Member] | Carrying Amount [Member] | |||
Assets [Abstract] | |||
Total OREO | $ 400,000 | $ 400,000 |
FAIR VALUE, Asset Quantitative
FAIR VALUE, Asset Quantitative Information (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 3,444 | $ 1,504 |
Other real estate owned | 12,188 | 12,273 |
Residential Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned | $ 128 | $ 206 |
Other real estate owned, valuation technique [Extensible List] | Sales Comparison [Member] | Sales Comparison [Member] |
Other real estate owned, measurement input [Extensible List] | Adjustment for Estimated Realizable Value [Member] | Adjustment for Estimated Realizable Value [Member] |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.020 | 0.002 |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.598 | 0.598 |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.289 | 0.181 |
Multifamily Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned | $ 10,843 | $ 10,838 |
Other real estate owned, valuation technique [Extensible List] | Income Approach [Member] | Income Approach [Member] |
Other real estate owned, measurement input [Extensible List] | Adjustment for Differences in Net Operating Income Expectations [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.419 | 0.420 |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.703 | 0.704 |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.454 | 0.455 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 201 | $ 250 |
Other real estate owned | $ 817 | $ 829 |
Other real estate owned, valuation technique [Extensible List] | Sales Comparison [Member] | Sales Comparison [Member] |
Other real estate owned, measurement input [Extensible List] | Adjustment for Estimated Realizable Value [Member] | Adjustment for Estimated Realizable Value [Member] |
Commercial Real Estate [Member] | Owner Occupied [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.790 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.790 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.790 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.738 | |
Other real estate owned, unobservable inputs | 0.221 | 0.221 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.738 | |
Other real estate owned, unobservable inputs | 0.285 | 0.268 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.738 | |
Other real estate owned, unobservable inputs | 0.263 | 0.252 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 3,120 | $ 1,080 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.192 | 0.147 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.374 | 0.374 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Income Approach [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.227 | 0.252 |
Commercial and Industrial [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 123 | $ 174 |
Commercial and Industrial [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.625 | 0.500 |
Commercial and Industrial [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.844 | 0.850 |
Commercial and Industrial [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.660 | 0.620 |
Construction and Land [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned | $ 400 | $ 400 |
Other real estate owned, valuation technique [Extensible List] | Sales Comparison [Member] | Sales Comparison [Member] |
Other real estate owned, measurement input [Extensible List] | Adjustment for Estimated Realizable Value [Member] | Adjustment for Estimated Realizable Value [Member] |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.503 | 0.503 |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.986 | 0.986 |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Sales Comparison [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.805 | 0.805 |
MERGER AGREEMENT (Details)
MERGER AGREEMENT (Details) - Peoples Bancorp, Inc. [Member] | Mar. 26, 2021USD ($) |
Merger Agreement [Abstract] | |
Exchange ratio of common stock | 0.58 |
Termination fee | $ 11,000,000 |