Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-28344 | |
Entity Registrant Name | FIRST COMMUNITY CORPORATION | |
Entity Central Index Key | 0000932781 | |
Entity Tax Identification Number | 57-1010751 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 5455 Sunset Boulevard | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29072 | |
City Area Code | (803) | |
Local Phone Number | 951-2265 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,492,908 | |
Entity Information, Former Legal or Registered Name | Not Applicable |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 17,279 | $ 14,951 |
Interest-bearing bank balances | 106,231 | 32,741 |
Investment securities - available-for-sale | 293,472 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 37,587 | 11,155 |
Loans | 844,460 | 737,028 |
Less, allowance for loan losses | 10,113 | 6,627 |
Net loans | 834,347 | 730,401 |
Property, furniture and equipment - net | 34,527 | 35,008 |
Lease right-of-use asset | 3,078 | 3,215 |
Premises held-for-sale | 591 | 591 |
Bank owned life insurance | 28,588 | 28,041 |
Other real estate owned | 1,313 | 1,410 |
Intangible assets | 1,188 | 1,483 |
Goodwill | 14,637 | 14,637 |
Other assets | 6,913 | 7,854 |
Total assets | 1,381,804 | 1,170,279 |
Deposits: | ||
Non-interest bearing | 365,505 | 289,829 |
Interest bearing | 808,046 | 698,372 |
Total deposits | 1,173,551 | 988,201 |
Securities sold under agreements to repurchase | 47,142 | 33,296 |
Federal Home Loan Bank advances | 211 | |
Junior subordinated debentures | 14,964 | 14,964 |
Lease liability | 3,154 | 3,266 |
Other liabilities | 9,749 | 10,147 |
Total liabilities | 1,248,560 | 1,050,085 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding | ||
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,492,908 at September 30, 2020 7,440,026 at December 31, 2019 | 7,493 | 7,440 |
Nonvested restricted stock | (327) | (151) |
Additional paid in capital | 91,270 | 90,488 |
Retained earnings | 23,912 | 19,927 |
Accumulated other comprehensive income | 10,896 | 2,490 |
Total shareholders’ equity | 133,244 | 120,194 |
Total liabilities and shareholders’ equity | $ 1,381,804 | $ 1,170,279 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,492,908 | 7,440,026 |
Common Stock, Shares, Outstanding | 7,492,908 | 7,440,026 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Loans, including fees | $ 9,408 | $ 9,091 | $ 27,254 | $ 26,492 |
Taxable securities | 1,135 | 1,259 | 3,797 | 3,840 |
Non-taxable securities | 390 | 350 | 1,065 | 1,084 |
Other short-term investments | 40 | 158 | 224 | 410 |
Other | 3 | 6 | 12 | 18 |
Total interest income | 10,976 | 10,864 | 32,352 | 31,844 |
Interest expense: | ||||
Deposits | 659 | 1,219 | 2,415 | 3,401 |
Securities sold under agreement to repurchase | 25 | 102 | 166 | 303 |
Other borrowed money | 116 | 190 | 435 | 651 |
Total interest expense | 800 | 1,511 | 3,016 | 4,355 |
Net interest income | 10,176 | 9,353 | 29,336 | 27,489 |
Provision for loan losses | 1,062 | 25 | 3,387 | 139 |
Net interest income after provision for loan losses | 9,114 | 9,328 | 25,949 | 27,350 |
Non-interest income: | ||||
Deposit service charges | 242 | 421 | 851 | 1,212 |
Mortgage banking income | 1,403 | 1,251 | 3,957 | 3,333 |
Investment advisory fees and non-deposit commissions | 672 | 509 | 1,977 | 1,436 |
Gain on sale of securities | 99 | 99 | 135 | |
Gain on sale of other assets | 141 | 147 | (3) | |
Non-recurring bank owned life insurance (BOLI) income | 311 | 311 | ||
Other | 982 | 932 | 2,823 | 2,695 |
Total non-interest income | 3,850 | 3,113 | 10,165 | 8,808 |
Non-interest expense: | ||||
Salaries and employee benefits | 6,087 | 5,465 | 17,580 | 15,845 |
Occupancy | 736 | 703 | 2,058 | 2,005 |
Equipment | 318 | 365 | 934 | 1,140 |
Marketing and public relations | 342 | 159 | 943 | 764 |
FDIC assessment | 137 | (10) | 267 | 135 |
Other real estate expense | 79 | 31 | 154 | 78 |
Amortization of intangibles | 95 | 133 | 295 | 397 |
Other | 1,920 | 1,944 | 5,652 | 5,389 |
Total non-interest expense | 9,714 | 8,790 | 27,883 | 25,753 |
Net income before tax | 3,250 | 3,651 | 8,231 | 10,405 |
Income taxes | 598 | 753 | 1,568 | 2,131 |
Net income | $ 2,652 | $ 2,898 | $ 6,663 | $ 8,274 |
Basic earnings per common share | $ 0.36 | $ 0.39 | $ 0.90 | $ 1.10 |
Diluted earnings per common share | $ 0.35 | $ 0.39 | $ 0.89 | $ 1.08 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Net income | $ 2,652 | $ 2,898 | $ 6,663 | $ 8,274 |
Other comprehensive income: | ||||
Unrealized gain during the period on available-for-sale securities, net of tax expense of $160 and $271, respectively | 602 | 1,232 | 8,484 | 5,677 |
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit of $21 and $0, respectively | (78) | (78) | (106) | |
Other comprehensive income | 524 | 1,232 | 8,406 | 5,571 |
Comprehensive income | $ 3,176 | $ 4,130 | $ 15,069 | $ 13,845 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Unrealized (loss) gain during the period on available-for-sale securities, taxes | $ 160 | $ 271 | $ 2,255 | $ 1,511 |
Reclassification adjustment for loss (gain) included in net income, taxes | $ 21 | $ 0 | $ 21 | $ 29 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Nonvested Restricted Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | Warrant [Member] |
Beginning Balance, Shares at Dec. 31, 2018 | 7,639,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 7,639 | $ 95,048 | $ (149) | $ 12,262 | $ (2,334) | $ 112,497 | $ 31 |
Net Income | 2,495 | 2,495 | |||||
Other comprehensive income net of tax expense of $271 | 2,305 | 2,305 | |||||
Issuance of restricted stock | $ 8 | 162 | (170) | ||||
Issuance of restricted stock, Shares | 8,000 | ||||||
Amortization of compensation on restricted stock | 33 | 33 | |||||
Shares retired | $ (8) | (148) | (156) | ||||
Shares retired, Shares | (8,000) | ||||||
Dividends: Common ($0.11 per share) | (840) | (840) | |||||
Dividend reinvestment plan | $ 5 | 95 | 100 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Mar. 31, 2019 | 7,665,000 | ||||||
Ending Balance at Mar. 31, 2019 | $ 7,665 | 95,150 | (286) | 13,917 | (29) | 116,434 | 17 |
Exercise of warrants | $ 21 | (7) | (14) | ||||
Exercise of warrants, Shares | 21,000 | ||||||
Beginning Balance, Shares at Dec. 31, 2018 | 7,639,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 7,639 | 95,048 | (149) | 12,262 | (2,334) | 112,497 | 31 |
Net Income | 8,274 | 8,274 | |||||
Other comprehensive income net of tax expense of $271 | 5,571 | 5,571 | |||||
Issuance of restricted stock | $ 8 | 162 | (170) | ||||
Issuance of restricted stock, Shares | 8,000 | ||||||
Shares issued-deferred compensation | $ 24 | 241 | 265 | ||||
Issuance of common stock-deferred compensation, Shares | 24,000 | ||||||
Amortization of compensation on restricted stock | 124 | 124 | |||||
Shares retired | $ (8) | (148) | (156) | ||||
Shares retired, Shares | (8,000) | ||||||
Dividends: Common ($0.11 per share) | (2,512) | (2,512) | |||||
Dividend reinvestment plan | $ 20 | 335 | 355 | ||||
Dividend reinvestment plan, Shares | 20,000 | ||||||
Ending Balance, Shares at Sep. 30, 2019 | 7,409,000 | ||||||
Ending Balance at Sep. 30, 2019 | $ 7,409 | 90,292 | (195) | 18,024 | 3,237 | 118,780 | 13 |
Exercise of warrants | $ 26 | (8) | (18) | ||||
Exercise of warrants, Shares | 26,000 | ||||||
Stock repurchase plan | $ (300) | (5,338) | (5,638) | ||||
Stock repurchase plan, Shares | (300,000) | ||||||
Beginning Balance, Shares at Mar. 31, 2019 | 7,665,000 | ||||||
Beginning Balance at Mar. 31, 2019 | $ 7,665 | 95,150 | (286) | 13,917 | (29) | 116,434 | 17 |
Net Income | 2,881 | 2,881 | |||||
Other comprehensive income net of tax expense of $271 | 2,034 | 2,034 | |||||
Shares issued-deferred compensation | $ 24 | 241 | 265 | ||||
Issuance of common stock-deferred compensation, Shares | 24,000 | ||||||
Amortization of compensation on restricted stock | 45 | 45 | |||||
Dividends: Common ($0.11 per share) | (841) | (841) | |||||
Dividend reinvestment plan | $ 5 | 79 | 84 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Jun. 30, 2019 | 7,511,000 | ||||||
Ending Balance at Jun. 30, 2019 | $ 7,511 | 92,242 | (241) | 15,957 | 2,005 | 117,489 | 15 |
Exercise of warrants | $ 2 | (2) | |||||
Exercise of warrants, Shares | 2,000 | ||||||
Stock repurchase plan | $ (185) | (3,228) | (3,413) | ||||
Stock repurchase plan, Shares | (185,000) | ||||||
Net Income | 2,898 | 2,898 | |||||
Other comprehensive income net of tax expense of $271 | 1,232 | 1,232 | |||||
Amortization of compensation on restricted stock | 46 | 46 | |||||
Dividends: Common ($0.11 per share) | (831) | (831) | |||||
Dividend reinvestment plan | $ 10 | 161 | 171 | ||||
Dividend reinvestment plan, Shares | 10,000 | ||||||
Ending Balance, Shares at Sep. 30, 2019 | 7,409,000 | ||||||
Ending Balance at Sep. 30, 2019 | $ 7,409 | 90,292 | (195) | 18,024 | 3,237 | 118,780 | 13 |
Exercise of warrants | $ 3 | (1) | $ (2) | ||||
Exercise of warrants, Shares | 3,000 | ||||||
Stock repurchase plan | $ (115) | (2,110) | (2,225) | ||||
Stock repurchase plan, Shares | (115,000) | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 7,440,000 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 7,440 | 90,488 | (151) | 19,927 | 2,490 | 120,194 | |
Net Income | 1,794 | 1,794 | |||||
Other comprehensive income net of tax expense of $271 | 3,381 | 3,381 | |||||
Issuance of common stock | 4 | 4 | |||||
Issuance of restricted stock | $ 18 | 348 | (366) | ||||
Issuance of restricted stock, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 52 | 52 | |||||
Shares retired | $ (1) | (14) | (15) | ||||
Shares retired, Shares | (1,000) | ||||||
Dividends: Common ($0.11 per share) | (891) | (891) | |||||
Dividend reinvestment plan | $ 5 | 90 | 95 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Mar. 31, 2020 | 7,462,000 | ||||||
Ending Balance at Mar. 31, 2020 | $ 7,462 | 90,916 | (465) | 20,830 | 5,871 | 124,614 | |
Beginning Balance, Shares at Dec. 31, 2019 | 7,440,000 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 7,440 | 90,488 | (151) | 19,927 | 2,490 | 120,194 | |
Net Income | 6,663 | 6,663 | |||||
Other comprehensive income net of tax expense of $271 | 8,406 | 8,406 | |||||
Issuance of common stock | 4 | 4 | |||||
Issuance of restricted stock | $ 18 | 348 | (366) | ||||
Issuance of restricted stock, Shares | 18,000 | ||||||
Shares issued-deferred compensation | $ 18 | 182 | 200 | ||||
Issuance of common stock-deferred compensation, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 190 | 190 | |||||
Shares retired | $ (1) | (14) | (15) | ||||
Shares retired, Shares | (1,000) | ||||||
Dividends: Common ($0.11 per share) | (2,678) | (2,678) | |||||
Dividend reinvestment plan | $ 18 | 262 | 280 | ||||
Dividend reinvestment plan, Shares | 18,000 | ||||||
Ending Balance, Shares at Sep. 30, 2020 | 7,493,000 | ||||||
Ending Balance at Sep. 30, 2020 | $ 7,493 | 91,270 | (327) | 23,912 | 10,896 | 133,244 | |
Beginning Balance, Shares at Mar. 31, 2020 | 7,462,000 | ||||||
Beginning Balance at Mar. 31, 2020 | $ 7,462 | 90,916 | (465) | 20,830 | 5,871 | 124,614 | |
Net Income | 2,217 | 2,217 | |||||
Other comprehensive income net of tax expense of $271 | 4,501 | 4,501 | |||||
Shares issued-deferred compensation | $ 18 | 182 | 200 | ||||
Issuance of common stock-deferred compensation, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 69 | 69 | |||||
Dividends: Common ($0.11 per share) | (892) | (892) | |||||
Dividend reinvestment plan | $ 6 | 86 | 92 | ||||
Dividend reinvestment plan, Shares | 6,000 | ||||||
Ending Balance, Shares at Jun. 30, 2020 | 7,486,000 | ||||||
Ending Balance at Jun. 30, 2020 | $ 7,486 | 91,184 | (396) | 22,155 | 10,372 | 130,801 | |
Net Income | 2,652 | 2,652 | |||||
Other comprehensive income net of tax expense of $271 | 524 | 524 | |||||
Amortization of compensation on restricted stock | 69 | 69 | |||||
Dividends: Common ($0.11 per share) | (895) | (895) | |||||
Dividend reinvestment plan | $ 7 | 86 | 93 | ||||
Dividend reinvestment plan, Shares | 7,000 | ||||||
Ending Balance, Shares at Sep. 30, 2020 | 7,493,000 | ||||||
Ending Balance at Sep. 30, 2020 | $ 7,493 | $ 91,270 | $ (327) | $ 23,912 | $ 10,896 | $ 133,244 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Other Comprehensive Income | $ 139 | $ 1,196 | $ 899 | $ 610 | $ 601 | $ 2,234 | $ 1,482 |
Common Stock Dividend, per Share | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.11 | $ 0.11 | $ 0.36 | $ 0.33 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||||
Net income | $ 2,652 | $ 1,794 | $ 2,898 | $ 2,495 | $ 6,663 | $ 8,274 | |
Adjustments to reconcile net income to net cash used from operating activities: | |||||||
Depreciation | 1,218 | 1,000 | |||||
Net premium amortization | 1,694 | 1,658 | |||||
Provision for loan losses | 1,062 | 25 | 3,387 | 139 | $ 139 | ||
(Gain) Loss on sale of other real estate owned | (147) | 3 | |||||
Write-downs of other real estate owned | 78 | ||||||
