Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SMARTFINANCIAL INC. | |
Entity Central Index Key | 0001038773 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SMBK | |
Entity Common Stock, Shares Outstanding | 13,951,590 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 47,667,920 | $ 40,015,438 |
Interest-bearing deposits at other financial institutions | 85,326,515 | 75,807,021 |
Total cash and cash equivalents | 132,994,435 | 115,822,459 |
Securities available-for-sale, at fair value | 198,272,685 | 201,687,683 |
Restricted investments, at cost | 12,397,950 | 11,499,000 |
Loans, net of allowance for loan losses of $8,704,413 at March 31, 2019 and $8,275,055 at December 31, 2018 | 1,831,864,834 | 1,768,963,569 |
Bank premises and equipment, net | 56,582,528 | 56,012,184 |
Foreclosed assets | 2,066,263 | 2,495,458 |
Goodwill and core deposit intangible, net | 78,690,076 | 79,033,607 |
Cash surrender value of life insurance | 24,539,512 | 24,381,485 |
Other assets | 16,572,478 | 14,513,890 |
Total assets | 2,353,980,761 | 2,274,409,335 |
Deposits: | ||
Noninterest-bearing demand deposits | 329,095,443 | 319,861,237 |
Interest-bearing demand deposits | 331,628,819 | 311,482,434 |
Money market and savings deposits | 698,430,851 | 641,944,880 |
Time deposits | 635,175,084 | 648,675,440 |
Total deposits | 1,994,330,197 | 1,921,963,991 |
Securities sold under agreement to repurchase | 7,069,668 | 11,755,923 |
Federal Home Loan Bank advances and other borrowings | 8,604,917 | 11,242,533 |
Subordinated debt | 39,198,068 | 39,176,947 |
Accrued expenses and other liabilities | 14,297,108 | 7,258,460 |
Total liabilities | 2,063,499,958 | 1,991,397,854 |
Shareholders' equity: | ||
Preferred stock - $1 par value; 2,000,000 shares authorized; None issued and outstanding as of March 31, 2019 and December 31, 2018 | 0 | 0 |
Common stock - $1 par value; 40,000,000 shares authorized; 13,951,590 and 13,933,504 shares issued and outstanding in 2019 and 2018, respectively | 13,951,590 | 13,933,504 |
Additional paid-in capital | 232,240,747 | 231,851,730 |
Retained earnings | 44,722,239 | 39,990,990 |
Accumulated other comprehensive loss | (433,773) | (2,764,743) |
Total shareholders' equity | 290,480,803 | 283,011,481 |
Total liabilities and shareholders' equity | $ 2,353,980,761 | $ 2,274,409,335 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 8,704,413 | $ 8,275,055 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 13,951,590 | 13,933,504 |
Common stock, shares outstanding (in shares) | 13,951,590 | 13,933,504 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST INCOME | ||
Loans, including fees | $ 24,974,939 | $ 18,227,880 |
Securities and interest-bearing deposits at other financial institutions | 1,787,632 | 1,049,356 |
Federal funds sold and other earning assets | 179,964 | 100,818 |
Total interest income | 26,942,535 | 19,378,054 |
INTEREST EXPENSE | ||
Deposits | 5,250,501 | 2,401,462 |
Securities sold under agreements to repurchase | 7,788 | 12,496 |
Subordinated debt | 583,621 | 0 |
Federal Home Loan Bank advances and other borrowings | 103,385 | 152,775 |
Total interest expense | 5,945,295 | 2,566,733 |
Net interest income before provision for loan losses | 20,997,240 | 16,811,321 |
Provision for loan losses | 797,129 | 688,796 |
Net interest income after provision for loan losses | 20,200,111 | 16,122,525 |
NONINTEREST INCOME | ||
Customer service fees | 654,000 | 578,003 |
Gain on sale of loans and other assets | 281,903 | 325,345 |
Interchange and debit card transaction fees | 174,912 | 145,536 |
Other noninterest income | 587,355 | 406,308 |
Total noninterest income | 1,698,170 | 1,455,192 |
NONINTEREST EXPENSES | ||
Salaries and employee benefits | 8,398,191 | 7,176,344 |
Net occupancy and equipment expense | 1,640,126 | 1,533,413 |
FDIC insurance | 178,832 | 101,804 |
Foreclosed assets | 61,918 | 189,427 |
Advertising | 295,237 | 184,476 |
Data processing | 614,858 | 526,308 |
Professional services | 796,856 | 898,360 |
Amortization of intangible assets | 343,531 | 187,757 |
Software as service contracts | 567,296 | 478,607 |
Merger expenses | 923,141 | 497,740 |
Other operating expenses | 1,759,512 | 1,448,255 |
Total noninterest expenses | 15,579,498 | 13,222,491 |
Income before income tax expense | 6,318,783 | 4,355,226 |
Income tax expense | 1,587,534 | 940,455 |
Net income available to common shareholders | $ 4,731,249 | $ 3,414,771 |
EARNINGS PER COMMON SHARE | ||
Basic (in dollars per share) | $ 0.34 | $ 0.30 |
Diluted (in dollars per share) | $ 0.34 | $ 0.30 |
Weighted average common shares outstanding | ||
Basic (in shares) | 13,942,016 | 11,210,836 |
Diluted (in shares) | 14,018,163 | 11,319,694 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income available to common shareholders | $ 4,731,249 | $ 3,414,771 |
Other comprehensive loss, net of tax: | ||
Unrealized holding gains (losses) on securities arising during the period, net of tax expense (benefit) of $700,014 and $(445,994) in 2019 and 2018, respectively | 2,330,970 | (1,371,394) |
Total other comprehensive income (loss) | 2,330,970 | (1,371,394) |
Comprehensive income | $ 7,062,219 | $ 2,043,377 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gains arising during the period, tax expense (benefit) | $ 700,014 | $ (445,994) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2017 | $ 205,851,840 | $ 11,152,561 | $ 174,008,753 | $ 21,888,575 | $ (1,198,049) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,414,771 | 3,414,771 | |||
Other comprehensive income (loss) | (1,371,394) | (1,371,394) | |||
Exercise of stock options | 950,521 | 81,245 | 869,276 | ||
Stock compensation expense | 103,177 | 103,177 | |||
BALANCE at Mar. 31, 2018 | 208,948,915 | 11,233,806 | 174,981,206 | 25,303,346 | (2,569,443) |
BALANCE at Dec. 31, 2018 | 283,011,481 | 13,933,504 | 231,851,730 | 39,990,990 | (2,764,743) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,731,249 | 4,731,249 | |||
Other comprehensive income (loss) | 2,330,970 | 2,330,970 | |||
Issuance of stock grants and restricted stock | 64,707 | 3,298 | 61,409 | ||
Exercise of stock options | 199,007 | 14,788 | 184,219 | ||
Stock compensation expense | 143,389 | 143,389 | |||
BALANCE at Mar. 31, 2019 | $ 290,480,803 | $ 13,951,590 | $ 232,240,747 | $ 44,722,239 | $ (433,773) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 4,731,249 | $ 3,414,771 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | (560,383) | (645,364) | |
Provision for loan losses | 797,129 | 688,796 | $ 2,936,000 |
Stock compensation expense | 143,389 | 103,177 | |
Deferred income tax expense | 1,038,865 | 1,315,696 | |
Income on bank owned life insurance | (158,027) | (150,066) | |
Loss on disposal of fixed assets | 6,961 | 40,956 | |
Net gains from sale of loans and other assets | (281,903) | (325,345) | |
Net losses from sale of foreclosed assets | 25,558 | 146,540 | |
Loans originated for sale | (16,804,564) | (10,213,891) | |
Proceeds from sale of loans originated for sale | 16,061,157 | 11,217,169 | |
Changes in other assets and liabilities: | |||
Accrued interest receivable | (1,092,865) | (352,171) | |
Accrued interest payable | 747,512 | 21,507 | |
Other assets and liabilities | 3,040,906 | (2,618,866) | |
Net cash provided by operating activities | 7,694,984 | 2,642,909 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from sales, maturities, and paydowns of securities available-for-sale | 8,172,785 | 5,007,826 | |
Purchase of securities available-for-sale | (1,053,710) | (11,239,649) | |
Purchase of restricted investments | (898,950) | (1,377,600) | |
Loan originations and principal collections, net | (61,010,912) | (50,058,787) | |
Purchase of bank premises and equipment | (1,296,250) | (1,830,300) | |
Proceeds from sale of foreclosed assets | 458,157 | 320,417 | |
Net cash used in investing activities | (55,628,880) | (59,178,093) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 72,166,029 | 60,954,797 | |
Net decrease in securities sold under agreements to repurchase | (4,686,255) | (8,086,929) | |
Issuance of common stock | 263,714 | 950,521 | |
Proceeds from Federal Home Loan Bank advances and other borrowings | 50,094,474 | 65,000,000 | |
Repayment of Federal Home Loan Bank advances and other borrowings | (52,732,090) | (78,600,000) | |
Net cash provided by financing activities | 65,105,872 | 40,218,389 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,171,976 | (16,316,795) | |
CASH AND CASH EQUIVALENTS, beginning of year | 115,822,459 | 113,026,884 | 113,026,884 |
CASH AND CASH EQUIVALENTS, end of period | 132,994,435 | 96,710,089 | $ 115,822,459 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid during the period for interest | 5,197,783 | 2,545,226 | |
NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Change in unrealized losses on securities available for sale | (3,030,984) | 1,817,388 | |
Acquisition of real estate through foreclosure | 54,520 | 135,038 | |
Financed sales of foreclosed assets | 0 | 257,416 | |
Change in goodwill due to acquisition | $ 0 | $ 10,778 |
Presentation of Financial Infor
Presentation of Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Information | Presentation of Financial Information Interim Financial Information (Unaudited): The financial information in this report for March 31, 2019 and March 31, 2018 has not been audited. The information included herein should be read in conjunction with the Company’s annual consolidated financial statements and footnotes included in the Company's most recent Annual Report on Form 10-K. The consolidated financial statements presented herein conform to U.S. generally accepted accounting principles and to general industry practices. In the opinion of SmartFinancial’s management, the accompanying interim financial statements contain all material adjustments necessary to present fairly the Company's financial condition, the results of operations, and cash flows for the interim period. Results for interim periods are not necessarily indicative of the results to be expected for a full year. Basis of Presentation and Accounting Estimates: All adjustments consisting of normal recurring accruals that in the opinion of management are necessary for a fair presentation of the financial position and the results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with those appearing in the most recent Annual Report previously filed on Form 10-K. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the U.S, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed assets and deferred taxes, other than temporary impairments of securities, the fair value of financial instruments, goodwill, and business combination elements (Day 1 and Day 2 Valuation). Recently Issued and Adopted Accounting Pronouncements: As of January 1, 2019, the Company adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update ASU 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee's right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact the Company's consolidated financial statements in relation to contracts whereby the Company acts as a lessor. The Company adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $2.3 million each as of January 1, 2019. As of March 31, 2019, right-of-use lease assets and related lease liabilities totaled $2.2 million each. In February 2016, the FASB issued ASU No. 2016-02, Leases . Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee’s obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. As the Company elected the transition option provided in ASU No. 2018-11 (see below), the modified retrospective approach was applied on January 1, 2019. Note 1. Presentation of Financial Information, Continued Recently Issued and Adopted Accounting Pronouncements (continued): The Company also elected certain relief options offered in ASU 2016-02 including the package of practical expedients, the option not to separate lease and non-lease components and instead to account for them as a single lease component, and the option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of right-of-use assets. The Company has several lease agreements, such as branch locations or office space, which are considered operating leases, and therefore, were not previously recognized on the Company’s consolidated balance sheet. The new guidance requires these lease agreements to be recognized on the consolidated balance sheet as a right-of-use asset and a corresponding lease liability. The new guidance did not have a material impact on the consolidated statements of income or the consolidated statements of cash flows. See Note 8 Leases for more information. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (January 1, 2019 for the Company). The Company adopted ASU 2018-11 on its required effective date of January 1, 2019 and elected both transition options mentioned above. As of January 1, 2019, the Company adopted ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The ASU expands the scope of Topic 718, Compensation-Stock Compensation (which previously only included payments to employees), to include share-based payment transactions for acquiring goods and services from non-employees. This required entities to apply the requirements of Topic 718 to non-employee awards, except for specific guidance on inputs to an option pricing model and the attribution of cost (i.e., the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). Additionally, the amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in the grantor’s own operations by issuing share-based payment awards, and clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer, or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2019, the Company adopted ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The premium on individual callable debt securities shall be amortized to the earliest call date. This guidance does not apply to securities for which prepayments are estimated on a large number of similar loans where prepayments are probable and reasonably estimable. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. Recently Issued Not Yet Effective Accounting Pronouncements: During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements for the year ended December 31, 2018 as filed with the Securities and Exchange Commission. The following is a summary of recent authoritative pronouncements issued since December 31, 2018 but not yet effective that could impact the accounting, reporting, and/or disclosure of financial information by the Company . Note 1. Presentation of Financial Information, Continued Recently Not Yet Effective Accounting Pronouncements (continued): In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU changed the credit loss model on financial instruments measured at amortized cost, available for sale securities and certain purchased financial instruments. Credit losses on financial instruments measured at amortized cost will be determined using a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. Purchased financial assets with more-than-insignificant credit deterioration since origination ("PCD assets" which are currently named "PCI Loans") measured at amortized cost will have an allowance for credit losses established at acquisition as part of the purchase price. Subsequent increases or decreases to the allowance for credit losses on PCD assets will be recognized in the income statement. Interest income should be recognized on PCD assets based on the effective interest rate, determined excluding the discount attributed to credit losses at acquisition. Credit losses relating to available-for-sale debt securities will be recognized through an allowance for credit losses. The amount of the credit loss is limited to the amount by which fair value is below amortized cost of the available-for-sale debt security. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years for the Company and other SEC filers. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the period adopted. A prospective approach is required for securities with other than temporary impairment recognized prior to adoption. The Company is continuing its implementation efforts through its company-wide implementation team. The implementation team meets periodically to discuss the latest developments and ensure progress is being made. The team also keeps current on evolving interpretations and industry practices related to ASU 2016-13 via webcasts, publications, conferences, and peer bank meetings. The team continues to evaluate and validate data resources and different loss methodologies. The Company’s preliminary evaluation indicates the provisions of ASU No. 2016-13 are expected to impact the Company’s consolidated financial statements, in particular an increase to the level of the reserve for credit losses. However, the Company continues to evaluate the extent of the potential impact. The guidance of ASU 2016-13 was recently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which changed the effective date for non-public companies and clarified that operating lease receivables are not within the scope of the standard. Reclassifications: Certain captions and amounts in the 2018 consolidated financial statements were reclassified to conform to the 2019 presentation and these reclassifications had no impact on net income or shareholders' equity as previously reported. Earnings per common share: Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance (excluding tax impact). Potential common shares that may be issued by the Company relate solely to outstanding stock options, determined using the treasury stock method, and restricted stock awards, determined by the fair value of the Company's stock on date of grant. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The following is a summary of the basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Net income available to common shareholders $ 4,731,249 $ 3,414,771 Weighted average common shares outstanding 13,942,016 11,210,836 Effect of dilutive stock options 76,147 108,858 Diluted shares 14,018,163 11,319,694 Basic earnings per common share $ 0.34 $ 0.30 Diluted earnings per common share $ 0.34 $ 0.30 There were no antidilutive shares for the three month periods ending March 31, 2019 and 2018. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost and fair value of securities available-for-sale at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government-sponsored enterprises (GSEs) $ 39,106 $ 21 $ (299 ) $ 38,828 Municipal securities 58,260 1,506 (838 ) 58,928 Other debt securities 978 — (43 ) 935 Mortgage-backed securities (GSEs) 100,600 95 (1,113 ) 99,582 $ 198,944 $ 1,622 $ (2,293 ) $ 198,273 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government-sponsored enterprises (GSEs) $ 44,117 $ 12 $ (626 ) $ 43,503 Municipal securities 55,248 276 (363 ) 55,161 Other debt securities 977 — (67 ) 910 Mortgage-backed securities (GSEs) 103,875 153 (1,914 ) 102,114 $ 204,217 $ 441 $ (2,970 ) $ 201,688 At March 31, 2019 and December 31, 2018, securities with a carrying value totaling approximately $108.0 million and $97.2 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. For the three months ended March 31, 2019 and March 31, 2018, there were no available-for-sale securities sold which resulted in no gross gains or losses realized. For the three months ended March 31, 2019, there was one security called/redeemed for $5 million . Note 3. Securities, Continued The amortized cost and estimated fair value of securities at March 31, 2019 , by contractual maturity for non-mortgage backed securities are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Due in one year or less $ — $ — Due from one year to five years 31,111 30,930 Due from five years to ten years 14,567 14,352 Due after ten years 52,666 53,409 98,344 98,691 Mortgage-backed securities 100,600 99,582 $ 198,944 $ 198,273 The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of March 31, 2019 and December 31, 2018 (in thousands): As of March 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government- sponsored enterprises (GSEs) $ — $ — $ 28,807 $ (299 ) $ 28,807 $ (299 ) Municipal securities — — 4,059 (838 ) 4,059 (838 ) Other debt securities — — 935 (43 ) 935 (43 ) Mortgage-backed securities (GSEs) 8,915 (29 ) 72,886 (1,084 ) 81,801 (1,113 ) $ 8,915 $ (29 ) $ 106,687 $ (2,264 ) $ 115,602 $ (2,293 ) As of December 31, 2018 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government- sponsored enterprises (GSEs) $ 14,763 $ (237 ) $ 13,728 $ (389 ) $ 28,491 $ (626 ) Municipal securities 16,455 (150 ) 4,767 (213 ) 21,222 (363 ) Other debt securities — — 910 (67 ) 910 (67 ) Mortgage-backed securities (GSEs) 10,516 (155 ) 69,884 (1,759 ) 80,400 (1,914 ) $ 41,734 $ (542 ) $ 89,289 $ (2,428 ) $ 131,023 $ (2,970 ) Note 3. Securities, Continued At March 31, 2019 , the categories of temporarily impaired securities, and management’s evaluation of those securities, are as follows: U.S. Government-sponsored enterprises : At March 31, 2019 , 8 (or eight) investments in U.S. GSE securities had unrealized losses. These unrealized losses related principally to changes in market interest rates. The contractual terms of the investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Bank does not intend to sell the investments and it is more likely than not that the Bank will not be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider these investments to be other-than temporarily impaired at March 31, 2019 . Municipal securities : At March 31, 2019 , 8 (or eight) investments in obligations of municipal securities had unrealized losses. The Bank believes the unrealized losses on those investments were caused by the interest rate environment and do not relate to the underlying credit quality of the issuers. Because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not consider these investments to be other-than temporarily impaired at March 31, 2019 . Other debt securities : At March 31, 2019 , 1 (or one) investment in other debt securities had unrealized losses. The Bank believes the unrealized loss on this investment was caused by the interest rate environment and does not relate to the underlying credit quality of the issuer. Because the Bank does not intend to sell the investment and it is not more likely than not that the Bank will be required to sell the investment before recovery of its amortized cost bases, which may be maturity, the Bank does not consider this investment to be other-than temporarily impaired at March 31, 2019 . Mortgage-backed securities : At March 31, 2019 , 68 (or sixty-eight) investments in residential mortgage-backed securities had unrealized losses. This impairment is believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not credit quality, and because the Bank does not intend to sell the investments and it is not more likely than not that the Bank will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Bank does not deem these investments to be other-than-temporarily impaired at March 31, 2019 . |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Portfolio Segmentation: At March 31, 2019 and December 31, 2018 , loans are summarized as follows (in thousands): March 31, 2019 December 31, 2018 PCI Loans 1 All Other Loans Total PCI Loans 1 All Other Loans Total Commercial real estate $ 17,299 $ 871,643 $ 888,942 $ 17,682 $ 842,345 $ 860,027 Consumer real estate 8,146 402,835 410,981 8,712 398,542 407,254 Construction and land development 4,670 182,339 187,009 4,602 183,293 187,895 Commercial and industrial 2,300 339,171 341,471 2,557 305,697 308,254 Consumer and other 453 11,713 12,166 605 13,204 13,809 Total loans 32,868 1,807,701 1,840,569 34,158 1,743,081 1,777,239 Less: Allowance for loan losses (54 ) (8,650 ) (8,704 ) — (8,275 ) (8,275 ) Loans, net $ 32,814 $ 1,799,051 $ 1,831,865 $ 34,158 $ 1,734,806 $ 1,768,964 1 Purchased Credit Impaired loans (“PCI loans”) are loans with evidence of credit deterioration at purchase. For purposes of the disclosures required pursuant to the adoption of ASC 310, the loan portfolio was disaggregated into segments. A portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. There are five loan portfolio segments that include commercial real estate, consumer real estate, construction and land development, commercial and industrial, and consumer and other. Note 4. Loans and Allowance for Loan Losses, Continued Credit Risk Management: The composition of loans by loan classification for impaired and performing loan status at March 31, 2019 and December 31, 2018 , is summarized in the tables below (in thousands): March 31, 2019 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 871,007 $ 401,937 $ 181,684 $ 338,806 $ 11,660 $ 1,805,094 Impaired loans 636 898 655 365 53 2,607 871,643 402,835 182,339 339,171 11,713 1,807,701 PCI loans 17,299 8,146 4,670 2,300 453 32,868 Total $ 888,942 $ 410,981 $ 187,009 $ 341,471 $ 12,166 $ 1,840,569 December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 841,709 $ 397,306 $ 182,746 $ 304,673 $ 13,088 $ 1,739,522 Impaired loans 636 1,236 547 1,024 116 3,559 842,345 398,542 183,293 305,697 13,204 1,743,081 PCI loans 17,682 8,712 4,602 2,557 605 34,158 Total loans $ 860,027 $ 407,254 $ 187,895 $ 308,254 $ 13,809 $ 1,777,239 The following tables show the allowance for loan losses allocation by loan classification for impaired, PCI, and performing loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 4,023 $ 1,902 $ 846 $ 1,545 $ 114 $ 8,430 PCI loans 40 14 — — — 54 Impaired loans 11 33 8 164 4 220 Total $ 4,074 $ 1,949 $ 854 $ 1,709 $ 118 $ 8,704 December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 3,639 $ 1,763 $ 795 $ 1,304 $ 240 $ 7,741 PCI loans — — — — — — Impaired loans — 26 — 442 66 534 Total $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 Note 4. Loans and Allowance for Loan Losses, Continued Credit Risk Management (continued): The following tables detail the changes in the allowance for loan losses for the three month periods ending March 31, 2019 and March 31, 2018, by loan classification (in thousands): March 31, 2019 Commercial Consumer Construction Commercial Consumer Total Beginning balance $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 Loans charged off — (2 ) — (318 ) (130 ) (450 ) Recoveries of loans charged off 2 4 2 12 62 82 Provision (reallocation) charged to expense 433 158 57 269 (120 ) 797 Ending balance $ 4,074 $ 1,949 $ 854 $ 1,709 $ 118 $ 8,704 March 31, 2018 Commercial Consumer Construction Commercial Consumer Total Beginning balance $ 2,465 $ 1,596 $ 521 $ 1,062 $ 216 $ 5,860 Loans charged off (38 ) — — (78 ) (42 ) (158 ) Recoveries of charge-offs — 23 2 40 21 86 Provision (reallocation) charged to expense 498 (100 ) 104 186 1 689 Ending balance $ 2,925 $ 1,519 $ 627 $ 1,210 $ 196 $ 6,477 The following table details the changes in the allowance for loan losses for the year ending December 31, 2018 , by loan classification (in thousands): December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Beginning balance $ 2,465 $ 1,596 $ 521 $ 1,062 $ 216 $ 5,860 Loans charged off (38 ) (275 ) — (177 ) (370 ) (860 ) Recoveries of charge-offs 2 100 9 72 156 339 Provision (reallocation) charged to expense 1,210 368 265 789 304 2,936 Ending balance $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 Note 4. Loans and Allowance for Loan Losses, Continued Credit Risk Management (continued): The following tables outline the amount of each loan classification and the amount categorized into each risk rating as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Non PCI Loans Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Pass $ 863,455 $ 400,139 $ 180,904 $ 333,423 $ 11,527 $ 1,789,448 Watch 7,547 1,775 623 4,228 131 14,304 Special mention — 15 157 1,155 — 1,327 Substandard 641 906 655 357 55 2,614 Doubtful — — — 8 — 8 Total $ 871,643 $ 402,835 $ 182,339 $ 339,171 $ 11,713 $ 1,807,701 PCI Loans Pass $ 12,825 $ 5,555 $ 3,554 $ 2,196 $ 397 $ 24,527 Watch 2,736 581 1,116 — 16 4,449 Special mention 1,010 440 — — 9 1,459 Substandard 728 1,570 — 104 31 2,433 Doubtful — — — — — — Total $ 17,299 $ 8,146 $ 4,670 $ 2,300 $ 453 $ 32,868 Total loans $ 888,942 $ 410,981 $ 187,009 $ 341,471 $ 12,166 $ 1,840,569 December 31, 2018 Non PCI Loans Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Pass $ 834,912 $ 394,728 $ 182,524 $ 303,805 $ 12,927 $ 1,728,896 Watch 6,791 2,678 64 1,090 135 10,758 Special mention — 14 158 137 — 309 Substandard 642 1,122 547 462 142 2,915 Doubtful — — — 203 — 203 Total $ 842,345 $ 398,542 $ 183,293 $ 305,697 $ 13,204 $ 1,743,081 PCI Loans Pass $ 14,050 $ 5,617 $ 4,033 $ 2,382 $ 541 $ 26,623 Watch 1,805 756 569 — 17 3,147 Special mention 1,030 446 — 50 10 1,536 Substandard 797 1,893 — 125 37 2,852 Doubtful — — — — — — Total $ 17,682 $ 8,712 $ 4,602 $ 2,557 $ 605 $ 34,158 Total loans $ 860,027 $ 407,254 $ 187,895 $ 308,254 $ 13,809 $ 1,777,239 Note 4. Loans and Allowance for Loan Losses, Continued Past Due Loans: A loan is considered past due if any required principal and interest payments have not been received as of the date such payments were required to be made under the terms of the loan agreement. Generally, management places a loan on nonaccrual when there is a clear