Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover page [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37661 | |
Entity Registrant Name | SMARTFINANCIAL INC. | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-1173944 | |
Entity Address, Address Line One | 5401 Kingston Pike, Suite 600 | |
Entity Address, City or Town | Knoxville | |
Entity Address, State or Province | TN | |
City Area Code | 865 | |
Entity Address, Postal Zip Code | 37919 | |
Local Phone Number | 437-5700 | |
Title of 12(b) Security | Common Stock, par value $1.00 | |
Trading Symbol | SMBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,994,543 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001038773 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and due from banks | $ 62,950 | $ 44,265 |
Interest-bearing deposits with banks | 297,652 | 206,849 |
Federal funds sold | 39,656 | 15,310 |
Total cash and cash equivalents | 400,258 | 266,424 |
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Securities held-to-maturity, at amortized cost | 285,949 | |
Securities held-to-maturity, at amortized cost, post ASU 2019-04 | 282,313 | |
Other investments | 13,805 | 15,530 |
Loans held for sale | 2,734 | 1,752 |
Loans and leases, post ASU 2019-04 | 3,378,999 | |
Less: Allowance for credit losses | (33,687) | |
Loans and leases, net | 3,345,312 | |
Loans and leases | 3,253,627 | |
Less: Allowance for loan and lease losses | (23,334) | |
Loans and leases, net | 3,230,293 | |
Premises and equipment, net | 92,020 | 92,511 |
Other real estate owned | 1,370 | 1,436 |
Goodwill and other intangibles, net | 107,792 | 109,772 |
Bank owned life insurance | 82,914 | 81,470 |
Other assets | 83,522 | 68,468 |
Total assets | 4,797,171 | 4,637,498 |
Deposits: | ||
Noninterest-bearing demand | 923,763 | 1,072,449 |
Interest-bearing demand | 993,717 | 965,911 |
Money market and savings | 1,766,409 | 1,583,481 |
Time deposits | 562,620 | 455,259 |
Total deposits | 4,246,509 | 4,077,100 |
Borrowings | 14,117 | 41,860 |
Subordinated debt | 42,078 | 42,015 |
Other liabilities | 47,815 | 44,071 |
Total liabilities | 4,350,519 | 4,205,046 |
Shareholders' equity: | ||
Preferred stock, $1 par value; 2,000,000 shares authorized; No shares issued and outstanding | ||
Common stock, $1 par value; 40,000,000 shares authorized; 16,994,543 and 16,900,805 shares issued and outstanding, respectively | 16,995 | 16,901 |
Additional paid-in capital | 295,542 | 294,330 |
Retained earnings | 168,271 | 156,545 |
Accumulated other comprehensive income (loss) | (34,156) | (35,324) |
Total shareholders' equity | 446,652 | 432,452 |
Total liabilities and shareholders' equity | $ 4,797,171 | $ 4,637,498 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 256,325 | $ 260,613 |
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) | 16,994,543 | 16,900,805 |
Common stock, shares outstanding (in shares) | 16,994,543 | 16,900,805 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||||
Loans and leases, including fees | $ 47,539 | $ 35,127 | $ 137,712 | $ 96,300 |
Securities: | ||||
Taxable | 4,335 | 3,135 | 12,322 | 8,463 |
Tax-exempt | 356 | 561 | 1,066 | 1,369 |
Federal funds sold and other earning assets | 3,045 | 3,474 | 9,448 | 5,389 |
Total interest income | 55,275 | 42,297 | 160,548 | 111,521 |
Interest expense: | ||||
Deposits | 23,433 | 4,866 | 59,333 | 9,384 |
Borrowings | 210 | 97 | 775 | 371 |
Subordinated debt | 626 | 626 | 1,877 | 1,877 |
Total interest expense | 24,269 | 5,589 | 61,985 | 11,632 |
Net interest income | 31,006 | 36,708 | 98,563 | 99,889 |
Provision for credit losses | 974 | 3,230 | ||
Provision for credit losses, post ASU 2019-04 | 795 | 1,458 | ||
Net interest income after provision for credit losses | 30,211 | 35,734 | 97,105 | 96,659 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,736 | 1,611 | 4,838 | 4,376 |
Loss on sale of securities | (6,801) | (6,801) | ||
Mortgage banking | 309 | 170 | 813 | 1,475 |
Investment services | 1,461 | 1,051 | 3,766 | 3,186 |
Insurance commissions | 1,153 | 864 | 3,551 | 2,363 |
Interchange and debit card transaction fees, net | 1,357 | 1,356 | 4,087 | 4,107 |
Other | 1,476 | 1,198 | 4,492 | 5,083 |
Total noninterest income | 691 | 6,250 | 14,746 | 20,590 |
Noninterest expense: | ||||
Salaries and employee benefits | 16,785 | 16,317 | 49,474 | 47,036 |
Occupancy and equipment | 3,547 | 3,167 | 10,073 | 9,020 |
FDIC insurance | 825 | 705 | 2,241 | 2,022 |
Other real estate and loan related expense | 603 | 565 | 1,616 | 1,930 |
Advertising and marketing | 346 | 288 | 1,006 | 985 |
Data processing and technology | 2,378 | 1,872 | 6,777 | 5,185 |
Professional services | 735 | 822 | 2,307 | 2,809 |
Amortization of intangibles | 647 | 650 | 1,981 | 1,919 |
Merger related and restructuring expenses | 110 | 87 | 110 | 607 |
Other | 2,540 | 2,757 | 7,870 | 7,361 |
Total noninterest expense | 28,516 | 27,230 | 83,455 | 78,874 |
Income before income tax expense | 2,386 | 14,754 | 28,396 | 38,375 |
Income tax expense | 319 | 3,211 | 5,993 | 8,357 |
Net income | $ 2,067 | $ 11,543 | $ 22,403 | $ 30,018 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.12 | $ 0.69 | $ 1.33 | $ 1.79 |
Diluted (in dollars per share) | $ 0.12 | $ 0.68 | $ 1.33 | $ 1.78 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 16,807,548 | 16,749,255 | 16,801,840 | 16,734,298 |
Diluted (in shares) | 16,918,635 | 16,872,022 | 16,907,325 | 16,867,970 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income (Loss) | $ 2,067 | $ 11,543 | $ 22,403 | $ 30,018 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on securities available-for-sale | (5,830) | (20,147) | (5,178) | (51,899) |
Tax effect | 1,505 | 5,205 | 1,337 | 13,406 |
Reclassification of unrealized gain (loss) on securities transferred from available-for-sale to held-to-maturity | (2,009) | |||
Tax effect | 519 | |||
Amortization of unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity | 37 | 43 | 115 | 70 |
Tax effect | (10) | (12) | (30) | (18) |
Reclassification adjustment for realized losses (gains) included in net income | 6,801 | 6,801 | ||
Tax effect | (1,757) | (1,757) | ||
Unrealized gains (losses) on securities available-for-sale, net of tax | 746 | (14,911) | 1,288 | (39,931) |
Total other comprehensive income (loss) | 861 | (16,159) | 1,168 | (42,250) |
Comprehensive income (loss) | 2,928 | (4,616) | 23,571 | (12,232) |
Fair Value Hedging [Member] | ||||
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on fair value municipal security hedges and cash flow hedges | 92 | (1,351) | ||
Tax effect | (23) | 349 | ||
Unrealized gains (losses) on fair value municipal security and cash flow hedge instruments arising during the period, net of tax | 69 | (1,002) | ||
Unrealized gains (losses) on cash flow hedges | 92 | (1,351) | ||
Cash Flow Hedging [Member] | ||||
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on fair value municipal security hedges and cash flow hedges | 154 | (1,775) | (163) | (1,775) |
Tax effect | (39) | 458 | 43 | 458 |
Unrealized gains (losses) on fair value municipal security and cash flow hedge instruments arising during the period, net of tax | 115 | (1,317) | (120) | (1,317) |
Unrealized gains (losses) on cash flow hedges | $ 154 | $ (1,775) | $ (163) | $ (1,775) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
BALANCE at Dec. 31, 2021 | $ 16,803 | $ 292,937 | $ 118,247 | $ 1,443 | $ 429,430 | |||||||
BALANCE (in shares) at Dec. 31, 2021 | 16,802,990 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 30,018 | 30,018 | ||||||||||
Other comprehensive income (loss) | (42,250) | (42,250) | ||||||||||
Stock options exercised | $ 32 | 238 | $ 270 | |||||||||
Stock options exercised (in shares) | 32,003 | 32,003 | ||||||||||
Restricted stock | $ 61 | (61) | ||||||||||
Restricted stock (in shares) | 60,515 | |||||||||||
Restricted stock withheld for taxes | $ (8) | (198) | $ (206) | |||||||||
Restricted stock withheld for taxes (in shares) | (7,953) | |||||||||||
Stock compensation expense | 991 | 991 | ||||||||||
Common stock dividends | (3,542) | (3,542) | ||||||||||
BALANCE at Sep. 30, 2022 | $ 16,888 | 293,907 | 144,723 | (40,807) | 414,711 | |||||||
BALANCE (in shares) at Sep. 30, 2022 | 16,887,555 | |||||||||||
BALANCE at Jun. 30, 2022 | $ 16,898 | 293,815 | 134,362 | (24,648) | 420,427 | |||||||
BALANCE (in shares) at Jun. 30, 2022 | 16,898,405 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 11,543 | 11,543 | ||||||||||
Other comprehensive income (loss) | (16,159) | (16,159) | ||||||||||
Stock options exercised | $ 1 | 6 | $ 7 | |||||||||
Stock options exercised (in shares) | 603 | 603 | ||||||||||
Restricted stock withheld for taxes | $ (8) | (198) | $ (206) | |||||||||
Restricted stock withheld for taxes (in shares) | (7,953) | |||||||||||
Restricted stock, forfeitures | $ (3) | 3 | ||||||||||
Restricted stock, forfeitures (in shares) | (3,500) | |||||||||||
Stock compensation expense | 281 | 281 | ||||||||||
Common stock dividends | (1,182) | (1,182) | ||||||||||
BALANCE at Sep. 30, 2022 | $ 16,888 | 293,907 | 144,723 | (40,807) | 414,711 | |||||||
BALANCE (in shares) at Sep. 30, 2022 | 16,887,555 | |||||||||||
BALANCE (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ (6,606) | $ (6,606) | ||||||||||
BALANCE at Dec. 31, 2022 | $ 16,901 | $ 16,901 | $ 294,330 | 294,330 | $ 149,939 | 156,545 | $ (35,324) | (35,324) | $ 425,846 | 432,452 | ||
BALANCE (in shares) at Dec. 31, 2022 | 16,900,805 | 16,900,805 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 22,403 | 22,403 | ||||||||||
Other comprehensive income (loss) | 1,168 | 1,168 | ||||||||||
Stock options exercised | $ 16 | 149 | $ 165 | |||||||||
Stock options exercised (in shares) | 15,705 | 15,705 | ||||||||||
Restricted stock | $ 80 | (80) | ||||||||||
Restricted stock (in shares) | 79,670 | |||||||||||
Restricted stock withheld for taxes | $ (2) | (33) | $ (35) | |||||||||
Restricted stock withheld for taxes (in shares) | (1,637) | |||||||||||
Stock compensation expense | 1,176 | 1,176 | ||||||||||
Common stock dividends | (4,071) | (4,071) | ||||||||||
BALANCE at Sep. 30, 2023 | $ 16,995 | 295,542 | 168,271 | (34,156) | 446,652 | |||||||
BALANCE (in shares) at Sep. 30, 2023 | 16,994,543 | |||||||||||
BALANCE at Jun. 30, 2023 | $ 17,004 | 295,296 | 167,564 | (35,017) | 444,847 | |||||||
BALANCE (in shares) at Jun. 30, 2023 | 17,004,092 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 2,067 | 2,067 | ||||||||||
Other comprehensive income (loss) | 861 | $ 861 | ||||||||||
Stock options exercised (in shares) | 0 | |||||||||||
Restricted stock withheld for taxes | $ (2) | (33) | $ (35) | |||||||||
Restricted stock withheld for taxes (in shares) | (1,637) | |||||||||||
Restricted stock, forfeitures | $ (7) | 7 | ||||||||||
Restricted stock, forfeitures (in shares) | (7,912) | |||||||||||
Stock compensation expense | 272 | 272 | ||||||||||
Common stock dividends | (1,360) | (1,360) | ||||||||||
BALANCE at Sep. 30, 2023 | $ 16,995 | $ 295,542 | $ 168,271 | $ (34,156) | $ 446,652 | |||||||
BALANCE (in shares) at Sep. 30, 2023 | 16,994,543 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract] | ||||
Common stock dividend, per share | $ 0.08 | $ 0.07 | $ 0.24 | $ 0.21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 22,403 | $ 30,018 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,372 | 7,474 |
Accretion of fair value purchase accounting adjustments, net | (762) | |
Amortization of intangible assets | 1,981 | 1,919 |
Provision for Loan and Lease Losses | 3,230 | |
Provision for credit losses, post ASU 2019-04 | 1,458 | |
Stock compensation expense | 1,176 | 991 |
Loss on sale of securities available-for-sale | 6,801 | |
Deferred income tax expense (benefit) | 1,801 | (500) |
Increase in cash surrender value of bank owned life insurance | (1,445) | (1,382) |
Net losses from sale and write-downs of other real estate owned | 12 | 66 |
Net gains from mortgage banking | (813) | (1,475) |
Origination of loans held for sale | (28,585) | (47,840) |
Proceeds from sales of loans held for sale | 28,416 | 51,676 |
Net (gain) loss from sale of fixed assets | 56 | (261) |
Net change in: | ||
Accrued interest receivable | (919) | (2,062) |
Accrued interest payable | 1,458 | (993) |
Other assets | (11,885) | (26,998) |
Other liabilities | (2,278) | 28,480 |
Net cash provided by operating activities | 28,009 | 41,581 |
Cash flows from investing activities: | ||
Proceeds from sales | 152,775 | |
Proceeds from maturities, calls and paydowns | 32,404 | 32,143 |
Purchases | (94,424) | (295,347) |
Proceeds from maturities, calls and paydowns | 1,986 | 1,345 |
Purchases | (50,575) | |
Proceeds from sales of other investments | 2,669 | 1,054 |
Purchases of other investments | (944) | (88) |
Net increase in loans and leases | (148,006) | (404,770) |
Proceeds from sale of fixed assets | 633 | 1,460 |
Purchases of premises and equipment | (4,016) | (10,690) |
Proceeds from sale of other real estate owned | 326 | 488 |
Net cash (paid) received from business combinations | (4,881) | |
Net cash used by investing activities | (56,597) | (729,861) |
Cash flows from financing activities: | ||
Net increase in deposits | 169,521 | 258,872 |
Net increase (decrease) in securities sold under agreements to repurchase | 1,342 | 838 |
Proceeds from borrowings | 26,000 | 5,000 |
Repayment of borrowings | (30,500) | (75,000) |
Cash dividends paid | (4,071) | (3,542) |
Issuance of common stock, net of restricted shares withheld for taxes | 130 | 64 |
Net cash provided by financing activities | 162,422 | 186,232 |
Net change in cash and cash equivalents | 133,834 | (502,048) |
Cash and cash equivalents, beginning of period | 266,424 | 1,045,077 |
Cash and cash equivalents, end of period | 400,258 | 543,029 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 60,437 | 12,624 |
Net cash paid during the period for income taxes | 9,406 | 8,255 |
Noncash investing and financing activities: | ||
Recognition of operating lease assets in exchange for lease liabilities | 1,751 | 53 |
Acquisition of real estate through foreclosure | $ 272 | |
Transfer of securities from available-for-sale to held-to-maturity | 162,378 | |
Change in goodwill due to acquisition | $ 4,580 |
Presentation of Financial Infor
Presentation of Financial Information | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Information | Note 1. Presentation of Financial Information Nature of Business: SmartFinancial, Inc. (the "Company," “SmartFinancial,” “we,” “our” or “us”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, SmartBank (the "Bank"). The Company provides a variety of financial services to individuals and corporate customers through its offices in East and Middle Tennessee, Alabama, and Florida. The Bank’s primary deposit products are noninterest-bearing and interest-bearing demand deposits, savings and money market deposits, and time deposits. Its primary lending products are commercial, residential, and consumer loans. Basis of Presentation and Accounting Estimates: The accounting and financial reporting policies of the Company and its wholly owned subsidiary conform to U.S. generally accepted accounting principles (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements for the Company and its wholly owned subsidiary have not been audited. All material intercompany balances and transactions have been eliminated. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of foreclosed assets and deferred taxes, the fair value of financial instruments, goodwill, and the fair value of assets acquired, and liabilities assumed in acquisitions. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Allowance for Credit Losses (“ACL”): As described below under Recently Issued and Adopted Accounting Pronouncements In connection with the adoption of ASU 2016-13, the Company revised certain accounting policies and implemented certain accounting policy elections. The revised accounting policies are described below: ACL - Held-to-Maturity (“HTM”) Securities - The Company measures expected credit losses on HTM securities on a collective basis by major security type with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. See Note 4 - Securities , for additional information related to the Company’s allowance for credit losses on HTM securities. ACL - Available-for-Sale (“AFS”) Securities - For AFS securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the AFS security amortized cost basis is written down to fair value through income. If the criteria is not met, the Company is required to assess whether the decline in fair value has resulted from credit losses or noncredit-related factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit loss is recorded through income as a component of provision for credit loss expense. If the assessment indicates that a credit loss does not exist, the Company records the decline in fair value through other comprehensive income, net of related income tax effects. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note 4 - Securities , for additional information related to the Company’s allowance for credit losses on AFS securities. ACL – Loans and Leases – The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments. The Company segmented the loan and lease portfolio by call code and risk rating. The loan portfolio reserve estimate is calculated using a non-discounted cash flow method for probability of default and loss given default values. This method utilizes the Company’s data along with peer data that is regressed against the national unemployment rate. The lease portfolio’s reserve estimate is based on the open pool methodology which is a simplified process of capturing losses by quarter over the life of a lease divided by the balance of all leases originated. Management considers forward-looking information in estimating expected credit losses. The Company uses an average of Fannie Mae and Federal Open Market Committee projections of the national unemployment rate to determine the best estimate of expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to the long term mean of historical factors using a straight-line approach. The Company uses an eight-quarter forecast and a four-quarter reversion period. Management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation. The qualitative factors considered by management include: (1) effectiveness of the Company’s loan and lease policies and procedures; (2) the experience, ability and depth of lending management and other relevant staff; and (3) the quality of external and internal loan review and internal controls. Loans that do not share risk characteristics are evaluated on an individual basis. The Company maintains a net book balance threshold of $500,000 for individually evaluated loans unless further analysis in the future suggests a change is needed to this threshold based on the credit environment at that time. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. If the loan is not collateral dependent, the measurement of loss is based on the difference between the expected and contractual future cash flows of the loan. Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expects it will execute a loan modification (“LM”) with a borrower. In the event of a reasonably expected LM, the Company factors the reasonably-expected LM into the current expected credit losses estimate. Purchased credit-deteriorated, otherwise referred to herein as (“PCD”), assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e. allowance for credit losses) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the allowance for credit losses. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. In accordance with the transition requirements within the standard, the Company’s purchased credit-impaired loans (“PCI”) were treated as PCD loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023, and December 31, 2022, the accrued interest receivables for loans recorded in other assets were $11.5 million and $9.8 million, respectively. ACL – Off Balance Sheet Credit Exposures Recently Issued and Adopted Accounting Pronouncements: In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”), at amortized cost; however, the initial allowance determined at acquisition is added to the purchase price rather than recorded as provision expense. In accordance with ASU 2016-13, the disclosure of credit quality indicators related to the amortized cost of financing receivables is further disaggregated by year of origination (or vintage). The Company adopted ASU 2016-13 and all subsequent amendments thereto effective January 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off balance sheet credit exposures. Amounts for periods beginning on or after January 1, 2023, are presented under ASU 2016-13 and all prior period information is presented in accordance with previously applicable GAAP. At January 1, 2023, the Company recognized a cumulative adjustment to retained earnings of $6.6 million, net of tax, attributable to an increase in the allowance for credit losses (“ACL”) of $8.7 million, an increase in the allowance for off balance sheet credit exposures of $3.0 million, and an increase in deferred tax assets of $2.3 million. Included in the $8.7 million increase in the allowance for credit losses is $2.9 million that was recognized on PCD loans previously classified as purchased credit impaired (“PCI”) with a corresponding adjustment to the gross carrying amount of the loans. The Company adopted ASU 2016-13 using the prospective transition approach for PCD loans, which did not require re-evaluation of whether loans previously classified as PCI loans met the criteria of PCD assets at the date of adoption. The remaining noncredit discount will be accreted into interest income over the life of the individual loans beginning January 1, 2023. The following table illustrates the impact of ASU 2016-13 (in thousands) December 31, 2022 Adoption impact of ASU 2016-13 Impact of PCD Gross Up January 1, 2023 Allowance for credit losses: Commercial real estate $ 10,821 $ 879 2,652 $ 14,352 Consumer real estate 4,028 1,952 166 6,146 Construction and land development 3,059 2,145 25 5,229 Commercial and industrial 3,997 1,451 27 5,475 Leases 1,293 (683) 28 638 Consumer and other 136 13 - 149 Total allowance for credit losses $ 23,334 $ 5,757 $ 2,898 $ 31,989 Unfunded lending commitments (1) $ - $ 3,029 $ - $ 3,029 (1) In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower result in a new loan or continuation of an existing loan. The amendments enhance existing disclosures and require new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company adopted 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, 2022, as filed in its Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). The following is a summary of recent authoritative pronouncements issued but not yet effective that could impact the accounting, reporting, and/or disclosure of financial information by the Company. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023. All other entities have an extra year to adopt; early adoption is permitted. The Company is assessing ASU 2022-03 and its impact on its accounting and disclosures. In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The Company is assessing ASU 2023-02 and its impact on its accounting and disclosures. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2. Business Combinations Sunbelt Group, LLC On September 1, 2022, Rains Agency Inc. (“Rains Agency”), an indirect wholly-owned subsidiary of SmartFinancial, Inc., completed the acquisition of substantially all the assets of Sunbelt Group, LLC (“Sunbelt”), a Tennessee limited liability company, pursuant to the Asset Purchase Agreement (the “Purchase Agreement”), dated September 1, 2022, by and among Rains Agency, Sunbelt, and A. Mark Slater, the sole member of Sunbelt. In connection with the acquisition, Rains Agency acquired $349 thousand of assets and assumed $364 thousand of liabilities from Sunbelt. Pursuant to the Purchase Agreement, Rains Agency paid an aggregate amount of consideration to Sunbelt of $6.5 million, of which $5.2 million was paid in cash at the closing and the The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $4.6 million, representing the intangible value of Sunbelt’s business and reputation within the markets it served. The goodwill recognized is expected to be deductible for income tax purposes. The Company established an intangible asset related to customer relationships of $1.9 million, amortizing sum-of-the-years digits over 168 months (14 years). The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) Initial As recorded Fair value Subsequent As recorded by Sunbelt adjustments Adjustments by the Company Assets: Cash & cash equivalents $ 319 $ — $ — $ 319 Customer list intangible — 1,948 — 1,948 Equipment, net 13 (13) — — Other assets 17 — — 17 Total assets acquired $ 349 $ 1,935 $ — $ 2,284 Liabilities: Payables and other liabilities $ 364 $ — $ — $ 364 Total liabilities assumed 364 — — 364 Excess of liabilities acquired over assets assumed $ (15) Aggregate fair value adjustments $ 1,935 $ — Total identifiable net assets 1,920 Consideration transferred: Purchase price 6,500 Total fair value of consideration transferred 6,500 Goodwill $ 4,580 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3. Earnings Per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are presented below. There were no antidilutive shares for the three and nine months ended September 30, 2023, and September 30, 2022, respectively. The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic earnings per share computation: Net income available to common shareholders $ 2,067 $ 11,543 $ 22,403 $ 30,018 Average common shares outstanding – basic 16,807,548 16,749,255 16,801,840 16,734,298 Basic earnings per share $ 0.12 $ 0.69 $ 1.33 $ 1.79 Diluted earnings per share computation: Net income available to common shareholders $ 2,067 $ 11,543 $ 22,403 $ 30,018 Average common shares outstanding – basic 16,807,548 16,749,255 16,801,840 16,734,298 Incremental shares from assumed conversions: Stock options and restricted stock 111,087 122,767 105,485 133,672 Average common shares outstanding - diluted 16,918,635 16,872,022 16,907,325 16,867,970 Diluted earnings per common share $ 0.12 $ 0.68 $ 1.33 $ 1.78 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Securities | Note 4. Securities Available-for-Sale Securities (“AFS”), which include any security for which the Company has no immediate plan to sell, but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in other income. Unrealized gains and losses are recorded, net of related income tax effects, in accumulated other comprehensive income (loss). Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and Small Business Administration (“SBA”) securities. Premiums on callable securities are amortized to their earliest call date. Held-to-Maturity Securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the security’s estimated life. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date. The amortized cost, gross unrealized gains and losses and fair value of securities AFS and HTM are summarized as follows (in thousands) September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Available-for-sale: Cost Gains Losses Value U.S. Treasury $ 84,550 $ — $ (10,817) $ 73,733 U.S. Government-sponsored enterprises (GSEs) 59,683 1,430 (160) 60,953 Municipal securities 18,661 2 (1,158) 17,505 Other debt securities 34,784 67 (4,225) 30,626 Mortgage-backed securities (GSEs) 231,153 — (28,839) 202,314 Total $ 428,831 $ 1,499 $ (45,199) $ 385,131 September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Held-to-maturity: Cost Gains Losses Value U.S. Treasury $ 150,126 $ — $ (2,925) $ 147,201 U.S. Government-sponsored enterprises (GSEs) 49,642 — (9,013) 40,629 Municipal securities 52,947 — (8,872) 44,075 Mortgage-backed securities (GSEs) 29,598 — (5,178) 24,420 Total $ 282,313 $ — $ (25,988) $ 256,325 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Available-for-sale: Cost Gains Losses Value U.S. Treasury $ 241,506 $ — $ (17,853) $ 223,653 U.S. Government-sponsored enterprises (GSEs) 1,593 — (18) 1,575 Municipal securities 19,210 17 (616) 18,611 Other debt securities 32,959 — (2,408) 30,551 Mortgage-backed securities (GSEs) 233,948 6 (24,451) 209,503 Total $ 529,216 $ 23 $ (45,346) $ 483,893 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Held-to-maturity: Cost Gains Losses Value U.S. Treasury $ 150,295 $ — $ (5,613) $ 144,682 U.S. Government-sponsored enterprises (GSEs) 50,539 — (8,037) 42,502 Municipal securities 53,694 — (7,550) 46,144 Mortgage-backed securities (GSEs) 31,421 — (4,136) 27,285 Total $ 285,949 $ — $ (25,336) $ 260,613 At September 30, 2023 and December 31, 2022, securities with a carrying value totaling approximately $347.9 million and $304.8 million, respectively, were pledged to secure public funds and securities sold under agreements to repurchase. For the three and nine months ended September 30, 2023, the Company recorded no gross gains and for the three and nine months ended September 30, 2023, the Company recorded gross losses of $6.8 million and $6.8 million, related to the sale of investment securities. There were no gross gains or gross losses related to the sale of investment securities for the three and nine months ended September 30, 2022. The amortized cost and estimated fair value of securities at September 30, 2023 by contractual maturity for non-mortgage backed securities are shown below (in thousands) September 30, 2023 Amortized Fair Available-for-sale: Cost Value Due in one year or less $ 11,410 $ 11,386 Due from one year to five years 56,074 49,911 Due from five years to ten years 119,939 112,003 Due after ten years 10,255 9,517 197,678 182,817 Mortgage-backed securities 231,153 202,314 Total $ 428,831 $ 385,131 Held-to-maturity: Due in one year or less $ 150,126 $ 147,201 Due from one year to five years — — Due from five years to ten years 47,513 39,301 Due after ten years 55,076 45,403 252,715 231,905 Mortgage-backed securities 29,598 24,420 Total $ 282,313 $ 256,325 The following tables present the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities AFS and HTM have been in a continuous unrealized loss position (in thousands) September 30, 2023 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Available-for-sale: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ — $ — — $ 73,733 $ (10,817) 9 $ 73,733 $ (10,817) 9 U.S. Government-sponsored enterprises (GSEs) 20,181 (143) 4 1,488 (17) 3 21,669 (160) 7 Municipal securities 7,729 (283) 10 9,475 (875) 17 17,204 (1,158) 27 Other debt securities 2,654 (270) 2 26,980 (3,955) 25 29,634 (4,225) 27 Mortgage-backed securities (GSEs) 29,670 (547) 15 172,645 (28,292) 89 202,315 (28,839) 104 Total $ 60,234 $ (1,243) 31 $ 284,321 $ (43,956) 143 $ 344,555 $ (45,199) 174 September 30, 2023 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Held-to-maturity: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ — $ — — $ 147,201 $ (2,925) 4 $ 147,201 $ (2,925) 4 U.S. Government-sponsored enterprises (GSEs) — — — 40,629 (9,013) 13 40,629 (9,013) 13 Municipal securities — — — 44,076 (8,872) 35 44,076 (8,872) 35 Mortgage-backed securities (GSEs) — — — 24,419 (5,178) 5 24,419 (5,178) 5 Total $ — $ — — $ 256,325 $ (25,988) 57 $ 256,325 $ (25,988) 57 December 31, 2022 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Available-for-sale: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ 134,414 $ (7,610) 9 $ 89,239 $ (10,243) 11 $ 223,653 $ (17,853) 20 U.S. Government-sponsored enterprises (GSEs) 1,266 (14) 1 309 (4) 2 1,575 (18) 3 Municipal securities 13,146 (616) 20 — — — 13,146 (616) 20 Other debt securities 25,044 (1,866) 20 5,506 (542) 6 30,550 (2,408) 26 Mortgage-backed securities (GSEs) 111,598 (8,968) 86 96,285 (15,483) 28 207,883 (24,451) 114 Total $ 285,468 $ (19,074) 136 $ 191,339 $ (26,272) 47 $ 476,807 $ (45,346) 183 December 31, 2022 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Held-to-maturity: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ 144,683 $ (5,613) 4 $ — $ — — $ 144,683 $ (5,613) 4 U.S. Government-sponsored enterprises (GSEs) $ 13,048 $ (2,503) 3 $ 29,451 $ (5,534) 10 $ 42,499 $ (8,037) 13 Municipal securities 40,770 (6,387) 28 5,375 (1,163) 7 46,145 (7,550) 35 Mortgage-backed securities (GSEs) — — — 27,285 (4,136) 5 27,285 (4,136) 5 Total $ 198,501 $ (14,503) 35 $ 62,111 $ (10,833) 22 $ 260,612 $ (25,336) 57 For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether it intends to sell the security, or more likely than not will be required to sell the security before recovery of its amortized cost basis which would require a write-down to fair value through net income. Because the Company currently does not intend to sell those available-for-sale securities that have an unrealized loss at September 30, 2023, and it is not likely that they we will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company has determined that no write-down is necessary. In addition, the Company evaluates whether any portion of the decline in fair value of available-for-sale securities is the result of credit deterioration, which would require the recognition of an allowance for credit losses. The unrealized losses associated with available-for-sale securities at September 30, 2023, are driven by changes in interest rates and are not due to the credit quality of the securities, and accordingly, no allowance for credit losses is considered necessary related to available-for-sale securities at September 30, 2023. Management evaluates the financial performance of the issuers on a quarterly basis to determine if it is probable that the issuers can make all contractual principal and interest payments. The unrealized losses in the Company’s held-to-maturity portfolio were caused by changes in the interest rate environment. The Company has a zero-loss expectation for its U.S. treasury securities in addition to U.S. Government-sponsored enterprises (GSEs) and mortgage-backed securities (GSEs), and accordingly, no allowance for credit losses is estimated for these securities. The held-to-maturity state and municipal securities are general obligation bonds which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. All debt securities in an unrealized loss position as of September 30, 2023, continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary. The Company utilizes bond credit ratings assigned by third party ratings agencies to monitor the credit quality of debt securities held-to-maturity. At September 30, 2023, all debt securities classified as held-to-maturity were rated AA or higher by the ratings agencies. Updated credit ratings are obtained as they become available from the ratings agencies. Allowance for Credit Losses The Company adopted ASU 2016-13 on January 1, 2023, and based on the analysis of the underlying risk characteristics of its AFS and HTM portfolios, including credit ratings and other qualitative factors, there was no provision for credit losses related to AFS or HTM securities recorded during the three and nine months ended September 30, 2023, because the ACL was deemed immaterial. Other Investments: Our other investments consist of restricted non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2023, the Company determined that there was no impairment on its other investment securities. The following is the amortized cost and carrying value of other investments (in thousands) September 30, December 31, 2023 2022 Federal Reserve Bank stock $ 9,669 $ 9,783 Federal Home Loan Bank stock 3,786 5,397 First National Bankers Bank stock 350 350 Total $ 13,805 $ 15,530 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Note 5. Loans and Leases and Allowance for Credit Losses Portfolio Segmentation: Major categories of loans and leases are summarized as follows (in thousands) September 30, December 31, 2023 2022 Commercial real estate $ 1,667,176 $ 1,627,761 Consumer real estate 638,518 587,977 Construction and land development 373,068 402,501 Commercial and industrial 617,115 551,867 Leases 68,538 67,427 Consumer and other 14,584 16,094 Total loans and leases 3,378,999 3,253,627 Less: Allowance for credit losses (33,687) (23,334) Loans and leases, net $ 3,345,312 $ 3,230,293 The loan and lease portfolio is disaggregated into segments. There are six loan and lease portfolio segments that include commercial real estate, consumer real estate, construction and land development, commercial and industrial, leases, and consumer and other. The following describe risk characteristics relevant to each of the portfolio segments: Commercial Real Estate: Consumer Real Estate: the property, or rental income derived from the property. Loans within this portfolio segment are particularly sensitive to the valuation of real estate. Construction and Land Development: Commercial and Industrial: Leases: Consumer and Other: The Bank occasionally enters into loan participation agreements with other banks in the ordinary course of business to diversify credit risk. For certain sold participation loans, the Bank has retained effective control of the loans, typically by restricting the participating institutions from pledging or selling their share of the loan without permission from the Bank. GAAP requires the participated portion of these loans to be recorded as secured borrowings. The participated portions of these loans are included in the Commercial Real Estate totals above with a corresponding liability reflected in other borrowings. At September 30, 2023 and December 31, 2022, the balance of such loans totaled $0 and $24.6 million, respectively. The following tables detail the changes in the allowance for credit losses by loan and lease classification (in thousands) Three Months Ended September 30, 2023 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 14,314 $ 6,748 $ 5,446 $ 5,504 $ 586 $ 149 $ 32,747 Charged-off loans and leases — (9) — (179) (143) (86) (417) Recoveries of charge-offs 2 4 — 48 — 19 73 Provision charged to expense (1) 691 413 (369) 307 201 41 1,284 Ending balance $ 15,007 $ 7,156 $ 5,077 $ 5,680 $ 644 $ 123 $ 33,687 Three Months Ended September 30, 2022 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 10,600 $ 3,835 $ 2,904 $ 3,659 $ 807 $ 133 $ 21,938 Charged-off loans and leases — — — (51) — (180) (231) Recoveries of charge-offs — 7 — 19 29 33 88 Provision charged to expense (21) 166 272 208 198 151 974 Ending balance $ 10,579 $ 4,008 $ 3,176 $ 3,835 $ 1,034 $ 137 $ 22,769 Nine Months Ended September 30, 2023 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 10,821 $ 4,028 $ 3,059 $ 3,997 $ 1,293 $ 136 $ 23,334 Impact of adopting ASU 2016-13 879 1,952 2,145 1,451 (683) 13 5,757 PCD gross up 2,652 166 25 27 28 — 2,898 Charged-off loans and leases — (9) — (387) (211) (332) (939) Recoveries of charge-offs 5 13 25 153 — 187 383 Provision charged to expense (1) 650 1,006 (177) 439 217 119 2,254 Ending balance $ 15,007 $ 7,156 $ 5,077 $ 5,680 $ 644 $ 123 $ 33,687 Nine Months Ended September 30, 2022 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 9,781 $ 3,454 $ 1,882 $ 3,781 $ 330 $ 124 $ 19,352 Charged-off loans and leases — (33) — (240) (108) (482) (863) Recoveries of charge-offs 4 561 — 162 192 131 1,050 Provision charged to expense 794 26 1,294 132 620 364 3,230 Ending balance $ 10,579 $ 4,008 $ 3,176 $ 3,835 $ 1,034 $ 137 $ 22,769 (1) In the provision charged to expense there was a release of $489 thousand and $796 thousand for unfunded commitments through the provision for credit losses not reflected in the three and nine months ended September 30, 2023. The following tables detail the allowance for credit losses and recorded investment in loans by loan classification and by impairment evaluation method as of December 31, 2022, as determined in accordance with ASC 310 prior to the adoption of ASU 2016-13 (in thousands) : Construction Commercial Consumer Commercial Consumer and Land and and Real Estate Real Estate Development Industrial Leases Other Total December 31, 2022: Performing loans and leases $ 10,815 $ 3,913 $ 2,674 $ 3,997 $ 1,293 $ 136 $ 22,828 Impaired loans and leases — — 385 — — — 385 10,815 3,913 3,059 3,997 1,293 136 23,213 PCI loans and leases 6 115 — — — — 121 Total allowance for loans and leases $ 10,821 $ 4,028 $ 3,059 $ 3,997 $ 1,293 $ 136 $ 23,334 Construction Commercial Commercial Consumer and Land and Consumer Real Estate Real Estate Development Industrial Leases and Other Total December 31, 2022: Performing loans and leases $ 1,611,815 $ 578,342 $ 400,114 $ 549,974 $ 66,459 $ 16,091 $ 3,222,795 Impaired loans and leases — 1,283 858 — — — 2,141 1,611,815 579,625 400,972 549,974 66,459 16,091 3,224,936 PCI loans and leases 15,946 8,352 1,529 1,893 968 3 28,691 Total loans and leases $ 1,627,761 $ 587,977 $ 402,501 $ 551,867 $ 67,427 $ 16,094 $ 3,253,627 We maintain the allowance for credit losses at a level that we deem appropriate to adequately cover the expected credit loss in the loan and lease portfolio. Our provision for loan and lease losses for the three and nine months ended September 30, 2023, is $1.3 million and $2.3 million, respectively, and $974 thousand and $3.2 million, during the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, and December 31, 2022, our allowance for credit losses was $33.7 million and $23.3 million, respectively, which we deemed to be adequate at each of the respective dates. Our allowance for credit losses as a percentage of total loans and leases was 1.00% at September 30, 2023, and 0.72% at December 31, 2022. A description of the general characteristics of the risk grades used by the Company is as follows: Pass: Watch: Special Mention: Substandard: weaknesses that jeopardize the orderly repayment of debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Uncollectible: The Company evaluates the loan risk grading system definitions and allowance for credit loss methodology on an ongoing basis. There were no changes to these subsequent to adoption ASU 2016-13 on January 1, 2023. The following tables outline the amount of each loan and lease classification and the amount categorized into each risk rating based on year of origination (in thousands) September 30, 2023 Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial real estate Pass $ 168,217 $ 553,613 $ 436,468 $ 187,188 $ 141,248 $ 118,422 $ 14,878 $ 8,163 $ 1,628,197 Watch 20,665 1,269 2,418 2,652 3,848 267 - - 31,119 Special mention - 3,234 - - - - - - 3,234 Substandard 968 - 3,145 51 - 462 - - 4,626 Doubtful - - - - - - - - - Total commercial real estate 189,850 558,116 442,031 189,891 145,096 119,151 14,878 8,163 1,667,176 YTD gross charge-offs - - - - - - - - - Consumer real estate Pass 94,979 179,838 100,852 55,222 34,531 53,597 109,227 3,032 631,278 Watch 171 71 319 289 - 108 1,714 - 2,672 Special mention - - - - - 54 - - 54 Substandard 198 905 - - 164 2,908 339 - 4,514 Doubtful - - - - - - - - - Total consumer real estate 95,348 180,814 101,171 55,511 34,695 56,667 111,280 3,032 638,518 YTD gross charge-offs - - - - - (9) - - (9) Construction and land development Pass 95,692 166,355 50,591 4,188 5,162 7,265 35,908 1,797 366,958 Watch 4,194 399 451 - - 2 - - 5,046 Special mention - - - - - - - - - Substandard - - 36 620 - 408 - - 1,064 Doubtful - - - - - - - - - Total construction and land development 99,886 166,754 51,078 4,808 5,162 7,675 35,908 1,797 373,068 YTD gross charge-offs - - - - - - - - - Commercial and industrial Pass 137,793 174,721 67,809 24,379 11,313 26,674 164,939 8,006 615,634 Watch - 631 214 129 75 75 138 - 1,262 Special mention - - - - - - - 13 13 Substandard 206 - - - - - - - 206 Doubtful - - - - - - - - - Total commercial and industrial 137,999 175,352 68,023 24,508 11,388 26,749 165,077 8,019 617,115 YTD gross charge-offs - (154) (50) (183) - - - - (387) Leases Pass 23,304 29,453 10,074 4,459 933 315 - - 68,538 Watch - - - - - - - - - Special mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total leases 23,304 29,453 10,074 4,459 933 315 - - 68,538 YTD gross charge-offs (27) (163) (9) - (12) - - - (211) Consumer and other Pass 5,539 2,314 1,060 671 148 229 4,538 73 14,572 Watch - - - - 12 - - - 12 Special mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total consumer and other 5,539 2,314 1,060 671 160 229 4,538 73 14,584 YTD gross charge-offs (22) (115) (62) (48) (26) (59) - - (332) Total loans Pass 525,524 1,106,294 666,854 276,107 193,335 206,502 329,490 21,071 3,325,177 Watch 25,030 2,370 3,402 3,070 3,935 452 1,852 - 40,111 Special mention - 3,234 - - - 54 - 13 3,301 Substandard 1,372 905 3,181 671 164 3,778 339 - 10,410 Doubtful - - - - - - - - - Total loans $ 551,926 $ 1,112,803 $ 673,437 $ 279,848 $ 197,434 $ 210,786 $ 331,681 $ 21,084 $ 3,378,999 Total YTD gross charge-offs $ (49) $ (432) $ (121) $ (231) $ (38) $ (68) $ - $ - $ (939) The following tables outline the amount of each loan and lease classification and the amount categorized into each risk rating as of December 31, 2022, prior to the adoption of ASU 2016-13 (in thousands) December 31, 2022 Construction Commercial Commercial Consumer and Land and Consumer Non PCI Loans and Leases: Real Estate Real Estate Development Industrial Leases and Other Total Pass $ 1,579,387 $ 576,428 $ 399,846 $ 545,210 $ 66,459 $ 16,057 $ 3,183,387 Watch 29,810 1,496 224 4,523 — 19 36,072 Special mention 2,539 35 — 61 — — 2,635 Substandard 79 1,666 902 180 — 15 2,842 Doubtful — — — — — — — Total 1,611,815 579,625 400,972 549,974 66,459 16,091 3,224,936 PCI Loans and Leases: Pass 11,924 6,927 1,054 1,893 968 3 22,769 Watch 1,439 188 46 — — — 1,673 Special mention 11 54 — — — — 65 Substandard 2,572 1,183 429 — — — 4,184 Doubtful — — — — — — — Total 15,946 8,352 1,529 1,893 968 3 28,691 Total loans and leases $ 1,627,761 $ 587,977 $ 402,501 $ 551,867 $ 67,427 $ 16,094 $ 3,253,627 Past Due Loans and Leases: A loan or lease 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 or lease agreement. Generally, management places a loan or lease 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 or lease is 90 days past due. The following tables present an aging analysis of our loan and lease portfolio (in thousands) September 30, 2023 90 Days 30-59 Days 60-89 Days or More Total Loans Not Total Past Due Past Due Past Due Past Due Past Due Loans Commercial real estate $ 862 $ — $ — $ 862 $ 1,666,314 $ 1,667,176 Consumer real estate 706 401 34 1,141 637,377 638,518 Construction and land development 110 408 — 518 372,550 373,068 Commercial and industrial 1,384 945 98 2,427 614,688 617,115 Leases 118 — — 118 68,420 68,538 Consumer and other 95 — 97 192 14,392 14,584 Total $ 3,275 $ 1,754 $ 229 $ 5,258 $ 3,373,741 $ 3,378,999 December 31, 2022 90 Days 30-59 Days 60-89 Days or More Total Loans Not Total Past Due Past Due Past Due Past Due Past Due Loans Commercial real estate $ 54 $ — $ — $ 54 $ 1,627,707 1,627,761 Consumer real estate 594 — — 594 587,383 587,977 Construction and land development — — — — 402,501 402,501 Commercial and industrial 185 18 — 203 551,664 551,867 Leases 1,024 84 143 1,251 66,176 67,427 Consumer and other 103 4 — 107 15,987 16,094 Total $ 1,960 $ 106 $ 143 $ 2,209 $ 3,251,418 $ 3,253,627 The table below presents the amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest at September 30, 2023 and December 31, 2022. Also presented is the balance of loans on nonaccrual status at September 30, 2023 for which there was no related allowance for credit losses recorded (in thousands) : September 30, 2023 December 31, 2022 Total Nonaccrual Loans Past Due Total Loans Past Due Nonaccrual With No Allowance Over 90 Days Nonaccrual Over 90 Days Loans for Credit Losses Still Accruing Loans Still Accruing Commercial real estate $ 741 $ — $ — $ — $ — Consumer real estate 2,064 1,154 34 1,665 — Construction and land development 620 — — 920 — Commercial and industrial 314 — 98 180 — Leases 195 — — 28 143 Consumer and other — — 97 15 — Total $ 3,934 $ 1,154 $ 229 $ 2,808 $ 143 The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses (in thousands) : September 30, 2023 Real Estate Other Total Commercial real estate $ 3,836 $ — $ 3,836 Consumer real estate 2,434 — 2,434 Construction and land development 1,411 — 1,411 Commercial and industrial — — — Leases — — — Consumer and other — — — Total $ 7,681 $ — $ 7,681 Impaired Loans and Leases: The following table presents impaired loans at December 31, 2022, as determined under ASC 310 prior to the adoption of ASU 2016-13. Presented are the recorded investment, unpaid principal balance and related allowance of impaired loans at December 31, 2022, by loan classification (in thousands) : December 31, 2022 Unpaid Recorded Principal Related Investment Balance Allowance Impaired loans and leases without a valuation allowance: Commercial real estate $ — $ — $ — Consumer real estate 1,283 1,282 — Construction and land development — — — Commercial and industrial — — — Leases — — — Consumer and other — — — 1,283 1,282 — Impaired loans and leases with a valuation allowance: Commercial real estate — — — Consumer real estate — — — Construction and land development 858 858 385 Commercial and industrial — — — Leases — — — Consumer and other — — — 858 858 385 PCI loans and leases: Commercial real estate 500 580 6 Consumer real estate 684 646 115 Construction and land development — — — Commercial and industrial — — — Leases — — — Consumer and other — — — 1,184 1,226 121 Total impaired loans and leases $ 3,325 $ 3,366 $ 506 The following table details the average recorded investment and the amount of interest income recognized on a cash basis for the three and nine months ended September 30, 2022, respectively, of impaired loans by loan classification as determined under ASC 310 prior to the adoption of ASU 2016-13 (in thousands) : Three Months Ended September 30, 2022 Average Interest Recorded Income Investment Recognized Impaired loans and leases without a valuation allowance: Commercial real estate $ 304 $ — Consumer real estate 1,742 72 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 2,046 72 Impaired loans and leases with a valuation allowance: Commercial real estate — — Consumer real estate — — Construction and land development 858 — Commercial and industrial — — Leases — — Consumer and other — — 858 — PCI loans and leases: Commercial real estate 525 11 Consumer real estate 880 12 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 1,405 23 Total impaired loans and leases $ 4,309 $ 95 Nine Months Ended September 30, 2022 Average Interest Recorded Income Investment Recognized Impaired loans and leases without a valuation allowance: Commercial real estate $ 152 $ — Consumer real estate 1,839 92 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 1,991 92 Impaired loans and leases with a valuation allowance: Commercial real estate 429 — Consumer real estate 87 — Construction and land development 429 — Commercial and industrial 32 — Leases — — Consumer and other — — 977 — PCI loans and leases: Commercial real estate 765 46 Consumer real estate 879 40 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other 2 — 1,646 86 Total impaired loans and leases $ 4,614 $ 178 Loan Modifications to Borrowers Experiencing Financial Difficulty: The Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures ” The table below shows the amortized cost of loans and leases made to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2023 (dollars in thousands) Payment Delay Total Class Payment Term and Term of Financing Three months ended September 30, 2023 Delay Extension Extension Total Receivable Commercial real estate $ — $ 528 $ — $ 528 0.03 % Consumer real estate — 514 — 514 0.08 Construction and land development — 748 — 748 0.20 Commercial and industrial — — — — - Leases — — — — - Consumer and other — — — — - Total $ — $ 1,790 $ — $ 1,790 0.05 % Nine months ended September 30, 2023 Commercial real estate $ 403 $ 566 $ — $ 969 0.06 % Consumer real estate — 514 — 514 0.08 Construction and land development — 748 — 748 0.20 Commercial and industrial 63 — 153 216 0.04 Leases — — — — - Consumer and other — — — — - Total $ 466 $ 1,828 $ 153 $ 2,447 0.07 % The following table summarizes the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2023 (dollars in thousands) Weighted-Average Term Weighted-Average Extension Total Payment Three months ended September 30, 2023 (in months) Delay Commercial real estate 12 $ — Consumer real estate 20 — Construction and land development 9 — Commercial and industrial — — Leases — — Consumer and other — — Nine months ended September 30, 2023 Commercial real estate 23 $ 23 Consumer real estate 15 — Construction and land development 9 — Commercial and industrial 30 7 Leases — — Consumer and other — — No loan modifications made to borrowers experiencing financial difficulty, defaulted during the three and nine months ended September 30, 2023. The table below shows an age analysis of loans and leases made to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, that date the Company adopted ASU 2022-02 (in thousands) September 30, 2023 90 Days 30-89 Days or More Current Past Due Past Due Nonaccrual Total Commercial real estate $ — $ — $ — $ 968 $ 968 Consumer real estate 139 — — 376 515 Construction and land development 288 — — 460 748 Commercial and industrial — — — 216 216 Leases — — — — — Consumer and other — — — — — Total $ 427 $ — $ — $ 2,020 $ 2,447 As of December 31, 2022, prior to the adoption ASU 2022-02, management had approximately $101 thousand that meet the criteria of trouble debt restructured (“TDR”), none of which were on nonaccrual. There were no loans modified as a TDR during the nine months ended September 30, 2022. Foreclosure Proceedings and Balances : As of September 30, 2023, there were two residential real estate properties totaling $304 thousand secured by real estate included in other real estate owned and there were no residential real estate loans in the process of foreclosure. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets In accordance with FASB ASC 350, Goodwill and Other The Company’s other intangible assets consist of core deposit, customer relationships and tradename. They are initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized over the average remaining life of the acquired customer deposits, the customer relationships are amortized over a weighted average of 10.4 years and the tradename is amortized over five years. The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) September 30, December 31, 2023 2022 Goodwill: Balance, beginning of period $ 96,145 $ 91,565 Acquisition of Sunbelt — 4,580 Balance, end of the period $ 96,145 $ 96,145 Core Deposit Customer Relationships Tradename Amortized other intangible assets: Intangibles Intangibles Intangibles Total September 30, 2023: Beginning balance January 1, 2023, gross $ 17,470 $ 5,670 $ 63 $ 23,203 Less: accumulated amortization (9,329) (2,164) (63) (11,556) Balance, September 30, 2023, other intangible assets, net $ 8,141 $ 3,506 $ - $ 11,647 December 31, 2022: Beginning balance January 1, 2022, gross $ 17,470 $ 3,722 $ 63 $ 21,255 Acquisition of Sunbelt - 1,948 - 1,948 Balance, December 31, 2022, other intangible assets, gross 17,470 5,670 63 23,203 Less: accumulated amortization (8,021) (1,519) (36) (9,576) Balance, December 31, 2022, other intangible assets, net $ 9,449 $ 4,151 $ 27 $ 13,627 The aggregate amortization expense for other intangible assets for the three and nine months ended September 30, 2023, was $647 thousand and $2.0 million, respectively, and for the three and nine months ended September 30, 2022, was $650 thousand and $1.9 million, respectively. As of September 30, 2023, the estimated aggregate amortization expense for future periods for intangibles is as follows (in thousands) Remainder of 2023 $ 643 2024 2,425 2025 2,256 2026 2,086 2027 1,904 Thereafter 2,333 Total $ 11,647 |
Borrowings, Line of Credit and
Borrowings, Line of Credit and Subordinated Debt | 9 Months Ended |
Sep. 30, 2023 | |
Borrowings, Line of Credit and Subordinated Debt [Abstract] | |
Borrowings, Line of Credit and Subordinated Debt | Note 7. Borrowings, Line of Credit and Subordinated Debt Borrowings: At September 30, 2023, total borrowings were $14.1 million compared to $41.9 million at December 31, 2022. Borrowings consist of the following (in thousands) September 30, December 31, 2023 2022 Securities sold under customer repurchase agreements $ 6,117 $ 4,775 Loan participation agreements (1) — 24,585 Other borrowings 8,000 12,500 Total $ 14,117 $ 41,860 (1) During the first quarter of 2023, the loan participation agreements were amended to permit sales accounting treatment and removed from other borrowings. Securities Sold Under Agreements to Repurchase: Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. The Company had securities sold under agreements to repurchase with commercial checking customers which were secured by government agency securities. The carrying value of investment securities pledged as collateral under repurchase agreements was $7.6 million and $9.2 million at September 30, 2023 and December 31, 2022, respectively. The average balance of repurchase agreements during the nine-month period ended September 30, 2023, and 2022 was $5.0 million and $5.2 million, respectively. The maximum month-end outstanding balance for the nine-month period ended September 30, 2023, and 2022 was $6.1 million and $5.9 million, respectively. Other Borrowings: The Company has a revolving line of credit for an aggregate amount of $35 million. The maturity of the line of credit is February 1, 2025. At September 30, 2023, $8.0 million was outstanding under the line of credit, and $27.0 million of the line of credit remained available to the Company. Subordinated Debt: On September 28, 2018, the Company issued $40 million of 5.625% fixed-to-floating rate subordinated notes (the "Notes"), which was outstanding as of September 30, 2023 and December 31, 2022. Unamortized debt issuance cost was $422 thousand and $485 thousand at September 30, 2023 and December 31, 2022, respectively. The Notes initially bears interest at a rate of 5.625% per annum from and including September 28, 2018, to but excluding October 2, 2023, with interest during this period payable semi-annually in arrears. From and including October 2, 2023, to but excluding the maturity date or early redemption date, the interest rate will, with the sunset of LIBOR, reset quarterly to an annual floating rate equal to three-month CME Term SOFR, plus 281.161 basis points, with interest during this period payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after October 2, 2023, and at any time, in whole but not in part, upon the occurrence of certain events. The Notes have been structured to qualify initially as Tier 2 capital for the Company for regulatory capital purposes. The Notes’ unamortized debt issuance costs totaled $422 thousand at September 30, 2023, and will be amortized through the Notes’ maturity date. Amortization expense totaled $21 thousand and $63 thousand for the three and nine months ended September 30, 2023, and 2022, respectively. On September 1, 2021, the Company acquired $2.5 million of subordinated notes (“sub-debt”) from the acquisition of SCB. The sub-debt bears interest at a rate of 6.75% per annum until August 14, 2024, with the interest during this period payable semi-annually in arrears. From and including August 14, 2024, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to three-month LIBOR, or an alternative rate determined in accordance with the terms of the sub-debt if three-month LIBOR cannot be determined, plus 530.25 basis points, with interest during this period payable quarterly in arrears. In relation to the three-month LIBOR rate being no longer available in the future, the Company anticipates using the three-month term SOFR rate in future repricing. The sub-debt is redeemable by the Company, in whole or in part, on or after August 14, 2024, and at any time, in whole but not in part, upon the occurrence of certain events. The sub-debt has been structured to qualify initially as Tier 2 capital for the Company for regulatory capital purposes. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | Note 8. Employee Benefit Plans 401(k) Plan: The Company provides a deferred salary reduction plan (“Plan”) under Section 401(k) of the Internal Revenue Code covering substantially all employees. After 90 days of service, the Company matches 100% of employee contributions up to 3% of compensation and 50% of employee contributions on the next 2% of compensation. The Company’s contribution to the Plan for the three- and nine-month periods ending September 30, 2023, was $475 thousand and $1.4 million, respectively. The Company’s contribution to the Plan for the three and nine months ended September 30, 2022, was $419 thousand and $1.3 million, respectively. Equity Incentive Plans: The Compensation Committee of the Company’s Board of Directors may grant or award eligible participants stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards or any combination of awards (collectively referred to herein as "Rights"). At September 30, 2023, the Company had one active equity incentive plan available for future grants, the 2015 Stock Incentive Plan, which has 1,676,663 Rights available for future grants or awards. The Company’s 2015 Stock Incentive Plan has 11,840 Rights issued. In addition, the Company has 4,500 Rights issued from the Cornerstone Non-Qualified Plan Options, which does not have any Rights available for future grants or awards. Stock Options: A summary of the status of stock option plans is presented in the following table: Weighted Average Exercisable Number Price Outstanding at December 31, 2022 32,045 $ 12.04 Granted — — Exercised (15,705) 10.47 Forfeited — — Outstanding at September 30, 2023 16,340 $ 13.55 Information pertaining to stock options outstanding at September 30, 2023, is as follows: Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $ 9.60 4,500 0.42 $ 9.60 4,500 $ 9.60 15.05 11,840 2.00 15.05 11,840 15.05 Outstanding, end of period 16,340 1.57 $ 13.55 16,340 $ 13.55 The Company did not recognize any stock option-based compensation expense during the three and nine months ended September 30, 2023 and 2022, respectively, as all stock options issued are fully vested, and no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plans. No stock options were exercised during the three months ended September 30, 2023. Stock options of 15,705 shares were exercised during the nine-month period ended September 30, 2023. Stock options of 603 and 32,003 shares were exercised during the three- and nine-month periods ended September 30, 2022, respectively. The income tax benefit recognized for the exercise of options during the nine months ended September 30, 2023, was a benefit of $60 thousand, and for the three and nine months ended September 30, 2022, was a benefit of $64 thousand and a benefit of $147 thousand, respectively. No stock options were exercised during the three months ended September 30, 2023. The intrinsic value of options exercised during the nine months ended September 30, 2023, was $242 thousand, and $9 thousand and $565 thousand, during the three and nine months ended September 30, 2022, respectively. The aggregate intrinsic value of total options outstanding and exercisable options at September 30, 2023, was $128 thousand. Cash received from options exercised under all share-based payment arrangements for the nine months ended September 30, 2023, was $165 thousand. Restricted Stock Awards: A summary of the activity of the Company’s unvested restricted stock awards for the period ended September 30, 2023, is presented below: Weighted Average Grant-Date Number Fair Value Balance at December 31, 2022 129,836 $ 19.61 Granted 89,582 26.23 Vested (27,172) 23.39 Forfeited/expired (9,912) 22.45 Balance at September 30, 2023 182,334 $ 22.15 The Company measures the fair value of restricted stock awards based on the price of the Company’s common stock on the grant date, and compensation expense is recorded over the vesting period. The compensation expense for restricted stock awards during the three and nine months ended September 30, 2023, was $271 thousand and $1.2 million, respectively, and was $281 thousand and $991 thousand, during the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, there was $1.8 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan. The cost is expected to be recognized over a weighted average period of 1.97 years. The grant-date fair value of restricted stock awards vested was $636 thousand for the nine months ended September 30, 2023. Stock Appreciation Rights (“SARs”): A summary of the status of SARs plans is presented in the following table: Weighted Average Number Exercisable Price Outstanding at December 31, 2022 36,000 $ 18.25 Granted — — Exercised (8,000) 15.19 Forfeited — — Outstanding at September 30, 2023 28,000 $ 19.13 Information pertaining to SARs outstanding at September 30, 2023, is as follows: SARs Outstanding SARs Exercisable Weighted- Average Weighted- Remaining Average Weighted- Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $ 15.19 8,000 0.25 years $ 15.19 8,000 $ 15.19 20.70 20,000 1.25 years 20.70 — — Outstanding, end of period 28,000 0.97 years $ 19.13 8,000 $ 15.19 SARs compensation expense of $5 thousand and ($118) thousand was recognized for the three and nine months ended September 30, 2023, respectively, and $31 thousand and ($12) thousand for the three and nine months ended September 30, 2022. The credit adjustment for the nine-month periods ended September 30, 2023, and September 30, 2022, respectively, is related to the fair value evaluation of SARs. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingent Liabilities 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 on the balance sheet. 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 Company’s total contractual amount for all off-balance sheet commitments are as follows (in thousands) September 30, December 31, 2023 2022 Commitments to extend credit $ 746,921 $ 911,998 Standby letters of credit 15,567 6,897 At September 30, 2023, and December 31, 2022, the allowance for these off-balance sheet commitments was $2.3 million and $85 thousand, respectively. With the adoption of ASU 2016-13, effective January 1, 2023, there was an increase in the allowance of $3.0 million on these off-balance sheet commitments. The expense (credit) related to the allowance for off-balance sheet commitments during the three and nine months ended September 30, 2023, was ($489) thousand and ($795) thousand, respectively, and was $0 thousand and $15 thousand, during the three and nine months ended September 30, 2022, respectively. 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 September 30, 2023 and December 31, 2022, the carrying amount of liabilities related to the Company’s obligation to perform under standby letters of credit was insignificant. The Company is subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. Management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against the Company will be material to the Company’s consolidated financial position. On an on-going basis, the Company assesses any potential liabilities or contingencies in connection with such legal proceedings. For those matters where it is deemed probable that the Company will incur losses and the amount of the losses can be reasonably estimated, the Company would record an expense and corresponding liability in its consolidated financial statements. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Assets and Liabilities [Abstract] | |
Fair Value of Assets and Liabilities | Note 10. 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 business 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. 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 Level 2 – Level 3 – 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. The following methodologies were used by the Company in estimating fair value disclosures for financial instruments: Securities available-for-sale Derivative financial instruments and interest rate swap agreements Recurring Measurements of Fair Value: The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands) Quoted Prices in Significant Significant Active Markets Other Other for Identical Observable Unobservable Assets Inputs Inputs Description Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Assets: Securities available-for-sale: U.S. Treasury $ 73,733 $ — $ 73,733 $ — U.S. Government-sponsored enterprises (GSEs) 60,953 — 60,953 — Municipal securities 17,505 — 17,505 — Other debt securities 30,626 — 30,626 — Mortgage-backed securities (GSEs) 202,314 — 202,314 — Total securities available-for-sale 385,131 — 385,131 — Derivative financial instruments and interest rate swap agreements 16,191 — 16,191 — Total assets at fair value $ 401,322 $ — $ 401,322 $ — Liabilities: Derivative financial instruments and interest rate swap agreements $ 17,647 $ — $ 17,647 $ — December 31, 2022: Assets: Securities available-for-sale: U.S. Treasury $ 223,653 $ — $ 223,653 $ — U.S. Government-sponsored enterprises (GSEs) 1,575 — 1,575 — Municipal securities 18,611 — 18,611 — Other debt securities 30,551 — 30,551 — Mortgage-backed securities (GSEs) 209,503 — 209,503 — Total securities available-for-sale 483,893 — 483,893 — Derivative financial instruments and interest rate swap agreements 11,834 — 11,834 — Total assets at fair value $ 495,727 $ — $ 495,727 $ — Liabilities: Derivative financial instruments and interest rate swap agreements $ 13,110 $ — $ 13,110 $ — During the nine months ending September 30, 2023 and twelve months ended December 31, 2022, there were no transfers between Level 1 and Level 2 in the fair value hierarchy. Assets Measured at Fair Value on a Nonrecurring Basis: Under certain circumstances management adjusts 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) Quoted Prices in Significant Significant Active Markets Other Other for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Collateral dependent loans $ 4,315 $ — $ — $ 4,315 Other real estate owned 271 — — 271 December 31, 2022: Collateral dependent loans $ 1,536 $ — $ — $ 1,536 Other real estate owned 915 — — 915 For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands) Weighted Valuation Significant Other Average of Fair Value Technique Unobservable Input Input September 30, 2023: Collateral dependent loans $ 4,315 Appraisal Appraisal discounts 39 % Other real estate owned 271 Appraisal Appraisal discounts 26 % December 31, 2022: Collateral dependent loans $ 1,536 Appraisal Appraisal discounts 25 % Other real estate owned 915 Appraisal Appraisal discounts 29 % Collateral dependent loans: Other real estate owned: 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, the difference is recognized in noninterest expense. Carrying value and estimated fair value: The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands) Fair Value Measurements Using Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value September 30, 2023: Assets: Cash and cash equivalents $ 400,258 $ 400,258 $ — $ — $ 400,258 Securities available-for-sale 385,131 — 385,131 — 385,131 Securities held-to-maturity 282,313 — 256,325 — 256,325 Other investments 13,805 N/A N/A N/A N/A Loans and leases, net and loans held for sale 3,348,046 — — 3,210,772 3,210,772 Derivative financial instruments and interest rate swap agreements 16,191 — 16,191 — 16,191 Liabilities: Noninterest-bearing demand deposits 923,763 — 923,763 — 923,763 Interest-bearing demand deposits 993,717 — 993,717 — 993,717 Money market and savings deposits 1,766,409 — 1,766,409 — 1,766,409 Time deposits 562,620 — 558,744 — 558,744 Borrowings 14,117 — 14,117 — 14,117 Subordinated debt 42,078 — — 39,650 39,650 Derivative financial instruments and interest rate swap agreements 17,647 — 17,647 — 17,647 December 31, 2022: Assets: Cash and cash equivalents $ 266,424 $ 266,424 $ — $ — $ 266,424 Securities available-for-sale 483,893 — 483,893 — 483,893 Securities held-to-maturity 285,949 — 260,613 260,613 Other investments 15,530 N/A N/A N/A N/A Loans and leases, net and loans held for sale 3,232,045 — — 3,143,921 3,143,921 Derivative financial instruments and interest rate swap agreements 11,834 — 11,834 — 11,834 Liabilities: Noninterest-bearing demand deposits 1,072,449 — 1,072,449 — 1,072,449 Interest-bearing demand deposits 965,911 — 965,911 — 965,911 Money market and savings deposits 1,583,481 — 1,583,481 — 1,583,481 Time deposits 455,259 — 451,899 — 451,899 Borrowings 41,860 — 41,860 — 41,860 Subordinated debt 42,015 — — 40,439 40,439 Derivative financial instruments and interest rate swap agreements 13,110 — 13,110 — 13,110 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. 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. |
Derivatives Financial Instrumen
Derivatives Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Financial Instruments | Note 11. Derivatives designated as fair value hedges: 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 derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative net investment hedge instrument, as well as the offsetting gain or loss 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 tax-exempt 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 adopted ASU 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities, During the fourth quarter of 2022 the Company dissolved this hedging relationship. The effects of the Company’s fair value hedge relationships reported in interest income in 2022 on tax-exempt available-for-sale securities on the consolidated income statement were as follows (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2022 2022 Interest income on tax-exempt securities $ 403 $ 1,183 Effects of fair value hedge relationships (83) (527) Reported interest income on tax-exempt securities $ 320 $ 656 Three Months Ended Nine Months Ended September 30, September 30, Gain (loss) on fair value hedging relationship 2022 2022 Interest rate swap agreements - securities: Hedged items $ 1,808 $ 5,319 Derivative designated as hedging instruments (1,808) (5,319) Carry amount of hedged assets - securities available-for-sale 36,165 36,165 Derivatives Designated as Cash Flow Hedges: The Company enters into interest rate derivative contracts on assets and liabilities that are designated as qualifying cash flow hedges. The Company hedges the exposure to variability in expected future cash flows attributable to changes in contractual specified interest rates. To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in offsetting cash flows attributable to the hedged risk. At inception, a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in accumulated other comprehensive income (“AOCI”) is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax, see – Consolidated Statements of Comprehensive Income (Loss) At September 30, 2023 and December 31, 2022, cash flow hedges are as follows (in thousands) September 30, 2023 December 31, 2022 Balance Sheet Notional Estimated Notional Estimated Location Amount Fair Value Amount Fair Value Cash flow hedges: Assets Other assets $ 150,000 $ 698 $ - $ - Liabilities Other liabilities 100,000 (2,165) 100,000 (1,304) The following table presents the effect of fair value and cash flow hedge accounting on AOCI (in thousands) Derivatives in cash flow hedging relationships: Amount of Gain (Loss) Recognized on OCI on Derivative Location of Gain or (Loss) Recognized from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Three months ended September 30, 2023 Interest rate swaps - Assets $ (432) Interest income $ (173) Interest rate swaps - Liabilities 585 Interest expense (157) Three months ended September 30, 2022 Interest rate swaps - Assets $ (1,775) — $ — Interest rate swaps - Liabilities — — — Nine months ended September 30, 2023 Interest rate swaps - Assets $ (2,165) Interest income $ (275) Interest rate swaps - Liabilities 698 Interest expense (165) Nine months ended September 30, 2022 Interest rate swaps - Assets $ (1,775) — $ — Interest rate swaps - Liabilities — — — The following table presents the effect of fair value and cash flow hedge accounting on the income statement (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total interest income $ 55,448 $ — $ 160,823 $ — Effects of cash flow hedge relationships (173) — (275) — Reported total interest income $ 55,275 $ — $ 160,548 $ — Total interest expense $ 24,426 $ — $ 62,150 $ — Effects of cash flow hedge relationships (157) — (165) — Reported total interest expense $ 24,269 $ — $ 61,985 $ — Non-hedged derivatives: The Company provides a loan hedging program to certain loan customers. Through this program, the Company originates a variable rate loan with the customer. The Company and the customer will then enter into a fixed interest rate swap. Lastly, an identical offsetting swap is entered into by the Company with a dealer bank. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer swaps are not designated as hedging At September 30, 2023 and December 31, 2022, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands) September 30, 2023 December 31, 2022 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value Interest rate swap agreements: Assets $ 243,239 $ 15,482 $ 216,656 $ 11,834 Liabilities 243,239 (15,482) 216,656 (11,834) The Company establishes limits and monitors exposures for customer swap positions. Any fees received to enter the swap agreements at inception are recognized in earnings when received and is included in noninterest income. Such fees were as follows (in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest rate swap agreements $ 326 $ 53 $ 823 $ 1,449 Collateral requirements: These derivative rate contracts have collateral requirements, both at inception of the trade and as the value of each derivative position changes. At September 30, 2023, collateral totaling $910 thousand and $1.4 million at December 31, 2022, was pledged to the derivative counterparties to comply with collateral requirements. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 12. 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. The Company follows the guidance of ASU No. 2016-02 and all subsequent ASUs that modified this topic (collectively referred to as “Topic 842”). Substantially all of the leases in which the Company is the lessee are comprised of real estate for branches and office space with terms extending through 2034. All of our leases are classified as operating leases. 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 (in thousands) September 30, December 31, Classification 2023 2022 Assets: Operating lease right-of-use assets Other assets $ 10,097 $ 9,314 Liabilities: Operating lease liabilities Other liabilities $ 10,345 $ 9,457 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. As of September 30, 2023, the weighted average remaining lease term was 9.18 years and the weighted average discount rate was 2.86%. The following table represents lease costs and other lease information. 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 (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Lease costs: Operating lease costs $ 438 $ 403 $ 1,247 $ 1,220 Variable lease costs 30 26 87 76 Total $ 468 $ 429 $ 1,334 $ 1,296 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 393 $ 385 $ 1,142 $ 1,163 Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2023, were as follows (in thousands) Amounts Remainder of 2023 $ 276 2024 1,455 2025 1,359 2026 1,291 2027 1,107 Thereafter 6,476 Total future minimum lease payments 11,964 Amounts representing interest (1,619) Present value of net future minimum lease payments $ 10,345 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 13. Regulatory Matters Regulatory Capital Requirements: The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective January 1, 2015. In order to avoid restrictions on capital distributions and discretionary bonus payments to executives, under the new rules a covered banking organization is also required to maintain a “capital conservation buffer” in addition to its minimum risk-based capital requirements. This buffer is required to consist solely of common equity Tier 1, and the buffer applies to all three risk-based measurements (CET1, Tier 1 capital and total capital). As of January 1, 2019, an additional amount of Tier 1 common equity equal to 2.5% of risk-weighted assets is required for compliance with the capital conservation buffer. The ratios for the Company and the Bank are currently sufficient to satisfy the fully phased-in conservation buffer. At September 30, 2023, the Company and the Bank exceeded the minimum regulatory requirements and exceeded the threshold for the “well capitalized” regulatory classification. In December 2018, the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”) (collectively, the “agencies”) issued a final rule revising regulatory capital rules in anticipation of the adoption of ASU 2016-13 that provided an option to phase in over a three-year period on a straight line basis the day-one impact of the adoption on earnings and tier one capital. The Company adopted ASU 2016-13 on January 1, 2023, and has chosen the three year phase in option. Regulatory Restrictions on Dividends: Pursuant to Tennessee banking law, the Bank may not, without the prior consent of the Commissioner of the Tennessee Department of Financial Institutions (the “TDFI”), pay any dividends to the Company in a calendar year in excess of the total of the Bank’s retained net income for that year plus the retained net income for the preceding two years. Because this test involves a measure of net income, any charge on the Bank’s income statement, such as an impairment of goodwill, could impair the Bank’s ability to pay dividends to the Company. Under Tennessee corporate law, the Company is not permitted to pay dividends if, after giving effect to such payment, it would not be able to pay its debts as they become due in the usual course of business, or its total assets would be less than the sum of its total liabilities plus any amounts needed to satisfy any preferential rights if it were dissolving. In addition, in deciding whether to declare a dividend of any particular size, the Company’s board of directors must consider its and the Bank’s current and prospective capital, liquidity, and other needs. In addition to state law limitations on the Company’s ability to pay dividends, the Federal Reserve imposes limitations on the Company’s ability to pay dividends. Federal Reserve regulations limit dividends, stock repurchases and discretionary bonuses to executive officers if the Company’s regulatory capital is below the level of regulatory minimums plus the applicable capital conservation buffer. During the nine months ended September 30, 2023, the Bank paid $10 million in dividends to the Company, and since the first quarter of 2023, the Company has paid a quarterly common stock dividend of $0.08 per share. The amount and timing of all future dividend payments by the Company, if any, is subject to discretion of the Company’s board of directors and will depend on the Company’s earnings, capital position, financial condition and other factors, including new regulatory capital requirements, as they become known to the Company. Regulatory Capital Levels: Actual and required capital levels at September 30, 2023, and December 31, 2022 are presented below (dollars in thousands) Minimum to be well capitalized under Minimum for prompt capital corrective action Actual adequacy purposes provisions 1 Amount Ratio Amount Ratio Amount Ratio September 30, 2023 SmartFinancial: Total Capital (to Risk Weighted Assets) $ 449,546 11.90 % $ 302,100 8.00 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 380,272 10.07 % 226,575 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 380,272 10.07 % 169,931 4.50 % N/A N/A Tier 1 Capital (to Average Assets) 2 380,272 8.13 % 187,074 4.00 % N/A N/A SmartBank: Total Capital (to Risk Weighted Assets) $ 447,326 11.87 % $ 301,538 8.00 % $ 376,922 10.00 % Tier 1 Capital (to Risk Weighted Assets) 420,130 11.15 % 226,153 6.00 % 301,538 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 420,130 11.15 % 169,615 4.50 % 244,999 6.50 % Tier 1 Capital (to Average Assets) 2 420,130 9.00 % 186,792 4.00 % 233,490 5.00 % December 31, 2022 SmartFinancial: Total Capital (to Risk Weighted Assets) $ 425,957 11.40 % $ 298,966 8.00 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 360,608 9.65 % 224,224 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 360,608 9.65 % 168,168 4.50 % N/A N/A Tier 1 Capital (to Average Assets) 360,608 7.95 % 181,387 4.00 % N/A N/A SmartBank: Total Capital (to Risk Weighted Assets) $ 426,947 11.44 % $ 298,476 8.00 % $ 373,094 10.00 % Tier 1 Capital (to Risk Weighted Assets) 403,613 10.82 % 223,857 6.00 % 298,476 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 403,613 10.82 % 167,892 4.50 % 242,511 6.50 % Tier 1 Capital (to Average Assets) 403,613 8.90 % 181,383 4.00 % 226,729 5.00 % 1 2 |
Other comprehensive income (los
Other comprehensive income (loss) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Other comprehensive income (loss) | Note 14. Other Comprehensive Income (Loss) The changes in each component of accumulated other comprehensive income (loss), presented net of tax, were as follows (in thousands) Three Months Ended September 30, 2023 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, June 30, 2023 $ (33,132) $ (684) $ — $ (1,201) $ (35,017) Other comprehensive income (loss) (4,325) — — 115 (4,210) Reclassification of amounts included in net income 5,044 27 — — 5,071 Net other comprehensive income (loss) during period 719 27 — 115 861 Ending balance, September 30, 2023 $ (32,413) $ (657) $ — $ (1,086) $ (34,156) Three Months Ended September 30, 2022 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, June 30, 2022 $ (23,526) $ (804) $ (318) $ — $ (24,648) Other comprehensive income (loss) (14,942) — 69 (1,317) (16,190) Reclassification of amounts included in net income — 31 — — 31 Net other comprehensive income (loss) during period (14,942) 31 69 (1,317) (16,159) Ending balance, September 30, 2022 $ (38,468) $ (773) $ (249) $ (1,317) $ (40,807) Nine Months Ended September 30, 2023 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, December 31, 2022 $ (33,616) $ (742) $ — $ (966) $ (35,324) Other comprehensive income (loss) (3,841) — — (120) (3,961) Reclassification of amounts included in net income 5,044 85 — — 5,129 Net other comprehensive income (loss) during period 1,203 85 — (120) 1,168 Ending balance, September 30, 2023 $ (32,413) $ (657) $ — $ (1,086) $ (34,156) Nine Months Ended September 30, 2022 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, December 31, 2021 $ 25 $ 665 $ 753 $ — $ 1,443 Other comprehensive income (loss) (38,493) (1,490) (1,002) (1,317) (42,302) Reclassification of amounts included in net income — 52 — — 52 Net other comprehensive income (loss) during period (38,493) (1,438) (1,002) (1,317) (42,250) Ending balance, September 30, 2022 $ (38,468) $ (773) $ (249) $ (1,317) $ (40,807) |
Presentation of Financial Inf_2
Presentation of Financial Information (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business: SmartFinancial, Inc. (the "Company," “SmartFinancial,” “we,” “our” or “us”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, SmartBank (the "Bank"). The Company provides a variety of financial services to individuals and corporate customers through its offices in East and Middle Tennessee, Alabama, and Florida. The Bank’s primary deposit products are noninterest-bearing and interest-bearing demand deposits, savings and money market deposits, and time deposits. Its primary lending products are commercial, residential, and consumer loans. |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates: The accounting and financial reporting policies of the Company and its wholly owned subsidiary conform to U.S. generally accepted accounting principles (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements for the Company and its wholly owned subsidiary have not been audited. All material intercompany balances and transactions have been eliminated. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of foreclosed assets and deferred taxes, the fair value of financial instruments, goodwill, and the fair value of assets acquired, and liabilities assumed in acquisitions. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in the Company’s annual report on Form 10-K for the year ended December 31, 2022. |
Allowance for Credit Losses ("ACL") | Allowance for Credit Losses (“ACL”): As described below under Recently Issued and Adopted Accounting Pronouncements In connection with the adoption of ASU 2016-13, the Company revised certain accounting policies and implemented certain accounting policy elections. The revised accounting policies are described below: ACL - Held-to-Maturity (“HTM”) Securities - The Company measures expected credit losses on HTM securities on a collective basis by major security type with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. See Note 4 - Securities , for additional information related to the Company’s allowance for credit losses on HTM securities. ACL - Available-for-Sale (“AFS”) Securities - For AFS securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the AFS security amortized cost basis is written down to fair value through income. If the criteria is not met, the Company is required to assess whether the decline in fair value has resulted from credit losses or noncredit-related factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit loss is recorded through income as a component of provision for credit loss expense. If the assessment indicates that a credit loss does not exist, the Company records the decline in fair value through other comprehensive income, net of related income tax effects. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note 4 - Securities , for additional information related to the Company’s allowance for credit losses on AFS securities. ACL – Loans and Leases – The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments. The Company segmented the loan and lease portfolio by call code and risk rating. The loan portfolio reserve estimate is calculated using a non-discounted cash flow method for probability of default and loss given default values. This method utilizes the Company’s data along with peer data that is regressed against the national unemployment rate. The lease portfolio’s reserve estimate is based on the open pool methodology which is a simplified process of capturing losses by quarter over the life of a lease divided by the balance of all leases originated. Management considers forward-looking information in estimating expected credit losses. The Company uses an average of Fannie Mae and Federal Open Market Committee projections of the national unemployment rate to determine the best estimate of expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to the long term mean of historical factors using a straight-line approach. The Company uses an eight-quarter forecast and a four-quarter reversion period. Management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation. The qualitative factors considered by management include: (1) effectiveness of the Company’s loan and lease policies and procedures; (2) the experience, ability and depth of lending management and other relevant staff; and (3) the quality of external and internal loan review and internal controls. Loans that do not share risk characteristics are evaluated on an individual basis. The Company maintains a net book balance threshold of $500,000 for individually evaluated loans unless further analysis in the future suggests a change is needed to this threshold based on the credit environment at that time. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. If the loan is not collateral dependent, the measurement of loss is based on the difference between the expected and contractual future cash flows of the loan. Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expects it will execute a loan modification (“LM”) with a borrower. In the event of a reasonably expected LM, the Company factors the reasonably-expected LM into the current expected credit losses estimate. Purchased credit-deteriorated, otherwise referred to herein as (“PCD”), assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e. allowance for credit losses) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the allowance for credit losses. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. In accordance with the transition requirements within the standard, the Company’s purchased credit-impaired loans (“PCI”) were treated as PCD loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2023, and December 31, 2022, the accrued interest receivables for loans recorded in other assets were $11.5 million and $9.8 million, respectively. ACL – Off Balance Sheet Credit Exposures |
Recently Issued and Adopted Accounting Pronouncements And Recently Issued Not Yet Effective Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements: In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”), at amortized cost; however, the initial allowance determined at acquisition is added to the purchase price rather than recorded as provision expense. In accordance with ASU 2016-13, the disclosure of credit quality indicators related to the amortized cost of financing receivables is further disaggregated by year of origination (or vintage). The Company adopted ASU 2016-13 and all subsequent amendments thereto effective January 1, 2023, using the modified retrospective method for all financial assets measured at amortized cost and off balance sheet credit exposures. Amounts for periods beginning on or after January 1, 2023, are presented under ASU 2016-13 and all prior period information is presented in accordance with previously applicable GAAP. At January 1, 2023, the Company recognized a cumulative adjustment to retained earnings of $6.6 million, net of tax, attributable to an increase in the allowance for credit losses (“ACL”) of $8.7 million, an increase in the allowance for off balance sheet credit exposures of $3.0 million, and an increase in deferred tax assets of $2.3 million. Included in the $8.7 million increase in the allowance for credit losses is $2.9 million that was recognized on PCD loans previously classified as purchased credit impaired (“PCI”) with a corresponding adjustment to the gross carrying amount of the loans. The Company adopted ASU 2016-13 using the prospective transition approach for PCD loans, which did not require re-evaluation of whether loans previously classified as PCI loans met the criteria of PCD assets at the date of adoption. The remaining noncredit discount will be accreted into interest income over the life of the individual loans beginning January 1, 2023. The following table illustrates the impact of ASU 2016-13 (in thousands) December 31, 2022 Adoption impact of ASU 2016-13 Impact of PCD Gross Up January 1, 2023 Allowance for credit losses: Commercial real estate $ 10,821 $ 879 2,652 $ 14,352 Consumer real estate 4,028 1,952 166 6,146 Construction and land development 3,059 2,145 25 5,229 Commercial and industrial 3,997 1,451 27 5,475 Leases 1,293 (683) 28 638 Consumer and other 136 13 - 149 Total allowance for credit losses $ 23,334 $ 5,757 $ 2,898 $ 31,989 Unfunded lending commitments (1) $ - $ 3,029 $ - $ 3,029 (1) In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower result in a new loan or continuation of an existing loan. The amendments enhance existing disclosures and require new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The guidance is effective for entities that have adopted ASU 2016-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company adopted 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, 2022, as filed in its Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). The following is a summary of recent authoritative pronouncements issued but not yet effective that could impact the accounting, reporting, and/or disclosure of financial information by the Company. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023. All other entities have an extra year to adopt; early adoption is permitted. The Company is assessing ASU 2022-03 and its impact on its accounting and disclosures. In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The Company is assessing ASU 2023-02 and its impact on its accounting and disclosures. |
Earnings Per Share | Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. |
Presentation of Financial Inf_3
Presentation of Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Impact of ASU 2016-13 | The following table illustrates the impact of ASU 2016-13 (in thousands) December 31, 2022 Adoption impact of ASU 2016-13 Impact of PCD Gross Up January 1, 2023 Allowance for credit losses: Commercial real estate $ 10,821 $ 879 2,652 $ 14,352 Consumer real estate 4,028 1,952 166 6,146 Construction and land development 3,059 2,145 25 5,229 Commercial and industrial 3,997 1,451 27 5,475 Leases 1,293 (683) 28 638 Consumer and other 136 13 - 149 Total allowance for credit losses $ 23,334 $ 5,757 $ 2,898 $ 31,989 Unfunded lending commitments (1) $ - $ 3,029 $ - $ 3,029 (1) |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Sunbelt Group LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) Initial As recorded Fair value Subsequent As recorded by Sunbelt adjustments Adjustments by the Company Assets: Cash & cash equivalents $ 319 $ — $ — $ 319 Customer list intangible — 1,948 — 1,948 Equipment, net 13 (13) — — Other assets 17 — — 17 Total assets acquired $ 349 $ 1,935 $ — $ 2,284 Liabilities: Payables and other liabilities $ 364 $ — $ — $ 364 Total liabilities assumed 364 — — 364 Excess of liabilities acquired over assets assumed $ (15) Aggregate fair value adjustments $ 1,935 $ — Total identifiable net assets 1,920 Consideration transferred: Purchase price 6,500 Total fair value of consideration transferred 6,500 Goodwill $ 4,580 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic earnings per share computation: Net income available to common shareholders $ 2,067 $ 11,543 $ 22,403 $ 30,018 Average common shares outstanding – basic 16,807,548 16,749,255 16,801,840 16,734,298 Basic earnings per share $ 0.12 $ 0.69 $ 1.33 $ 1.79 Diluted earnings per share computation: Net income available to common shareholders $ 2,067 $ 11,543 $ 22,403 $ 30,018 Average common shares outstanding – basic 16,807,548 16,749,255 16,801,840 16,734,298 Incremental shares from assumed conversions: Stock options and restricted stock 111,087 122,767 105,485 133,672 Average common shares outstanding - diluted 16,918,635 16,872,022 16,907,325 16,867,970 Diluted earnings per common share $ 0.12 $ 0.68 $ 1.33 $ 1.78 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Available-for-sale: Cost Gains Losses Value U.S. Treasury $ 84,550 $ — $ (10,817) $ 73,733 U.S. Government-sponsored enterprises (GSEs) 59,683 1,430 (160) 60,953 Municipal securities 18,661 2 (1,158) 17,505 Other debt securities 34,784 67 (4,225) 30,626 Mortgage-backed securities (GSEs) 231,153 — (28,839) 202,314 Total $ 428,831 $ 1,499 $ (45,199) $ 385,131 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Available-for-sale: Cost Gains Losses Value U.S. Treasury $ 241,506 $ — $ (17,853) $ 223,653 U.S. Government-sponsored enterprises (GSEs) 1,593 — (18) 1,575 Municipal securities 19,210 17 (616) 18,611 Other debt securities 32,959 — (2,408) 30,551 Mortgage-backed securities (GSEs) 233,948 6 (24,451) 209,503 Total $ 529,216 $ 23 $ (45,346) $ 483,893 |
Schedule of Held-to-maturity Securities Reconciliation | September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Held-to-maturity: Cost Gains Losses Value U.S. Treasury $ 150,126 $ — $ (2,925) $ 147,201 U.S. Government-sponsored enterprises (GSEs) 49,642 — (9,013) 40,629 Municipal securities 52,947 — (8,872) 44,075 Mortgage-backed securities (GSEs) 29,598 — (5,178) 24,420 Total $ 282,313 $ — $ (25,988) $ 256,325 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Held-to-maturity: Cost Gains Losses Value U.S. Treasury $ 150,295 $ — $ (5,613) $ 144,682 U.S. Government-sponsored enterprises (GSEs) 50,539 — (8,037) 42,502 Municipal securities 53,694 — (7,550) 46,144 Mortgage-backed securities (GSEs) 31,421 — (4,136) 27,285 Total $ 285,949 $ — $ (25,336) $ 260,613 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of securities at September 30, 2023 by contractual maturity for non-mortgage backed securities are shown below (in thousands) September 30, 2023 Amortized Fair Available-for-sale: Cost Value Due in one year or less $ 11,410 $ 11,386 Due from one year to five years 56,074 49,911 Due from five years to ten years 119,939 112,003 Due after ten years 10,255 9,517 197,678 182,817 Mortgage-backed securities 231,153 202,314 Total $ 428,831 $ 385,131 Held-to-maturity: Due in one year or less $ 150,126 $ 147,201 Due from one year to five years — — Due from five years to ten years 47,513 39,301 Due after ten years 55,076 45,403 252,715 231,905 Mortgage-backed securities 29,598 24,420 Total $ 282,313 $ 256,325 |
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 AFS and HTM have been in a continuous unrealized loss position (in thousands) September 30, 2023 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Available-for-sale: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ — $ — — $ 73,733 $ (10,817) 9 $ 73,733 $ (10,817) 9 U.S. Government-sponsored enterprises (GSEs) 20,181 (143) 4 1,488 (17) 3 21,669 (160) 7 Municipal securities 7,729 (283) 10 9,475 (875) 17 17,204 (1,158) 27 Other debt securities 2,654 (270) 2 26,980 (3,955) 25 29,634 (4,225) 27 Mortgage-backed securities (GSEs) 29,670 (547) 15 172,645 (28,292) 89 202,315 (28,839) 104 Total $ 60,234 $ (1,243) 31 $ 284,321 $ (43,956) 143 $ 344,555 $ (45,199) 174 September 30, 2023 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Held-to-maturity: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ — $ — — $ 147,201 $ (2,925) 4 $ 147,201 $ (2,925) 4 U.S. Government-sponsored enterprises (GSEs) — — — 40,629 (9,013) 13 40,629 (9,013) 13 Municipal securities — — — 44,076 (8,872) 35 44,076 (8,872) 35 Mortgage-backed securities (GSEs) — — — 24,419 (5,178) 5 24,419 (5,178) 5 Total $ — $ — — $ 256,325 $ (25,988) 57 $ 256,325 $ (25,988) 57 December 31, 2022 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Available-for-sale: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ 134,414 $ (7,610) 9 $ 89,239 $ (10,243) 11 $ 223,653 $ (17,853) 20 U.S. Government-sponsored enterprises (GSEs) 1,266 (14) 1 309 (4) 2 1,575 (18) 3 Municipal securities 13,146 (616) 20 — — — 13,146 (616) 20 Other debt securities 25,044 (1,866) 20 5,506 (542) 6 30,550 (2,408) 26 Mortgage-backed securities (GSEs) 111,598 (8,968) 86 96,285 (15,483) 28 207,883 (24,451) 114 Total $ 285,468 $ (19,074) 136 $ 191,339 $ (26,272) 47 $ 476,807 $ (45,346) 183 December 31, 2022 Less than 12 Months 12 Months or Greater Total Gross Number Gross Number Gross Number Fair Unrealized of Fair Unrealized of Fair Unrealized of Held-to-maturity: Value Losses Securities Value Losses Securities Value Losses Securities U.S. Treasury $ 144,683 $ (5,613) 4 $ — $ — — $ 144,683 $ (5,613) 4 U.S. Government-sponsored enterprises (GSEs) $ 13,048 $ (2,503) 3 $ 29,451 $ (5,534) 10 $ 42,499 $ (8,037) 13 Municipal securities 40,770 (6,387) 28 5,375 (1,163) 7 46,145 (7,550) 35 Mortgage-backed securities (GSEs) — — — 27,285 (4,136) 5 27,285 (4,136) 5 Total $ 198,501 $ (14,503) 35 $ 62,111 $ (10,833) 22 $ 260,612 $ (25,336) 57 |