Origination of loans held-for-sale | (140,972) | (97,878) | |||||
Sale of loans held-for-sale | 114,540 | 90,326 | |||||
Amortization of intangibles | 95 | 133 | 295 | 397 | |||
Accretion on acquired loans | (230) | (402) | |||||
Gain on sale of securities | (99) | (99) | (135) | ||||
Loss on fair value of equity securities | 2 | ||||||
Decrease in other assets | (1,704) | (3,089) | |||||
(Decrease) Increase in other liabilities | (510) | 2,522 | |||||
Net cash used from operating activities | (15,785) | 2,815 | |||||
Cash flows from investing activities: | |||||||
Purchase of investment securities available-for-sale | (34,059) | (81,977) | |||||
Purchase of other investment securities | (70) | (37) | |||||
Maturity/call of investment securities available-for-sale | 34,429 | 32,199 | |||||
Proceeds from sale of securities available-for-sale | 2,200 | 44,398 | |||||
Proceeds from sale of other securities | |||||||
Increase in loans | (107,163) | (16,322) | |||||
Proceeds from sale of other real estate owned | 227 | 45 | |||||
Proceeds from sale of fixed assets | 301 | ||||||
Purchase of property and equipment | (737) | (2,391) | |||||
Net cash used in investing activities | (105,173) | (23,784) | |||||
Cash flows from financing activities: | |||||||
Increase in deposit accounts | 185,350 | 23,338 | |||||
Increase in securities sold under agreements to repurchase | 13,846 | 6,299 | |||||
Advances from the Federal Home Loan Bank | 34,001 | 65,000 | |||||
Repayment of advances from Federal Home Loan Bank | (34,212) | (65,015) | |||||
Shares retired | (15) | (156) | (15) | (156) | |||
Repurchase of common stock | (5,638) | ||||||
Issuance of deferred compensation shares | 200 | 265 | |||||
Dividends paid: Common Stock | (2,678) | (2,512) | |||||
Proceeds from issuance of Common Stock | 4 | ||||||
Dividend reinvestment plan | 280 | 355 | |||||
Net cash provided from financing activities | 196,776 | 21,936 | |||||
Net increase in cash and cash equivalents | 75,818 | 967 | |||||
Cash and cash equivalents at beginning of period | $ 47,692 | $ 32,268 | 47,692 | 32,268 | 32,268 | ||
Cash and cash equivalents at end of period | $ 123,510 | $ 33,235 | 123,510 | 33,235 | $ 47,692 | ||
Cash paid during the period for: | |||||||
Interest | 3,429 | 4,301 | |||||
Income taxes | 2,688 | 2,060 | |||||
Non-cash investing and financing activities: | |||||||
Unrealized gain on securities | 10,640 | 7,053 | |||||
Recognition of operating lease right of use asset | 3,260 | ||||||
Recognition of operating lease liability | 3,291 | ||||||
Transfer of investment securities held-to-maturity to available-for-sale | 16,144 | ||||||
Transfer of loans to foreclosed property | $ 78 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Note 1— Nature of Business and Basis of Presentation Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”), present fairly in all material respects the Company’s financial position at September 30, 2020 and December 31, 2019, and the Company’s results of operations for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 should be referred to in connection with these unaudited interim financial statements. Risk and Uncertainties The coronavirus (COVID-19) pandemic, which was declared a national emergency in the United States in March 2020, continues to create extensive disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. In particular, the COVID-19 pandemic has severely restricted the level of economic activity in our markets. Federal and state governments have taken, and may continue to take, unprecedented actions to contain the spread of the disease, including quarantines, travel bans, shelter-in-place orders, closures of businesses and schools, fiscal stimulus, and legislation designed to deliver monetary aid and other relief to businesses and individuals impacted by the pandemic. Although in various locations certain activity restrictions have been relaxed and businesses and schools have reopened with some level of success, in many states and localities the number of individuals diagnosed with COVID-19 has increased significantly, which may cause a freezing or, in certain cases, a reversal of previously announced relaxation of activity restrictions and may prompt the need for additional aid and other forms of relief. The impact of the COVID-19 pandemic is fluid and continues to evolve, adversely affecting many of the Bank’s customers. The unprecedented and rapid spread of COVID-19 and its associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities has resulted in less economic activity, significant volatility and disruption in financial markets, and has had an adverse effect on the Company’s business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations is currently uncertain and the timing and pace of recovery will depend on various developments and other factors, including, among others, the duration and scope of the pandemic, as well as governmental, regulatory and private sector responses to the pandemic, and the associated impacts on the economy, financial markets and the Company’s customers, employees and vendors. The Company’s business, financial condition and results of operations generally rely upon the ability of the Bank’s borrowers to repay their loans, the value of collateral underlying the Bank’s secured loans, and demand for loans and other products and services the Bank offers, which are highly dependent on the business environment in the Bank’s primary markets where it operates and in the United States as a whole. Note 1—Nature of Business and Basis of Presentation-continued On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. These reductions in interest rates and the other effects of the COVID-19 pandemic have had, and are expected to continue to have, possibly materially, an adverse effect on the Company’s business, financial condition and results of operations. For instance, the pandemic has had a negative effect on the Bank’s net interest margin, provision for loan losses, and deposit service charges, salaries and benefits, occupancy expense, and equipment expense. Other financial impacts could occur though such potential impact is unknown at this time. As of September 30, 2020, the Bank’s capital ratios were in excess of all regulatory requirements. While management believes that the Company has sufficient capital to withstand an extended economic recession brought about by the COVID-19 pandemic, the Bank’s reported and regulatory capital ratios could be adversely impacted by further credit losses. We believe that we have ample liquidity to meet the needs of our customers and to manage through the COVID-19 pandemic through our low cost deposits; our ability to borrow against approved lines of credit (federal funds purchased) from correspondent banks; and our ability to obtain advances secured by certain securities and loans from the Federal Home Loan Bank. Beginning in March 2020, the Company proactively offered payment deferrals for up to 90 days to its loan customers. We continue to consider potential deferrals with respect to certain customers, which we evaluate on a case-by-case basis. Loans on which payments have been deferred declined to $27.3 million at September 30, 2020 from $175.0 million at June 30, 2020. The $27.3 million in deferrals at September 30, 2020 includes nine loans totaling $11.4 million of remaining initial deferrals of which principal and interest are being deferred, and eight loans totaling $15.9 million of second deferrals of which only principal is being deferred. At its peak, which occurred during the second quarter of 2020, the Company granted payment deferments on loans totaling $206.9 million. As a result of normal payments being resumed by loan customers at the conclusion of their applicable payment deferral period, loans in which payments have been deferred decreased from the peak of $206.9 million to $175.0 million at June 30, 2020, to $27.3 million at September 30, 2020, and to $14.1 million at November 5, 2020. The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic Industry Segments Outstanding % of Loan Avg. Loan Avg. Loan to (Dollars in millions) Loan Balance Portfolio Size Value Hotels $ 30.3 3.5 % $ 2.2 71 % Restaurants $ 22.6 2.6 % $ 0.7 69 % Assisted Living $ 8.8 1.0 % $ 1.8 48 % Retail $ 79.8 9.1 % $ 0.6 57 % |
Earnings Per Common Share and S
Earnings Per Common Share and Share Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share and Share Based Compensation | Note 2— Earnings Per Common Share and Share Based Compensation The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price) . Nine months Three months Ended September 30, Ended September 30, 2020 2019 2020 2019 Numerator (Net income available to common shareholders) $ 6,663 $ 8,274 $ 2,652 $ 2,898 Denominator Weighted average common shares outstanding for: Basic shares 7,440 7,548 7,458 7,386 Dilutive securities: Deferred compensation 24 40 13 39 Warrants/Restricted stock – Treasury stock method 11 42 11 38 Diluted shares 7,475 7,630 7,482 7,463 Earnings per common share: Basic 0.90 1.10 0.36 0.39 Diluted 0.89 1.08 0.35 0.39 The average market price used in calculating assumed number of shares $ 15.87 $ 19.06 $ 13.69 $ 18.95 In the fourth quarter of 2011, we issued $ 2.5 8.75% 107,500 In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock at the time of retirement or resignation from the board of directors. At September 30, 2020 and December 31, 2019, there were 86,589 and 97,104 units in the plan, respectively. 1.0 1.1 The Company has adopted a stock incentive plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At September 30, 2020 and December 31, 2019, the Company had 111,049 96,729 The employee restricted shares and units cliff vest over a three-year period; the non-employee director shares vest one year after issuance. The unrecognized compensation cost at September 30, 2020 and December 31, 2019 for non-vested shares amounts to $ 327.2 219.7 93.3 61.0 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3— Investment Securities The amortized cost and estimated fair values of investment securities AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2020 US Treasury securities $ 1,503 $ 7 $ — $ 1,510 Government Sponsored Enterprises 993 17 — 1,010 Mortgage-backed securities 171,441 7,763 154 179,050 Small Business Administration pools 36,369 922 19 37,272 State and local government 66,101 5,254 — 71,355 Corporate and Other securities 3,273 10 8 3,275 $ 279,680 $ 13,973 $ 181 $ 293,472 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2019 US Treasury securities $ 7,190 $ 16 $ 3 $ 7,203 Government Sponsored Enterprises 984 17 — 1,001 Mortgage-backed securities 182,736 1,490 640 183,586 Small Business Administration pools 45,301 259 217 45,343 State and local government 47,418 2,371 141 49,648 Other securities 19 — — 19 $ 283,648 $ 4,153 $ 1,001 $ 286,800 During the first quarter of 2019, the Company reclassified the portfolio of securities listed as held-to-maturity to available-for-sale. There were no investment securities listed as held-to-maturity as of September 30, 2020. During the nine months ended September 30, 2020 and 2019, the Company received proceeds of $2.2 million and $44.4 million, respectively, from the sale of investment securities available-for-sale. For the nine months ended September 30, 2020, gross realized gains from the sale of investment securities available-for-sale amounted to $ 99.2 354.6 219.6 99.2 At September 30, 2020, other securities available-for-sale included the following at fair value: a mutual fund at $ 6.5 10.0 3.3 2.1 2.0 8.9 10.0 1.1 1.0 991.4 1.0 Note 3—Investment Securities-continued The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss Mortgage-backed securities $ 22,050 $ 103 $ 5,601 $ 51 $ 27,651 $ 154 Small Business Administration pools 1,213 2 3,434 17 4,647 19 State and local government 1,009 — — — 1,009 — Corporate and Other Securities 1,275 8 — — 1,275 8 Total $ 25,547 $ 113 $ 9,035 $ 68 $ 34,582 $ 181 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury securities $ — $ — $ 1,508 $ 3 $ 1,508 $ 3 Mortgage-backed securities 57,175 485 12,419 155 69,594 640 Small Business Administration pools 7,891 53 13,502 164 21,393 217 State and local government 5,695 141 — — 5,695 141 Total $ 70,761 $ 679 $ 27,429 $ 322 $ 98,190 $ 1,001 Government Sponsored Enterprise, Mortgage-Backed Securities: 171.4 182.7 179.1 183.6 Non-agency Mortgage Backed Securities: 61.5 58.6 73.5 73.5 State and Local Governments: Note 3—Investment Securities-continued The following sets forth the amortized cost and fair value of investment securities at September 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. September 30, 2020 Available-for-sale Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 10,573 $ 10,661 Due after one year through five years 131,512 136,138 Due after five years through ten years 116,467 124,866 Due after ten years 21,128 21,807 Total $ 279,680 $ 293,472 