indicator that the borrower’s cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. The following tables present the aging of the recorded investment in loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 30-60 Days Past Due and Accruing 61-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Past Due and NonAccrual PCI Loans Current Loans Total Loans Commercial real estate $ 1,625 $ 764 $ — $ 272 $ 2,661 $ 17,299 $ 868,982 $ 888,942 Consumer real estate 1,492 123 73 807 2,495 8,146 400,340 410,981 Construction and land development — 79 — 655 734 4,670 181,605 187,009 Commercial and industrial 92 165 114 296 667 2,300 338,504 341,471 Consumer and other 132 131 23 42 328 453 11,385 12,166 Total $ 3,341 $ 1,262 $ 210 $ 2,072 $ 6,885 $ 32,868 $ 1,800,816 $ 1,840,569 December 31, 2018 30-60 Days Past Due and Accruing 61-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Past Due and NonAccrual PCI Loans Current Loans Total Loans Commercial real estate $ 377 $ 19 $ — $ 272 $ 668 $ 17,682 $ 841,677 $ 860,027 Consumer real estate 1,168 462 454 844 2,928 8,712 395,614 407,254 Construction and land development 343 — — 547 890 4,602 182,403 187,895 Commercial and industrial 155 — 101 909 1,165 2,557 304,532 308,254 Consumer and other 117 — 29 124 270 605 12,934 13,809 Total $ 2,160 $ 481 $ 584 $ 2,696 $ 5,921 $ 34,158 $ 1,737,160 $ 1,777,239 Note 4. Loans and Allowance for Loan Losses, Continued Impaired Loans: The following is an analysis of the impaired loan portfolio, including PCI loans, detailing the related allowance recorded as of March 31, 2019 and December 31, 2018 (in thousands): For the three months ended At March 31, 2019 March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans without a valuation allowance: Commercial real estate $ 589 $ 601 $ — $ 613 $ 20 Consumer real estate 863 879 — 967 4 Construction and land development 599 599 — 573 — Commercial and industrial 31 32 — 50 1 Consumer and other 27 31 — 28 1 2,109 2,142 — 2,231 26 Impaired loans with a valuation allowance: Commercial real estate 47 47 11 24 1 Consumer real estate 35 40 33 99 — Construction and land development 56 56 8 28 — Commercial and industrial 334 349 164 644 9 Consumer and other 26 26 4 57 — 498 518 220 852 10 PCI loans: Commercial real estate 2,535 2,837 40 845 (10 ) Consumer real estate 1,101 1,271 14 367 3 Total impaired loans $ 6,243 $ 6,768 $ 274 $ 4,295 $ 29 Note 4. Loans and Allowance for Loan Losses, Continued Impaired Loans (continued): For the year ended At December 31, 2018 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans without a valuation allowance: Commercial real estate $ 636 $ 648 $ — $ 855 $ 33 Consumer real estate 1,073 1,089 — 934 29 Construction and land development 547 547 — 547 — Commercial and industrial 69 70 — 69 6 Consumer and other 29 33 — 15 3 2,354 2,387 — 2,420 71 Impaired loans with a valuation allowance: Commercial real estate — — — — — Consumer real estate 163 205 26 365 — Construction and land development — — — — — Commercial and industrial 955 973 442 476 37 Consumer and other 87 87 66 86 3 1,205 1,265 534 927 40 PCI loans: Commercial real estate 0 0 0 11 0 Total impaired loans $ 3,559 $ 3,652 $ 534 $ 3,358 $ 111 Troubled Debt Restructurings: At March 31, 2019 and December 31, 2018 , impaired loans included loans that were classified as Troubled Debt Restructurings ("TDRs"). The restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. In assessing whether or not a borrower is experiencing financial difficulties, the Company considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the debtor is currently in payment default on any of its debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the debtor has declared or is in the process of declaring bankruptcy; and (iv) the debtor's projected cash flow is sufficient to satisfy contractual payments due under the original terms of the loan without a modification. The Company considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by the Company include the debtor's ability to access funds at a market rate for debt with similar risk characteristics, the significance of the modification relative to unpaid principal balance or collateral value of the debt, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. Note 4. Loans and Allowance for Loan Losses, Continued Troubled Debt Restructurings (continued): The most common concessions granted by the Company generally include one or more modifications to the terms of the debt, such as (i) a reduction in the interest rate for the remaining life of the debt; (ii) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk; (iii) a temporary period of interest-only payments; and (iv) a reduction in the contractual payment amount for either a short period or remaining term of the loan. As of March 31, 2019 and December 31, 2018 , management had approximately $62 thousand and $116 thousand, respectively, in loans that met the criteria for restructured, none of which were on nonaccrual. A loan is placed back on accrual status when both principal and interest are current and it is probable that management will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement. There were no loans that were modified as troubled debt restructurings during the three month period ended March 31, 2019 and 2018. There were no loans that were modified as troubled debt restructurings during the past three months and for which there was a subsequent payment default. Foreclosure Proceedings and Balances : As of March 31, 2019, there was no residential real estate included in foreclosed assets and there were no consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure. Purchased Credit Impaired Loans: The Company has acquired loans where there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as of as of March 31, 2019 and December 31, 2018 is as follows (in thousands): March 31, 2019 December 31, 2018 Commercial real estate $ 24,226 $ 24,849 Consumer real estate 10,464 11,108 Construction and land development 5,724 5,731 Commercial and industrial 5,369 5,824 Consumer and other 721 892 Total loans 46,504 48,404 Less remaining purchase discount (13,636 ) (14,246 ) Total loans, net of purchase discount 32,868 34,158 Less: Allowance for loan losses (54 ) — Carrying amount, net of allowance $ 32,814 $ 34,158 Activity related to the accretable yield on loans acquired with deteriorated credit quality is as follows for the three month periods ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Accretable yield, beginning of period $ 7,052 $ 9,287 Additions — — Accretion income (1,254 ) (1,101 ) Reclassification to accretable 1,035 262 Other changes, net 1,811 (668 ) Accretable yield $ 8,644 $ 7,780 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Loan Commitments: The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing and depository needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the balance sheets. The majority of all commitments to extend credit are variable rate instruments while the standby letters of credit are primarily fixed rate instruments. The Company's exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. A summary of the Bank’s total contractual amount for all off-balance sheet commitments at March 31, 2019 is as follows: Commitments to extend credit $ 356.0 million Standby letters of credit $ 14.6 million Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the customer. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate, and income-producing commercial properties. Standby letters of credit issued by the Company are conditional commitments to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral held varies and is required in instances which the Company deems necessary. At March 31, 2019 and December 31, 2018, the carrying amount of liabilities related to the Company's obligation to perform under standby letters of credit was insignificant. The Company has not been required to perform on any standby letters of credit, and the Company has not incurred any losses on standby letters of credit for the period ending March 31, 2019. Contingencies: In the normal course of business, the Company may become involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material effect on the Company's consolidated financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Determination of Fair Value: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurements and Disclosures” ASC Topic 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 820 provides a consistent definition of fair value, which focuses on exit price in an orderly transaction between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. Note 6. Fair Value Disclosures, Continued Fair Value Hierarchy: In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 - Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on 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 asset or liability. Level 3 - Valuation is based on 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 determination of fair value requires significant management judgment or estimation. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Measurements of Fair Value: Assets and liabilities recorded at fair value on a recurring basis are as follows (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Debt securities available-for-sale: U.S. Government-sponsored enterprises (GSEs) $ 38,828 $ — $ 38,828 $ — Mortgage-backed securities 99,582 — 99,582 — Other debt securities 935 — 935 — Municipal securities 58,928 — 58,928 — Total securities available-for-sale $ 198,273 $ — $ 198,273 $ — Derivative financial instruments $ 2,063 $ — $ 2,063 $ — Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Debt securities available-for-sale: U.S. Government-sponsored enterprises (GSEs) $ 43,503 $ — $ 43,503 $ — Mortgage-backed securities 102,114 — 102,114 — Other debt securities 910 — 910 — Municipal securities 55,161 — 55,161 — Total securities available-for-sale $ 201,688 $ — $ 201,688 $ — Derivative financial instruments $ 1,174 — $ 1,174 — The Company has no assets or liabilities whose fair values are measured on a recurring basis using Level 3 inputs. Additionally, there were no transfers between Level 1 and Level 2 in the fair value hierarchy. Note 6. Fair Value Disclosures, Continued Assets Measured at Fair Value on a Nonrecurring Basis: Under certain circumstances management makes adjustments to fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. The following tables present the financial instruments carried on the consolidated balance sheets by caption and by level in the fair value hierarchy, for which a nonrecurring change in fair value has been recorded (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Impaired loans $ 3,860 $ — $ — $ 3,860 Foreclosed assets 2,066 — — 2,066 Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Impaired loans $ 671 $ — $ — $ 671 Foreclosed assets 2,495 — — 2,495 For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements are presented below (in thousands). Balance as of Valuation Significant Other Weighted Impaired loans $ 3,860 Appraisal and Cashflow Appraisal and Cashflow Discounts 7 % Foreclosed assets 2,066 Appraisal Appraisal Discounts 20 % Balance as of Valuation Significant Other Weighted Impaired loans $ 671 Appraisal Appraisal Discounts 44 % Foreclosed assets 2,495 Appraisal Appraisal Discounts 23 % Impaired Loans: Loans considered impaired under ASC 310-10-35, Receivables , are loans for which, based on current information and events, it is probable that the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement. An impaired loan can be measured based on the present value of expected payments using the loan’s original effective rate as the discount rate, the loan’s observable market price, or the fair value of the collateral less selling costs if the loan is collateral dependent. The fair value of impaired loans were measured based on the value of the collateral securing these loans or the discounted cash flows of the loans, as applicable. Impaired loans are classified within Level 3 of the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory, and/or accounts receivable. The Company determines the value of the collateral based on independent appraisals performed by qualified licensed appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised values are discounted for costs to sell and may be discounted further based on management’s historical knowledge, changes in market conditions from the date of the most recent appraisal, and/or management’s expertise and knowledge of the customer and the customer’s business. Such discounts by management are subjective and are typically significant unobservable inputs for determining fair value. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors discussed above. Note 6. Fair Value Disclosures, Continued Assets Measured at Fair Value on a Nonrecurring Basis (continued): Foreclosed assets: Foreclosed assets, consisting of properties obtained through foreclosure or in satisfaction of loans, are initially recorded at fair value less estimated costs to sell upon transfer of the loans to other real estate. Subsequently, other real estate is carried at the lower of carrying value or fair value less costs to sell. Fair values are generally based on third party appraisals of the property and are classified within Level 3 of the fair value hierarchy. The appraisals are sometimes further discounted based on management’s historical knowledge, and/or changes in market conditions from the date of the most recent appraisal, and/or management’s expertise and knowledge of the customer and the customer’s business. Such discounts are typically significant unobservable inputs for determining fair value. In cases where the carrying amount exceeds the fair value, less estimated costs to sell, a loss is recognized in noninterest expense. Carrying value and estimated fair value: The carrying amount and estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows (in thousands): March 31, 2019 Fair Value Measurements Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 132,994 132,994 — — $ 132,994 Securities available-for-sale 198,273 — 198,273 — 198,273 Restricted investments 12,398 N/A N/A N/A N/A Loans, net 1,831,865 — — 1,824,680 1,824,680 Liabilities: Noninterest-bearing demand deposits 329,095 — 329,095 — 329,095 Interest-bearing demand deposits 331,629 — 331,629 — 331,629 Money Market and Savings deposits 698,431 — 698,431 — 698,431 Time deposits 635,175 — 635,272 — 635,272 Securities sold under agreements to repurchase 7,070 — 7,070 — 7,070 Federal Home Loan Bank advances and other borrowings 8,605 — 8,605 — 8,605 Subordinated debt 39,198 — — 37,606 37,606 Derivative financial instruments 2,063 — 2,063 — 2,063 Note 6. Fair Value Disclosures, Continued Carrying value and estimated fair value (continued): December 31, 2018 Fair Value Measurements Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 115,822 115,822 — — $ 115,822 Securities available-for-sale 201,688 — 201,688 — 201,688 Restricted investments 11,499 N/A N/A N/A N/A Loans, net 1,768,964 — — 1,766,838 1,766,838 Liabilities: Noninterest-bearing demand deposits 319,861 — 319,861 — 319,861 Interest-bearing demand deposits 311,482 — 311,482 — 311,482 Money Market and Savings deposits 641,945 — 641,945 — 641,945 Time deposits 648,675 — 649,169 — 649,169 Securities sold under agreements to repurchase 11,756 — 11,756 — 11,756 Federal Home Loan Bank advances and other borrowings 11,243 — 11,243 — 11,243 Subordinated debt 39,177 — — 39,190 39,190 Derivative financial instruments 1,174 — 1,174 — 1,174 Limitations: Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Financial derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For derivatives not designated as hedges, the gain or loss is recognized in current period earnings. Derivatives designated as fair value hedges : For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate callable securities available-for-sale. The hedging strategy on securities converts the fixed interest rates to LIBOR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the call dates of the hedged securities. The Company has elected early adoption of FASB ASU 2017-12, which allows such partial term hedge designations. In September 2018, December 2018, and February 2019, the Company entered into sixteen swap transactions with a notional amount of $36 million designated as fair value hedges. These derivatives are intended to protect against the effects of changing interest rates on the fair values of fixed rate securities. A summary of the Company's fair value hedge relationships as of March 31, 2019 and December 31, 2018 are as follows (in thousands): March 31, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 8.95 3.09% 3 month LIBOR $36,000 -$2,063 December 31, 2018 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 9.23 3.10% 3 month LIBOR $35,000 -$1,174 Note 7. Derivatives, Continued Derivatives designated as fair value hedges (continued) : The effects of the Company's fair value hedge relationships on the income statement during the three months ended March 31, 2019 were as follows (in thousands): Three Months Ended March 31, 2019 Interest Income Total amount of income and expense line items presented in the consolidated statements of income $26,943 Gain (loss) on fair value hedging relationship Interest rate swap agreements - securities: Hedged items (2,063) Derivative designated as hedging instruments 2,063 There were no hedging relationships as of March 31, 2018. The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at March 31, 2019 and December 31, 2018: Carrying Amount of the Hedged Assets (in thousands) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet March 31, 2019 March 31, 2019 Securities available-for-sale $41,587 $2,063 Line item on the balance sheet December 31, 2018 December 31, 2018 Securities available-for-sale $39,730 $1,174 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 Leases (Topic 842) and all subsequent ASUs that modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Lessee Accounting : Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space with terms extending through 2033. Substantially all of our leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated balance sheet. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability. The following table represents the consolidated balance sheet classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated balance sheet (dollars in thousands): Lease Right-of-Use Assets Classification March 31, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $2,215 Lease Liabilities Operating lease liabilities Operating lease liabilities $2,222 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. As of March 31, 2019, the weighted average remaining lease term was 7.81 years and the weighted average discount rate was 3.24% . Note 8. Leases, Continued The following table represents lease costs and other lease information, in thousands. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance. Three Months Ended Lease Costs March 31, 2019 Operating lease costs $ 146 Short term lease costs 36 Variable lease costs 23 Total 205 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 139 Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows (in thousands): Amounts March 31, 2020 $ 533 March 31, 2021 531 March 31, 2022 332 March 31, 2023 213 March 31, 2024 107 Thereafter 842 Total future minimum lease payments 2,558 Amounts representing interest (336 ) Present value of net future minimum lease payments $ 2,222 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 24, 2019 the Company announced that Entegra Financial Corp. (Nasdaq: ENFC) (“Entegra”) elected to terminate effective April 23, 2019, the previously announced Agreement and Plan of Merger dated January 15, 2019 (the “Merger Agreement”), among SmartFinancial, Entegra, and CT Merger Sub, Inc. Entegra elected to terminate the Merger Agreement in order to enter into a definitive merger agreement with a large North Carolina-based financial institution that made a competing offer to acquire Entegra, an offer that SmartFinancial chose not to match. Under the terms of the Merger Agreement, SmartFinancial has received a termination fee of $6.4 million . |
Presentation of Financial Inf_2
Presentation of Financial Information (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited): The financial information in this report for March 31, 2019 and March 31, 2018 has not been audited. The information included herein should be read in conjunction with the Company’s annual consolidated financial statements and footnotes included in the Company's most recent Annual Report on Form 10-K. The consolidated financial statements presented herein conform to U.S. generally accepted accounting principles and to general industry practices. In the opinion of SmartFinancial’s management, the accompanying interim financial statements contain all material adjustments necessary to present fairly the Company's financial condition, the results of operations, and cash flows for the interim period. Results for interim periods are not necessarily indicative of the results to be expected for a full year. |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates: All adjustments consisting of normal recurring accruals that in the opinion of management are necessary for a fair presentation of the financial position and the results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with those appearing in the most recent Annual Report previously filed on Form 10-K. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the U.S, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed assets and deferred taxes, other than temporary impairments of securities, the fair value of financial instruments, goodwill, and business combination elements (Day 1 and Day 2 Valuation). |
Recently Issued and Adopted Accounting Pronouncements; Recently Issued Not Yet Effective Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements: As of January 1, 2019, the Company adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update ASU 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee's right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact the Company's consolidated financial statements in relation to contracts whereby the Company acts as a lessor. The Company adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $2.3 million each as of January 1, 2019. As of March 31, 2019, right-of-use lease assets and related lease liabilities totaled $2.2 million each. In February 2016, the FASB issued ASU No. 2016-02, Leases . Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee’s obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. As the Company elected the transition option provided in ASU No. 2018-11 (see below), the modified retrospective approach was applied on January 1, 2019. Note 1. Presentation of Financial Information, Continued Recently Issued and Adopted Accounting Pronouncements (continued): The Company also elected certain relief options offered in ASU 2016-02 including the package of practical expedients, the option not to separate lease and non-lease components and instead to account for them as a single lease component, and the option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of right-of-use assets. The Company has several lease agreements, such as branch locations or office space, which are considered operating leases, and therefore, were not previously recognized on the Company’s consolidated balance sheet. The new guidance requires these lease agreements to be recognized on the consolidated balance sheet as a right-of-use asset and a corresponding lease liability. The new guidance did not have a material impact on the consolidated statements of income or the consolidated statements of cash flows. See Note 8 Leases for more information. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (January 1, 2019 for the Company). The Company adopted ASU 2018-11 on its required effective date of January 1, 2019 and elected both transition options mentioned above. As of January 1, 2019, the Company adopted ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The ASU expands the scope of Topic 718, Compensation-Stock Compensation (which previously only included payments to employees), to include share-based payment transactions for acquiring goods and services from non-employees. This required entities to apply the requirements of Topic 718 to non-employee awards, except for specific guidance on inputs to an option pricing model and the attribution of cost (i.e., the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). Additionally, the amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in the grantor’s own operations by issuing share-based payment awards, and clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer, or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2019, the Company adopted ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The premium on individual callable debt securities shall be amortized to the earliest call date. This guidance does not apply to securities for which prepayments are estimated on a large number of similar loans where prepayments are probable and reasonably estimable. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. Recently Issued Not Yet Effective Accounting Pronouncements: During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements for the year ended December 31, 2018 as filed with the Securities and Exchange Commission. The following is a summary of recent authoritative pronouncements issued since December 31, 2018 but not yet effective that could impact the accounting, reporting, and/or disclosure of financial information by the Company . Note 1. Presentation of Financial Information, Continued Recently Not Yet Effective Accounting Pronouncements (continued): In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU changed the credit loss model on financial instruments measured at amortized cost, available for sale securities and certain purchased financial instruments. Credit losses on financial instruments measured at amortized cost will be determined using a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. Purchased financial assets with more-than-insignificant credit deterioration since origination ("PCD assets" which are currently named "PCI Loans") measured at amortized cost will have an allowance for credit losses established at acquisition as part of the purchase price. Subsequent increases or decreases to the allowance for credit losses on PCD assets will be recognized in the income statement. Interest income should be recognized on PCD assets based on the effective interest rate, determined excluding the discount attributed to credit losses at acquisition. Credit losses relating to available-for-sale debt securities will be recognized through an allowance for credit losses. The amount of the credit loss is limited to the amount by which fair value is below amortized cost of the available-for-sale debt security. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years for the Company and other SEC filers. Early adoption is permitted and if early adopted, all provisions must be adopted in the same period. The amendments should be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the period adopted. A prospective approach is required for securities with other than temporary impairment recognized prior to adoption. The Company is continuing its implementation efforts through its company-wide implementation team. The implementation team meets periodically to discuss the latest developments and ensure progress is being made. The team also keeps current on evolving interpretations and industry practices related to ASU 2016-13 via webcasts, publications, conferences, and peer bank meetings. The team continues to evaluate and validate data resources and different loss methodologies. The Company’s preliminary evaluation indicates the provisions of ASU No. 2016-13 are expected to impact the Company’s consolidated financial statements, in particular an increase to the level of the reserve for credit losses. However, the Company continues to evaluate the extent of the potential impact. The guidance of ASU 2016-13 was recently amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which changed the effective date for non-public companies and clarified that operating lease receivables are not within the scope of the standard. |
Reclassifications | Reclassifications: Certain captions and amounts in the 2018 consolidated financial statements were reclassified to conform to the 2019 presentation and these reclassifications had no impact on net income or shareholders' equity as previously reported. |