Schedule of Other Investments | The following is the amortized cost and carrying value of other investments (in thousands) September 30, December 31, 2023 2022 Federal Reserve Bank stock $ 9,669 $ 9,783 Federal Home Loan Bank stock 3,786 5,397 First National Bankers Bank stock 350 350 Total $ 13,805 $ 15,530 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Loans | Major categories of loans and leases are summarized as follows (in thousands) September 30, December 31, 2023 2022 Commercial real estate $ 1,667,176 $ 1,627,761 Consumer real estate 638,518 587,977 Construction and land development 373,068 402,501 Commercial and industrial 617,115 551,867 Leases 68,538 67,427 Consumer and other 14,584 16,094 Total loans and leases 3,378,999 3,253,627 Less: Allowance for credit losses (33,687) (23,334) Loans and leases, net $ 3,345,312 $ 3,230,293 |
Schedule of Allowance for Loan Losses | The following tables detail the changes in the allowance for credit losses by loan and lease classification (in thousands) Three Months Ended September 30, 2023 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 14,314 $ 6,748 $ 5,446 $ 5,504 $ 586 $ 149 $ 32,747 Charged-off loans and leases — (9) — (179) (143) (86) (417) Recoveries of charge-offs 2 4 — 48 — 19 73 Provision charged to expense (1) 691 413 (369) 307 201 41 1,284 Ending balance $ 15,007 $ 7,156 $ 5,077 $ 5,680 $ 644 $ 123 $ 33,687 Three Months Ended September 30, 2022 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 10,600 $ 3,835 $ 2,904 $ 3,659 $ 807 $ 133 $ 21,938 Charged-off loans and leases — — — (51) — (180) (231) Recoveries of charge-offs — 7 — 19 29 33 88 Provision charged to expense (21) 166 272 208 198 151 974 Ending balance $ 10,579 $ 4,008 $ 3,176 $ 3,835 $ 1,034 $ 137 $ 22,769 Nine Months Ended September 30, 2023 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 10,821 $ 4,028 $ 3,059 $ 3,997 $ 1,293 $ 136 $ 23,334 Impact of adopting ASU 2016-13 879 1,952 2,145 1,451 (683) 13 5,757 PCD gross up 2,652 166 25 27 28 — 2,898 Charged-off loans and leases — (9) — (387) (211) (332) (939) Recoveries of charge-offs 5 13 25 153 — 187 383 Provision charged to expense (1) 650 1,006 (177) 439 217 119 2,254 Ending balance $ 15,007 $ 7,156 $ 5,077 $ 5,680 $ 644 $ 123 $ 33,687 Nine Months Ended September 30, 2022 Consumer Construction Commercial Commercial Real and Land and Consumer Real Estate Estate Development Industrial Leases and Other Total Beginning balance $ 9,781 $ 3,454 $ 1,882 $ 3,781 $ 330 $ 124 $ 19,352 Charged-off loans and leases — (33) — (240) (108) (482) (863) Recoveries of charge-offs 4 561 — 162 192 131 1,050 Provision charged to expense 794 26 1,294 132 620 364 3,230 Ending balance $ 10,579 $ 4,008 $ 3,176 $ 3,835 $ 1,034 $ 137 $ 22,769 (1) In the provision charged to expense there was a release of $489 thousand and $796 thousand for unfunded commitments through the provision for credit losses not reflected in the three and nine months ended September 30, 2023. |
Schedule of Allowance for Loan Losses for Impaired and Performing Loans Receivable | The following tables detail the allowance for credit losses and recorded investment in loans by loan classification and by impairment evaluation method as of December 31, 2022, as determined in accordance with ASC 310 prior to the adoption of ASU 2016-13 (in thousands) : Construction Commercial Consumer Commercial Consumer and Land and and Real Estate Real Estate Development Industrial Leases Other Total December 31, 2022: Performing loans and leases $ 10,815 $ 3,913 $ 2,674 $ 3,997 $ 1,293 $ 136 $ 22,828 Impaired loans and leases — — 385 — — — 385 10,815 3,913 3,059 3,997 1,293 136 23,213 PCI loans and leases 6 115 — — — — 121 Total allowance for loans and leases $ 10,821 $ 4,028 $ 3,059 $ 3,997 $ 1,293 $ 136 $ 23,334 Construction Commercial Commercial Consumer and Land and Consumer Real Estate Real Estate Development Industrial Leases and Other Total December 31, 2022: Performing loans and leases $ 1,611,815 $ 578,342 $ 400,114 $ 549,974 $ 66,459 $ 16,091 $ 3,222,795 Impaired loans and leases — 1,283 858 — — — 2,141 1,611,815 579,625 400,972 549,974 66,459 16,091 3,224,936 PCI loans and leases 15,946 8,352 1,529 1,893 968 3 28,691 Total loans and leases $ 1,627,761 $ 587,977 $ 402,501 $ 551,867 $ 67,427 $ 16,094 $ 3,253,627 |
Loan Credit Quality Indicators | The following tables outline the amount of each loan and lease classification and the amount categorized into each risk rating based on year of origination (in thousands) September 30, 2023 Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial real estate Pass $ 168,217 $ 553,613 $ 436,468 $ 187,188 $ 141,248 $ 118,422 $ 14,878 $ 8,163 $ 1,628,197 Watch 20,665 1,269 2,418 2,652 3,848 267 - - 31,119 Special mention - 3,234 - - - - - - 3,234 Substandard 968 - 3,145 51 - 462 - - 4,626 Doubtful - - - - - - - - - Total commercial real estate 189,850 558,116 442,031 189,891 145,096 119,151 14,878 8,163 1,667,176 YTD gross charge-offs - - - - - - - - - Consumer real estate Pass 94,979 179,838 100,852 55,222 34,531 53,597 109,227 3,032 631,278 Watch 171 71 319 289 - 108 1,714 - 2,672 Special mention - - - - - 54 - - 54 Substandard 198 905 - - 164 2,908 339 - 4,514 Doubtful - - - - - - - - - Total consumer real estate 95,348 180,814 101,171 55,511 34,695 56,667 111,280 3,032 638,518 YTD gross charge-offs - - - - - (9) - - (9) Construction and land development Pass 95,692 166,355 50,591 4,188 5,162 7,265 35,908 1,797 366,958 Watch 4,194 399 451 - - 2 - - 5,046 Special mention - - - - - - - - - Substandard - - 36 620 - 408 - - 1,064 Doubtful - - - - - - - - - Total construction and land development 99,886 166,754 51,078 4,808 5,162 7,675 35,908 1,797 373,068 YTD gross charge-offs - - - - - - - - - Commercial and industrial Pass 137,793 174,721 67,809 24,379 11,313 26,674 164,939 8,006 615,634 Watch - 631 214 129 75 75 138 - 1,262 Special mention - - - - - - - 13 13 Substandard 206 - - - - - - - 206 Doubtful - - - - - - - - - Total commercial and industrial 137,999 175,352 68,023 24,508 11,388 26,749 165,077 8,019 617,115 YTD gross charge-offs - (154) (50) (183) - - - - (387) Leases Pass 23,304 29,453 10,074 4,459 933 315 - - 68,538 Watch - - - - - - - - - Special mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total leases 23,304 29,453 10,074 4,459 933 315 - - 68,538 YTD gross charge-offs (27) (163) (9) - (12) - - - (211) Consumer and other Pass 5,539 2,314 1,060 671 148 229 4,538 73 14,572 Watch - - - - 12 - - - 12 Special mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total consumer and other 5,539 2,314 1,060 671 160 229 4,538 73 14,584 YTD gross charge-offs (22) (115) (62) (48) (26) (59) - - (332) Total loans Pass 525,524 1,106,294 666,854 276,107 193,335 206,502 329,490 21,071 3,325,177 Watch 25,030 2,370 3,402 3,070 3,935 452 1,852 - 40,111 Special mention - 3,234 - - - 54 - 13 3,301 Substandard 1,372 905 3,181 671 164 3,778 339 - 10,410 Doubtful - - - - - - - - - Total loans $ 551,926 $ 1,112,803 $ 673,437 $ 279,848 $ 197,434 $ 210,786 $ 331,681 $ 21,084 $ 3,378,999 Total YTD gross charge-offs $ (49) $ (432) $ (121) $ (231) $ (38) $ (68) $ - $ - $ (939) The following tables outline the amount of each loan and lease classification and the amount categorized into each risk rating as of December 31, 2022, prior to the adoption of ASU 2016-13 (in thousands) December 31, 2022 Construction Commercial Commercial Consumer and Land and Consumer Non PCI Loans and Leases: Real Estate Real Estate Development Industrial Leases and Other Total Pass $ 1,579,387 $ 576,428 $ 399,846 $ 545,210 $ 66,459 $ 16,057 $ 3,183,387 Watch 29,810 1,496 224 4,523 — 19 36,072 Special mention 2,539 35 — 61 — — 2,635 Substandard 79 1,666 902 180 — 15 2,842 Doubtful — — — — — — — Total 1,611,815 579,625 400,972 549,974 66,459 16,091 3,224,936 PCI Loans and Leases: Pass 11,924 6,927 1,054 1,893 968 3 22,769 Watch 1,439 188 46 — — — 1,673 Special mention 11 54 — — — — 65 Substandard 2,572 1,183 429 — — — 4,184 Doubtful — — — — — — — Total 15,946 8,352 1,529 1,893 968 3 28,691 Total loans and leases $ 1,627,761 $ 587,977 $ 402,501 $ 551,867 $ 67,427 $ 16,094 $ 3,253,627 |
Past Due Loans and Leases | The following tables present an aging analysis of our loan and lease portfolio (in thousands) September 30, 2023 90 Days 30-59 Days 60-89 Days or More Total Loans Not Total Past Due Past Due Past Due Past Due Past Due Loans Commercial real estate $ 862 $ — $ — $ 862 $ 1,666,314 $ 1,667,176 Consumer real estate 706 401 34 1,141 637,377 638,518 Construction and land development 110 408 — 518 372,550 373,068 Commercial and industrial 1,384 945 98 2,427 614,688 617,115 Leases 118 — — 118 68,420 68,538 Consumer and other 95 — 97 192 14,392 14,584 Total $ 3,275 $ 1,754 $ 229 $ 5,258 $ 3,373,741 $ 3,378,999 December 31, 2022 90 Days 30-59 Days 60-89 Days or More Total Loans Not Total Past Due Past Due Past Due Past Due Past Due Loans Commercial real estate $ 54 $ — $ — $ 54 $ 1,627,707 1,627,761 Consumer real estate 594 — — 594 587,383 587,977 Construction and land development — — — — 402,501 402,501 Commercial and industrial 185 18 — 203 551,664 551,867 Leases 1,024 84 143 1,251 66,176 67,427 Consumer and other 103 4 — 107 15,987 16,094 Total $ 1,960 $ 106 $ 143 $ 2,209 $ 3,251,418 $ 3,253,627 |
Summary of amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest | The table below presents the amortized cost basis of loans on nonaccrual status and loans past due 90 or more days and still accruing interest at September 30, 2023 and December 31, 2022. Also presented is the balance of loans on nonaccrual status at September 30, 2023 for which there was no related allowance for credit losses recorded (in thousands) : September 30, 2023 December 31, 2022 Total Nonaccrual Loans Past Due Total Loans Past Due Nonaccrual With No Allowance Over 90 Days Nonaccrual Over 90 Days Loans for Credit Losses Still Accruing Loans Still Accruing Commercial real estate $ 741 $ — $ — $ — $ — Consumer real estate 2,064 1,154 34 1,665 — Construction and land development 620 — — 920 — Commercial and industrial 314 — 98 180 — Leases 195 — — 28 143 Consumer and other — — 97 15 — Total $ 3,934 $ 1,154 $ 229 $ 2,808 $ 143 |
Summary of amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses (in thousands) : September 30, 2023 Real Estate Other Total Commercial real estate $ 3,836 $ — $ 3,836 Consumer real estate 2,434 — 2,434 Construction and land development 1,411 — 1,411 Commercial and industrial — — — Leases — — — Consumer and other — — — Total $ 7,681 $ — $ 7,681 |
Impaired Loans | The following table presents impaired loans at December 31, 2022, as determined under ASC 310 prior to the adoption of ASU 2016-13. Presented are the recorded investment, unpaid principal balance and related allowance of impaired loans at December 31, 2022, by loan classification (in thousands) : December 31, 2022 Unpaid Recorded Principal Related Investment Balance Allowance Impaired loans and leases without a valuation allowance: Commercial real estate $ — $ — $ — Consumer real estate 1,283 1,282 — Construction and land development — — — Commercial and industrial — — — Leases — — — Consumer and other — — — 1,283 1,282 — Impaired loans and leases with a valuation allowance: Commercial real estate — — — Consumer real estate — — — Construction and land development 858 858 385 Commercial and industrial — — — Leases — — — Consumer and other — — — 858 858 385 PCI loans and leases: Commercial real estate 500 580 6 Consumer real estate 684 646 115 Construction and land development — — — Commercial and industrial — — — Leases — — — Consumer and other — — — 1,184 1,226 121 Total impaired loans and leases $ 3,325 $ 3,366 $ 506 The following table details the average recorded investment and the amount of interest income recognized on a cash basis for the three and nine months ended September 30, 2022, respectively, of impaired loans by loan classification as determined under ASC 310 prior to the adoption of ASU 2016-13 (in thousands) : Three Months Ended September 30, 2022 Average Interest Recorded Income Investment Recognized Impaired loans and leases without a valuation allowance: Commercial real estate $ 304 $ — Consumer real estate 1,742 72 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 2,046 72 Impaired loans and leases with a valuation allowance: Commercial real estate — — Consumer real estate — — Construction and land development 858 — Commercial and industrial — — Leases — — Consumer and other — — 858 — PCI loans and leases: Commercial real estate 525 11 Consumer real estate 880 12 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 1,405 23 Total impaired loans and leases $ 4,309 $ 95 Nine Months Ended September 30, 2022 Average Interest Recorded Income Investment Recognized Impaired loans and leases without a valuation allowance: Commercial real estate $ 152 $ — Consumer real estate 1,839 92 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other — — 1,991 92 Impaired loans and leases with a valuation allowance: Commercial real estate 429 — Consumer real estate 87 — Construction and land development 429 — Commercial and industrial 32 — Leases — — Consumer and other — — 977 — PCI loans and leases: Commercial real estate 765 46 Consumer real estate 879 40 Construction and land development — — Commercial and industrial — — Leases — — Consumer and other 2 — 1,646 86 Total impaired loans and leases $ 4,614 $ 178 |
Summary of loans and leases made to borrowers experiencing financial difficulty that were modified | Payment Delay Total Class Payment Term and Term of Financing Three months ended September 30, 2023 Delay Extension Extension Total Receivable Commercial real estate $ — $ 528 $ — $ 528 0.03 % Consumer real estate — 514 — 514 0.08 Construction and land development — 748 — 748 0.20 Commercial and industrial — — — — - Leases — — — — - Consumer and other — — — — - Total $ — $ 1,790 $ — $ 1,790 0.05 % Nine months ended September 30, 2023 Commercial real estate $ 403 $ 566 $ — $ 969 0.06 % Consumer real estate — 514 — 514 0.08 Construction and land development — 748 — 748 0.20 Commercial and industrial 63 — 153 216 0.04 Leases — — — — - Consumer and other — — — — - Total $ 466 $ 1,828 $ 153 $ 2,447 0.07 % The following table summarizes the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2023 (dollars in thousands) Weighted-Average Term Weighted-Average Extension Total Payment Three months ended September 30, 2023 (in months) Delay Commercial real estate 12 $ — Consumer real estate 20 — Construction and land development 9 — Commercial and industrial — — Leases — — Consumer and other — — Nine months ended September 30, 2023 Commercial real estate 23 $ 23 Consumer real estate 15 — Construction and land development 9 — Commercial and industrial 30 7 Leases — — Consumer and other — — The table below shows an age analysis of loans and leases made to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, that date the Company adopted ASU 2022-02 (in thousands) September 30, 2023 90 Days 30-89 Days or More Current Past Due Past Due Nonaccrual Total Commercial real estate $ — $ — $ — $ 968 $ 968 Consumer real estate 139 — — 376 515 Construction and land development 288 — — 460 748 Commercial and industrial — — — 216 216 Leases — — — — — Consumer and other — — — — — Total $ 427 $ — $ — $ 2,020 $ 2,447 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) September 30, December 31, 2023 2022 Goodwill: Balance, beginning of period $ 96,145 $ 91,565 Acquisition of Sunbelt — 4,580 Balance, end of the period $ 96,145 $ 96,145 |
Finite-lived Intangible Assets Amortization Expense | Core Deposit Customer Relationships Tradename Amortized other intangible assets: Intangibles Intangibles Intangibles Total September 30, 2023: Beginning balance January 1, 2023, gross $ 17,470 $ 5,670 $ 63 $ 23,203 Less: accumulated amortization (9,329) (2,164) (63) (11,556) Balance, September 30, 2023, other intangible assets, net $ 8,141 $ 3,506 $ - $ 11,647 December 31, 2022: Beginning balance January 1, 2022, gross $ 17,470 $ 3,722 $ 63 $ 21,255 Acquisition of Sunbelt - 1,948 - 1,948 Balance, December 31, 2022, other intangible assets, gross 17,470 5,670 63 23,203 Less: accumulated amortization (8,021) (1,519) (36) (9,576) Balance, December 31, 2022, other intangible assets, net $ 9,449 $ 4,151 $ 27 $ 13,627 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of September 30, 2023, the estimated aggregate amortization expense for future periods for intangibles is as follows (in thousands) Remainder of 2023 $ 643 2024 2,425 2025 2,256 2026 2,086 2027 1,904 Thereafter 2,333 Total $ 11,647 |
Borrowings, Line of Credit an_2
Borrowings, Line of Credit and Subordinated Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Borrowings, Line of Credit and Subordinated Debt [Abstract] | |
Schedule of debt | September 30, December 31, 2023 2022 Securities sold under customer repurchase agreements $ 6,117 $ 4,775 Loan participation agreements (1) — 24,585 Other borrowings 8,000 12,500 Total $ 14,117 $ 41,860 (1) During the first quarter of 2023, the loan participation agreements were amended to permit sales accounting treatment and removed from other borrowings. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Defined Benefit Plan [Abstract] | |
Schedule of Option Activity | A summary of the status of stock option plans is presented in the following table: Weighted Average Exercisable Number Price Outstanding at December 31, 2022 32,045 $ 12.04 Granted — — Exercised (15,705) 10.47 Forfeited — — Outstanding at September 30, 2023 16,340 $ 13.55 |
Schedule of Options Outstanding by Exercise Price Range | Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $ 9.60 4,500 0.42 $ 9.60 4,500 $ 9.60 15.05 11,840 2.00 15.05 11,840 15.05 Outstanding, end of period 16,340 1.57 $ 13.55 16,340 $ 13.55 |
Schedule of Non-vested Restricted Stock Awards | Weighted Average Grant-Date Number Fair Value Balance at December 31, 2022 129,836 $ 19.61 Granted 89,582 26.23 Vested (27,172) 23.39 Forfeited/expired (9,912) 22.45 Balance at September 30, 2023 182,334 $ 22.15 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity | Weighted Average Number Exercisable Price Outstanding at December 31, 2022 36,000 $ 18.25 Granted — — Exercised (8,000) 15.19 Forfeited — — Outstanding at September 30, 2023 28,000 $ 19.13 SARs Outstanding SARs Exercisable Weighted- Average Weighted- Remaining Average Weighted- Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $ 15.19 8,000 0.25 years $ 15.19 8,000 $ 15.19 20.70 20,000 1.25 years 20.70 — — Outstanding, end of period 28,000 0.97 years $ 19.13 8,000 $ 15.19 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments | A summary of the Company’s total contractual amount for all off-balance sheet commitments are as follows (in thousands) September 30, December 31, 2023 2022 Commitments to extend credit $ 746,921 $ 911,998 Standby letters of credit 15,567 6,897 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Assets and Liabilities [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands) Quoted Prices in Significant Significant Active Markets Other Other for Identical Observable Unobservable Assets Inputs Inputs Description Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Assets: Securities available-for-sale: U.S. Treasury $ 73,733 $ — $ 73,733 $ — U.S. Government-sponsored enterprises (GSEs) 60,953 — 60,953 — Municipal securities 17,505 — 17,505 — Other debt securities 30,626 — 30,626 — Mortgage-backed securities (GSEs) 202,314 — 202,314 — Total securities available-for-sale 385,131 — 385,131 — Derivative financial instruments and interest rate swap agreements 16,191 — 16,191 — Total assets at fair value $ 401,322 $ — $ 401,322 $ — Liabilities: Derivative financial instruments and interest rate swap agreements $ 17,647 $ — $ 17,647 $ — December 31, 2022: Assets: Securities available-for-sale: U.S. Treasury $ 223,653 $ — $ 223,653 $ — U.S. Government-sponsored enterprises (GSEs) 1,575 — 1,575 — Municipal securities 18,611 — 18,611 — Other debt securities 30,551 — 30,551 — Mortgage-backed securities (GSEs) 209,503 — 209,503 — Total securities available-for-sale 483,893 — 483,893 — Derivative financial instruments and interest rate swap agreements 11,834 — 11,834 — Total assets at fair value $ 495,727 $ — $ 495,727 $ — Liabilities: Derivative financial instruments and interest rate swap agreements $ 13,110 $ — $ 13,110 $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | Quoted Prices in Significant Significant Active Markets Other Other for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2023: Collateral dependent loans $ 4,315 $ — $ — $ 4,315 Other real estate owned 271 — — 271 December 31, 2022: Collateral dependent loans $ 1,536 $ — $ — $ 1,536 Other real estate owned 915 — — 915 |
Fair Value Measurement Inputs and Valuation Techniques | For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands) Weighted Valuation Significant Other Average of Fair Value Technique Unobservable Input Input September 30, 2023: Collateral dependent loans $ 4,315 Appraisal Appraisal discounts 39 % Other real estate owned 271 Appraisal Appraisal discounts 26 % December 31, 2022: Collateral dependent loans $ 1,536 Appraisal Appraisal discounts 25 % Other real estate owned 915 Appraisal Appraisal discounts 29 % |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands) Fair Value Measurements Using Carrying Estimated Amount Level 1 Level 2 Level 3 Fair Value September 30, 2023: Assets: Cash and cash equivalents $ 400,258 $ 400,258 $ — $ — $ 400,258 Securities available-for-sale 385,131 — 385,131 — 385,131 Securities held-to-maturity 282,313 — 256,325 — 256,325 Other investments 13,805 N/A N/A N/A N/A Loans and leases, net and loans held for sale 3,348,046 — — 3,210,772 3,210,772 Derivative financial instruments and interest rate swap agreements 16,191 — 16,191 — 16,191 Liabilities: Noninterest-bearing demand deposits 923,763 — 923,763 — 923,763 Interest-bearing demand deposits 993,717 — 993,717 — 993,717 Money market and savings deposits 1,766,409 — 1,766,409 — 1,766,409 Time deposits 562,620 — 558,744 — 558,744 Borrowings 14,117 — 14,117 — 14,117 Subordinated debt 42,078 — — 39,650 39,650 Derivative financial instruments and interest rate swap agreements 17,647 — 17,647 — 17,647 December 31, 2022: Assets: Cash and cash equivalents $ 266,424 $ 266,424 $ — $ — $ 266,424 Securities available-for-sale 483,893 — 483,893 — 483,893 Securities held-to-maturity 285,949 — 260,613 260,613 Other investments 15,530 N/A N/A N/A N/A Loans and leases, net and loans held for sale 3,232,045 — — 3,143,921 3,143,921 Derivative financial instruments and interest rate swap agreements 11,834 — 11,834 — 11,834 Liabilities: Noninterest-bearing demand deposits 1,072,449 — 1,072,449 — 1,072,449 Interest-bearing demand deposits 965,911 — 965,911 — 965,911 Money market and savings deposits 1,583,481 — 1,583,481 — 1,583,481 Time deposits 455,259 — 451,899 — 451,899 Borrowings 41,860 — 41,860 — 41,860 Subordinated debt 42,015 — — 40,439 40,439 Derivative financial instruments and interest rate swap agreements 13,110 — 13,110 — 13,110 |
Derivatives Financial Instrum_2
Derivatives Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative [Line Items] | |
Schedule of Hedge Relationships on Income Statement | The following table presents the effect of fair value and cash flow hedge accounting on the income statement (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total interest income $ 55,448 $ — $ 160,823 $ — Effects of cash flow hedge relationships (173) — (275) — Reported total interest income $ 55,275 $ — $ 160,548 $ — Total interest expense $ 24,426 $ — $ 62,150 $ — Effects of cash flow hedge relationships (157) — (165) — Reported total interest expense $ 24,269 $ — $ 61,985 $ — |
Schedule of interest rate swaps related to loan hedging program | At September 30, 2023 and December 31, 2022, interest rate swaps related to the Company’s loan hedging program that were outstanding are presented in the following table (in thousands) September 30, 2023 December 31, 2022 Notional Estimated Notional Estimated Amount Fair Value Amount Fair Value Interest rate swap agreements: Assets $ 243,239 $ 15,482 $ 216,656 $ 11,834 Liabilities 243,239 (15,482) 216,656 (11,834) |