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans | Note 4— Loans Loans summarized by category September 30, December 31, September 30, (Dollars in thousands) 2020 2019 2019 Commercial, financial and agricultural $ 108,006 $ 51,805 $ 55,169 Real estate: Construction 89,250 73,512 58,737 Mortgage-residential 49,215 45,357 47,693 Mortgage-commercial 561,932 527,447 534,554 Consumer: Home equity 27,618 28,891 29,103 Other 8,439 10,016 9,818 Total $ 844,460 $ 737,028 $ 735,074 Commercial, financial, and agricultural category includes $ 49.8 Note 4—Loans-continued The detailed activity in the allowance for loan losses and the recorded investment in loans receivable (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended September 30, 2020 Allowance for loan losses: Beginning balance $ 769 $ 165 $ 497 $ 6,469 $ 293 $ 132 $ 611 $ 8,936 Charge-offs — (2 ) — (1 ) — (22 ) — (25 ) Recoveries 118 2 — 4 1 15 — 140 Provision for loan losses (59 ) 12 96 982 36 (2 ) (3 ) 1,062 Ending balance $ 828 $ 177 $ 593 $ 7,454 $ 330 $ 123 $ 608 $ 10,113 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Nine months ended September 30, 2020 Allowance for loan losses: Beginning balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Charge-offs — (2 ) — (1 ) — (70 ) — (73 ) Recoveries 121 2 — 13 2 34 — 172 Provision for loan losses 280 66 226 2,840 88 62 (175 ) 3,387 Ending balance $ 828 $ 177 $ 593 $ 7,454 $ 330 $ 123 $ 608 $ 10,113 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 3 $ — $ — $ — $ 3 Collectively evaluated for impairment 828 177 593 7,451 330 123 608 10,110 September 30, 2020 Loans receivable: Ending balance-total $ 108,006 $ 89,250 $ 49,215 $ 561,932 $ 27,618 $ 8,439 $ — $ 844,460 Ending balances: Individually evaluated for impairment — — 327 2,850 47 — — 3,224 Collectively evaluated for impairment $ 108,006 $ 89,250 $ 48,888 $ 559,082 $ 27,571 $ 8,439 $ — $ 841,236 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended September 30, 2019 Allowance for loan losses: Beginning balance $ 435 $ 77 $ 404 $ 4,458 $ 247 $ 101 $ 640 $ 6,362 Charge-offs (6 ) — — — — (30 ) — (3 ) Recoveries — — — 180 14 15 — 209 Provision for loan losses 30 14 (19 ) (102 ) (20 ) 9 (113 ) 25 Ending balance $ 459 $ 91 $ 385 $ 4,536 $ 241 $ 95 $ 753 $ 6,560 Note 4—Loans-continued Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Nine months ended September 30, 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (8 ) — (7 ) — (1 ) (96 ) — (112 ) Recoveries — — — 221 14 35 — 270 Provision for loan losses 37 2 (39 ) (3 ) (33 ) 68 107 139 Ending balance $ 459 $ 91 $ 385 $ 4,536 $ 241 $ 95 $ 753 $ 6,560 Ending balances: Individually evaluated for impairment $ 4 $ — $ — $ 10 $ — $ — $ — $ 14 Collectively evaluated for impairment 455 91 385 4,526 241 95 753 6,546 September 30, 2019 Loans receivable: Ending balance-total $ 55,169 $ 58,737 $ 47,693 $ 534,554 $ 29,103 $ 9,818 $ — $ 735,074 Ending balances: Individually evaluated for impairment — — 538 3,541 72 — — 4,155 Collectively evaluated for impairment $ 55,165 $ 58,737 $ 47,155 $ 531,013 $ 29,031 $ 9,818 $ — $ 730,919 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total December 31, 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (12 ) — (12 ) — (1 ) (120 ) — (145 ) Recoveries 3 — — 307 15 45 — 370 Provision for loan losses 6 22 (52 ) (23 ) (35 ) 84 137 139 Ending balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 6 $ — $ — $ — $ 6 Collectively evaluated for impairment 427 111 367 4,596 240 97 783 6,621 December 31, 2019 Ending balance-total $ 51,805 $ 73,512 $ 45,357 $ 527,447 $ 28,891 $ 10,016 $ — $ 737,028 Ending balances: Individually evaluated for impairment 400 — 392 3,135 70 — — 3,997 Collectively evaluated for impairment $ 51,405 $ 73,512 $ 44,965 $ 524,312 $ 28,821 $ 10,016 $ — $ 733,031 Related party loans and lines of credit are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions (Dollars in thousands) 2020 2019 Beginning Balance January 1 $ 4,109 $ 5,937 New Loans 86 111 Less loan repayments 775 1,804 Ending Balance September 30 $ 3,420 $ 4,244 The following table presents at September 30, 2020 and December 31, 2019 loans individually evaluated and considered impaired Note 4—Loans-continued (Dollars in thousands) September 30, December 31, 2020 2019 Total loans considered impaired $ 3,224 $ 3,997 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance $ 144 $ 256 Related allowance $ 3 $ 6 Loans considered impaired and previously written down to fair value $ 2,426 $ 2,275 Average impaired loans $ 3,524 $ 4,431 Amount of interest earned during period of impairment $ 85 $ 263 The following tables are by loan category (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2020 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 327 405 — 337 11 323 9 Mortgage-commercial 2,706 5,450 — 3,071 217 3,013 73 Consumer: Home equity 47 51 — 50 2 46 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 144 144 3 200 9 142 2 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 327 405 — 337 11 323 9 Mortgage-commercial 2,850 5,594 3 3,271 226 3,155 75 Consumer: Home equity 47 51 — 50 2 46 1 Other — — — — — — — $ 3,224 6,050 $ 3 $ 3,658 $ 239 $ 3,524 $ 85 Note 4—Loans-continued (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2019 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 538 603 — 594 16 537 12 Mortgage-commercial 3,172 5,867 — 3,259 131 3,092 79 Consumer: Home equity 72 74 — 76 2 71 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural 4 4 4 4 — 4 — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 369 369 10 421 19 326 6 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ 4 $ 4 $ 4 $ 4 $ — $ 4 $ — Real estate: Construction — — — — — — — Mortgage-residential 538 603 — 594 16 537 12 Mortgage-commercial 3,541 6,236 10 3,680 150 3,418 85 Consumer: Home equity 72 74 — 76 2 71 1 Other — — — — — — — $ 4,155 $ 6,917 $ 14 $ 4,354 $ 168 $ 4,030 $ 98 Note 4—Loans-continued (Dollars in thousands) December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ 400 $ 400 $ — $ 600 $ 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 2,879 5,539 — 2,961 170 Consumer: Home Equity 70 73 — 76 2 Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 256 256 6 355 23 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial 400 400 — 600 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 3,135 5,795 6 3,316 193 Consumer: Home Equity 70 73 — 76 2 Other — — — — — $ 3,997 $ 6,728 $ 6 $ 4,431 $ 263 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Special Mention Substandard Note 4—Loans-continued Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as Pass rated loans. As of September 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans (Dollars in thousands) September 30, 2020 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 107,813 $ 193 $ — $ — $ 108,006 Real estate: Construction 89,250 — — — 89,250 Mortgage – residential 48,448 197 570 — 49,215 Mortgage – commercial 554,270 4,466 3,196 — 561,932 Consumer: Home Equity 26,204 98 1,316 — 27,618 Other 8,416 23 — — 8,439 Total $ 834,401 $ 4,977 $ 5,082 $ — $ 844,460 (Dollars in thousands) December 31, 2019 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 51,166 $ 239 $ 400 $ — $ 51,805 Real estate: Construction 73,512 — — — 73,512 Mortgage – residential 44,221 509 627 — 45,357 Mortgage – commercial 521,072 2,996 3,379 — 527,447 Consumer: Home Equity 27,450 1,157 284 — 28,891 Other 9,981 35 — — 10,016 Total $ 727,402 $ 4,936 $ 4,690 $ — $ 737,028 At September 30, 2020 and December 31, 2019, non-accrual loans totaled $1.7 million and $2.3 million, respectively. TDRs that are still accruing and included in impaired loans at September 30, 2020 and at December 31, 2019 amounted to $ 1.6 1.7 Loans greater than 90 days delinquent and still accruing interest were $ 33.7 0.3 Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30 “Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Note 4—Loans-continued A summary of changes in the accretable yield for purchased credit-impaired loans (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 108 $ 138 Additions — — Accretion (7 ) (8 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — — Other changes, net — — Accretable yield, end of period $ 101 $ 130 (Dollars in thousands) Nine Months Nine Months Accretable yield, beginning of period $ 123 $ 153 Additions — — Accretion (22 ) (23 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — — Other changes, net — — Accretable yield, end of period $ 101 $ 130 At September 30, 2020 and December 31, 2019, the recorded investment in purchased impaired loans was $ 110 112 176 190 Note 4—Loans-continued The following tables are by loan category and present loans past due and on non-accrual status (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total September 30, 2020 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 19 $ — $ — $ 1,282 $ 1,301 $ 106,705 $ 108,006 Real estate: Construction 158 — — — 158 89,092 89,250 Mortgage-residential 12 412 34 327 785 48,430 49,215 Mortgage-commercial — — — — — 561,932 561,932 Consumer: Home equity 10 — — 47 57 27,561 27,618 Other 27 — — — 27 8,412 8,439 $ 226 $ 412 $ 34 $ 1,656 $ 2,328 $ 842,132 $ 844,460 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2019 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ — $ 99 $ — $ 400 $ 499 $ 51,306 $ 51,805 Real estate: Construction 113 — — — 113 73,399 73,512 Mortgage-residential 151 — — 392 543 44,814 45,357 Mortgage-commercial 39 — — 1,467 1,506 525,941 527,447 Consumer: Home equity 2 9 — 70 81 28,810 28,891 Other 40 23 — — 63 9,953 10,016 $ 345 $ 131 $ — $ 2,329 $ 2,805 $ 734,223 $ 737,028 The Company identifies TDRs as impaired under the guidance in ASC 310-10-35. There were no loans determined to be TDRs that were restructured during the three-month periods ended September 30, 2020 and September 30, 2019. During the nine-month periods ended September 30, 2020 and September 30, 2019, there were no loans determined to be TDRs in the previous twelve months that had payment defaults. Defaulted loans are those loans that are greater than 89 days past due. In the determination of the allowance for loan losses, all TDRs are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to their corresponding collateral value. All troubled TDR accruing loans that have a loan balance that exceeds the present value of cash flows will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Company will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. In accordance with interagency guidance issued in March 2020, short term deferrals granted due to the COVID-19 pandemic are not considered TDRs unless the borrower was previously experiencing financial difficulty. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 5— Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In February 2016, the FASB amended the Leases topic of the ASC to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments were effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. The Company adopted the guidance using the modified retrospective method and practical expedients for transition. The practical expedients allow the Company to largely account for our existing leases consistent with current guidance except for the incremental balance sheet recognition of leases. The impact of adoption on January 1, 2019 was recording a right-of-use asset and lease liability of $2.9 million. See Note 9 “Leases” to the consolidated financial statements. In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. Early adoption is permitted for all organizations for periods beginning after December 15, 2018. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In January 2017, the FASB amended the Goodwill and Other Topic of the ASC to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections were effective for the Company for reporting periods beginning after December 15, 2019. These amendments did not have a material impact on the Company’s financial statements. In March 2017, the FASB amended the requirements in the Receivables—Nonrefundable Fees and Other Costs Topic of the ASC related to the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for the premium to the earliest call date. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2018 and did not have a material effect on the Company’s financial statements. In July 2018, the FASB amended the Leases Topic of the ASC to make narrow amendments to clarify how to apply certain aspects of the new leases standard. Additionally, amendments were made to give entities another option for transition and to provide lessors with a practical expedient. The amendments were effective for reporting periods beginning after December 15, 2018 and did not have a material effect on the Company’s financial statements. In August 2018, the FASB amended the Fair Value Measurement Topic of the ASC. The amendments remove, modify, and add certain fair value disclosure requirements based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The amendments were effective for all entities, including the Company, for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements. In August 2018, the FASB amended the Intangibles—Goodwill and Other Topic of the ASC to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments were effective for the Company for fiscal years beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements In March 2019, the FASB issued guidance to address concerns companies had raised about an accounting exception they would lose when assessing the fair value of underlying assets under the leases standard and clarify that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new standard. The amendments were effective for the Company for reporting periods beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements. Note 5—Recently Issued Accounting Pronouncements-continued In April 2019, the FASB issued guidance that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement of financial instruments. The amendments related to credit losses were effective for the Company for reporting periods beginning after December 15, 2019. The amendments related to hedging were effective for the Company for interim and annual periods beginning after December 15, 2018. The amendments related to recognition and measurement of financial instruments were effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. These amendments did not have a material impact on the Company’s financial statements. In July 2019, the FASB updated various topics of the ASC to align the guidance in various U.S. Securities and Exchange Commission (the “SEC”) sections of the ASC with the requirements of certain SEC final rules. The amendments were effective upon issuance and did not have a material effect on the Company’s financial statements. In November 2019, the FASB issued guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies applying standards on current expected credit losses (CECL), leases, hedging. The new effective date for CECL will be fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The Company is evaluating the impact that this will have on its financial statements. In November 2019, the FASB issued guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of topics in the ASC. For entities that have not yet adopted the amendments in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years-all other entities. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In December 2019, the FASB issued guidance to simplify accounting for income taxes by removing specific technical exceptions that often produce information investors have a hard time understanding. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In February 2020, the FASB issued guidance to add and amend SEC paragraphs in the ASC to reflect the issuance of SEC Staff Accounting Bulletin No. 119 related to the new credit losses standard and comments by the SEC staff related to the revised effective date of the new leases standard. The amendments were effective upon issuance. These amendments did not have a material impact on the Company’s financial statements. Note 5—Recently Issued Accounting Pronouncements-continued In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the CECL guidance issued in 2016. For public business entities, the amendments were effective upon issuance of the final ASU. For all other entities, the amendments were effective for fiscal years beginning after December 15, 2019, and are effective for interim periods within those fiscal years beginning after December 15, 2020. Early application is permitted. The effective date of the amendments to ASU 2016-01 were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (as defined by the SEC), should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption is permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. For entities that have adopted the guidance in ASU 2016-13, the amendments were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In August 2020, the FASB issued guidance to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The amendments will be effective the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 6— Fair Value of Financial Instruments The Company adopted FASB ASC Fair Value Measurement Topic 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level l Quoted prices in active markets for identical assets or liabilities. Level 2 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 for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. FASB ASC 825-10-50 “Disclosure about Fair Value of Financial Instruments”, requires the Company to disclose estimated fair values for its financial instruments. The Company’s fair value estimates, methods, and assumptions are set forth below. Cash and Short Term Investments— Investment Securities— Loans Held-for-Sale — Loans— Note 6—Fair Value of Financial Instruments-continued Other Real Estate Owned (“OREO”) - Accrued Interest Receivable Deposits - Federal Home Loan Bank Advances - Short Term Borrowings - Junior Subordinated Debentures - Accrued Interest Payable - Commitments to Extend Credit The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 123,510 $ 123,510 $ 123,510 $ — $ — Available-for-sale securities 293,472 293,472 2,280 289,530 1,662 Other investments, at cost 2,053 2,053 — — 2,053 Loans held-for-sale 37,587 37,587 — 37,587 — Net loans receivable 844,460 823,485 — — 823,485 Accrued interest 3,957 3,957 3,957 — — Financial liabilities: Non-interest bearing demand $ 365,505 $ 365,505 $ — $ 365,505 $ — Interest bearing demand deposits and money market accounts 519,653 519,653 — 519,653 — Savings 121,865 121,865 — 121,865 — Time deposits 166,528 167,652 — 167,652 — Total deposits 1,173,551 1,174,675 — 1,174,675 — Short term borrowings 47,142 47,142 — 47,142 — Junior subordinated debentures 14,964 11,445 — 11,445 — Accrued interest payable 757 757 757 — — Note 6—Fair Value of Financial Instruments-continued December 31, 2019 Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 47,692 $ 47,692 $ 47,692 $ — $ — Available-for-sale securities 286,800 286,800 23,632 261,361 1,807 Other investments, at cost 1,992 1,992 — — 1,992 Loans held-for-sale 11,155 11,155 — 11,155 — Net loans receivable 730,401 728,745 — — 728,745 Accrued interest 3,481 3,481 3,481 — — Financial liabilities: Non-interest bearing demand $ 289,829 $ 289,829 $ — $ 289,829 $ — Interest bearing demand deposits and money market accounts 423,256 423,256 — 423,256 — Savings 104,456 104,456 — 104,456 — Time deposits 170,660 171,558 — 171,558 — Total deposits 988,201 989,099 — 989,099 — Federal Home Loan Bank advances 211 211 — 211 — Short term borrowings 33,296 33,296 — 33,296 — Junior subordinated debentures 14,964 13,161 — 13,161 — Accrued interest payable 1,033 1,033 1,033 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2020 or December 31, 2019 that are measured on a recurring basis. (Dollars in thousands) Description September 30, 2020 Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 1,510 $ — $ 1,510 $ — Government sponsored enterprises 1,010 — 1,010 — Mortgage-backed securities 179,050 — 177,594 1,456 Small Business Administration pools 37,272 — 37,066 206 State and local government 71,355 2,280 69,075 — Corporate and other securities 3,275 — 3,275 — Total 293,472 2,280 289,530 1,662 Loans held-for-sale 37,587 — 37,587 — Total $ 331,059 $ 2,280 $ 327,117 $ 1,662 Note 6—Fair Value of Financial Instruments-continued (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 7,203 $ — $ 7,203 $ — Government sponsored enterprises 1,001 — 1,001 — Mortgage-backed securities 183,586 18,435 163,344 1,807 Small Business Administration securities 45,343 — 45,343 — State and local government 49,648 5,188 44,460 — Corporate and other securities 19 9 10 — 286,800 23,632 261,361 1,807 Loans held-for-sale 11,155 — 11,155 — Total $ 297,955 $ 23,632 $ 272,516 $ 1,807 The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the nine months ended September 30, 2020 and September 30, 2019 measured on a recurring basis. (Dollars in thousands) Description September 30, 2020 Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 327 — — 327 Mortgage-commercial 2,847 — — 2,847 Consumer: Home equity 47 — — 47 Other — — — — Total impaired 3,221 — — 3,221 Other real estate owned: Construction 767 — — 767 Mortgage-commercial 546 — — 546 Total other real estate owned 1,313 — — 1,313 Total $ 4,534 $ — $ — $ 4,534 Note 6—Fair Value of Financial Instruments-continued (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 400 $ — $ — $ 400 Real estate: Mortgage-residential 392 — — 392 Mortgage-commercial 3,129 — — 3,129 Consumer: Home equity 70 — — 70 Other — — — — Total impaired 3,991 — — 3,991 Other real estate owned: Construction 826 — — 826 Mortgage-residential 584 — — 584 Total other real estate owned 1,410 — — 1,410 Total $ 5,401 $ — $ — $ 5,401 The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. With respect to less complex or smaller credits, an internal evaluation may be performed. This internal process consists of evaluating the underlying collateral to independently obtained comparable properties. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include, among others, geographic sales trends, the value of comparable surrounding properties and the condition of the property. The aggregate amount of impaired loans was $3.2 million and $4.0 million as of September 30, 2020 and December 31, 2019, respectively. Note 6—Fair Value of Financial Instruments-continued For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,313 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6 16 Impaired loans $ 3,221 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6 16 (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,410 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6 16 Impaired loans $ 3,991 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6 16 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Deposits | Note 7— Deposits The Company’s total deposits are comprised of the following at the dates indicated: September 30, December 31, (Dollars in thousands) 2020 2019 Non-interest bearing demand deposits $ 365,505 $ 289,829 Interest bearing demand deposits and money market accounts 519,653 423,256 Savings 121,865 104,456 Time deposits 166,528 170,660 Total deposits $ 1,173,551 $ 988,201 As of September 30, 2020 and December 31, 2019, the Company had time deposits greater than $250,000 of $ 30.2 32.2 |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | Note 8— Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from the Bank. The following tables present selected financial information for the Company’s reportable business segments for the three and nine months ended September 30, 2020 and September 30, 2019. (Dollars in thousands) Commercial Investment Nine months ended September 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,112 $ 1,240 $ — $ 3,167 $ (3,167 ) $ 32,352 Interest expense 2,588 — — 428 — 3,016 Net interest income $ 28,524 $ 1,240 $ — $ 2,739 $ (3,167 ) $ 29,336 Provision for loan losses 3,387 — — — — 3,387 Noninterest income 4,231 3,957 1,977 — — 10,165 Noninterest expense 22,505 3,628 1,361 389 — 27,883 Net income before taxes $ 6,863 $ 1,569 $ 616 $ 2,350 $ (3,167 ) $ 8,231 Income tax provision (benefit) 1,738 — — (170 ) — 1,568 Net income $ 5,125 $ 1,569 $ 616 $ 2,520 $ (3,167 ) $ 6,663 (Dollars in thousands) Commercial Investment Nine months ended September 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,081 $ 745 $ — $ 6,077 $ (6,059 ) $ 31,844 Interest expense 3,772 — — 583 — 4,355 Net interest income $ 27,309 $ 745 $ — $ 5,494 $ (6,059 ) $ 27,489 Provision for loan losses 139 — — — — 139 Noninterest income 4,039 3,333 1,436 — — 8,808 Noninterest expense 21,416 2,754 1,302 281 — 25,753 Net income before taxes $ 9,793 $ 1,324 $ 134 $ 5,213 $ (6,059 ) $ 10,405 Income tax provision (benefit) 2,330 — — (199 ) — 2,131 Net income $ 7,463 $ 1,324 $ 134 $ 5,412 $ (6,059 ) $ 8,274 Note 8—Reportable Segments-continued (Dollars in thousands) Commercial Investment Three months ended September 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,468 $ 508 $ — $ 1,038 $ (1,038 ) $ 10,976 Interest expense 685 — — 115 — 800 Net interest income $ 9,783 $ 508 $ — $ 923 $ (1,038 ) $ 10,176 Provision for loan losses 1,062 — — — — 1,062 Noninterest income 1,775 1,403 672 — — 3,850 Noninterest expense 7,763 1,353 466 132 — 9,714 Net income before taxes $ 2,733 $ 558 $ 206 $ 791 $ (1,038 ) $ 3,250 Income tax provision (benefit) 649 — — (51 ) — 598 Net income $ 2,084 $ 558 $ 206 $ 842 $ (1,038 ) $ 2,652 (Dollars in thousands) Commercial Investment Three months ended September 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,600 $ 257 $ — $ 3,036 $ (3,029 ) $ 10,864 Interest expense 1,322 — — 189 — 1,511 Net interest income $ 9,278 $ 257 $ — $ 2,847 $ (3,029 ) $ 9,353 Provision for loan losses 25 — — — — 25 Noninterest income 1,353 1,251 509 — — 3,113 Noninterest expense 7,246 999 440 105 — 8,790 Net income before taxes $ 3,360 $ 509 $ 69 $ 2,742 $ (3,029 ) $ 3,651 Income tax provision (benefit) 813 — — (60 ) — 753 Net income $ 2,547 $ 509 $ 69 $ 2,802 $ (3,029 ) $ 2,898 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of September 30, 2020 $ 1,323,796 $ 57,324 $ 1 $ 133,378 $ (132,695 ) $ 1,381,804 Total Assets as of December 31, 2019 $ 1,143,934 $ 25,673 $ 2 $ 132,890 $ (132,220 ) $ 1,170,279 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 9— Leases During the three-month period ended September 30, 2020 and September 30, 2019, the Company made cash payments for operating leases in the amount of $ 73.1 49.3 218.4 147.3 80.8 62.1 242.3 178.8 38.1 17.0 112.9 51.0 15.96 16.76 4.41% Note 9—Leases-continued (Dollars in thousands) Lease Liability Year Cash Expense Reduction 2020 $ 74 $ 35 $ 39 2021 298 133 165 2022 303 126 177 2023 309 118 191 2024 282 110 172 Thereafter 3,200 790 2,410 Total $ 4,466 $ 1,312 $ 3,154 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10— Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and has determined that no subsequent events occurred requiring accrual or that require disclosure and have not been disclosed in the footnotes to our unaudited consolidated financial statements as of September 30, 2020. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic | The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic |
Nature of Business and Basis of Presentation | Industry Segments Outstanding % of Loan Avg. Loan Avg. Loan to (Dollars in millions) Loan Balance Portfolio Size Value Hotels $ 30.3 3.5 % $ 2.2 71 % Restaurants $ 22.6 2.6 % $ 0.7 69 % Assisted Living $ 8.8 1.0 % $ 1.8 48 % Retail $ 79.8 9.1 % $ 0.6 57 % |
Earnings Per Common Share and_2
Earnings Per Common Share and Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | . Nine months Three months Ended September 30, Ended September 30, 2020 2019 2020 2019 Numerator (Net income available to common shareholders) $ 6,663 $ 8,274 $ 2,652 $ 2,898 Denominator Weighted average common shares outstanding for: Basic shares 7,440 7,548 7,458 7,386 Dilutive securities: Deferred compensation 24 40 13 39 Warrants/Restricted stock – Treasury stock method 11 42 11 38 Diluted shares 7,475 7,630 7,482 7,463 Earnings per common share: Basic 0.90 1.10 0.36 0.39 Diluted 0.89 1.08 0.35 0.39 The average market price used in calculating assumed number of shares $ 15.87 $ 19.06 $ 13.69 $ 18.95 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
The amortized cost and estimated fair values of investment securities | The amortized cost and estimated fair values of investment securities |
Investment Securities | AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value September 30, 2020 US Treasury securities $ 1,503 $ 7 $ — $ 1,510 Government Sponsored Enterprises 993 17 — 1,010 Mortgage-backed securities 171,441 7,763 154 179,050 Small Business Administration pools 36,369 922 19 37,272 State and local government 66,101 5,254 — 71,355 Corporate and Other securities 3,273 10 8 3,275 $ 279,680 $ 13,973 $ 181 $ 293,472 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2019 US Treasury securities $ 7,190 $ 16 $ 3 $ 7,203 Government Sponsored Enterprises 984 17 — 1,001 Mortgage-backed securities 182,736 1,490 640 183,586 Small Business Administration pools 45,301 259 217 45,343 State and local government 47,418 2,371 141 49,648 Other securities 19 — — 19 $ 283,648 $ 4,153 $ 1,001 $ 286,800 |
The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position | The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position |
Investment Securities (Details 2) | (Dollars in thousands) Less than 12 months 12 months or more Total September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss Mortgage-backed securities $ 22,050 $ 103 $ 5,601 $ 51 $ 27,651 $ 154 Small Business Administration pools 1,213 2 3,434 17 4,647 19 State and local government 1,009 — — — 1,009 — Corporate and Other Securities 1,275 8 — — 1,275 8 Total $ 25,547 $ 113 $ 9,035 $ 68 $ 34,582 $ 181 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury securities $ — $ — $ 1,508 $ 3 $ 1,508 $ 3 Mortgage-backed securities 57,175 485 12,419 155 69,594 640 Small Business Administration pools 7,891 53 13,502 164 21,393 217 State and local government 5,695 141 — — 5,695 141 Total $ 70,761 $ 679 $ 27,429 $ 322 $ 98,190 $ 1,001 |
The following sets forth the amortized cost and fair value of investment securities at September 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. | The following sets forth the amortized cost and fair value of investment securities at September 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. |
Investment Securities (Details 3) | September 30, 2020 Available-for-sale Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 10,573 $ 10,661 Due after one year through five years 131,512 136,138 Due after five years through ten years 116,467 124,866 Due after ten years 21,128 21,807 Total $ 279,680 $ 293,472 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans summarized by category | Loans summarized by category |
Loans | September 30, December 31, September 30, (Dollars in thousands) 2020 2019 2019 Commercial, financial and agricultural $ 108,006 $ 51,805 $ 55,169 Real estate: Construction 89,250 73,512 58,737 Mortgage-residential 49,215 45,357 47,693 Mortgage-commercial 561,932 527,447 534,554 Consumer: Home equity 27,618 28,891 29,103 Other 8,439 10,016 9,818 Total $ 844,460 $ 737,028 $ 735,074 |
The detailed activity in the allowance for loan losses and the recorded investment in loans receivable | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable |
Loans (Details 2) | (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended September 30, 2020 Allowance for loan losses: Beginning balance $ 769 $ 165 $ 497 $ 6,469 $ 293 $ 132 $ 611 $ 8,936 Charge-offs — (2 ) — (1 ) — (22 ) — (25 ) Recoveries 118 2 — 4 1 15 — 140 Provision for loan losses (59 ) 12 96 982 36 (2 ) (3 ) 1,062 Ending balance $ 828 $ 177 $ 593 $ 7,454 $ 330 $ 123 $ 608 $ 10,113 |
The following table presents related party loan transactions | Related party loans and lines of credit are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions |
Loans (Details 3) | (Dollars in thousands) 2020 2019 Beginning Balance January 1 $ 4,109 $ 5,937 New Loans 86 111 Less loan repayments 775 1,804 Ending Balance September 30 $ 3,420 $ 4,244 |
loans individually evaluated and considered impaired | The following table presents at September 30, 2020 and December 31, 2019 loans individually evaluated and considered impaired Note 4—Loans-continued |
Loans (Details 4) | (Dollars in thousands) September 30, December 31, 2020 2019 Total loans considered impaired $ 3,224 $ 3,997 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance $ 144 $ 256 Related allowance $ 3 $ 6 Loans considered impaired and previously written down to fair value $ 2,426 $ 2,275 Average impaired loans $ 3,524 $ 4,431 Amount of interest earned during period of impairment $ 85 $ 263 |
loan category | The following tables are by loan category |
Loans (Details 5) | (Dollars in thousands) Nine months ended Three months ended Unpaid Average Interest Average Interest September 30, 2020 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 327 405 — 337 11 323 9 Mortgage-commercial 2,706 5,450 — 3,071 217 3,013 73 Consumer: Home equity 47 51 — 50 2 46 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 144 144 3 200 9 142 2 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 327 405 — 337 11 323 9 Mortgage-commercial 2,850 5,594 3 3,271 226 3,155 75 Consumer: Home equity 47 51 — 50 2 46 1 Other — — — — — — — $ 3,224 6,050 $ 3 $ 3,658 $ 239 $ 3,524 $ 85 |
loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as Pass rated loans. As of September 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans |
Loans (Details 6) | (Dollars in thousands) September 30, 2020 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 107,813 $ 193 $ — $ — $ 108,006 Real estate: Construction 89,250 — — — 89,250 Mortgage – residential 48,448 197 570 — 49,215 Mortgage – commercial 554,270 4,466 3,196 — 561,932 Consumer: Home Equity 26,204 98 1,316 — 27,618 Other 8,416 23 — — 8,439 Total $ 834,401 $ 4,977 $ 5,082 $ — $ 844,460 (Dollars in thousands) December 31, 2019 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 51,166 $ 239 $ 400 $ — $ 51,805 Real estate: Construction 73,512 — — — 73,512 Mortgage – residential 44,221 509 627 — 45,357 Mortgage – commercial 521,072 2,996 3,379 — 527,447 Consumer: Home Equity 27,450 1,157 284 — 28,891 Other 9,981 35 — — 10,016 Total $ 727,402 $ 4,936 $ 4,690 $ — $ 737,028 |
summary of changes in the accretable yield for purchased credit-impaired loans | A summary of changes in the accretable yield for purchased credit-impaired loans |
Loans (Details 7) | (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 108 $ 138 Additions — — Accretion (7 ) (8 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — — Other changes, net — — Accretable yield, end of period $ 101 $ 130 |
loan category and present loans past due and on non-accrual status | The following tables are by loan category and present loans past due and on non-accrual status |
Loans (Details 8) | (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total September 30, 2020 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 19 $ — $ — $ 1,282 $ 1,301 $ 106,705 $ 108,006 Real estate: Construction 158 — — — 158 89,092 89,250 Mortgage-residential 12 412 34 327 785 48,430 49,215 Mortgage-commercial — — — — — 561,932 561,932 Consumer: Home equity 10 — — 47 57 27,561 27,618 Other 27 — — — 27 8,412 8,439 $ 226 $ 412 $ 34 $ 1,656 $ 2,328 $ 842,132 $ 844,460 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2019 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ — $ 99 $ — $ 400 $ 499 $ 51,306 $ 51,805 Real estate: Construction 113 — — — 113 73,399 73,512 Mortgage-residential 151 — — 392 543 44,814 45,357 Mortgage-commercial 39 — — 1,467 1,506 525,941 527,447 Consumer: Home equity 2 9 — 70 81 28,810 28,891 Other 40 23 — — 63 9,953 10,016 $ 345 $ 131 $ — $ 2,329 $ 2,805 $ 734,223 $ 737,028 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2020 and December 31, 2019 are as follows: | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2020 and December 31, 2019 are as follows: |
Fair Value of Financial Instruments | September 30, 2020 Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 123,510 $ 123,510 $ 123,510 $ — $ — Available-for-sale securities 293,472 293,472 2,280 289,530 1,662 Other investments, at cost 2,053 2,053 — — 2,053 Loans held-for-sale 37,587 37,587 — 37,587 — Net loans receivable 844,460 823,485 — — 823,485 Accrued interest 3,957 3,957 3,957 — — Financial liabilities: Non-interest bearing demand $ 365,505 $ 365,505 $ — $ 365,505 $ — Interest bearing demand deposits and money market accounts 519,653 519,653 — 519,653 — Savings 121,865 121,865 — 121,865 — Time deposits 166,528 167,652 — 167,652 — Total deposits 1,173,551 1,174,675 — 1,174,675 — Short term borrowings 47,142 47,142 — 47,142 — Junior subordinated debentures 14,964 11,445 — 11,445 — Accrued interest payable 757 757 757 — — |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2020 or December 31, 2019 that are measured on a recurring basis. | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2020 or December 31, 2019 that are measured on a recurring basis. (Dollars in thousands) |
Fair Value of Financial Instruments (Details 2) | Description September 30, 2020 Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 1,510 $ — $ 1,510 $ — Government sponsored enterprises 1,010 — 1,010 — Mortgage-backed securities 179,050 — 177,594 1,456 Small Business Administration pools 37,272 — 37,066 206 State and local government 71,355 2,280 69,075 — Corporate and other securities 3,275 — 3,275 — Total 293,472 2,280 289,530 1,662 Loans held-for-sale 37,587 — 37,587 — Total $ 331,059 $ 2,280 $ 327,117 $ 1,662 |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the nine months ended September 30, 2020 and September 30, 2019 measured on a recurring basis. | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the nine months ended September 30, 2020 and September 30, 2019 measured on a recurring basis. |
Fair Value of Financial Instruments (Details 3) | (Dollars in thousands) Description September 30, 2020 Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 327 — — 327 Mortgage-commercial 2,847 — — 2,847 Consumer: Home equity 47 — — 47 Other — — — — Total impaired 3,221 — — 3,221 Other real estate owned: Construction 767 — — 767 Mortgage-commercial 546 — — 546 Total other real estate owned 1,313 — — 1,313 Total $ 4,534 $ — $ — $ 4,534 |
For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: |