Earnings Per Common Share | Earnings per common share: Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance (excluding tax impact). Potential common shares that may be issued by the Company relate solely to outstanding stock options, determined using the treasury stock method, and restricted stock awards, determined by the fair value of the Company's stock on date of grant. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Net income available to common shareholders $ 4,731,249 $ 3,414,771 Weighted average common shares outstanding 13,942,016 11,210,836 Effect of dilutive stock options 76,147 108,858 Diluted shares 14,018,163 11,319,694 Basic earnings per common share $ 0.34 $ 0.30 Diluted earnings per common share $ 0.34 $ 0.30 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-For-Sale Securities Reconciliation | The amortized cost and fair value of securities available-for-sale at March 31, 2019 and December 31, 2018 are summarized as follows (in thousands): March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government-sponsored enterprises (GSEs) $ 39,106 $ 21 $ (299 ) $ 38,828 Municipal securities 58,260 1,506 (838 ) 58,928 Other debt securities 978 — (43 ) 935 Mortgage-backed securities (GSEs) 100,600 95 (1,113 ) 99,582 $ 198,944 $ 1,622 $ (2,293 ) $ 198,273 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government-sponsored enterprises (GSEs) $ 44,117 $ 12 $ (626 ) $ 43,503 Municipal securities 55,248 276 (363 ) 55,161 Other debt securities 977 — (67 ) 910 Mortgage-backed securities (GSEs) 103,875 153 (1,914 ) 102,114 $ 204,217 $ 441 $ (2,970 ) $ 201,688 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of securities at March 31, 2019 , by contractual maturity for non-mortgage backed securities are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Due in one year or less $ — $ — Due from one year to five years 31,111 30,930 Due from five years to ten years 14,567 14,352 Due after ten years 52,666 53,409 98,344 98,691 Mortgage-backed securities 100,600 99,582 $ 198,944 $ 198,273 |
Schedule of Unrealized Loss on Investments | The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities available-for-sale have been in a continuous unrealized loss position, as of March 31, 2019 and December 31, 2018 (in thousands): As of March 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government- sponsored enterprises (GSEs) $ — $ — $ 28,807 $ (299 ) $ 28,807 $ (299 ) Municipal securities — — 4,059 (838 ) 4,059 (838 ) Other debt securities — — 935 (43 ) 935 (43 ) Mortgage-backed securities (GSEs) 8,915 (29 ) 72,886 (1,084 ) 81,801 (1,113 ) $ 8,915 $ (29 ) $ 106,687 $ (2,264 ) $ 115,602 $ (2,293 ) As of December 31, 2018 Less than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Government- sponsored enterprises (GSEs) $ 14,763 $ (237 ) $ 13,728 $ (389 ) $ 28,491 $ (626 ) Municipal securities 16,455 (150 ) 4,767 (213 ) 21,222 (363 ) Other debt securities — — 910 (67 ) 910 (67 ) Mortgage-backed securities (GSEs) 10,516 (155 ) 69,884 (1,759 ) 80,400 (1,914 ) $ 41,734 $ (542 ) $ 89,289 $ (2,428 ) $ 131,023 $ (2,970 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | At March 31, 2019 and December 31, 2018 , loans are summarized as follows (in thousands): March 31, 2019 December 31, 2018 PCI Loans 1 All Other Loans Total PCI Loans 1 All Other Loans Total Commercial real estate $ 17,299 $ 871,643 $ 888,942 $ 17,682 $ 842,345 $ 860,027 Consumer real estate 8,146 402,835 410,981 8,712 398,542 407,254 Construction and land development 4,670 182,339 187,009 4,602 183,293 187,895 Commercial and industrial 2,300 339,171 341,471 2,557 305,697 308,254 Consumer and other 453 11,713 12,166 605 13,204 13,809 Total loans 32,868 1,807,701 1,840,569 34,158 1,743,081 1,777,239 Less: Allowance for loan losses (54 ) (8,650 ) (8,704 ) — (8,275 ) (8,275 ) Loans, net $ 32,814 $ 1,799,051 $ 1,831,865 $ 34,158 $ 1,734,806 $ 1,768,964 1 Purchased Credit Impaired loans (“PCI loans”) are loans with evidence of credit deterioration at purchase. |
Schedule of Impaired and Performing Loans Receivable | The composition of loans by loan classification for impaired and performing loan status at March 31, 2019 and December 31, 2018 , is summarized in the tables below (in thousands): March 31, 2019 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 871,007 $ 401,937 $ 181,684 $ 338,806 $ 11,660 $ 1,805,094 Impaired loans 636 898 655 365 53 2,607 871,643 402,835 182,339 339,171 11,713 1,807,701 PCI loans 17,299 8,146 4,670 2,300 453 32,868 Total $ 888,942 $ 410,981 $ 187,009 $ 341,471 $ 12,166 $ 1,840,569 December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 841,709 $ 397,306 $ 182,746 $ 304,673 $ 13,088 $ 1,739,522 Impaired loans 636 1,236 547 1,024 116 3,559 842,345 398,542 183,293 305,697 13,204 1,743,081 PCI loans 17,682 8,712 4,602 2,557 605 34,158 Total loans $ 860,027 $ 407,254 $ 187,895 $ 308,254 $ 13,809 $ 1,777,239 |
Schedule of Allowance for Loan Losses for Impaired and Performing Loans Receivable | The following tables show the allowance for loan losses allocation by loan classification for impaired, PCI, and performing loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 4,023 $ 1,902 $ 846 $ 1,545 $ 114 $ 8,430 PCI loans 40 14 — — — 54 Impaired loans 11 33 8 164 4 220 Total $ 4,074 $ 1,949 $ 854 $ 1,709 $ 118 $ 8,704 December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Performing loans $ 3,639 $ 1,763 $ 795 $ 1,304 $ 240 $ 7,741 PCI loans — — — — — — Impaired loans — 26 — 442 66 534 Total $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 |
Schedule of Financing Receivable Allowance for Credit Losses | The following tables detail the changes in the allowance for loan losses for the three month periods ending March 31, 2019 and March 31, 2018, by loan classification (in thousands): March 31, 2019 Commercial Consumer Construction Commercial Consumer Total Beginning balance $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 Loans charged off — (2 ) — (318 ) (130 ) (450 ) Recoveries of loans charged off 2 4 2 12 62 82 Provision (reallocation) charged to expense 433 158 57 269 (120 ) 797 Ending balance $ 4,074 $ 1,949 $ 854 $ 1,709 $ 118 $ 8,704 March 31, 2018 Commercial Consumer Construction Commercial Consumer Total Beginning balance $ 2,465 $ 1,596 $ 521 $ 1,062 $ 216 $ 5,860 Loans charged off (38 ) — — (78 ) (42 ) (158 ) Recoveries of charge-offs — 23 2 40 21 86 Provision (reallocation) charged to expense 498 (100 ) 104 186 1 689 Ending balance $ 2,925 $ 1,519 $ 627 $ 1,210 $ 196 $ 6,477 The following table details the changes in the allowance for loan losses for the year ending December 31, 2018 , by loan classification (in thousands): December 31, 2018 Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Beginning balance $ 2,465 $ 1,596 $ 521 $ 1,062 $ 216 $ 5,860 Loans charged off (38 ) (275 ) — (177 ) (370 ) (860 ) Recoveries of charge-offs 2 100 9 72 156 339 Provision (reallocation) charged to expense 1,210 368 265 789 304 2,936 Ending balance $ 3,639 $ 1,789 $ 795 $ 1,746 $ 306 $ 8,275 |
Financing Receivable Credit Quality Indicators | The following tables outline the amount of each loan classification and the amount categorized into each risk rating as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Non PCI Loans Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Pass $ 863,455 $ 400,139 $ 180,904 $ 333,423 $ 11,527 $ 1,789,448 Watch 7,547 1,775 623 4,228 131 14,304 Special mention — 15 157 1,155 — 1,327 Substandard 641 906 655 357 55 2,614 Doubtful — — — 8 — 8 Total $ 871,643 $ 402,835 $ 182,339 $ 339,171 $ 11,713 $ 1,807,701 PCI Loans Pass $ 12,825 $ 5,555 $ 3,554 $ 2,196 $ 397 $ 24,527 Watch 2,736 581 1,116 — 16 4,449 Special mention 1,010 440 — — 9 1,459 Substandard 728 1,570 — 104 31 2,433 Doubtful — — — — — — Total $ 17,299 $ 8,146 $ 4,670 $ 2,300 $ 453 $ 32,868 Total loans $ 888,942 $ 410,981 $ 187,009 $ 341,471 $ 12,166 $ 1,840,569 December 31, 2018 Non PCI Loans Commercial Real Estate Consumer Real Estate Construction and Land Development Commercial and Industrial Consumer and Other Total Pass $ 834,912 $ 394,728 $ 182,524 $ 303,805 $ 12,927 $ 1,728,896 Watch 6,791 2,678 64 1,090 135 10,758 Special mention — 14 158 137 — 309 Substandard 642 1,122 547 462 142 2,915 Doubtful — — — 203 — 203 Total $ 842,345 $ 398,542 $ 183,293 $ 305,697 $ 13,204 $ 1,743,081 PCI Loans Pass $ 14,050 $ 5,617 $ 4,033 $ 2,382 $ 541 $ 26,623 Watch 1,805 756 569 — 17 3,147 Special mention 1,030 446 — 50 10 1,536 Substandard 797 1,893 — 125 37 2,852 Doubtful — — — — — — Total $ 17,682 $ 8,712 $ 4,602 $ 2,557 $ 605 $ 34,158 Total loans $ 860,027 $ 407,254 $ 187,895 $ 308,254 $ 13,809 $ 1,777,239 |
Past Due Financing Receivables | The following tables present the aging of the recorded investment in loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 30-60 Days Past Due and Accruing 61-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Past Due and NonAccrual PCI Loans Current Loans Total Loans Commercial real estate $ 1,625 $ 764 $ — $ 272 $ 2,661 $ 17,299 $ 868,982 $ 888,942 Consumer real estate 1,492 123 73 807 2,495 8,146 400,340 410,981 Construction and land development — 79 — 655 734 4,670 181,605 187,009 Commercial and industrial 92 165 114 296 667 2,300 338,504 341,471 Consumer and other 132 131 23 42 328 453 11,385 12,166 Total $ 3,341 $ 1,262 $ 210 $ 2,072 $ 6,885 $ 32,868 $ 1,800,816 $ 1,840,569 December 31, 2018 30-60 Days Past Due and Accruing 61-89 Days Past Due and Accruing Past Due 90 Days or More and Accruing Nonaccrual Total Past Due and NonAccrual PCI Loans Current Loans Total Loans Commercial real estate $ 377 $ 19 $ — $ 272 $ 668 $ 17,682 $ 841,677 $ 860,027 Consumer real estate 1,168 462 454 844 2,928 8,712 395,614 407,254 Construction and land development 343 — — 547 890 4,602 182,403 187,895 Commercial and industrial 155 — 101 909 1,165 2,557 304,532 308,254 Consumer and other 117 — 29 124 270 605 12,934 13,809 Total $ 2,160 $ 481 $ 584 $ 2,696 $ 5,921 $ 34,158 $ 1,737,160 $ 1,777,239 |
Impaired Financing Receivables | The following is an analysis of the impaired loan portfolio, including PCI loans, detailing the related allowance recorded as of March 31, 2019 and December 31, 2018 (in thousands): For the three months ended At March 31, 2019 March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans without a valuation allowance: Commercial real estate $ 589 $ 601 $ — $ 613 $ 20 Consumer real estate 863 879 — 967 4 Construction and land development 599 599 — 573 — Commercial and industrial 31 32 — 50 1 Consumer and other 27 31 — 28 1 2,109 2,142 — 2,231 26 Impaired loans with a valuation allowance: Commercial real estate 47 47 11 24 1 Consumer real estate 35 40 33 99 — Construction and land development 56 56 8 28 — Commercial and industrial 334 349 164 644 9 Consumer and other 26 26 4 57 — 498 518 220 852 10 PCI loans: Commercial real estate 2,535 2,837 40 845 (10 ) Consumer real estate 1,101 1,271 14 367 3 Total impaired loans $ 6,243 $ 6,768 $ 274 $ 4,295 $ 29 Note 4. Loans and Allowance for Loan Losses, Continued Impaired Loans (continued): For the year ended At December 31, 2018 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans without a valuation allowance: Commercial real estate $ 636 $ 648 $ — $ 855 $ 33 Consumer real estate 1,073 1,089 — 934 29 Construction and land development 547 547 — 547 — Commercial and industrial 69 70 — 69 6 Consumer and other 29 33 — 15 3 2,354 2,387 — 2,420 71 Impaired loans with a valuation allowance: Commercial real estate — — — — — Consumer real estate 163 205 26 365 — Construction and land development — — — — — Commercial and industrial 955 973 442 476 37 Consumer and other 87 87 66 86 3 1,205 1,265 534 927 40 PCI loans: Commercial real estate 0 0 0 11 0 Total impaired loans $ 3,559 $ 3,652 $ 534 $ 3,358 $ 111 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period, Carrying Amount of Loans | The Company has acquired loans where there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as of as of March 31, 2019 and December 31, 2018 is as follows (in thousands): March 31, 2019 December 31, 2018 Commercial real estate $ 24,226 $ 24,849 Consumer real estate 10,464 11,108 Construction and land development 5,724 5,731 Commercial and industrial 5,369 5,824 Consumer and other 721 892 Total loans 46,504 48,404 Less remaining purchase discount (13,636 ) (14,246 ) Total loans, net of purchase discount 32,868 34,158 Less: Allowance for loan losses (54 ) — Carrying amount, net of allowance $ 32,814 $ 34,158 |
Schedule of Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement | Activity related to the accretable yield on loans acquired with deteriorated credit quality is as follows for the three month periods ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Accretable yield, beginning of period $ 7,052 $ 9,287 Additions — — Accretion income (1,254 ) (1,101 ) Reclassification to accretable 1,035 262 Other changes, net 1,811 (668 ) Accretable yield $ 8,644 $ 7,780 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments | A summary of the Bank’s total contractual amount for all off-balance sheet commitments at March 31, 2019 is as follows: Commitments to extend credit $ 356.0 million Standby letters of credit $ 14.6 million |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis are as follows (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Debt securities available-for-sale: U.S. Government-sponsored enterprises (GSEs) $ 38,828 $ — $ 38,828 $ — Mortgage-backed securities 99,582 — 99,582 — Other debt securities 935 — 935 — Municipal securities 58,928 — 58,928 — Total securities available-for-sale $ 198,273 $ — $ 198,273 $ — Derivative financial instruments $ 2,063 $ — $ 2,063 $ — Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Debt securities available-for-sale: U.S. Government-sponsored enterprises (GSEs) $ 43,503 $ — $ 43,503 $ — Mortgage-backed securities 102,114 — 102,114 — Other debt securities 910 — 910 — Municipal securities 55,161 — 55,161 — Total securities available-for-sale $ 201,688 $ — $ 201,688 $ — Derivative financial instruments $ 1,174 — $ 1,174 — |
Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | The following tables present the financial instruments carried on the consolidated balance sheets by caption and by level in the fair value hierarchy, for which a nonrecurring change in fair value has been recorded (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Impaired loans $ 3,860 $ — $ — $ 3,860 Foreclosed assets 2,066 — — 2,066 Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Impaired loans $ 671 $ — $ — $ 671 Foreclosed assets 2,495 — — 2,495 For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements are presented below (in thousands). Balance as of Valuation Significant Other Weighted Impaired loans $ 3,860 Appraisal and Cashflow Appraisal and Cashflow Discounts 7 % Foreclosed assets 2,066 Appraisal Appraisal Discounts 20 % Balance as of Valuation Significant Other Weighted Impaired loans $ 671 Appraisal Appraisal Discounts 44 % Foreclosed assets 2,495 Appraisal Appraisal Discounts 23 % |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows (in thousands): March 31, 2019 Fair Value Measurements Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 132,994 132,994 — — $ 132,994 Securities available-for-sale 198,273 — 198,273 — 198,273 Restricted investments 12,398 N/A N/A N/A N/A Loans, net 1,831,865 — — 1,824,680 1,824,680 Liabilities: Noninterest-bearing demand deposits 329,095 — 329,095 — 329,095 Interest-bearing demand deposits 331,629 — 331,629 — 331,629 Money Market and Savings deposits 698,431 — 698,431 — 698,431 Time deposits 635,175 — 635,272 — 635,272 Securities sold under agreements to repurchase 7,070 — 7,070 — 7,070 Federal Home Loan Bank advances and other borrowings 8,605 — 8,605 — 8,605 Subordinated debt 39,198 — — 37,606 37,606 Derivative financial instruments 2,063 — 2,063 — 2,063 Note 6. Fair Value Disclosures, Continued Carrying value and estimated fair value (continued): December 31, 2018 Fair Value Measurements Using Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Assets: Cash and cash equivalents $ 115,822 115,822 — — $ 115,822 Securities available-for-sale 201,688 — 201,688 — 201,688 Restricted investments 11,499 N/A N/A N/A N/A Loans, net 1,768,964 — — 1,766,838 1,766,838 Liabilities: Noninterest-bearing demand deposits 319,861 — 319,861 — 319,861 Interest-bearing demand deposits 311,482 — 311,482 — 311,482 Money Market and Savings deposits 641,945 — 641,945 — 641,945 Time deposits 648,675 — 649,169 — 649,169 Securities sold under agreements to repurchase 11,756 — 11,756 — 11,756 Federal Home Loan Bank advances and other borrowings 11,243 — 11,243 — 11,243 Subordinated debt 39,177 — — 39,190 39,190 Derivative financial instruments 1,174 — 1,174 — 1,174 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Hedge Relationships in Balance Sheet | A summary of the Company's fair value hedge relationships as of March 31, 2019 and December 31, 2018 are as follows (in thousands): March 31, 2019 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 8.95 3.09% 3 month LIBOR $36,000 -$2,063 December 31, 2018 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Liability derivatives Interest rate swap agreements - securities Other liabilities 9.23 3.10% 3 month LIBOR $35,000 -$1,174 |
Schedule of Fair Value Hedge Relationships on Income Statement | The effects of the Company's fair value hedge relationships on the income statement during the three months ended March 31, 2019 were as follows (in thousands): Three Months Ended March 31, 2019 Interest Income Total amount of income and expense line items presented in the consolidated statements of income $26,943 Gain (loss) on fair value hedging relationship Interest rate swap agreements - securities: Hedged items (2,063) Derivative designated as hedging instruments 2,063 There were no hedging relationships as of March 31, 2018. |
Schedule of Fair Value Hedges | The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at March 31, 2019 and December 31, 2018: Carrying Amount of the Hedged Assets (in thousands) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet March 31, 2019 March 31, 2019 Securities available-for-sale $41,587 $2,063 Line item on the balance sheet December 31, 2018 December 31, 2018 Securities available-for-sale $39,730 $1,174 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Lease Assets and Liabilities | The following table represents the consolidated balance sheet classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated balance sheet (dollars in thousands): Lease Right-of-Use Assets Classification March 31, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $2,215 Lease Liabilities Operating lease liabilities Operating lease liabilities $2,222 |
Summary of Lease Costs and Other Information | The following table represents lease costs and other lease information, in thousands. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance. Three Months Ended Lease Costs March 31, 2019 Operating lease costs $ 146 Short term lease costs 36 Variable lease costs 23 Total 205 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 139 |
Summary of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows (in thousands): Amounts March 31, 2020 $ 533 March 31, 2021 531 March 31, 2022 332 March 31, 2023 213 March 31, 2024 107 Thereafter 842 Total future minimum lease payments 2,558 Amounts representing interest (336 ) Present value of net future minimum lease payments $ 2,222 |
Presentation of Financial Inf_3
Presentation of Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 2,215 | |
Operating lease liabilities | $ 2,222 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 2,300 | |
Operating lease liabilities | $ 2,300 |
Earnings per share - Basic and
Earnings per share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 4,731,249 | $ 3,414,771 |
Weighted average common shares outstanding (in shares) | 13,942,016 | 11,210,836 |
Effect of dilutive stock options (in shares) | 76,147 | 108,858 |
Diluted shares (in shares) | 14,018,163 | 11,319,694 |
Basic earnings per common share (in dollars per share) | $ 0.34 | $ 0.30 |
Diluted earnings per common share (in dollars per share) | $ 0.34 | $ 0.30 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 198,944,000 | $ 204,217,000 |
Gross Unrealized Gains | 1,622,000 | 441,000 |
Gross Unrealized Losses | (2,293,000) | (2,970,000) |
Fair Value | 198,272,685 | 201,687,683 |
U.S. Government-sponsored enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 39,106,000 | 44,117,000 |
Gross Unrealized Gains | 21,000 | 12,000 |
Gross Unrealized Losses | (299,000) | (626,000) |
Fair Value | 38,828,000 | 43,503,000 |
Municipal securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 58,260,000 | 55,248,000 |
Gross Unrealized Gains | 1,506,000 | 276,000 |
Gross Unrealized Losses | (838,000) | (363,000) |
Fair Value | 58,928,000 | 55,161,000 |
Other debt securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 978,000 | 977,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (43,000) | (67,000) |
Fair Value | 935,000 | 910,000 |
Mortgage-backed securities (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,600,000 | 103,875,000 |
Gross Unrealized Gains | 95,000 | 153,000 |
Gross Unrealized Losses | (1,113,000) | (1,914,000) |
Fair Value | $ 99,582,000 | $ 102,114,000 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)investment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ | $ 0 | $ 0 | |
Realized gain (loss) | $ | 0 | $ 0 | |
Proceeds from call of debt security | $ | 5,000,000 | ||
Collateral Pledged [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Restricted securities | $ | $ 108,000,000 | $ 97,200,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of positions | investment | 8 | ||
Municipal securities [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of positions | investment | 8 | ||
Other debt securities [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of positions | investment | 1 | ||
Mortgage-backed securities [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of positions | investment | 68 |
Securities - Available-for-sale
Securities - Available-for-sale Securities by Contractual Maturity (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities Available for Sale, Due in one year or less, Amortized Cost | $ 0 | |
Securities Available for Sale, Due from one year to five years, Amortized Cost | 31,111,000 | |
Securities Available for Sale, Due from five years to ten years, Amortized Cost | 14,567,000 | |
Securities Available for Sale, Due after ten years, Amortized Cost | 52,666,000 | |
Securities Available for Sale, Amortized Cost | 98,344,000 | |
Amortized Cost | 198,944,000 | $ 204,217,000 |
Securities Available for Sale, Due in one year or less, Fair Value | 0 | |
Securities Available for Sale, Due from one year to five years, Fair Value | 30,930,000 | |
Securities Available for Sale, Due from five years to ten years, Fair Value | 14,352,000 | |
Securities Available for Sale, Due after ten years, Fair Value | 53,409,000 | |
Securities Available for Sale, Fair Value | 98,691,000 | |
Securities available for sale | 198,272,685 | $ 201,687,683 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities, Amortized Cost | 100,600,000 | |
Mortgage-backed securities, Fair Value | $ 99,582,000 |
Securities - Available-for-sa_2
Securities - Available-for-sale Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, fair value, less than 12 months | $ 8,915 | $ 41,734 |
Available-for-sale, gross unrealized losses, less than 12 months | (29) | (542) |
Available-for-sale, fair value, 12 months or greater | 106,687 | 89,289 |
Available-for-sale, gross unrealized losses, 12 months or greater | (2,264) | (2,428) |
Securities available for sale | 115,602 | 131,023 |
Available-for-sale, gross unrealized losses, total | (2,293) | (2,970) |
U.S. Government-sponsored enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, fair value, less than 12 months | 0 | 14,763 |
Available-for-sale, gross unrealized losses, less than 12 months | 0 | (237) |
Available-for-sale, fair value, 12 months or greater | 28,807 | 13,728 |
Available-for-sale, gross unrealized losses, 12 months or greater | (299) | (389) |
Securities available for sale | 28,807 | 28,491 |
Available-for-sale, gross unrealized losses, total | (299) | (626) |
Municipal securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, fair value, less than 12 months | 0 | 16,455 |
Available-for-sale, gross unrealized losses, less than 12 months | 0 | (150) |
Available-for-sale, fair value, 12 months or greater | 4,059 | 4,767 |
Available-for-sale, gross unrealized losses, 12 months or greater | (838) | (213) |
Securities available for sale | 4,059 | 21,222 |
Available-for-sale, gross unrealized losses, total | (838) | (363) |
Other debt securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, fair value, less than 12 months | 0 | 0 |
Available-for-sale, gross unrealized losses, less than 12 months | 0 | 0 |
Available-for-sale, fair value, 12 months or greater | 935 | 910 |
Available-for-sale, gross unrealized losses, 12 months or greater | (43) | (67) |
Securities available for sale | 935 | 910 |
Available-for-sale, gross unrealized losses, total | (43) | (67) |
Mortgage-backed securities (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, fair value, less than 12 months | 8,915 | 10,516 |
Available-for-sale, gross unrealized losses, less than 12 months | (29) | (155) |
Available-for-sale, fair value, 12 months or greater | 72,886 | 69,884 |
Available-for-sale, gross unrealized losses, 12 months or greater | (1,084) | (1,759) |
Securities available for sale | 81,801 | 80,400 |
Available-for-sale, gross unrealized losses, total | $ (1,113) | $ (1,914) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Loan Summary (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 1,840,569,000 | $ 1,777,239,000 | ||
Less: Allowance for loan losses | (8,704,413) | (8,275,055) | $ (6,477,000) | $ (5,860,000) |
Loans, net | 1,831,864,834 | 1,768,963,569 | ||
Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 32,868,000 | 34,158,000 | ||
Less: Allowance for loan losses | (54,000) | 0 | ||
Loans, net | 32,814,000 | 34,158,000 | ||
All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,807,701,000 | 1,743,081,000 | ||
Less: Allowance for loan losses | (8,650,000) | (8,275,000) | ||
Loans, net | 1,799,051,000 | 1,734,806,000 | ||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 888,942,000 | 860,027,000 | ||
Less: Allowance for loan losses | (4,074,000) | (3,639,000) | (2,925,000) | (2,465,000) |
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 17,299,000 | 17,682,000 | ||
Less: Allowance for loan losses | (40,000) | 0 | ||
Commercial Real Estate [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 871,643,000 | 842,345,000 | ||
Consumer Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 410,981,000 | 407,254,000 | ||
Less: Allowance for loan losses | (1,949,000) | (1,789,000) | (1,519,000) | (1,596,000) |
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 8,146,000 | 8,712,000 | ||
Less: Allowance for loan losses | (14,000) | 0 | ||
Consumer Real Estate [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 402,835,000 | 398,542,000 | ||
Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 187,009,000 | 187,895,000 | ||
Less: Allowance for loan losses | (854,000) | (795,000) | (627,000) | (521,000) |
Construction and Land Development [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 4,670,000 | 4,602,000 | ||
Less: Allowance for loan losses | 0 | 0 | ||
Construction and Land Development [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 182,339,000 | 183,293,000 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 341,471,000 | 308,254,000 | ||
Less: Allowance for loan losses | (1,709,000) | (1,746,000) | (1,210,000) | (1,062,000) |
Commercial and Industrial [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 2,300,000 | 2,557,000 | ||
Less: Allowance for loan losses | 0 | 0 | ||
Commercial and Industrial [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 339,171,000 | 305,697,000 | ||
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 12,166,000 | 13,809,000 | ||
Less: Allowance for loan losses | (118,000) | (306,000) | $ (196,000) | $ (216,000) |
Consumer and Other [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 453,000 | 605,000 | ||
Less: Allowance for loan losses | 0 | 0 | ||
Consumer and Other [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 11,713,000 | $ 13,204,000 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)loansegment | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Loan portfolio segments | segment | 5 | |
Number of contracts | 0 | |
Number of contracts, subsequent payment default | 0 | |
Trouble Debt Restructuring [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans that met criteria for restructured | $ | $ 62 | $ 116 |
Number of contracts, nonaccrual | 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Performing and Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,840,569 | $ 1,777,239 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,807,701 | 1,743,081 |
Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 32,868 | 34,158 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 888,942 | 860,027 |
Commercial Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 871,643 | 842,345 |
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 17,299 | 17,682 |
Consumer Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 410,981 | 407,254 |
Consumer Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 402,835 | 398,542 |