Schedule of interest rate swap to facilitate customer's transactions | The Company establishes limits and monitors exposures for customer swap positions. Any fees received to enter the swap agreements at inception are recognized in earnings when received and is included in noninterest income. Such fees were as follows (in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Interest rate swap agreements $ 326 $ 53 $ 823 $ 1,449 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Hedge Relationships on Income Statement | Three Months Ended Nine Months Ended September 30, September 30, 2022 2022 Interest income on tax-exempt securities $ 403 $ 1,183 Effects of fair value hedge relationships (83) (527) Reported interest income on tax-exempt securities $ 320 $ 656 Three Months Ended Nine Months Ended September 30, September 30, Gain (loss) on fair value hedging relationship 2022 2022 Interest rate swap agreements - securities: Hedged items $ 1,808 $ 5,319 Derivative designated as hedging instruments (1,808) (5,319) Carry amount of hedged assets - securities available-for-sale 36,165 36,165 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Fair Value Hedge Relationships in Balance Sheet | At September 30, 2023 and December 31, 2022, cash flow hedges are as follows (in thousands) September 30, 2023 December 31, 2022 Balance Sheet Notional Estimated Notional Estimated Location Amount Fair Value Amount Fair Value Cash flow hedges: Assets Other assets $ 150,000 $ 698 $ - $ - Liabilities Other liabilities 100,000 (2,165) 100,000 (1,304) |
Schedule of Hedge Relationships on AOCI | The following table presents the effect of fair value and cash flow hedge accounting on AOCI (in thousands) Derivatives in cash flow hedging relationships: Amount of Gain (Loss) Recognized on OCI on Derivative Location of Gain or (Loss) Recognized from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Three months ended September 30, 2023 Interest rate swaps - Assets $ (432) Interest income $ (173) Interest rate swaps - Liabilities 585 Interest expense (157) Three months ended September 30, 2022 Interest rate swaps - Assets $ (1,775) — $ — Interest rate swaps - Liabilities — — — Nine months ended September 30, 2023 Interest rate swaps - Assets $ (2,165) Interest income $ (275) Interest rate swaps - Liabilities 698 Interest expense (165) Nine months ended September 30, 2022 Interest rate swaps - Assets $ (1,775) — $ — Interest rate swaps - Liabilities — — — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 (in thousands) September 30, December 31, Classification 2023 2022 Assets: Operating lease right-of-use assets Other assets $ 10,097 $ 9,314 Liabilities: Operating lease liabilities Other liabilities $ 10,345 $ 9,457 |
Summary of Lease Costs and Other Information | The following table represents lease costs and other lease information. 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 (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Lease costs: Operating lease costs $ 438 $ 403 $ 1,247 $ 1,220 Variable lease costs 30 26 87 76 Total $ 468 $ 429 $ 1,334 $ 1,296 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 393 $ 385 $ 1,142 $ 1,163 |
Schedule of Remaining Minimum Lease Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2023, were as follows (in thousands) Amounts Remainder of 2023 $ 276 2024 1,455 2025 1,359 2026 1,291 2027 1,107 Thereafter 6,476 Total future minimum lease payments 11,964 Amounts representing interest (1,619) Present value of net future minimum lease payments $ 10,345 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual and required capital levels at September 30, 2023, and December 31, 2022 are presented below (dollars in thousands) Minimum to be well capitalized under Minimum for prompt capital corrective action Actual adequacy purposes provisions 1 Amount Ratio Amount Ratio Amount Ratio September 30, 2023 SmartFinancial: Total Capital (to Risk Weighted Assets) $ 449,546 11.90 % $ 302,100 8.00 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 380,272 10.07 % 226,575 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 380,272 10.07 % 169,931 4.50 % N/A N/A Tier 1 Capital (to Average Assets) 2 380,272 8.13 % 187,074 4.00 % N/A N/A SmartBank: Total Capital (to Risk Weighted Assets) $ 447,326 11.87 % $ 301,538 8.00 % $ 376,922 10.00 % Tier 1 Capital (to Risk Weighted Assets) 420,130 11.15 % 226,153 6.00 % 301,538 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 420,130 11.15 % 169,615 4.50 % 244,999 6.50 % Tier 1 Capital (to Average Assets) 2 420,130 9.00 % 186,792 4.00 % 233,490 5.00 % December 31, 2022 SmartFinancial: Total Capital (to Risk Weighted Assets) $ 425,957 11.40 % $ 298,966 8.00 % N/A N/A Tier 1 Capital (to Risk Weighted Assets) 360,608 9.65 % 224,224 6.00 % N/A N/A Common Equity Tier 1 Capital (to Risk Weighted Assets) 360,608 9.65 % 168,168 4.50 % N/A N/A Tier 1 Capital (to Average Assets) 360,608 7.95 % 181,387 4.00 % N/A N/A SmartBank: Total Capital (to Risk Weighted Assets) $ 426,947 11.44 % $ 298,476 8.00 % $ 373,094 10.00 % Tier 1 Capital (to Risk Weighted Assets) 403,613 10.82 % 223,857 6.00 % 298,476 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 403,613 10.82 % 167,892 4.50 % 242,511 6.50 % Tier 1 Capital (to Average Assets) 403,613 8.90 % 181,383 4.00 % 226,729 5.00 % 1 2 |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | Three Months Ended September 30, 2023 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, June 30, 2023 $ (33,132) $ (684) $ — $ (1,201) $ (35,017) Other comprehensive income (loss) (4,325) — — 115 (4,210) Reclassification of amounts included in net income 5,044 27 — — 5,071 Net other comprehensive income (loss) during period 719 27 — 115 861 Ending balance, September 30, 2023 $ (32,413) $ (657) $ — $ (1,086) $ (34,156) Three Months Ended September 30, 2022 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, June 30, 2022 $ (23,526) $ (804) $ (318) $ — $ (24,648) Other comprehensive income (loss) (14,942) — 69 (1,317) (16,190) Reclassification of amounts included in net income — 31 — — 31 Net other comprehensive income (loss) during period (14,942) 31 69 (1,317) (16,159) Ending balance, September 30, 2022 $ (38,468) $ (773) $ (249) $ (1,317) $ (40,807) Nine Months Ended September 30, 2023 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, December 31, 2022 $ (33,616) $ (742) $ — $ (966) $ (35,324) Other comprehensive income (loss) (3,841) — — (120) (3,961) Reclassification of amounts included in net income 5,044 85 — — 5,129 Net other comprehensive income (loss) during period 1,203 85 — (120) 1,168 Ending balance, September 30, 2023 $ (32,413) $ (657) $ — $ (1,086) $ (34,156) Nine Months Ended September 30, 2022 Accumulated Securities Securities Fair Value Other Available-for- Transferred to Municipal Cash Flow Comprehensive Sale Held-to-Maturity Security Hedges Hedges Income (Loss) Beginning balance, December 31, 2021 $ 25 $ 665 $ 753 $ — $ 1,443 Other comprehensive income (loss) (38,493) (1,490) (1,002) (1,317) (42,302) Reclassification of amounts included in net income — 52 — — 52 Net other comprehensive income (loss) during period (38,493) (1,438) (1,002) (1,317) (42,250) Ending balance, September 30, 2022 $ (38,468) $ (773) $ (249) $ (1,317) $ (40,807) |
Presentation of Financial Inf_4
Presentation of Financial Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jan. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Accrued interest receivables for loans | $ 11,500,000 | $ 11,500,000 | $ 9,800,000 | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | ||||
Retained earnings | $ 168,271,000 | $ 168,271,000 | $ 156,545,000 | ||||
Allowance for loan losses | $ 31,989,000 | 23,334,000 | $ 22,769,000 | $ 21,938,000 | $ 19,352,000 | ||
Allowance for off balance sheet credit | 2,300,000 | 2,300,000 | 85,000 | ||||
Allowance recognized on loans purchased with credit deterioration | 2,898,000 | ||||||
Entities minimum amount of financing receivable to evaluate individually | 500,000 | 500,000 | |||||
Provision for credit losses, HTM | 0 | 0 | |||||
Other Liabilities [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for off balance sheet credit | $ 2,300,000 | $ 2,300,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for off balance sheet credit | 3,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Retained earnings | 6,600,000 | ||||||
Allowance for loan losses | 5,757,000 | $ 5,757,000 | |||||
Aggregate allowance adjustment | 8,700,000 | ||||||
Allowance for off balance sheet credit | 3,000,000 | ||||||
Increase in deferred tax assets | 2,300,000 | ||||||
Allowance recognized on loans purchased with credit deterioration | $ 2,900,000 |
Presentation of Financial Inf_5
Presentation of Financial Information - Impact of ASU 2016-13 (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | $ 33,687 | $ 32,747 | |||||
Allowance for loan losses | $ 31,989 | $ 23,334 | $ 22,769 | $ 21,938 | $ 19,352 | ||
Allowance recognized on loans purchased with credit deterioration | 2,898 | ||||||
Unfunded Loan Commitment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 3,029 | ||||||
Commercial Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | 15,007 | 14,314 | |||||
Allowance for loan losses | 14,352 | 10,821 | 10,579 | 10,600 | 9,781 | ||
Allowance recognized on loans purchased with credit deterioration | 2,652 | ||||||
Consumer Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | 7,156 | 6,748 | |||||
Allowance for loan losses | 6,146 | 4,028 | 4,008 | 3,835 | 3,454 | ||
Allowance recognized on loans purchased with credit deterioration | 166 | ||||||
Construction and Land Development [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | 5,077 | 5,446 | |||||
Allowance for loan losses | 5,229 | 3,059 | 3,176 | 2,904 | 1,882 | ||
Allowance recognized on loans purchased with credit deterioration | 25 | ||||||
Commercial and Industrial [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | 5,680 | 5,504 | |||||
Allowance for loan losses | 5,475 | 3,997 | 3,835 | 3,659 | 3,781 | ||
Allowance recognized on loans purchased with credit deterioration | 27 | ||||||
Leases [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | 644 | 586 | |||||
Allowance for loan losses | 638 | 1,293 | 1,034 | 807 | 330 | ||
Allowance recognized on loans purchased with credit deterioration | 28 | ||||||
Consumer and Other [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses, post ASU 2019-04 | $ 123 | $ 149 | |||||
Allowance for loan losses | 149 | 136 | $ 137 | $ 133 | $ 124 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 5,757 | 5,757 | |||||
Allowance recognized on loans purchased with credit deterioration | 2,900 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 3,029 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 879 | 879 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Consumer Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 1,952 | 1,952 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Construction and Land Development [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 2,145 | 2,145 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Commercial and Industrial [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | 1,451 | 1,451 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Leases [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | (683) | (683) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Consumer and Other [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 13 | $ 13 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Sep. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 96,145 | $ 96,145 | $ 91,565 | ||
Sunbelt Group LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets acquired | $ 349 | $ 2,284 | |||
Liabilities assumed | 364 | 364 | |||
Total consideration | 6,500 | 6,500 | |||
Purchase consideration paid in cash | 5,200 | ||||
Goodwill | 4,600 | $ 4,580 | |||
Sunbelt Group LLC [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired | $ 1,900 | ||||
Useful life | 14 years |
Business Combinations (Allocati
Business Combinations (Allocation of Purchase Price) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Sep. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consideration transferred: | |||||
Goodwill | $ 96,145 | $ 96,145 | $ 91,565 | ||
Sunbelt Group LLC [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 319 | $ 319 | |||
Customer list intangible | 1,948 | ||||
Equipment, net | 13 | ||||
Other assets | 17 | 17 | |||
Total assets acquired | 349 | 2,284 | |||
Liabilities: | |||||
Payables and other liabilities | 364 | 364 | |||
Total liabilities assumed | 364 | 364 | |||
Excess of assets acquired over (less than) liabilities assumed | (15) | 1,920 | |||
Purchase price/Cash | 6,500 | ||||
Total fair value of consideration transferred | 6,500 | 6,500 | |||
Assets: | |||||
Premises and equipment, net | (13) | ||||
Intangibles | 1,948 | ||||
Total assets acquired | 1,935 | ||||
Consideration transferred: | |||||
Aggregate fair value adjustments | 1,935 | ||||
Goodwill | $ 4,600 | $ 4,580 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per share computation: | ||||
Net income available to common shareholders | $ 2,067 | $ 11,543 | $ 22,403 | $ 30,018 |
Average common shares outstanding - basic (in shares) | 16,807,548 | 16,749,255 | 16,801,840 | 16,734,298 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.69 | $ 1.33 | $ 1.79 |
Diluted earnings per share computation: | ||||
Net income available to common shareholders | $ 2,067 | $ 11,543 | $ 22,403 | $ 30,018 |
Average common shares outstanding - basic (in shares) | 16,807,548 | 16,749,255 | 16,801,840 | 16,734,298 |
Incremental shares from assumed conversions: | ||||
Stock options and restricted stock (in shares) | 111,087,000 | 122,767,000 | 105,485,000 | 133,672,000 |
Average common shares outstanding - diluted | 16,918,635 | 16,872,022 | 16,907,325 | 16,867,970 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.68 | $ 1.33 | $ 1.78 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale | $ 483,893,000 | ||||
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 385,131,000 | $ 385,131,000 | |||
Reclassification of unrealized gain on securities transferred from available-for-sale to held-to-maturity | $ 2,009,000 | ||||
Impairment on other investments | 0 | ||||
Securities held-to-maturity, at amortized cost, post ASU 2019-04 | 282,313,000 | 282,313,000 | |||
Allowance for off balance sheet credit | 2,300,000 | 2,300,000 | 85,000 | ||
Gross gains | 0 | $ 0 | 0 | 0 | |
Realized losses | 6,800,000 | $ 0 | 6,800,000 | $ 0 | |
Asset Pledged as Collateral [Member] | Secure Public Funds and Securities Sold under Agreements to Repurchase [Member] | |||||
Debt Securities, Available-for-sale | $ 304,800,000 | ||||
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 347,900,000 | $ 347,900,000 |
Securities (Schedule of Availab
Securities (Schedule of Available-for-sale Securities Reconciliation) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 529,216 | |
Total, post ASU 2019-04 | $ 428,831 | |
Gross Unrealized Gains | 1,499 | 23 |
Gross Unrealized Losses | (45,199) | (45,346) |
Fair Value | 483,893 | |
Fair Value, post ASU 2019-04 | 385,131 | |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 241,506 | |
Total, post ASU 2019-04 | 84,550 | |
Gross Unrealized Losses | (10,817) | (17,853) |
Fair Value | 223,653 | |
Fair Value, post ASU 2019-04 | 73,733 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 1,593 | |
Total, post ASU 2019-04 | 59,683 | |
Gross Unrealized Gains | 1,430 | |
Gross Unrealized Losses | (160) | (18) |
Fair Value | 1,575 | |
Fair Value, post ASU 2019-04 | 60,953 | |
Municipal securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 19,210 | |
Total, post ASU 2019-04 | 18,661 | |
Gross Unrealized Gains | 2 | 17 |
Gross Unrealized Losses | (1,158) | (616) |
Fair Value | 18,611 | |
Fair Value, post ASU 2019-04 | 17,505 | |
Other Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 32,959 | |
Total, post ASU 2019-04 | 34,784 | |
Gross Unrealized Gains | 67 | |
Gross Unrealized Losses | (4,225) | (2,408) |
Fair Value | 30,551 | |
Fair Value, post ASU 2019-04 | 30,626 | |
Mortgage-backed securities (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 233,948 | |
Total, post ASU 2019-04 | 231,153 | |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (28,839) | (24,451) |
Fair Value | $ 209,503 | |
Fair Value, post ASU 2019-04 | $ 202,314 |
Securities (Schedule of Held-to
Securities (Schedule of Held-to-maturity Securities Reconciliation) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Held-to-maturity | ||
Amortized Cost | $ 285,949 | |
Amortized cost, post ASU 2019-04 | $ 282,313 | |
Gross Unrealized Losses | (25,988) | (25,336) |
Fair Value | 256,325 | 260,613 |
US Treasury Securities [Member] | ||
Held-to-maturity | ||
Amortized Cost | 150,295 | |
Amortized cost, post ASU 2019-04 | 150,126 | |
Gross Unrealized Losses | (2,925) | (5,613) |
Fair Value | 147,201 | 144,682 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Held-to-maturity | ||
Amortized Cost | 50,539 | |
Amortized cost, post ASU 2019-04 | 49,642 | |
Gross Unrealized Losses | (9,013) | (8,037) |
Fair Value | 40,629 | 42,502 |
Municipal securities [Member] | ||
Held-to-maturity | ||
Amortized Cost | 53,694 | |
Amortized cost, post ASU 2019-04 | 52,947 | |
Gross Unrealized Losses | (8,872) | (7,550) |
Fair Value | 44,075 | 46,144 |
Mortgage-backed securities (GSEs) [Member] | ||
Held-to-maturity | ||
Amortized Cost | 31,421 | |
Amortized cost, post ASU 2019-04 | 29,598 | |
Gross Unrealized Losses | (5,178) | (4,136) |
Fair Value | $ 24,420 | $ 27,285 |
Securities (Available-for-sale
Securities (Available-for-sale by Contractual Maturity Date) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Amortized Cost | |
Due in one year or less | $ 11,410 |
Due from one year to five years | 56,074 |
Due from five years to ten years | 119,939 |
Due after ten years | 10,255 |
Securities available for sale, amortized cost | 197,678 |
Mortgage-backed securities | 231,153 |
Total, post ASU 2019-04 | 428,831 |
Fair Value | |
Due in one year or less | 11,386 |
Due from one year to five years | 49,911 |
Due from five years to ten years | 112,003 |
Due after ten years | 9,517 |
Securities available for sale, fair value | 182,817 |
Mortgage-backed securities | 202,314 |
Total, post ASU 2019-04 | $ 385,131 |
Securities (Held-to-maturity by
Securities (Held-to-maturity by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Due in one year or less | $ 150,126 | |
Due from five years to ten years | 47,513 | |
Due after ten years | 55,076 | |
Securities held to maturity, amortized cost | 252,715 | |
Mortgage-backed securities | 29,598 | |
Amortized cost, post ASU 2019-04 | 282,313 | |
Fair Value | ||
Due in one year or less | 147,201 | |
Due from five years to ten years | 39,301 | |
Due after ten years | 45,403 | |
Securities held to maturity, fair value | 231,905 | |
Mortgage-backed securities | 24,420 | |
Total | $ 256,325 | $ 260,613 |
Securities (Schedule of Avail_2
Securities (Schedule of Available-for-sale, Unrealized Loss on Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 60,234 | $ 285,468 |
Less than 12 Months, Gross Unrealized Losses | $ (1,243) | $ (19,074) |
Less than 12 Months, Number of Securities | 31 | 136 |
12 Months or Greater, Fair Value | $ 284,321 | $ 191,339 |
12 Months or Greater, Gross Unrealized Losses | $ (43,956) | $ (26,272) |
12 Months or Greater, Number of Securities | 143 | 47 |
Total, Fair Value | $ 344,555 | $ 476,807 |
Total, Gross Unrealized Losses | $ (45,199) | $ (45,346) |
Total, Number of Securities | 174 | 183 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 134,414 | |
Less than 12 Months, Gross Unrealized Losses | $ (7,610) | |
Less than 12 Months, Number of Securities | 9 | |
12 Months or Greater, Fair Value | $ 73,733 | $ 89,239 |
12 Months or Greater, Gross Unrealized Losses | $ (10,817) | $ (10,243) |
12 Months or Greater, Number of Securities | 9 | 11 |
Total, Fair Value | $ 73,733 | $ 223,653 |
Total, Gross Unrealized Losses | $ (10,817) | $ (17,853) |
Total, Number of Securities | 9 | 20 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 20,181 | $ 1,266 |
Less than 12 Months, Gross Unrealized Losses | $ (143) | $ (14) |
Less than 12 Months, Number of Securities | 4 | 1 |
12 Months or Greater, Fair Value | $ 1,488 | $ 309 |
12 Months or Greater, Gross Unrealized Losses | $ (17) | $ (4) |
12 Months or Greater, Number of Securities | 3 | 2 |
Total, Fair Value | $ 21,669 | $ 1,575 |
Total, Gross Unrealized Losses | $ (160) | $ (18) |
Total, Number of Securities | 7 | 3 |
Municipal securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 7,729 | $ 13,146 |
Less than 12 Months, Gross Unrealized Losses | $ (283) | $ (616) |
Less than 12 Months, Number of Securities | 10 | 20 |
12 Months or Greater, Fair Value | $ 9,475 | |
12 Months or Greater, Gross Unrealized Losses | $ (875) | |
12 Months or Greater, Number of Securities | 17 | |
Total, Fair Value | $ 17,204 | $ 13,146 |
Total, Gross Unrealized Losses | $ (1,158) | $ (616) |
Total, Number of Securities | 27 | 20 |
Other Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 2,654 | $ 25,044 |
Less than 12 Months, Gross Unrealized Losses | $ (270) | $ (1,866) |
Less than 12 Months, Number of Securities | 2 | 20 |
12 Months or Greater, Fair Value | $ 26,980 | $ 5,506 |
12 Months or Greater, Gross Unrealized Losses | $ (3,955) | $ (542) |
12 Months or Greater, Number of Securities | 25 | 6 |
Total, Fair Value | $ 29,634 | $ 30,550 |
Total, Gross Unrealized Losses | $ (4,225) | $ (2,408) |
Total, Number of Securities | 27 | 26 |
Mortgage-backed securities (GSEs) [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 29,670 | $ 111,598 |
Less than 12 Months, Gross Unrealized Losses | $ (547) | $ (8,968) |
Less than 12 Months, Number of Securities | 15 | 86 |
12 Months or Greater, Fair Value | $ 172,645 | $ 96,285 |
12 Months or Greater, Gross Unrealized Losses | $ (28,292) | $ (15,483) |
12 Months or Greater, Number of Securities | 89 | 28 |
Total, Fair Value | $ 202,315 | $ 207,883 |
Total, Gross Unrealized Losses | $ (28,839) | $ (24,451) |
Total, Number of Securities | 104 | 114 |
Securities (Schedule of Held-_2
Securities (Schedule of Held-to-maturity, Unrealized Loss on Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Held-to-maturity: | ||
Less than 12 Months, Fair Value | $ 198,501 | |
Less than 12 Months, Gross Unrealized Losses | $ (14,503) | |
Less than 12 Months, Number of Securities | 35 | |
12 Months or Greater, Fair Value | $ 256,325 | $ 62,111 |
12 Months or Greater, Gross Unrealized Losses | $ (25,988) | $ (10,833) |
12 Months or Greater, Number of Securities | 57 | 22 |
Total, Fair Value | $ 256,325 | $ 260,612 |
Total, Gross Unrealized Losses | $ (25,988) | $ (25,336) |
Total, Number of Securities | 57 | 57 |
US Treasury Securities [Member] | ||
Held-to-maturity: | ||
Less than 12 Months, Fair Value | $ 144,683 | |
Less than 12 Months, Gross Unrealized Losses | $ (5,613) | |
Less than 12 Months, Number of Securities | 4 | |
12 Months or Greater, Fair Value | $ 147,201 | |
12 Months or Greater, Gross Unrealized Losses | $ (2,925) | |
12 Months or Greater, Number of Securities | 4 | |
Total, Fair Value | $ 147,201 | $ 144,683 |
Total, Gross Unrealized Losses | $ (2,925) | $ (5,613) |
Total, Number of Securities | 4 | 4 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Held-to-maturity: | ||
Less than 12 Months, Fair Value | $ 13,048 | |
Less than 12 Months, Gross Unrealized Losses | $ (2,503) | |
Less than 12 Months, Number of Securities | 3 | |
12 Months or Greater, Fair Value | $ 40,629 | $ 29,451 |
12 Months or Greater, Gross Unrealized Losses | $ (9,013) | $ (5,534) |
12 Months or Greater, Number of Securities | 13 | 10 |
Total, Fair Value | $ 40,629 | $ 42,499 |
Total, Gross Unrealized Losses | $ (9,013) | $ (8,037) |
Total, Number of Securities | 13 | 13 |
Municipal securities [Member] | ||
Held-to-maturity: | ||
Less than 12 Months, Fair Value | $ 40,770 | |
Less than 12 Months, Gross Unrealized Losses | $ (6,387) | |
Less than 12 Months, Number of Securities | 28 | |
12 Months or Greater, Fair Value | $ 44,076 | $ 5,375 |
12 Months or Greater, Gross Unrealized Losses | $ (8,872) | $ (1,163) |
12 Months or Greater, Number of Securities | 35 | 7 |
Total, Fair Value | $ 44,076 | $ 46,145 |
Total, Gross Unrealized Losses | $ (8,872) | $ (7,550) |
Total, Number of Securities | 35 | 35 |
Mortgage-backed securities (GSEs) [Member] | ||
Held-to-maturity: | ||
12 Months or Greater, Fair Value | $ 24,419 | $ 27,285 |
12 Months or Greater, Gross Unrealized Losses | $ (5,178) | $ (4,136) |
12 Months or Greater, Number of Securities | 5 | 5 |
Total, Fair Value | $ 24,419 | $ 27,285 |
Total, Gross Unrealized Losses | $ (5,178) | $ (4,136) |
Total, Number of Securities | 5 | 5 |
Securities (Other Investments)
Securities (Other Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | $ 13,805 | $ 15,530 |
Federal Reserve Bank Stock [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | 9,669 | 9,783 |
Federal Home Loan Bank stock [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | 3,786 | 5,397 |
First National Bankers Bank Stock [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | $ 350 | $ 350 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | $ 3,378,999 | ||||||
Less: Allowance for credit losses | (33,687) | $ (32,747) | |||||
Loans and leases, net | 3,345,312 | ||||||
Loans and leases | $ 3,253,627 | ||||||
Less: Allowance for loan and lease losses | $ (31,989) | (23,334) | $ (22,769) | $ (21,938) | $ (19,352) | ||
Loans and leases, net | 3,230,293 | ||||||
Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 28,691 | ||||||
Less: Allowance for loan and lease losses | (121) | ||||||
All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 3,224,936 | ||||||
Less: Allowance for loan and lease losses | (23,213) | ||||||
Commercial Real Estate [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 1,667,176 | ||||||
Less: Allowance for credit losses | (15,007) | (14,314) | |||||
Loans and leases | 1,627,761 | ||||||
Less: Allowance for loan and lease losses | (14,352) | (10,821) | (10,579) | (10,600) | (9,781) | ||
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 15,946 | ||||||
Less: Allowance for loan and lease losses | (6) | ||||||
Commercial Real Estate [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 1,611,815 | ||||||