Fair Value of Financial Instruments (Details 4) | (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,313 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6 16 Impaired loans $ 3,221 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6 16 (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,410 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6 16 Impaired loans $ 3,991 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6 16 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
The Company’s total deposits are comprised of the following at the dates indicated: | The Company’s total deposits are comprised of the following at the dates indicated: |
Deposits | September 30, December 31, (Dollars in thousands) 2020 2019 Non-interest bearing demand deposits $ 365,505 $ 289,829 Interest bearing demand deposits and money market accounts 519,653 423,256 Savings 121,865 104,456 Time deposits 166,528 170,660 Total deposits $ 1,173,551 $ 988,201 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
The following tables present selected financial information for the Company’s reportable business segments for the three and nine months ended September 30, 2020 and September 30, 2019. | The following tables present selected financial information for the Company’s reportable business segments for the three and nine months ended September 30, 2020 and September 30, 2019. |
Reportable Segment | (Dollars in thousands) Commercial Investment Nine months ended September 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,112 $ 1,240 $ — $ 3,167 $ (3,167 ) $ 32,352 Interest expense 2,588 — — 428 — 3,016 Net interest income $ 28,524 $ 1,240 $ — $ 2,739 $ (3,167 ) $ 29,336 Provision for loan losses 3,387 — — — — 3,387 Noninterest income 4,231 3,957 1,977 — — 10,165 Noninterest expense 22,505 3,628 1,361 389 — 27,883 Net income before taxes $ 6,863 $ 1,569 $ 616 $ 2,350 $ (3,167 ) $ 8,231 Income tax provision (benefit) 1,738 — — (170 ) — 1,568 Net income $ 5,125 $ 1,569 $ 616 $ 2,520 $ (3,167 ) $ 6,663 (Dollars in thousands) Commercial Investment Nine months ended September 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 31,081 $ 745 $ — $ 6,077 $ (6,059 ) $ 31,844 Interest expense 3,772 — — 583 — 4,355 Net interest income $ 27,309 $ 745 $ — $ 5,494 $ (6,059 ) $ 27,489 Provision for loan losses 139 — — — — 139 Noninterest income 4,039 3,333 1,436 — — 8,808 Noninterest expense 21,416 2,754 1,302 281 — 25,753 Net income before taxes $ 9,793 $ 1,324 $ 134 $ 5,213 $ (6,059 ) $ 10,405 Income tax provision (benefit) 2,330 — — (199 ) — 2,131 Net income $ 7,463 $ 1,324 $ 134 $ 5,412 $ (6,059 ) $ 8,274 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | |
Leases | (Dollars in thousands) Lease Liability Year Cash Expense Reduction 2020 $ 74 $ 35 $ 39 2021 298 133 165 2022 303 126 177 2023 309 118 191 2024 282 110 172 Thereafter 3,200 790 2,410 Total $ 4,466 $ 1,312 $ 3,154 |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 844,460 | $ 737,028 | $ 735,074 |
Payment Deferral [Member] | Hotels [member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 30,300 | ||
Percentage of Loan Portfolio | 3.50% | ||
Average Loan size | $ 2,200 | ||
Average Loan to Value | 71.00% | ||
Payment Deferral [Member] | Restaurants [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 22,600 | ||
Percentage of Loan Portfolio | 2.60% | ||
Average Loan size | $ 700 | ||
Average Loan to Value | 69.00% | ||
Payment Deferral [Member] | Assisted Living [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 8,800 | ||
Percentage of Loan Portfolio | 1.00% | ||
Average Loan size | $ 1,800 | ||
Average Loan to Value | 48.00% | ||
Payment Deferral [Member] | Retail [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 79,800 | ||
Percentage of Loan Portfolio | 9.10% | ||
Average Loan size | $ 600 | ||
Average Loan to Value | 57.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Numerator (Net income available to common shareholders) | $ 2,652 | $ 2,898 | $ 6,663 | $ 8,274 |
Weighted average common shares outstanding for: | ||||
Basic shares | 7,458,000 | 7,386,000 | 7,440,000 | 7,548,000 |
Dilutive securities: | ||||
Deferred compensation | 13,000 | 39,000 | 24,000 | 40,000 |
Warrants/Restricted stock – Treasury stock method | 11,000 | 38,000 | 11,000 | 42,000 |
Diluted shares | 7,482,000 | 7,463,000 | 7,475,000 | 7,630,000 |
Basic | $ 0.36 | $ 0.39 | $ 0.90 | $ 1.10 |
Diluted | 0.35 | 0.39 | 0.89 | 1.08 |
The average market price used in calculating assumed number of shares | $ 13.69 | $ 18.95 | $ 15.87 | $ 19.06 |
Earnings Per Common Share and_3
Earnings Per Common Share and Share Based Compensation (Details Narrative) - USD ($) $ in Thousands | Dec. 16, 2011 | Sep. 30, 2020 | Dec. 31, 2019 |
Earnings Per Share [Abstract] | |||
Subordinated Notes Issued | $ 2,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Warrants issued (in shares) | 107,500 | ||
Deferred Compensation Arrangements, Overall, Description | At September 30, 2020 and December 31, 2019, there were 86,589 and 97,104 units in the plan, respectively. | ||
Deferred Compensation Liability | $ 1,000 | $ 1,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 111,049 | 96,729 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 327,200 | $ 219,700 | |
Related Compensation Cost Accrued over Vesting Period | $ 93,300 | $ 61,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 279,680 | $ 283,648 |
Gross Unrealized Gains | 13,973 | 4,153 |
Gross Unrealized Losses | 181 | 1,001 |
Fair Value | 293,472 | 286,800 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,503 | 7,190 |
Gross Unrealized Gains | 7 | 16 |
Gross Unrealized Losses | 0 | 3 |
Fair Value | 1,510 | 7,203 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 993 | 984 |
Gross Unrealized Gains | 17 | 17 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,010 | 1,001 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 171,441 | 182,736 |
Gross Unrealized Gains | 7,763 | 1,490 |
Gross Unrealized Losses | 154 | 640 |
Fair Value | 179,050 | 183,586 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 36,369 | 45,301 |
Gross Unrealized Gains | 922 | 259 |
Gross Unrealized Losses | 19 | 217 |
Fair Value | 37,272 | 45,343 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 66,101 | 47,418 |
Gross Unrealized Gains | 5,254 | 2,371 |
Gross Unrealized Losses | 0 | 141 |
Fair Value | 71,355 | 49,648 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 3,273 | 19 |
Gross Unrealized Gains | 10 | 0 |
Gross Unrealized Losses | 8 | 0 |
Fair Value | $ 3,275 | $ 19 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 25,547 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 113 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,035 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 68 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 34,582 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 181 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22,050 | $ 57,175 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 103 | 485 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,601 | 12,419 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 51 | 155 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,651 | 69,594 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 154 | 640 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,213 | 7,891 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 53 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,434 | 13,502 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 17 | 164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,647 | 21,393 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 19 | 217 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,009 | 5,695 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 141 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,009 | 5,695 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 141 | |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,275 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,275 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 8 | |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,508 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,508 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3 |
Investment Securities (Detail_2
Investment Securities (Details 3) $ in Thousands | Sep. 30, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $ 10,573 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 10,661 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 131,512 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 136,138 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 116,467 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 124,866 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 21,128 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 21,807 |
Debt Securities, Available-for-sale, Amortized Cost | 279,680 |
Debt Securities, Available-for-sale | $ 293,472 |
Investment Securities (Detail_3
Investment Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | ||||
Gross Realized Gains | $ 99,200 | $ 99,200 | $ 354,600 | |
Gross Realized Losses | $ 219,600 | |||
Fair Value | 293,472 | 293,472 | ||
Federal Home Loan Bank Stock | 1,100 | 1,100 | $ 991,400 | |
Mutual Funds [Member] | ||||
Marketable Securities [Line Items] | ||||
Gross Realized Gains | 2,000 | |||
Gross Realized Losses | 2,100 | |||
Fair Value | 6,500 | 6,500 | 8,900 | |
Debt Security, Corporate, Non-US [Member] | ||||
Marketable Securities [Line Items] | ||||
Fair Value | 10,000 | 10,000 | 10,000 | |
Corporate Debt Securities [Member] | ||||
Marketable Securities [Line Items] | ||||
Fair Value | 3,300 | 3,300 | ||
Corporate Bond Securities [Member] | ||||
Marketable Securities [Line Items] | ||||
Federal Home Loan Bank Stock | 1,000 | 1,000 | 1,000 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Marketable Securities [Line Items] | ||||
Amortized Cost | 171,400 | 171,400 | 182,700 | |
Security Pledged Fair Value | 179,100 | 179,100 | 183,600 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Marketable Securities [Line Items] | ||||
Amortized Cost | 61,500 | 61,500 | 73,500 | |
Security Pledged Fair Value | $ 58,600 | $ 58,600 | $ 73,500 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 844,460 | $ 737,028 | $ 735,074 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 108,006 | 51,805 | 55,169 |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 89,250 | 73,512 | 58,737 |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 49,215 | 45,357 | 47,693 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 561,932 | 527,447 | 534,554 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,618 | 28,891 | 29,103 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 8,439 | $ 10,016 | $ 9,818 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | $ 8,936 | $ 6,362 | $ 6,627 | $ 6,263 | $ 6,263 |
Charge-offs | (25) | (3) | (73) | (112) | (145) |
Recoveries | 140 | 209 | 172 | 270 | 370 |
Provision for loan losses | 1,062 | 25 | 3,387 | 139 | 139 |
Ending balance December 31, 2019 | 10,113 | 6,560 | 10,113 | 6,560 | 6,627 |
Individually evaluated for impairment | 3 | 14 | 3 | 14 | 6 |
Collectively evaluated for impairment | 10,110 | 6,546 | 10,110 | 6,546 | 6,621 |
Ending balance-total | 844,460 | 735,074 | 844,460 | 735,074 | 737,028 |
Individually evaluated for impairment | 3,224 | 4,155 | 3,224 | 4,155 | 3,997 |
Collectively evaluated for impairment | 841,236 | 730,919 | 841,236 | 730,919 | 733,031 |
Commercial, Financial And Agricultural Loan [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 769 | 435 | 427 | 430 | 430 |
Charge-offs | (6) | (8) | (12) | ||
Recoveries | 118 | 121 | 3 | ||
Provision for loan losses | (59) | 30 | 280 | 37 | 6 |
Ending balance December 31, 2019 | 828 | 459 | 828 | 459 | 427 |
Individually evaluated for impairment | 4 | 4 | |||
Collectively evaluated for impairment | 828 | 455 | 828 | 455 | 427 |
Ending balance-total | 108,006 | 55,169 | 108,006 | 55,169 | 51,805 |
Individually evaluated for impairment | 400 | ||||
Collectively evaluated for impairment | 108,006 | 55,165 | 108,006 | 55,165 | 51,405 |
Construction Loans [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 165 | 77 | 111 | 89 | 89 |
Charge-offs | (2) | (2) | |||
Recoveries | 2 | 2 | |||
Provision for loan losses | 12 | 14 | 66 | 2 | 22 |
Ending balance December 31, 2019 | 177 | 91 | 177 | 91 | 111 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 177 | 91 | 177 | 91 | 111 |
Ending balance-total | 89,250 | 58,737 | 89,250 | 58,737 | 73,512 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 89,250 | 58,737 | 89,250 | 58,737 | 73,512 |
Residential Mortgage [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 497 | 404 | 367 | 431 | 431 |
Charge-offs | (7) | (12) | |||
Recoveries | |||||
Provision for loan losses | 96 | (19) | 226 | (39) | (52) |
Ending balance December 31, 2019 | 593 | 385 | 593 | 385 | 367 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 593 | 385 | 593 | 385 | 367 |