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,146 | 8,712 |
Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 187,009 | 187,895 |
Construction and Land Development [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 182,339 | 183,293 |
Construction and Land Development [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,670 | 4,602 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 341,471 | 308,254 |
Commercial and Industrial [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 339,171 | 305,697 |
Commercial and Industrial [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,300 | 2,557 |
Consumer and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 12,166 | 13,809 |
Consumer and Other [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,713 | 13,204 |
Consumer and Other [Member] | Purchased Credit Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 453 | 605 |
Performing [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,805,094 | 1,739,522 |
Performing [Member] | Commercial Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 871,007 | 841,709 |
Performing [Member] | Consumer Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 401,937 | 397,306 |
Performing [Member] | Construction and Land Development [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 181,684 | 182,746 |
Performing [Member] | Commercial and Industrial [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 338,806 | 304,673 |
Performing [Member] | Consumer and Other [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,660 | 13,088 |
Impaired Loans [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,607 | 3,559 |
Impaired Loans [Member] | Commercial Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 636 | 636 |
Impaired Loans [Member] | Consumer Real Estate [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 898 | 1,236 |
Impaired Loans [Member] | Construction and Land Development [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 655 | 547 |
Impaired Loans [Member] | Commercial and Industrial [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 365 | 1,024 |
Impaired Loans [Member] | Consumer and Other [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 53 | $ 116 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - ALL by Loan Classification (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 8,704,413 | $ 8,275,055 | $ 6,477,000 | $ 5,860,000 |
All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 8,650,000 | 8,275,000 | ||
Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 54,000 | 0 | ||
Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 8,430,000 | 7,741,000 | ||
Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 220,000 | 534,000 | ||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 4,074,000 | 3,639,000 | 2,925,000 | 2,465,000 |
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 40,000 | 0 | ||
Commercial Real Estate [Member] | Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 4,023,000 | 3,639,000 | ||
Commercial Real Estate [Member] | Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 11,000 | 0 | ||
Consumer Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,949,000 | 1,789,000 | 1,519,000 | 1,596,000 |
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 14,000 | 0 | ||
Consumer Real Estate [Member] | Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,902,000 | 1,763,000 | ||
Consumer Real Estate [Member] | Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 33,000 | 26,000 | ||
Construction and Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 854,000 | 795,000 | 627,000 | 521,000 |
Construction and Land Development [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 0 | 0 | ||
Construction and Land Development [Member] | Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 846,000 | 795,000 | ||
Construction and Land Development [Member] | Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 8,000 | 0 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,709,000 | 1,746,000 | 1,210,000 | 1,062,000 |
Commercial and Industrial [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 0 | 0 | ||
Commercial and Industrial [Member] | Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,545,000 | 1,304,000 | ||
Commercial and Industrial [Member] | Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 164,000 | 442,000 | ||
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 118,000 | 306,000 | $ 196,000 | $ 216,000 |
Consumer and Other [Member] | Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 0 | 0 | ||
Consumer and Other [Member] | Performing [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 114,000 | 240,000 | ||
Consumer and Other [Member] | Impaired Loans [Member] | All Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 4,000 | $ 66,000 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - ALL Roll Forward (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 8,275,055 | $ 5,860,000 | $ 5,860,000 |
Loans charged off | (450,000) | (158,000) | (860,000) |
Recoveries of loans charged off | 82,000 | 86,000 | 339,000 |
Provision (reallocation) charged to expense | 797,129 | 688,796 | 2,936,000 |
Ending balance | 8,704,413 | 6,477,000 | 8,275,055 |
Commercial Real Estate [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,639,000 | 2,465,000 | 2,465,000 |
Loans charged off | 0 | (38,000) | (38,000) |
Recoveries of loans charged off | 2,000 | 0 | 2,000 |
Provision (reallocation) charged to expense | 433,000 | 498,000 | 1,210,000 |
Ending balance | 4,074,000 | 2,925,000 | 3,639,000 |
Consumer Real Estate [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,789,000 | 1,596,000 | 1,596,000 |
Loans charged off | (2,000) | 0 | (275,000) |
Recoveries of loans charged off | 4,000 | 23,000 | 100,000 |
Provision (reallocation) charged to expense | 158,000 | (100,000) | 368,000 |
Ending balance | 1,949,000 | 1,519,000 | 1,789,000 |
Construction and Land Development [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 795,000 | 521,000 | 521,000 |
Loans charged off | 0 | 0 | 0 |
Recoveries of loans charged off | 2,000 | 2,000 | 9,000 |
Provision (reallocation) charged to expense | 57,000 | 104,000 | 265,000 |
Ending balance | 854,000 | 627,000 | 795,000 |
Commercial and Industrial [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,746,000 | 1,062,000 | 1,062,000 |
Loans charged off | (318,000) | (78,000) | (177,000) |
Recoveries of loans charged off | 12,000 | 40,000 | 72,000 |
Provision (reallocation) charged to expense | 269,000 | 186,000 | 789,000 |
Ending balance | 1,709,000 | 1,210,000 | 1,746,000 |
Consumer and Other [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 306,000 | 216,000 | 216,000 |
Loans charged off | (130,000) | (42,000) | (370,000) |
Recoveries of loans charged off | 62,000 | 21,000 | 156,000 |
Provision (reallocation) charged to expense | (120,000) | 1,000 | 304,000 |
Ending balance | $ 118,000 | $ 196,000 | $ 306,000 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Loan Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,840,569 | $ 1,777,239 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 888,942 | 860,027 |
Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 410,981 | 407,254 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 187,009 | 187,895 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 341,471 | 308,254 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,166 | 13,809 |
Non PCI Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,807,701 | 1,743,081 |
Non PCI Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,789,448 | 1,728,896 |
Non PCI Loans [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,304 | 10,758 |
Non PCI Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,327 | 309 |
Non PCI Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,614 | 2,915 |
Non PCI Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8 | 203 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 871,643 | 842,345 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 863,455 | 834,912 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,547 | 6,791 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 641 | 642 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 402,835 | 398,542 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 400,139 | 394,728 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,775 | 2,678 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15 | 14 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 906 | 1,122 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Non PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 182,339 | 183,293 |
Non PCI Loans [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 180,904 | 182,524 |
Non PCI Loans [Member] | Construction and Land Development [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 623 | 64 |
Non PCI Loans [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 157 | 158 |
Non PCI Loans [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 655 | 547 |
Non PCI Loans [Member] | Construction and Land Development [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 339,171 | 305,697 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 333,423 | 303,805 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,228 | 1,090 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,155 | 137 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 357 | 462 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8 | 203 |
Non PCI Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,713 | 13,204 |
Non PCI Loans [Member] | Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,527 | 12,927 |
Non PCI Loans [Member] | Consumer and Other [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 131 | 135 |
Non PCI Loans [Member] | Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Non PCI Loans [Member] | Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 55 | 142 |
Non PCI Loans [Member] | Consumer and Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,868 | 34,158 |
Purchased Credit Impaired Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,527 | 26,623 |
Purchased Credit Impaired Loans [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,449 | 3,147 |
Purchased Credit Impaired Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,459 | 1,536 |
Purchased Credit Impaired Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,433 | 2,852 |
Purchased Credit Impaired Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,299 | 17,682 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,825 | 14,050 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,736 | 1,805 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,010 | 1,030 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 728 | 797 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,146 | 8,712 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,555 | 5,617 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 581 | 756 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 440 | 446 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,570 | 1,893 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,670 | 4,602 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,554 | 4,033 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,116 | 569 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,300 | 2,557 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,196 | 2,382 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 50 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104 | 125 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 453 | 605 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 397 | 541 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16 | 17 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9 | 10 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 31 | 37 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 2,072 | $ 2,696 |
Total Past Due and NonAccrual | 6,885 | 5,921 |
Current Loans | 1,800,816 | 1,737,160 |
Total loans | 1,840,569 | 1,777,239 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 272 | 272 |
Total Past Due and NonAccrual | 2,661 | 668 |
Current Loans | 868,982 | 841,677 |
Total loans | 888,942 | 860,027 |
Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 807 | 844 |
Total Past Due and NonAccrual | 2,495 | 2,928 |
Current Loans | 400,340 | 395,614 |
Total loans | 410,981 | 407,254 |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 655 | 547 |
Total Past Due and NonAccrual | 734 | 890 |
Current Loans | 181,605 | 182,403 |
Total loans | 187,009 | 187,895 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 296 | 909 |
Total Past Due and NonAccrual | 667 | 1,165 |
Current Loans | 338,504 | 304,532 |
Total loans | 341,471 | 308,254 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 42 | 124 |
Total Past Due and NonAccrual | 328 | 270 |
Current Loans | 11,385 | 12,934 |
Total loans | 12,166 | 13,809 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 32,868 | 34,158 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 17,299 | 17,682 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8,146 | 8,712 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,670 | 4,602 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,300 | 2,557 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 453 | 605 |
30 to 60 Days Past Due and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 3,341 | 2,160 |
30 to 60 Days Past Due and Accruing [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 1,625 | 377 |
30 to 60 Days Past Due and Accruing [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 1,492 | 1,168 |
30 to 60 Days Past Due and Accruing [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 0 | 343 |
30 to 60 Days Past Due and Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 92 | 155 |
30 to 60 Days Past Due and Accruing [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 132 | 117 |
61 to 89 Days Past Due and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 1,262 | 481 |
61 to 89 Days Past Due and Accruing [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 764 | 19 |
61 to 89 Days Past Due and Accruing [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 123 | 462 |
61 to 89 Days Past Due and Accruing [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 79 | 0 |
61 to 89 Days Past Due and Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 165 | 0 |
61 to 89 Days Past Due and Accruing [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 131 | 0 |
Past Due 90 Days or More and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 210 | 584 |
Past Due 90 Days or More and Accruing [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 0 | 0 |