Less: Allowance for loan and lease losses | (10,815) | ||||||
Consumer Real Estate [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 638,518 | ||||||
Less: Allowance for credit losses | (7,156) | (6,748) | |||||
Loans and leases | 587,977 | ||||||
Less: Allowance for loan and lease losses | (6,146) | (4,028) | (4,008) | (3,835) | (3,454) | ||
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 8,352 | ||||||
Less: Allowance for loan and lease losses | (115) | ||||||
Consumer Real Estate [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 579,625 | ||||||
Less: Allowance for loan and lease losses | (3,913) | ||||||
Construction and Land Development [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 373,068 | ||||||
Less: Allowance for credit losses | (5,077) | (5,446) | |||||
Loans and leases | 402,501 | ||||||
Less: Allowance for loan and lease losses | (5,229) | (3,059) | (3,176) | (2,904) | (1,882) | ||
Construction and Land Development [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 1,529 | ||||||
Construction and Land Development [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 400,972 | ||||||
Less: Allowance for loan and lease losses | (3,059) | ||||||
Commercial and Industrial [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 617,115 | ||||||
Less: Allowance for credit losses | (5,680) | (5,504) | |||||
Loans and leases | 551,867 | ||||||
Less: Allowance for loan and lease losses | (5,475) | (3,997) | (3,835) | (3,659) | (3,781) | ||
Commercial and Industrial [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 1,893 | ||||||
Commercial and Industrial [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 549,974 | ||||||
Less: Allowance for loan and lease losses | (3,997) | ||||||
Consumer and Other [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 14,584 | ||||||
Less: Allowance for credit losses | (123) | (149) | |||||
Loans and leases | 16,094 | ||||||
Less: Allowance for loan and lease losses | (149) | (136) | (137) | (133) | (124) | ||
Consumer and Other [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 3 | ||||||
Consumer and Other [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 16,091 | ||||||
Less: Allowance for loan and lease losses | (136) | ||||||
Leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases, post ASU 2019-04 | 68,538 | ||||||
Less: Allowance for credit losses | $ (644) | $ (586) | |||||
Loans and leases | 67,427 | ||||||
Less: Allowance for loan and lease losses | $ (638) | (1,293) | $ (1,034) | $ (807) | $ (330) | ||
Leases [Member] | Purchased Credit Impaired Loans [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 968 | ||||||
Leases [Member] | All Other Loans and leases [Member] | |||||||
Major categories of loans and leases | |||||||
Loans and leases | 66,459 | ||||||
Less: Allowance for loan and lease losses | $ (1,293) |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 USD ($) property | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment property | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||||||
Loan portfolio segments | segment | 6 | ||||||||
Loan participation agreements | $ 0 | $ 0 | $ 24,585,000 | ||||||
Provision for loan losses | $ 974,000 | $ 3,230,000 | |||||||
Provision for credit losses, post ASU 2019-04 | 795,000 | 1,458,000 | |||||||
Allowance for credit losses, post ASU 2019-04 | $ 33,687,000 | $ 33,687,000 | $ 32,747,000 | ||||||
Allowance for loan losses | 22,769,000 | 22,769,000 | $ 31,989,000 | $ 23,334,000 | $ 21,938,000 | $ 19,352,000 | |||
Percentage of allowance for credit losses to aggregate loans | 1% | 1% | 0.72% | ||||||
Nonaccrual restructured loans | $ 0 | $ 0 | $ 2,808,000 | ||||||
Nonaccrual restructuring loans, post ASU 2019-04 | 3,934,000 | 3,934,000 | |||||||
Troubled debt restructuring | 0 | 0 | |||||||
Other real estate owned | 1,370,000 | 1,370,000 | 1,436,000 | ||||||
Provision (recovery) charged to expense | $ 1,300,000 | 974,000 | $ 2,300,000 | 3,230,000 | |||||
Residential Real Estate [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of properties in other real estate owned | property | 2 | 2 | |||||||
Other real estate owned | $ 304,000 | $ 304,000 | |||||||
Consumer Real Estate [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for credit losses, post ASU 2019-04 | 7,156,000 | 7,156,000 | 6,748,000 | ||||||
Allowance for loan losses | 4,008,000 | 4,008,000 | 6,146,000 | 4,028,000 | 3,835,000 | 3,454,000 | |||
Nonaccrual restructured loans | 1,665,000 | ||||||||
Nonaccrual restructuring loans, post ASU 2019-04 | 2,064,000 | 2,064,000 | |||||||
Mortgage loans in process of foreclosure | 0 | 0 | |||||||
Provision (recovery) charged to expense | 166,000 | 26,000 | |||||||
Consumer and Other [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Allowance for credit losses, post ASU 2019-04 | $ 123,000 | $ 123,000 | $ 149,000 | ||||||
Allowance for loan losses | 137,000 | 137,000 | $ 149,000 | 136,000 | $ 133,000 | $ 124,000 | |||
Nonaccrual restructured loans | 15,000 | ||||||||
Provision (recovery) charged to expense | $ 151,000 | $ 364,000 | |||||||
Trouble Debt Restructuring [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Troubled debt restructuring | $ 101,000 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - ALL Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | $ 2,898 | ||||
Beginning balance | $ 32,747 | ||||
PCD gross up | $ 2,898 | ||||
Charged-off loans and leases | (417) | (939) | |||
Recoveries of charge-offs | 73 | 383 | |||
Provision for credit losses, post ASU 2019-04 | 795 | 1,458 | |||
Provision for credit losses, unfunded commitments not included | 1,284 | 2,254 | |||
Ending balance | 33,687 | 33,687 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 23,334 | $ 21,938 | 23,334 | $ 19,352 | |
Charged-off loans and leases | (231) | (863) | |||
Recoveries of charge-offs | 88 | 1,050 | |||
Provision charged to expense | 1,300 | 974 | 2,300 | 3,230 | |
Ending balance | 31,989 | 22,769 | 22,769 | ||
Release for unfunded commitments through provision for credit losses | 489 | 796 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 2,900 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 5,757 | 5,757 | |||
Ending balance | 5,757 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 2,652 | ||||
Beginning balance | 14,314 | ||||
PCD gross up | 2,652 | ||||
Recoveries of charge-offs | 2 | 5 | |||
Provision for credit losses, unfunded commitments not included | 691 | 650 | |||
Ending balance | 15,007 | 15,007 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 10,821 | 10,600 | 10,821 | 9,781 | |
Recoveries of charge-offs | 4 | ||||
Provision charged to expense | (21) | 794 | |||
Ending balance | 14,352 | 10,579 | 10,579 | ||
Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 879 | 879 | |||
Ending balance | 879 | ||||
Consumer Real Estate [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 166 | ||||
Beginning balance | 6,748 | ||||
PCD gross up | 166 | ||||
Charged-off loans and leases | (9) | (9) | |||
Recoveries of charge-offs | 4 | 13 | |||
Provision for credit losses, unfunded commitments not included | 413 | 1,006 | |||
Ending balance | 7,156 | 7,156 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,028 | 3,835 | 4,028 | 3,454 | |
Charged-off loans and leases | (33) | ||||
Recoveries of charge-offs | 7 | 561 | |||
Provision charged to expense | 166 | 26 | |||
Ending balance | 6,146 | 4,008 | 4,008 | ||
Consumer Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,952 | 1,952 | |||
Ending balance | 1,952 | ||||
Construction and Land Development [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 25 | ||||
Beginning balance | 5,446 | ||||
PCD gross up | 25 | ||||
Recoveries of charge-offs | 25 | ||||
Provision for credit losses, unfunded commitments not included | (369) | (177) | |||
Ending balance | 5,077 | 5,077 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,059 | 2,904 | 3,059 | 1,882 | |
Provision charged to expense | 272 | 1,294 | |||
Ending balance | 5,229 | 3,176 | 3,176 | ||
Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 2,145 | 2,145 | |||
Ending balance | 2,145 | ||||
Commercial and Industrial [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 27 | ||||
Beginning balance | 5,504 | ||||
PCD gross up | 27 | ||||
Charged-off loans and leases | (179) | (387) | |||
Recoveries of charge-offs | 48 | 153 | |||
Provision for credit losses, unfunded commitments not included | 307 | 439 | |||
Ending balance | 5,680 | 5,680 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,997 | 3,659 | 3,997 | 3,781 | |
Charged-off loans and leases | (51) | (240) | |||
Recoveries of charge-offs | 19 | 162 | |||
Provision charged to expense | 208 | 132 | |||
Ending balance | 5,475 | 3,835 | 3,835 | ||
Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,451 | 1,451 | |||
Ending balance | 1,451 | ||||
Leases [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance recognized on loans purchased with credit deterioration | 28 | ||||
Beginning balance | 586 | ||||
PCD gross up | 28 | ||||
Charged-off loans and leases | (143) | (211) | |||
Provision for credit losses, unfunded commitments not included | 201 | 217 | |||
Ending balance | 644 | 644 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,293 | 807 | 1,293 | 330 | |
Charged-off loans and leases | (108) | ||||
Recoveries of charge-offs | 29 | 192 | |||
Provision charged to expense | 198 | 620 | |||
Ending balance | 638 | 1,034 | 1,034 | ||
Leases [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | (683) | (683) | |||
Ending balance | (683) | ||||
Consumer and Other [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 149 | ||||
Charged-off loans and leases | (86) | (332) | |||
Recoveries of charge-offs | 19 | 187 | |||
Provision for credit losses, unfunded commitments not included | 41 | 119 | |||
Ending balance | $ 123 | 123 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 136 | 133 | 136 | 124 | |
Charged-off loans and leases | (180) | (482) | |||
Recoveries of charge-offs | 33 | 131 | |||
Provision charged to expense | 151 | 364 | |||
Ending balance | 149 | $ 137 | $ 137 | ||
Consumer and Other [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 13 | $ 13 | |||
Ending balance | $ 13 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - ALL by Loan Classification (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $ 31,989 | $ 23,334 | $ 22,769 | $ 21,938 | $ 19,352 |
All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 23,213 | ||||
Purchased Credit Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 121 | ||||
Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 22,828 | ||||
Impaired Loans [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 385 | ||||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 14,352 | 10,821 | 10,579 | 10,600 | 9,781 |
Commercial Real Estate [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 10,815 | ||||
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 6 | ||||
Commercial Real Estate [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 10,815 | ||||
Consumer Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 6,146 | 4,028 | 4,008 | 3,835 | 3,454 |
Consumer Real Estate [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 3,913 | ||||
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 115 | ||||
Consumer Real Estate [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 3,913 | ||||
Construction and Land Development [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 5,229 | 3,059 | 3,176 | 2,904 | 1,882 |
Construction and Land Development [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 3,059 | ||||
Construction and Land Development [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 2,674 | ||||
Construction and Land Development [Member] | Impaired Loans [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 385 | ||||
Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 5,475 | 3,997 | 3,835 | 3,659 | 3,781 |
Commercial and Industrial [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 3,997 | ||||
Commercial and Industrial [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 3,997 | ||||
Leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 638 | 1,293 | 1,034 | 807 | 330 |
Leases [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 1,293 | ||||
Leases [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 1,293 | ||||
Consumer and Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $ 149 | 136 | $ 137 | $ 133 | $ 124 |
Consumer and Other [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | 136 | ||||
Consumer and Other [Member] | Performing [Member] | All Other Loans and leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses | $ 136 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Performing and Impaired Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | $ 3,253,627 |
All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 3,224,936 |
Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 28,691 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,627,761 |
Commercial Real Estate [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,611,815 |
Commercial Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 15,946 |
Consumer Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 587,977 |
Consumer Real Estate [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 579,625 |
Consumer Real Estate [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 8,352 |
Construction and Land Development [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 402,501 |
Construction and Land Development [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 400,972 |
Construction and Land Development [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,529 |
Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 551,867 |
Commercial and Industrial [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 549,974 |
Commercial and Industrial [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,893 |
Leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 67,427 |
Leases [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 66,459 |
Leases [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 968 |
Consumer and Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 16,094 |
Consumer and Other [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 16,091 |
Consumer and Other [Member] | Purchased Credit Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 3 |
Performing [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 3,222,795 |
Performing [Member] | Commercial Real Estate [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,611,815 |
Performing [Member] | Consumer Real Estate [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 578,342 |
Performing [Member] | Construction and Land Development [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 400,114 |
Performing [Member] | Commercial and Industrial [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 549,974 |
Performing [Member] | Leases [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 66,459 |
Performing [Member] | Consumer and Other [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 16,091 |
Impaired Loans [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 2,141 |
Impaired Loans [Member] | Consumer Real Estate [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | 1,283 |
Impaired Loans [Member] | Construction and Land Development [Member] | All Other Loans and leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total loans | $ 858 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Risk Rating Based on Year of Origination (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Loans Amortized Cost Basis by Origination Year | ||
2023 | $ 551,926 | $ 551,926 |
2022 | 1,112,803 | 1,112,803 |
2021 | 673,437 | 673,437 |
2020 | 279,848 | 279,848 |
2019 | 197,434 | 197,434 |
Prior | 210,786 | 210,786 |
Revolving Loans | 331,681 | 331,681 |
Revolving Loans Converted to Term | 21,084 | 21,084 |
Total, post ASU 2019-04 | 3,378,999 | 3,378,999 |
YTD gross charge-offs | ||
2023 | (49) | |
2022 | (432) | |
2021 | (121) | |
2020 | (231) | |
2019 | (38) | |
Prior | (68) | |
Total, post ASU 2019-04 | (417) | (939) |
Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 525,524 | 525,524 |
2022 | 1,106,294 | 1,106,294 |
2021 | 666,854 | 666,854 |
2020 | 276,107 | 276,107 |
2019 | 193,335 | 193,335 |
Prior | 206,502 | 206,502 |
Revolving Loans | 329,490 | 329,490 |
Revolving Loans Converted to Term | 21,071 | 21,071 |
Total, post ASU 2019-04 | 3,325,177 | 3,325,177 |
Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 25,030 | 25,030 |
2022 | 2,370 | 2,370 |
2021 | 3,402 | 3,402 |
2020 | 3,070 | 3,070 |
2019 | 3,935 | 3,935 |
Prior | 452 | 452 |
Revolving Loans | 1,852 | 1,852 |
Total, post ASU 2019-04 | 40,111 | 40,111 |
Special Mention [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2022 | 3,234 | 3,234 |
Prior | 54 | 54 |
Revolving Loans Converted to Term | 13 | 13 |
Total, post ASU 2019-04 | 3,301 | 3,301 |
Substandard [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 1,372 | 1,372 |
2022 | 905 | 905 |
2021 | 3,181 | 3,181 |
2020 | 671 | 671 |
2019 | 164 | 164 |
Prior | 3,778 | 3,778 |
Revolving Loans | 339 | 339 |
Total, post ASU 2019-04 | 10,410 | 10,410 |
Commercial Real Estate [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 189,850 | 189,850 |
2022 | 558,116 | 558,116 |
2021 | 442,031 | 442,031 |
2020 | 189,891 | 189,891 |
2019 | 145,096 | 145,096 |
Prior | 119,151 | 119,151 |
Revolving Loans | 14,878 | 14,878 |
Revolving Loans Converted to Term | 8,163 | 8,163 |
Total, post ASU 2019-04 | 1,667,176 | 1,667,176 |
Commercial Real Estate [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 168,217 | 168,217 |
2022 | 553,613 | 553,613 |
2021 | 436,468 | 436,468 |
2020 | 187,188 | 187,188 |
2019 | 141,248 | 141,248 |
Prior | 118,422 | 118,422 |
Revolving Loans | 14,878 | 14,878 |
Revolving Loans Converted to Term | 8,163 | 8,163 |
Total, post ASU 2019-04 | 1,628,197 | 1,628,197 |
Commercial Real Estate [Member] | Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 20,665 | 20,665 |
2022 | 1,269 | 1,269 |
2021 | 2,418 | 2,418 |
2020 | 2,652 | 2,652 |
2019 | 3,848 | 3,848 |
Prior | 267 | 267 |
Total, post ASU 2019-04 | 31,119 | 31,119 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2022 | 3,234 | 3,234 |
Total, post ASU 2019-04 | 3,234 | 3,234 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 968 | 968 |
2021 | 3,145 | 3,145 |
2020 | 51 | 51 |
Prior | 462 | 462 |
Total, post ASU 2019-04 | 4,626 | 4,626 |
Consumer Real Estate [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 95,348 | 95,348 |
2022 | 180,814 | 180,814 |
2021 | 101,171 | 101,171 |
2020 | 55,511 | 55,511 |
2019 | 34,695 | 34,695 |
Prior | 56,667 | 56,667 |
Revolving Loans | 111,280 | 111,280 |
Revolving Loans Converted to Term | 3,032 | 3,032 |
Total, post ASU 2019-04 | 638,518 | 638,518 |
YTD gross charge-offs | ||
Prior | (9) | |
Total, post ASU 2019-04 | (9) | (9) |
Consumer Real Estate [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 94,979 | 94,979 |
2022 | 179,838 | 179,838 |
2021 | 100,852 | 100,852 |
2020 | 55,222 | 55,222 |
2019 | 34,531 | 34,531 |
Prior | 53,597 | 53,597 |
Revolving Loans | 109,227 | 109,227 |
Revolving Loans Converted to Term | 3,032 | 3,032 |
Total, post ASU 2019-04 | 631,278 | 631,278 |
Consumer Real Estate [Member] | Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 171 | 171 |
2022 | 71 | 71 |
2021 | 319 | 319 |
2020 | 289 | 289 |
Prior | 108 | 108 |
Revolving Loans | 1,714 | 1,714 |
Total, post ASU 2019-04 | 2,672 | 2,672 |
Consumer Real Estate [Member] | Special Mention [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
Prior | 54 | 54 |
Total, post ASU 2019-04 | 54 | 54 |
Consumer Real Estate [Member] | Substandard [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 198 | 198 |
2022 | 905 | 905 |
2019 | 164 | 164 |
Prior | 2,908 | 2,908 |
Revolving Loans | 339 | 339 |
Total, post ASU 2019-04 | 4,514 | 4,514 |
Construction and Land Development [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 99,886 | 99,886 |
2022 | 166,754 | 166,754 |
2021 | 51,078 | 51,078 |
2020 | 4,808 | 4,808 |
2019 | 5,162 | 5,162 |
Prior | 7,675 | 7,675 |
Revolving Loans | 35,908 | 35,908 |
Revolving Loans Converted to Term | 1,797 | 1,797 |
Total, post ASU 2019-04 | 373,068 | 373,068 |
Construction and Land Development [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 95,692 | 95,692 |
2022 | 166,355 | 166,355 |
2021 | 50,591 | 50,591 |
2020 | 4,188 | 4,188 |
2019 | 5,162 | 5,162 |
Prior | 7,265 | 7,265 |
Revolving Loans | 35,908 | 35,908 |
Revolving Loans Converted to Term | 1,797 | 1,797 |
Total, post ASU 2019-04 | 366,958 | 366,958 |
Construction and Land Development [Member] | Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 4,194 | 4,194 |
2022 | 399 | 399 |
2021 | 451 | 451 |
Prior | 2 | 2 |
Total, post ASU 2019-04 | 5,046 | 5,046 |
Construction and Land Development [Member] | Substandard [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2021 | 36 | 36 |
2020 | 620 | 620 |
Prior | 408 | 408 |
Total, post ASU 2019-04 | 1,064 | 1,064 |
Commercial and Industrial [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 137,999 | 137,999 |
2022 | 175,352 | 175,352 |
2021 | 68,023 | 68,023 |
2020 | 24,508 | 24,508 |
2019 | 11,388 | 11,388 |
Prior | 26,749 | 26,749 |
Revolving Loans | 165,077 | 165,077 |
Revolving Loans Converted to Term | 8,019 | 8,019 |
Total, post ASU 2019-04 | 617,115 | 617,115 |
YTD gross charge-offs | ||
2022 | (154) | |
2021 | (50) | |
2020 | (183) | |
Total, post ASU 2019-04 | (179) | (387) |
Commercial and Industrial [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 137,793 | 137,793 |
2022 | 174,721 | 174,721 |
2021 | 67,809 | 67,809 |
2020 | 24,379 | 24,379 |
2019 | 11,313 | 11,313 |
Prior | 26,674 | 26,674 |
Revolving Loans | 164,939 | 164,939 |
Revolving Loans Converted to Term | 8,006 | 8,006 |
Total, post ASU 2019-04 | 615,634 | 615,634 |
Commercial and Industrial [Member] | Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2022 | 631 | 631 |
2021 | 214 | 214 |
2020 | 129 | 129 |
2019 | 75 | 75 |
Prior | 75 | 75 |
Revolving Loans | 138 | 138 |
Total, post ASU 2019-04 | 1,262 | 1,262 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
Revolving Loans Converted to Term | 13 | 13 |
Total, post ASU 2019-04 | 13 | 13 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 206 | 206 |
Total, post ASU 2019-04 | 206 | 206 |
Consumer and Other [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 5,539 | 5,539 |
2022 | 2,314 | 2,314 |
2021 | 1,060 | 1,060 |
2020 | 671 | 671 |
2019 | 160 | 160 |
Prior | 229 | 229 |
Revolving Loans | 4,538 | 4,538 |
Revolving Loans Converted to Term | 73 | 73 |
Total, post ASU 2019-04 | 14,584 | 14,584 |
YTD gross charge-offs | ||
2023 | (22) | |
2022 | (115) | |
2021 | (62) | |
2020 | (48) | |
2019 | (26) | |
Prior | (59) | |
Total, post ASU 2019-04 | (86) | (332) |
Consumer and Other [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 5,539 | 5,539 |
2022 | 2,314 | 2,314 |
2021 | 1,060 | 1,060 |
2020 | 671 | 671 |
2019 | 148 | 148 |
Prior | 229 | 229 |
Revolving Loans | 4,538 | 4,538 |
Revolving Loans Converted to Term | 73 | 73 |
Total, post ASU 2019-04 | 14,572 | 14,572 |
Consumer and Other [Member] | Watch [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2019 | 12 | 12 |
Total, post ASU 2019-04 | 12 | 12 |
Leases [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 23,304 | 23,304 |
2022 | 29,453 | 29,453 |
2021 | 10,074 | 10,074 |
2020 | 4,459 | 4,459 |
2019 | 933 | 933 |
Prior | 315 | 315 |
Total, post ASU 2019-04 | 68,538 | 68,538 |
YTD gross charge-offs | ||
2023 | (27) | |
2022 | (163) | |
2021 | (9) | |
2019 | (12) | |
Total, post ASU 2019-04 | (143) | (211) |
Leases [Member] | Pass [Member] | ||
Loans Amortized Cost Basis by Origination Year | ||
2023 | 23,304 | 23,304 |
2022 | 29,453 | 29,453 |
2021 | 10,074 | 10,074 |
2020 | 4,459 | 4,459 |
2019 | 933 | 933 |
Prior | 315 | 315 |
Total, post ASU 2019-04 | $ 68,538 | $ 68,538 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Loan Risk Rating (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | $ 3,253,627 |
Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,627,761 |
Consumer Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 587,977 |
Construction and Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 402,501 |
Commercial and Industrial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 551,867 |
Leases [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 67,427 |
Consumer and Other [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 16,094 |
All Other Loans and leases [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 3,224,936 |
All Other Loans and leases [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 3,183,387 |
All Other Loans and leases [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 36,072 |
All Other Loans and leases [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 2,635 |
All Other Loans and leases [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 2,842 |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,611,815 |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,579,387 |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 29,810 |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 2,539 |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 79 |
All Other Loans and leases [Member] | Consumer Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 579,625 |
All Other Loans and leases [Member] | Consumer Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 576,428 |
All Other Loans and leases [Member] | Consumer Real Estate [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,496 |