Ending balance-total | 49,215 | 47,693 | 49,215 | 47,693 | 45,357 |
Individually evaluated for impairment | 327 | 538 | 327 | 538 | 392 |
Collectively evaluated for impairment | 48,888 | 47,155 | 48,888 | 47,155 | 44,965 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 6,469 | 4,458 | 4,602 | 4,318 | 4,318 |
Charge-offs | (1) | (1) | |||
Recoveries | 4 | 180 | 13 | 221 | 307 |
Provision for loan losses | 982 | (102) | 2,840 | (3) | (23) |
Ending balance December 31, 2019 | 7,454 | 4,536 | 7,454 | 4,536 | 4,602 |
Individually evaluated for impairment | 3 | 10 | 3 | 10 | 6 |
Collectively evaluated for impairment | 7,451 | 4,526 | 7,451 | 4,526 | 4,596 |
Ending balance-total | 561,932 | 534,554 | 561,932 | 534,554 | 527,447 |
Individually evaluated for impairment | 2,850 | 3,541 | 2,850 | 3,541 | 3,135 |
Collectively evaluated for impairment | 559,082 | 531,013 | 559,082 | 531,013 | 524,312 |
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 293 | 247 | 240 | 261 | 261 |
Charge-offs | (1) | (1) | |||
Recoveries | 1 | 14 | 2 | 14 | 15 |
Provision for loan losses | 36 | (20) | 88 | (33) | (35) |
Ending balance December 31, 2019 | 330 | 241 | 330 | 241 | 240 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 330 | 241 | 330 | 241 | 240 |
Ending balance-total | 27,618 | 29,103 | 27,618 | 29,103 | 28,891 |
Individually evaluated for impairment | 47 | 72 | 47 | 72 | 70 |
Collectively evaluated for impairment | 27,571 | 29,031 | 27,571 | 29,031 | 28,821 |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 132 | 101 | 97 | 88 | 88 |
Charge-offs | (22) | (30) | (70) | (96) | (120) |
Recoveries | 15 | 15 | 34 | 35 | 45 |
Provision for loan losses | (2) | 9 | 62 | 68 | 84 |
Ending balance December 31, 2019 | 123 | 95 | 123 | 95 | 97 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 123 | 95 | 123 | 95 | 97 |
Ending balance-total | 8,439 | 9,818 | 8,439 | 9,818 | 10,016 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 8,439 | 9,818 | 8,439 | 9,818 | 10,016 |
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 611 | 640 | 783 | 646 | 646 |
Charge-offs | |||||
Recoveries | |||||
Provision for loan losses | (3) | (113) | (175) | 107 | 137 |
Ending balance December 31, 2019 | 608 | 753 | 608 | 753 | 783 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 608 | 753 | 608 | 753 | 783 |
Ending balance-total | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||
Beginning Balance January 1 | $ 4,109 | $ 5,937 |
New Loans | 86 | 111 |
Less loan repayments | 775 | 1,804 |
Ending Balance September 30 | $ 3,420 | $ 4,244 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | |
Receivables [Abstract] | |||||||
Total loans considered impaired | $ 3,224 | $ 4,155 | $ 3,224 | $ 4,155 | $ 3,997 | ||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||
Outstanding loan balance | 144 | 144 | 256 | ||||
Related allowance | 3 | 14 | 3 | 14 | 6 | ||
Loans considered impaired and previously written down to fair value | 2,426 | 2,426 | 2,275 | ||||
Impaired Financing Receivable, Average Recorded Investment | 3,524 | $ 4,030 | 3,658 | 4,354 | 4,431 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 85 | $ 98 | $ 239 | $ 168 | $ 263 | $ 263 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | $ 2,426 | $ 2,426 | $ 2,275 | ||||
Recorded Investment, with allowance | 144 | 144 | 256 | ||||
Related Allowance | 3 | $ 14 | 3 | $ 14 | 6 | ||
Recorded Investment | 3,224 | 4,155 | 3,224 | 4,155 | 3,997 | ||
Unpaid Principal Balance | 6,050 | 6,917 | 6,050 | 6,917 | 6,728 | ||
Average Recorded Investment | 3,524 | 4,030 | 3,658 | 4,354 | 4,431 | ||
Interest Income Recognized | 85 | $ 98 | 239 | 168 | $ 263 | 263 | |
Commercial, Financial And Agricultural Loan [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 400 | ||||||
Unpaid Principal Balance, with no Allowance | 400 | ||||||
Average Recorded Investment, with no Allownace | 600 | ||||||
Interest Income Recognized, with no allownace | 49 | ||||||
Recorded Investment, with allowance | 4 | 4 | |||||
Unpaid Principal Balance, with allowance | 4 | 4 | |||||
Related Allowance | 4 | 4 | |||||
Average Recorded Investment, with Allownace | 4 | 4 | |||||
Interest Income Recognized, with allownace | |||||||
Recorded Investment | 4 | 4 | 400 | ||||
Unpaid Principal Balance | 4 | 4 | 400 | ||||
Average Recorded Investment | 4 | 4 | 600 | ||||
Interest Income Recognized | 49 | ||||||
Construction Loans [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | |||||||
Unpaid Principal Balance, with no Allowance | |||||||
Average Recorded Investment, with no Allownace | |||||||
Interest Income Recognized, with no allownace | |||||||
Recorded Investment, with allowance | |||||||
Unpaid Principal Balance, with allowance | |||||||
Related Allowance | |||||||
Average Recorded Investment, with Allownace | |||||||
Interest Income Recognized, with allownace | |||||||
Recorded Investment | |||||||
Unpaid Principal Balance | |||||||
Average Recorded Investment | |||||||
Interest Income Recognized | |||||||
Residential Mortgage [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 327 | 538 | 327 | 538 | 392 | ||
Unpaid Principal Balance, with no Allowance | 405 | 603 | 405 | 603 | 460 | ||
Average Recorded Investment, with no Allownace | 323 | 537 | 337 | 594 | 439 | ||
Interest Income Recognized, with no allownace | 9 | 12 | 11 | 16 | 19 | ||
Recorded Investment, with allowance | |||||||
Unpaid Principal Balance, with allowance | |||||||
Related Allowance | |||||||
Average Recorded Investment, with Allownace | |||||||
Interest Income Recognized, with allownace | |||||||
Recorded Investment | 327 | 538 | 327 | 538 | 392 | ||
Unpaid Principal Balance | 405 | 603 | 405 | 603 | 460 | ||
Average Recorded Investment | 323 | 537 | 337 | 594 | 439 | ||
Interest Income Recognized | 9 | 12 | 11 | 16 | 19 | ||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 2,706 | 3,172 | 2,706 | 3,172 | 2,879 | ||
Unpaid Principal Balance, with no Allowance | 5,450 | 5,867 | 5,450 | 5,867 | 5,539 | ||
Average Recorded Investment, with no Allownace | 3,013 | 3,092 | 3,071 | 3,259 | 2,961 | ||
Interest Income Recognized, with no allownace | 73 | 79 | 217 | 131 | 170 | ||
Recorded Investment, with allowance | 144 | 369 | 144 | 369 | 256 | ||
Unpaid Principal Balance, with allowance | 144 | 369 | 144 | 369 | 256 | ||
Related Allowance | 3 | 10 | 3 | 10 | 6 | ||
Average Recorded Investment, with Allownace | 142 | 326 | 200 | 421 | 355 | ||
Interest Income Recognized, with allownace | 2 | 6 | 9 | 19 | 23 | ||
Recorded Investment | 2,850 | 3,541 | 2,850 | 3,541 | 3,135 | ||
Unpaid Principal Balance | 5,594 | 6,236 | 5,594 | 6,236 | 5,795 | ||
Average Recorded Investment | 3,155 | 3,418 | 3,271 | 3,680 | 3,316 | ||
Interest Income Recognized | 75 | 85 | 226 | 150 | 193 | ||
Home Equity Line of Credit [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 47 | 72 | 47 | 72 | 70 | ||
Unpaid Principal Balance, with no Allowance | 51 | 74 | 51 | 74 | 73 | ||
Average Recorded Investment, with no Allownace | 46 | 71 | 50 | 76 | 76 | ||
Interest Income Recognized, with no allownace | 1 | 1 | 2 | 2 | 2 | ||
Recorded Investment, with allowance | |||||||
Unpaid Principal Balance, with allowance | |||||||
Related Allowance | |||||||
Average Recorded Investment, with Allownace | |||||||
Interest Income Recognized, with allownace | |||||||
Recorded Investment | 47 | 72 | 47 | 72 | 70 | ||
Unpaid Principal Balance | 51 | 74 | 51 | 74 | 73 | ||
Average Recorded Investment | 46 | 71 | 50 | 76 | 76 | ||
Interest Income Recognized | 1 | 1 | 2 | 2 | 2 | ||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | |||||||
Unpaid Principal Balance, with no Allowance | |||||||
Average Recorded Investment, with no Allownace | |||||||
Interest Income Recognized, with no allownace | |||||||
Recorded Investment, with allowance | |||||||
Unpaid Principal Balance, with allowance | |||||||
Related Allowance | |||||||
Average Recorded Investment, with Allownace | |||||||
Interest Income Recognized, with allownace | |||||||
Recorded Investment | |||||||
Unpaid Principal Balance | |||||||
Average Recorded Investment | |||||||
Interest Income Recognized |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 844,460 | $ 737,028 | $ 735,074 |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 834,401 | 727,402 | |
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,977 | 4,936 | |
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,082 | 4,690 | |
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 108,006 | 51,805 | 55,169 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 107,813 | 51,166 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 193 | 239 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 400 | ||
Commercial, Financial And Agricultural Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 89,250 | 73,512 | 58,737 |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 89,250 | 73,512 | |
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 49,215 | 45,357 | 47,693 |
Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 48,448 | 44,221 | |
Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 197 | 509 | |
Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 570 | 627 | |
Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 561,932 | 527,447 | 534,554 |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 554,270 | 521,072 | |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,466 | 2,996 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,196 | 3,379 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,618 | 28,891 | 29,103 |
Home Equity Line of Credit [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 26,204 | 27,450 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 98 | 1,157 | |
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,316 | 284 | |
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,439 | 10,016 | $ 9,818 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,416 | 9,981 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 23 | 35 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||||
Accretable yield, beginning of period | $ 108 | $ 138 | $ 123 | $ 153 |
Additions | ||||
Accretion | (7) | (8) | (22) | (23) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | ||||
Other changes, net | ||||
Accretable yield, end of period | $ 101 | $ 130 | $ 101 | $ 130 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 1,656 | $ 2,329 | |
Financing Receivable, Past Due | 2,328 | 2,805 | |
Financing Receivable, Not Past Due | 842,132 | 734,223 | |
Loans | 844,460 | 737,028 | $ 735,074 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 226 | 345 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 412 | 131 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 34 | ||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 1,282 | 400 | |
Financing Receivable, Past Due | 1,301 | 499 | |
Financing Receivable, Not Past Due | 106,705 | 51,306 | |
Loans | 108,006 | 51,805 | 55,169 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 19 | ||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 99 | ||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | |||
Financing Receivable, Past Due | 158 | 113 | |
Financing Receivable, Not Past Due | 89,092 | 73,399 | |
Loans | 89,250 | 73,512 | 58,737 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 158 | 113 | |
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 327 | 392 | |
Financing Receivable, Past Due | 785 | 543 | |
Financing Receivable, Not Past Due | 48,430 | 44,814 | |
Loans | 49,215 | 45,357 | 47,693 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 12 | 151 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 412 | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 34 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 1,467 | ||
Financing Receivable, Past Due | 1,506 | ||
Financing Receivable, Not Past Due | 561,932 | 525,941 | |
Loans | 561,932 | 527,447 | 534,554 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 39 | ||
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 47 | 70 | |
Financing Receivable, Past Due | 57 | 81 | |
Financing Receivable, Not Past Due | 27,561 | 28,810 | |
Loans | 27,618 | 28,891 | 29,103 |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 10 | 2 | |
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9 | ||
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | |||
Financing Receivable, Past Due | 27 | 63 | |
Financing Receivable, Not Past Due | 8,412 | 9,953 | |
Loans | 8,439 | 10,016 | $ 9,818 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | 40 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 23 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 844,460,000 | $ 737,028,000 | $ 735,074,000 |
Troubled debt restructurings | 1,600,000 | 1,700,000 | |
Loans greater than ninety days delinquent and still accruing interest | 33,700,000 | 300,000 | |
Recorded investment in purchased impaired loans | 110,000 | 112,000 | |