Past Due 90 Days or More and Accruing [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 73 | 454 |
Past Due 90 Days or More and Accruing [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 0 | 0 |
Past Due 90 Days or More and Accruing [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | 114 | 101 |
Past Due 90 Days or More and Accruing [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, past due | $ 23 | $ 29 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Impaired Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with a valuation allowance, Related Allowance | $ 274 | $ 534 |
Total impaired loans, Recorded Investment | 6,243 | 3,559 |
Total impaired loans, Unpaid Principal Balance | 6,768 | 3,652 |
Total impaired loans, Average Recorded Investment | 4,295 | 3,358 |
Total impaired loans, Interest Income Recognized | 29 | 111 |
Non PCI Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 2,109 | 2,354 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 2,142 | 2,387 |
Impaired loans without a valuation allowance, Average Recorded Investment | 2,231 | 2,420 |
Impaired loans without a valuation allowance, Interest Income Recognized | 26 | 71 |
Impaired loans with a valuation allowance, Recorded Investment | 498 | 1,205 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 518 | 1,265 |
Impaired loans with a valuation allowance, Related Allowance | 220 | 534 |
Impaired loans with a valuation allowance, Average Recorded Investment | 852 | 927 |
Impaired loans with a valuation allowance, Interest Income Recognized | 10 | 40 |
Non PCI Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 589 | 636 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 601 | 648 |
Impaired loans without a valuation allowance, Average Recorded Investment | 613 | 855 |
Impaired loans without a valuation allowance, Interest Income Recognized | 20 | 33 |
Impaired loans with a valuation allowance, Recorded Investment | 47 | 0 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 47 | 0 |
Impaired loans with a valuation allowance, Related Allowance | 11 | 0 |
Impaired loans with a valuation allowance, Average Recorded Investment | 24 | 0 |
Impaired loans with a valuation allowance, Interest Income Recognized | 1 | 0 |
Non PCI Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 863 | 1,073 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 879 | 1,089 |
Impaired loans without a valuation allowance, Average Recorded Investment | 967 | 934 |
Impaired loans without a valuation allowance, Interest Income Recognized | 4 | 29 |
Impaired loans with a valuation allowance, Recorded Investment | 35 | 163 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 40 | 205 |
Impaired loans with a valuation allowance, Related Allowance | 33 | 26 |
Impaired loans with a valuation allowance, Average Recorded Investment | 99 | 365 |
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 0 |
Non PCI Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 599 | 547 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 599 | 547 |
Impaired loans without a valuation allowance, Average Recorded Investment | 573 | 547 |
Impaired loans without a valuation allowance, Interest Income Recognized | 0 | 0 |
Impaired loans with a valuation allowance, Recorded Investment | 56 | 0 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 56 | 0 |
Impaired loans with a valuation allowance, Related Allowance | 8 | 0 |
Impaired loans with a valuation allowance, Average Recorded Investment | 28 | 0 |
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 0 |
Non PCI Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 31 | 69 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 32 | 70 |
Impaired loans without a valuation allowance, Average Recorded Investment | 50 | 69 |
Impaired loans without a valuation allowance, Interest Income Recognized | 1 | 6 |
Impaired loans with a valuation allowance, Recorded Investment | 334 | 955 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 349 | 973 |
Impaired loans with a valuation allowance, Related Allowance | 164 | 442 |
Impaired loans with a valuation allowance, Average Recorded Investment | 644 | 476 |
Impaired loans with a valuation allowance, Interest Income Recognized | 9 | 37 |
Non PCI Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, Recorded Investment | 27 | 29 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 31 | 33 |
Impaired loans without a valuation allowance, Average Recorded Investment | 28 | 15 |
Impaired loans without a valuation allowance, Interest Income Recognized | 1 | 3 |
Impaired loans with a valuation allowance, Recorded Investment | 26 | 87 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 26 | 87 |
Impaired loans with a valuation allowance, Related Allowance | 4 | 66 |
Impaired loans with a valuation allowance, Average Recorded Investment | 57 | 86 |
Impaired loans with a valuation allowance, Interest Income Recognized | 0 | 3 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with a valuation allowance, Recorded Investment | 2,535 | 0 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 2,837 | 0 |
Impaired loans with a valuation allowance, Related Allowance | 40 | 0 |
Impaired loans with a valuation allowance, Average Recorded Investment | 845 | 11 |
Impaired loans with a valuation allowance, Interest Income Recognized | (10) | $ 0 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with a valuation allowance, Recorded Investment | 1,101 | |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 1,271 | |
Impaired loans with a valuation allowance, Related Allowance | 14 | |
Impaired loans with a valuation allowance, Average Recorded Investment | 367 | |
Impaired loans with a valuation allowance, Interest Income Recognized | $ 3 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Purchased Credit Impaired Loans (Details) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | $ 46,504 | $ 48,404 |
Less remaining purchase discount | (13,636) | (14,246) |
Total loans, net of purchase discount | 32,868 | 34,158 |
Less: Allowance for loan losses | (54) | 0 |
Carrying amount, net of allowance | 32,814 | 34,158 |
Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | 24,226 | 24,849 |
Consumer Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | 10,464 | 11,108 |
Construction and Land Development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | 5,724 | 5,731 |
Commercial and Industrial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | 5,369 | 5,824 |
Consumer and Other [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Total loans | $ 721 | $ 892 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Accretable Yield Roll Forward (Details) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning of period | $ 7,052 | $ 9,287 |
Additions | 0 | 0 |
Accretion income | (1,254) | (1,101) |
Reclassification to accretable | 1,035 | 262 |
Other changes, net | 1,811 | (668) |
Accretable yield | $ 8,644 | $ 7,780 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to extend credit | $ 356 |
Standby letters of credit | $ 14.6 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 198,272,685 | $ 201,687,683 |
Derivative financial instruments | 2,063,000 | 1,174,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 198,273,000 | 201,688,000 |
Derivative financial instruments | 2,063,000 | 1,174,000 |
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Derivative financial instruments | 0 | 0 |
U.S. Government-sponsored enterprises (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 38,828,000 | 43,503,000 |
U.S. Government-sponsored enterprises (GSEs) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
U.S. Government-sponsored enterprises (GSEs) [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 38,828,000 | 43,503,000 |
U.S. Government-sponsored enterprises (GSEs) [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 99,582,000 | 102,114,000 |
Mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 99,582,000 | 102,114,000 |
Mortgage-backed securities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Other debt securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 935,000 | 910,000 |
Other debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Other debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 935,000 | 910,000 |
Other debt securities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 58,928,000 | 55,161,000 |
Municipal securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Municipal securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 58,928,000 | 55,161,000 |
Municipal securities [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 3,860 | $ 671 |
Foreclosed assets | 2,066 | 2,495 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0 | 0 |
Foreclosed assets | 0 | 0 |
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 3,860 | 671 |
Foreclosed assets | $ 2,066 | $ 2,495 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value Disclosures - Unobservable Inputs (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | $ 3,860 | $ 671 |
Foreclosed assets | 2,066 | 2,495 |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 3,860 | 671 |
Foreclosed assets | $ 2,066 | $ 2,495 |
Weighted Average [Member] | Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.07 | 0.44 |
Foreclosed assets, measurement input | 0.20 | 0.23 |
Fair Value Disclosures - Carryi
Fair Value Disclosures - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Securities available-for-sale, at fair value | $ 198,272,685 | $ 201,687,683 |
Restricted investments | 12,397,950 | 11,499,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 329,095,443 | 319,861,237 |
Interest-bearing demand deposits | 331,628,819 | 311,482,434 |
Time deposits | 635,175,084 | 648,675,440 |
Derivative financial instruments | 2,063,000 | 1,174,000 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 132,994,000 | 115,822,000 |
Securities available-for-sale, at fair value | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Securities available-for-sale, at fair value | 198,273,000 | 201,688,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 329,095,000 | 319,861,000 |
Interest-bearing demand deposits | 331,629,000 | 311,482,000 |
Money Market and Savings deposits | 698,431,000 | 641,945,000 |
Time deposits | 635,272,000 | 649,169,000 |
Securities sold under agreements to repurchase | 7,070,000 | 11,756,000 |
Federal Home Loan Bank advances and other borrowings | 8,605,000 | 11,243,000 |
Derivative financial instruments | 2,063,000 | 1,174,000 |
Level 3 [Member] | ||
Assets: | ||
Securities available-for-sale, at fair value | 0 | 0 |
Loans, net | 1,824,680,000 | 1,766,838,000 |
Liabilities: | ||
Subordinated debt | 37,606,000 | 39,190,000 |
Derivative financial instruments | 0 | 0 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and cash equivalents | 132,994,000 | 115,822,000 |
Securities available-for-sale, at fair value | 198,273,000 | 201,688,000 |
Restricted investments | 12,398,000 | 11,499,000 |
Loans, net | 1,831,865,000 | 1,768,964,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 329,095,000 | 319,861,000 |
Interest-bearing demand deposits | 331,629,000 | 311,482,000 |
Money Market and Savings deposits | 698,431,000 | 641,945,000 |
Time deposits | 635,175,000 | 648,675,000 |
Securities sold under agreements to repurchase | 7,070,000 | 11,756,000 |
Federal Home Loan Bank advances and other borrowings | 8,605,000 | 11,243,000 |
Subordinated debt | 39,198,000 | 39,177,000 |
Derivative financial instruments | 1,174,000 | |
Estimated Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 132,994,000 | 115,822,000 |
Securities available-for-sale, at fair value | 198,273,000 | 201,688,000 |
Loans, net | 1,824,680,000 | 1,766,838,000 |
Liabilities: | ||
Noninterest-bearing demand deposits | 329,095,000 | 319,861,000 |
Interest-bearing demand deposits | 331,629,000 | 311,482,000 |
Money Market and Savings deposits | 698,431,000 | 641,945,000 |
Time deposits | 635,272,000 | 649,169,000 |
Securities sold under agreements to repurchase | 7,070,000 | 11,756,000 |
Federal Home Loan Bank advances and other borrowings | 8,605,000 | 11,243,000 |
Subordinated debt | 37,606,000 | 39,190,000 |
Derivative financial instruments | $ 2,063,000 | $ 1,174,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] $ in Millions | Feb. 28, 2019USD ($)instrument |
Derivatives, Fair Value [Line Items] | |
Number of derivative instruments | instrument | 16 |
Notional amount | $ | $ 36 |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges on Balance Sheet (Details) - Interest Rate Swap, Liability [Member] - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Weighted average remaining maturity | 8 years 11 months 12 days | 9 years 2 months 23 days |
Weighted Average Pay Rate | 3.09% | 3.10% |
Derivative liability, notional amount | $ 36,000,000 | $ 35,000,000 |
Hedged liability, fair value | $ (2,063,000) | $ (1,174,000) |
Derivatives - Fair Value Hedg_2
Derivatives - Fair Value Hedges on Income Statement (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | $ 26,942,535 | $ 19,378,054 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on fair value hedging relationship | (2,063,000) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on fair value hedging relationship | $ 2,063,000 |
Derivatives - Fair Value Hedg_3
Derivatives - Fair Value Hedges in Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying Amount of the Hedged Assets | $ 41,587 | $ 39,730 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | $ 2,063 | $ 1,174 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 2,215 |
Operating lease liabilities | $ 2,222 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term | 7 years 9 months 22 days |
Weighted average discount rate | 3.24% |
Leases - Lease Costs and Other
Leases - Lease Costs and Other Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease Costs | |
Operating lease costs | $ 146 |
Short term lease costs | 36 |
Variable lease costs | 23 |
Total | 205 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 139 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
March 31, 2020 | $ 533 |
March 31, 2021 | 531 |
March 31, 2022 | 332 |
March 31, 2023 | 213 |
March 31, 2024 | 107 |
Thereafter | 842 |
Total future minimum lease payments | 2,558 |
Amounts representing interest | (336) |
Present value of net future minimum lease payments | $ 2,222 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 23, 2019USD ($) |
Subsequent Event [Member] | Entegra Financial Corp [Member] | |
Subsequent Event [Line Items] | |
Termination fee received | $ 6.4 |