Unpaid Principal Balance in Purchased Impaired Loans | 176,000 | 190,000 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 108,006,000 | $ 51,805,000 | $ 55,169,000 |
Commercial, Financial And Agricultural Loan [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 49,800,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Available-for-sale securities | $ 293,472 | $ 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Financial liabilities: | ||
Non-interest bearing demand | 365,505 | 289,829 |
Interest bearing demand deposits and money market accounts | 519,653 | 423,256 |
Savings | 121,865 | 104,456 |
Time deposits | 166,528 | 170,660 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 123,510 | 47,692 |
Available-for-sale securities | 2,280 | 23,632 |
Other investments, at cost | ||
Loans held-for-sale | ||
Net loans receivable | ||
Accrued interest | 3,957 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | 757 | 1,033 |
Federal Home Loan Bank advances | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 289,530 | 261,361 |
Other investments, at cost | ||
Loans held-for-sale | 37,587 | 11,155 |
Net loans receivable | ||
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 365,505 | 289,829 |
Interest bearing demand deposits and money market accounts | 519,653 | 423,256 |
Savings | 121,865 | 104,456 |
Time deposits | 167,652 | 171,558 |
Total deposits | 1,174,675 | 989,099 |
Short term borrowings | 47,142 | 33,296 |
Junior subordinated debentures | 11,445 | 13,161 |
Accrued interest payable | ||
Federal Home Loan Bank advances | 211 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 1,662 | 1,807 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | ||
Net loans receivable | 823,485 | 728,745 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | ||
Federal Home Loan Bank advances | ||
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 123,510 | 47,692 |
Available-for-sale securities | 293,472 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 37,587 | 11,155 |
Net loans receivable | 844,460 | 730,401 |
Accrued interest | 3,957 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | 365,505 | 289,829 |
Interest bearing demand deposits and money market accounts | 519,653 | 423,256 |
Savings | 121,865 | 104,456 |
Time deposits | 166,528 | 170,660 |
Total deposits | 1,173,551 | 988,201 |
Short term borrowings | 47,142 | 33,296 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 757 | 1,033 |
Federal Home Loan Bank advances | 211 | |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 123,510 | 47,692 |
Available-for-sale securities | 293,472 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 37,587 | 11,155 |
Net loans receivable | 823,485 | 728,745 |
Accrued interest | 3,957 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | 365,505 | 289,829 |
Interest bearing demand deposits and money market accounts | 519,653 | 423,256 |
Savings | 121,865 | 104,456 |
Time deposits | 167,652 | 171,558 |
Total deposits | 1,174,675 | 989,099 |
Short term borrowings | 47,142 | 33,296 |
Junior subordinated debentures | 11,445 | 13,161 |
Accrued interest payable | $ 757 | 1,033 |
Federal Home Loan Bank advances | $ 211 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 293,472 | $ 286,800 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 37,587 | 11,155 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,280 | 23,632 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 289,530 | 261,361 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,662 | 1,807 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,510 | 7,203 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,010 | 1,001 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 37,272 | 45,343 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 71,355 | 49,648 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,275 | 19 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,280 | 23,632 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | ||
Total Available for sale securities and Loans held for Sale | 2,280 | 23,632 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 289,530 | 261,361 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 37,587 | 11,155 |
Total Available for sale securities and Loans held for Sale | 327,117 | 272,516 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,662 | 1,807 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | ||
Total Available for sale securities and Loans held for Sale | 1,662 | 1,807 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,510 | 7,203 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,010 | 1,001 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18,435 | |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 177,594 | 163,344 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,456 | 1,807 |
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 37,066 | 45,343 |
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 206 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,280 | 5,188 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 69,075 | 44,460 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 9 | |
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,275 | 10 |
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 293,472 | 286,800 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 293,472 | 286,800 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 37,587 | 11,155 |
Total Available for sale securities and Loans held for Sale | 331,059 | 297,955 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,510 | 7,203 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,010 | 1,001 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 179,050 | 183,586 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 37,272 | 45,343 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 71,355 | 49,648 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 3,275 | $ 19 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 3,224 | $ 3,997 | $ 4,155 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,313 | 1,410 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 400 | 4 | |
Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 327 | 392 | 538 |
Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,850 | 3,135 | 3,541 |
Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 47 | 70 | 72 |
Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Assets, Fair Value Disclosure | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Assets, Fair Value Disclosure | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 3,221 | 3,991 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,313 | 1,410 | |
Assets, Fair Value Disclosure | 4,534 | 5,401 | |
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 400 | ||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 327 | 392 | |
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,847 | 3,129 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 546 | 584 | |
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 47 | 70 | |
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 767 | 826 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 3,221 | 3,991 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,313 | 1,410 | |
Assets, Fair Value Disclosure | 4,534 | 5,401 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 400 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 327 | 392 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 2,847 | 3,129 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 546 | 584 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 47 | 70 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 767 | $ 826 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Details 4) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 1,313 | $ 1,410 | |
Impaired Financing Receivable, Recorded Investment | 3,224 | 3,997 | $ 4,155 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,313 | $ 1,410 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 3,221 | $ 3,991 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 6.00% | 6.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 16.00% | 16.00% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Non-interest bearing demand deposits | $ 365,505 | $ 289,829 |
Interest bearing demand deposits and money market accounts | 519,653 | 423,256 |
Savings | 121,865 | 104,456 |
Time deposits | 166,528 | 170,660 |
Total deposits | $ 1,173,551 | $ 988,201 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Time deposits FDIC insurance limit of $250 thousand | $ 30,200 | $ 32,200 |
Reportable Segment (Details)
Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | $ 10,976 | $ 10,864 | $ 32,352 | $ 31,844 | |||||
Interest expense | 800 | 1,511 | 3,016 | 4,355 | |||||
Net interest income | 10,176 | 9,353 | 29,336 | 27,489 | |||||
Provision for loan losses | 1,062 | 25 | 3,387 | 139 | $ 139 | ||||
Noninterest income | 3,850 | 3,113 | 10,165 | 8,808 | |||||
Noninterest expense | 9,714 | 8,790 | 27,883 | 25,753 | |||||
Net income before taxes | 3,250 | 3,651 | 8,231 | 10,405 | |||||
Income tax provision (benefit) | 598 | 753 | 1,568 | 2,131 | |||||
Net income | 2,652 | $ 2,217 | $ 1,794 | 2,898 | $ 2,881 | $ 2,495 | 6,663 | 8,274 | |
Assets | 1,381,804 | 1,381,804 | 1,170,279 | ||||||
Investment Advisory And Non-Deposit [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | 10,468 | 10,600 | 31,112 | 31,081 | |||||
Interest expense | 685 | 1,322 | 2,588 | 3,772 | |||||
Net interest income | 9,783 | 9,278 | 28,524 | 27,309 | |||||
Provision for loan losses | 1,062 | 25 | 3,387 | 139 | |||||
Noninterest income | 1,775 | 1,353 | 4,231 | 4,039 | |||||
Noninterest expense | 7,763 | 7,246 | 22,505 | 21,416 | |||||
Net income before taxes | 2,733 | 3,360 | 6,863 | 9,793 | |||||
Income tax provision (benefit) | 649 | 813 | 1,738 | 2,330 | |||||
Net income | 2,084 | 2,547 | 5,125 | 7,463 | |||||
Assets | 1,323,796 | 1,323,796 | 1,143,934 | ||||||
Mortgage Banking [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | 508 | 257 | 1,240 | 745 | |||||
Interest expense | |||||||||
Net interest income | 508 | 257 | 1,240 | 745 | |||||
Provision for loan losses | |||||||||
Noninterest income | 1,403 | 1,251 | 3,957 | 3,333 | |||||
Noninterest expense | 1,353 | 999 | 3,628 | 2,754 | |||||
Net income before taxes | 558 | 509 | 1,569 | 1,324 | |||||
Income tax provision (benefit) | |||||||||
Net income | 558 | 509 | 1,569 | 1,324 | |||||
Assets | 57,324 | 57,324 | 25,673 | ||||||
Investment Advisory And Non-Deposit [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | |||||||||
Interest expense | |||||||||
Net interest income | |||||||||
Provision for loan losses | |||||||||
Noninterest income | 672 | 509 | 1,977 | 1,436 | |||||
Noninterest expense | 466 | 440 | 1,361 | 1,302 | |||||
Net income before taxes | 206 | 69 | 616 | 134 | |||||
Income tax provision (benefit) | |||||||||
Net income | 206 | 69 | 616 | 134 | |||||
Assets | 1 | 1 | 2 | ||||||
Corporate Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | 1,038 | 3,036 | 3,167 | 6,077 | |||||
Interest expense | 115 | 189 | 428 | 583 | |||||
Net interest income | 923 | 2,847 | 2,739 | 5,494 | |||||
Provision for loan losses | |||||||||
Noninterest income | |||||||||
Noninterest expense | 132 | 105 | 389 | 281 | |||||
Net income before taxes | 791 | 2,742 | 2,350 | 5,213 | |||||
Income tax provision (benefit) | (51) | (60) | (170) | (199) | |||||
Net income | 842 | 2,802 | 2,520 | 5,412 | |||||
Assets | 133,378 | 133,378 | 132,890 | ||||||
Consolidation, Eliminations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividend and Interest Income | (1,038) | (3,029) | (3,167) | (6,059) | |||||
Interest expense | |||||||||
Net interest income | (1,038) | (3,029) | (3,167) | (6,059) | |||||
Provision for loan losses | |||||||||
Noninterest income | |||||||||
Noninterest expense | |||||||||
Net income before taxes | (1,038) | (3,029) | (3,167) | (6,059) | |||||
Income tax provision (benefit) | |||||||||
Net income | (1,038) | $ (3,029) | (3,167) | $ (6,059) | |||||
Assets | $ (132,695) | $ (132,695) | $ (132,220) |
Leases (Details)
Leases (Details) $ in Thousands | Sep. 30, 2020USD ($) |
2020 | $ 74 |
2021 | 298 |
2022 | 303 |
2023 | 309 |
2024 | 282 |
Thereafter | 3,200 |
Total | 4,466 |
Lease Expense [Member] | |
2020 | 35 |
2021 | 133 |
2022 | 126 |
2023 | 118 |
2024 | 110 |
Thereafter | 790 |
Total | 1,312 |
Liability Reduction [Member] | |
2020 | 39 |
2021 | 165 |
2022 | 177 |
2023 | 191 |
2024 | 172 |
Thereafter | 2,410 |
Total | $ 3,154 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Payments | $ 73,100 | $ 49,300 | $ 218,400 | $ 147,300 |
Operating Lease, Expense | 80,800 | 62,100 | 242,300 | 178,800 |
Operating Lease liability reduced | $ 38,100 | $ 17,000 | $ 112,900 | $ 51,000 |
Operating Lease, Weighted Average Remaining Lease Term | 15 years 11 months 15 days | 16 years 9 months 3 days | 15 years 11 months 15 days | 16 years 9 months 3 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.41% | 4.41% | 4.41% | 4.41% |