All Other Loans and leases [Member] | Consumer Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 35 |
All Other Loans and leases [Member] | Consumer Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,666 |
All Other Loans and leases [Member] | Construction and Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 400,972 |
All Other Loans and leases [Member] | Construction and Land Development [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 399,846 |
All Other Loans and leases [Member] | Construction and Land Development [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 224 |
All Other Loans and leases [Member] | Construction and Land Development [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 902 |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 549,974 |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 545,210 |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 4,523 |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 61 |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 180 |
All Other Loans and leases [Member] | Leases [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 66,459 |
All Other Loans and leases [Member] | Leases [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 66,459 |
All Other Loans and leases [Member] | Consumer and Other [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 16,091 |
All Other Loans and leases [Member] | Consumer and Other [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 16,057 |
All Other Loans and leases [Member] | Consumer and Other [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 19 |
All Other Loans and leases [Member] | Consumer and Other [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 15 |
Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 28,691 |
Purchased Credit Impaired Loans [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 22,769 |
Purchased Credit Impaired Loans [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,673 |
Purchased Credit Impaired Loans [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 65 |
Purchased Credit Impaired Loans [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 4,184 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 15,946 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 11,924 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,439 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 11 |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 2,572 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 8,352 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 6,927 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 188 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 54 |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,183 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,529 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,054 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Watch [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 46 |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 429 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,893 |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 1,893 |
Purchased Credit Impaired Loans [Member] | Leases [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 968 |
Purchased Credit Impaired Loans [Member] | Leases [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 968 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | 3 |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Total loans | $ 3 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | $ 3,934 | |
Nonaccrual With No Allowance for Credit Losses, post ASU 2019-04 | 1,154 | |
Loans Past Due Over 90 Days Still Accruing | 229 | |
Total loans | $ 3,253,627 | |
Total loans, post ASU 2019-04 | 3,378,999 | |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,251,418 | |
Total loans, post ASU 2019-04 | 3,373,741 | |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,209 | |
Total loans, post ASU 2019-04 | 5,258 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,960 | |
Total loans, post ASU 2019-04 | 3,275 | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 106 | |
Total loans, post ASU 2019-04 | 1,754 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 143 | |
Total loans, post ASU 2019-04 | 229 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | 741 | |
Total loans | 1,627,761 | |
Total loans, post ASU 2019-04 | 1,667,176 | |
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,627,707 | |
Total loans, post ASU 2019-04 | 1,666,314 | |
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 54 | |
Total loans, post ASU 2019-04 | 862 | |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 54 | |
Total loans, post ASU 2019-04 | 862 | |
Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | 2,064 | |
Nonaccrual With No Allowance for Credit Losses, post ASU 2019-04 | 1,154 | |
Loans Past Due Over 90 Days Still Accruing | 34 | |
Total loans | 587,977 | |
Total loans, post ASU 2019-04 | 638,518 | |
Consumer Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 587,383 | |
Total loans, post ASU 2019-04 | 637,377 | |
Consumer Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 594 | |
Total loans, post ASU 2019-04 | 1,141 | |
Consumer Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 594 | |
Total loans, post ASU 2019-04 | 706 | |
Consumer Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 401 | |
Consumer Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 34 | |
Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | 620 | |
Total loans | 402,501 | |
Total loans, post ASU 2019-04 | 373,068 | |
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 402,501 | |
Total loans, post ASU 2019-04 | 372,550 | |
Construction and Land Development [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 518 | |
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 110 | |
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 408 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | 314 | |
Loans Past Due Over 90 Days Still Accruing | 98 | |
Total loans | 551,867 | |
Total loans, post ASU 2019-04 | 617,115 | |
Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 551,664 | |
Total loans, post ASU 2019-04 | 614,688 | |
Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 203 | |
Total loans, post ASU 2019-04 | 2,427 | |
Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 185 | |
Total loans, post ASU 2019-04 | 1,384 | |
Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 18 | |
Total loans, post ASU 2019-04 | 945 | |
Commercial and Industrial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | 98 | |
Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual Loans | 195 | |
Total loans | 67,427 | |
Total loans, post ASU 2019-04 | 68,538 | |
Leases [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 66,176 | |
Total loans, post ASU 2019-04 | 68,420 | |
Leases [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,251 | |
Total loans, post ASU 2019-04 | 118 | |
Leases [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,024 | |
Total loans, post ASU 2019-04 | 118 | |
Leases [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 84 | |
Leases [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 143 | |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days Still Accruing | 97 | |
Total loans | 16,094 | |
Total loans, post ASU 2019-04 | 14,584 | |
Consumer and Other [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 15,987 | |
Total loans, post ASU 2019-04 | 14,392 | |
Consumer and Other [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 107 | |
Total loans, post ASU 2019-04 | 192 | |
Consumer and Other [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 103 | |
Total loans, post ASU 2019-04 | 95 | |
Consumer and Other [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4 | |
Consumer and Other [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans, post ASU 2019-04 | $ 97 | |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 28,691 | |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 15,946 | |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8,352 | |
Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,529 | |
Purchased Credit Impaired Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,893 | |
Purchased Credit Impaired Loans [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 968 | |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 3 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 0 | $ 2,808 |
Loans Past Due Over 90 Days Still Accruing | 229 | |
Total loans | 3,253,627 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total loans | 143 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total loans | 1,627,761 | |
Consumer Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,665 | |
Loans Past Due Over 90 Days Still Accruing | 34 | |
Total loans | 587,977 | |
Construction and Land Development [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 920 | |
Total loans | 402,501 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 180 | |
Loans Past Due Over 90 Days Still Accruing | 98 | |
Total loans | 551,867 | |
Consumer and Other [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 15 | |
Loans Past Due Over 90 Days Still Accruing | $ 97 | |
Total loans | 16,094 | |
Leases [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 28 | |
Total loans | 67,427 | |
Leases [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total loans | $ 143 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Collateral Dependent Loans (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 7,681 |
Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 7,681 |
Commercial Real Estate [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,836 |
Commercial Real Estate [Member] | Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,836 |
Consumer Real Estate [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,434 |
Consumer Real Estate [Member] | Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,434 |
Construction and Land Development [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 1,411 |
Construction and Land Development [Member] | Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 1,411 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Impaired Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a valuation allowance, Related Allowance | $ 506 | ||
Total impaired loans, Recorded Investment | 3,325 | ||
Total impaired loans, Unpaid Principal Balance | 3,366 | ||
Total impaired loans, Average Recorded Investment | $ 4,309 | $ 4,614 | |
Total impaired loans, Interest Income Recognized | 95 | 178 | |
All Other Loans and leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Recorded Investment | 1,283 | ||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 1,282 | ||
Impaired loans with a valuation allowance, Recorded Investment | 858 | ||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 858 | ||
Impaired loans with a valuation allowance, Related Allowance | 385 | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 2,046 | 1,991 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 72 | 92 | |
Impaired loans with a valuation allowance, Average Recorded Investment | 858 | 977 | |
All Other Loans and leases [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Average Recorded Investment | 304 | 152 | |
Impaired loans with a valuation allowance, Average Recorded Investment | 429 | ||
All Other Loans and leases [Member] | Consumer Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Recorded Investment | 1,283 | ||
Impaired loans without a valuation allowance, Unpaid Principal Balance | 1,282 | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 1,742 | 1,839 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 72 | 92 | |
Impaired loans with a valuation allowance, Average Recorded Investment | 87 | ||
All Other Loans and leases [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a valuation allowance, Recorded Investment | 858 | ||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 858 | ||
Impaired loans with a valuation allowance, Related Allowance | 385 | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 858 | 429 | |
All Other Loans and leases [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a valuation allowance, Average Recorded Investment | 32 | ||
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Recorded Investment | 1,184 | ||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 1,226 | ||
Impaired loans with a valuation allowance, Related Allowance | 121 | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 1,405 | 1,646 | |
Impaired loans with a valuation allowance, Interest Income Recognized | 23 | 86 | |
Purchased Credit Impaired Loans [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Recorded Investment | 500 | ||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 580 | ||
Impaired loans with a valuation allowance, Related Allowance | 6 | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 525 | 765 | |
Impaired loans with a valuation allowance, Interest Income Recognized | 11 | 46 | |
Purchased Credit Impaired Loans [Member] | Consumer Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans without a valuation allowance, Recorded Investment | 684 | ||
Impaired loans with a valuation allowance, Unpaid Principal Balance | 646 | ||
Impaired loans with a valuation allowance, Related Allowance | $ 115 | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 880 | 879 | |
Impaired loans with a valuation allowance, Interest Income Recognized | $ 12 | 40 | |
Purchased Credit Impaired Loans [Member] | Consumer and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a valuation allowance, Average Recorded Investment | $ 2 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Nonaccrual Loans | $ 3,934 | $ 3,934 |
Total loans, post ASU 2019-04 | 3,378,999 | 3,378,999 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | 229 | 229 |
Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 1,790 | $ 2,447 |
Total Class of Financing Receivable (as a percent) | 0.05% | 0.07% |
Loan modification, defaulted | $ 0 | $ 0 |
Total Nonaccrual Loans | 2,020 | 2,020 |
Total loans, post ASU 2019-04 | 2,447 | 2,447 |
Loan modifications made to borrowers experiencing financial difficulty | Current [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | 427 | 427 |
Payment Delay | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 466 | |
Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 1,790 | 1,828 |
Payment Delay and Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 153 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average Total Payment Delay | 23 | |
Total Nonaccrual Loans | 741 | 741 |
Total loans, post ASU 2019-04 | 1,667,176 | 1,667,176 |
Commercial Real Estate [Member] | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 528 | $ 969 |
Total Class of Financing Receivable (as a percent) | 0.03% | 0.06% |
Total Nonaccrual Loans | $ 968 | $ 968 |
Total loans, post ASU 2019-04 | $ 968 | 968 |
Commercial Real Estate [Member] | Payment Delay | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 403 | |
Commercial Real Estate [Member] | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average (in months) | 12 months | 23 months |
Commercial Real Estate [Member] | Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 528 | $ 566 |
Consumer Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Nonaccrual Loans | 2,064 | 2,064 |
Total loans, post ASU 2019-04 | 638,518 | 638,518 |
Consumer Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | 34 | 34 |
Consumer Real Estate [Member] | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 514 | $ 514 |
Total Class of Financing Receivable (as a percent) | 0.08% | 0.08% |
Total Nonaccrual Loans | $ 376 | $ 376 |
Total loans, post ASU 2019-04 | 515 | 515 |
Consumer Real Estate [Member] | Loan modifications made to borrowers experiencing financial difficulty | Current [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | $ 139 | $ 139 |
Consumer Real Estate [Member] | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average (in months) | 20 months | 15 months |
Consumer Real Estate [Member] | Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 514 | $ 514 |
Construction and Land Development [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Nonaccrual Loans | 620 | 620 |
Total loans, post ASU 2019-04 | 373,068 | 373,068 |
Construction and Land Development [Member] | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 748 | $ 748 |
Total Class of Financing Receivable (as a percent) | 0.20% | 0.20% |
Total Nonaccrual Loans | $ 460 | $ 460 |
Total loans, post ASU 2019-04 | 748 | 748 |
Construction and Land Development [Member] | Loan modifications made to borrowers experiencing financial difficulty | Current [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | $ 288 | $ 288 |
Construction and Land Development [Member] | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average (in months) | 9 months | 9 months |
Construction and Land Development [Member] | Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 748 | $ 748 |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average Total Payment Delay | 7 | |
Total Nonaccrual Loans | 314 | 314 |
Total loans, post ASU 2019-04 | 617,115 | 617,115 |
Commercial and Industrial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | 98 | 98 |
Commercial and Industrial [Member] | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 216 | |
Total Class of Financing Receivable (as a percent) | 0.04% | |
Total Nonaccrual Loans | 216 | $ 216 |
Total loans, post ASU 2019-04 | 216 | 216 |
Commercial and Industrial [Member] | Payment Delay | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 63 | |
Commercial and Industrial [Member] | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-Average (in months) | 30 months | |
Commercial and Industrial [Member] | Payment Delay and Term Extension | Loan modifications made to borrowers experiencing financial difficulty | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 153 | |
Leases [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Nonaccrual Loans | 195 | 195 |
Total loans, post ASU 2019-04 | 68,538 | 68,538 |
Consumer and Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | 14,584 | 14,584 |
Consumer and Other [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans, post ASU 2019-04 | $ 97 | $ 97 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of intangibles | $ 647 | $ 650 | $ 1,981 | $ 1,919 | ||
Goodwill | 96,145 | 96,145 | $ 96,145 | $ 91,565 | ||
Other Intangible Assets [Member] | ||||||
Amortization of intangibles | $ 647 | $ 650 | $ 2,000 | $ 1,900 | ||
Customer Relationships [Member] | ||||||
Intangible asset, useful life | 10 years 4 months 24 days | 10 years 4 months 24 days | ||||
Trade Names [Member] | ||||||
Intangible asset, useful life | 5 years | 5 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 91,565 |
Goodwill, Ending Balance | 96,145 |
Sunbelt Group LLC [Member] | |
Goodwill [Roll Forward] | |
Acquisition of business | $ 4,580 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | $ 21,255 | |
Balance, end of period | 23,203 | |
Less: accumulated amortization | (9,576) | $ (11,556) |
Total | 13,627 | 11,647 |
Sevier County Bancshares Inc [Member] | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Acquisition of business | 1,948 | |
Core Deposits [Member] | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | 17,470 | |
Balance, end of period | 17,470 | |
Less: accumulated amortization | (8,021) | (9,329) |
Total | 9,449 | 8,141 |
Customer Relationships [Member] | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | 3,722 | |
Balance, end of period | 5,670 | |
Less: accumulated amortization | (1,519) | (2,164) |
Total | 4,151 | 3,506 |
Customer Relationships [Member] | Sevier County Bancshares Inc [Member] | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Acquisition of business | 1,948 | |
Trade Names [Member] | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, beginning of period | 63 | |
Balance, end of period | 63 | |
Less: accumulated amortization | (36) | $ (63) |
Total | $ 27 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 643 | |
2024 | 2,425 | |
2025 | 2,256 | |
2026 | 2,086 | |
2027 | 1,904 | |
Thereafter | 2,333 | |
Total | $ 11,647 | $ 13,627 |
Borrowings, Line of Credit an_3
Borrowings, Line of Credit and Subordinated Debt (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Securities sold under agreements to repurchase | $ 6,117 | $ 4,775 | |
Other borrowings | 8,000 | 12,500 | |
Repayment borrowings | 30,500 | $ 75,000 | |
Securities sold under agreements to repurchase, average balance | 5,000 | 5,200 | |
Securities sold under agreements to repurchase, maximum month-end balance | 6,100 | $ 5,900 | |
Securities available-for-sale, at fair value | 483,893 | ||
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | ||
Borrowings | 14,100 | 41,900 | |
Loan participation agreements | 0 | 24,585 | |
Loan and Security Agreement and Revolving Line of Credit [Member] | |||
Principal amount | 35,000 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Securities available-for-sale, at fair value | 1,575 | ||
Securities available-for-sale, at fair value, post ASU 2019-04 | 60,953 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Asset Pledged as Collateral [Member] | |||
Securities available-for-sale, at fair value | $ 9,200 | ||
Securities available-for-sale, at fair value, post ASU 2019-04 | 7,600 | ||
Revolving Credit Facility [Member] | |||
Outstanding borrowings | 8,000 | ||
Remaining borrowing capacity | $ 27,000 |
Borrowings, Line of Credit an_4
Borrowings, Line of Credit and Subordinated Debt - Schedule of debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Borrowings, Line of Credit and Subordinated Debt [Abstract] | ||
Securities sold under agreements to repurchase | $ 6,117 | $ 4,775 |
Loan participation agreements | 0 | 24,585 |
Other Borrowings | 8,000 | 12,500 |
Total | $ 14,117 | $ 41,860 |
Borrowings, Line of Credit an_5
Borrowings, Line of Credit and Subordinated Debt - Subordinated Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 01, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 28, 2018 | |
Sevier County Bancshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debt | $ 2,500 | ||||||
Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 40,000 | ||||||
Interest rate | 5.625% | ||||||
Debt issuance costs | $ 422 | $ 422 | $ 485 | ||||
Amortization expense of debt issuance costs | $ 21 | $ 21 | $ 63 | $ 63 | |||
Subordinated Debt [Member] | Sevier County Bancshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.75% | ||||||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (as a percent) | 2.81161% | ||||||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Sevier County Bancshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (as a percent) | 5.3025% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) plan $ / shares shares | Sep. 30, 2022 USD ($) shares | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to the Plan | $ 475 | $ 419 | $ 1,400 | $ 1,300 |
Number of stock option plans | plan | 1 | |||
Deferred tax benefit from stock options exercised | 64 | $ 60 | 147 | |
Options, exercises in period, intrinsic value | $ 9 | $ 242 | $ 565 | |
Exercise of options | shares | 0 | 603 | 15,705 | 32,003 |
Employee Stock Option [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Options, outstanding, intrinsic value | 128,000 | 128,000 | ||
Proceeds from options exercised | 165 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based compensation expense | (5) | (31) | ||
Share-based compensation income | $ (118) | (12) | ||
Exercise of options | shares | 8,000 | |||
Restricted Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share-based compensation expense | 271 | $ 281 | $ 1,200 | $ 991 |
Unrecognized compensation cost | $ 1,800 | $ 1,800 | ||
Unrecognized compensation costs, period for recognition | 1 year 11 months 19 days | |||
Grant-date fair value | $ 636 | |||
Vested (in shares) | shares | 27,172 | |||
Nonvested, beginning of period (in shares) | shares | 129,836 | |||
Nonvested, beginning balance (in dollars per share) | $ / shares | $ 19.61 | |||
2015 Stock Incentive Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rights issued (in shares) | shares | 11,840 | |||
Rights available for grant (in shares) | shares | 1,676,663 | 1,676,663 | ||
Cornerstone Non-Qualified Plan Options [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rights issued (in shares) | shares | 4,500 | |||
401 (k) Matching Range One [Member] | Deferred Salary Reduction Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 100% | |||
Employer matching contribution, percent of employees gross pay | 3% | |||
401 (k) Matching Range Two [Member] | Deferred Salary Reduction Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 50% | |||
Employer matching contribution, percent of employees gross pay | 2% |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Number | ||||
Exercised (in shares) | 0 | (603) | (15,705) | (32,003) |
Officer and Employee Plans [Member] | ||||
Number | ||||
Outstanding (in shares) | 32,045 | |||
Exercised (in shares) | (15,705) | |||
Outstanding (in shares) | 16,340 | 16,340 | ||
Weighted Average Exercisable Price | ||||
Weighted Average Exercisable Price, Outstanding (in dollars per share) | $ 12.04 | |||
Weighted Average Exercisable Price Exercised (in dollars per share) | 10.47 | |||
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 13.55 | $ 13.55 |
Employee Benefit Plans (Options
Employee Benefit Plans (Options Outstanding by Exercise Price Range) (Details) - Officer and Employee Plans [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 13.55 | $ 12.04 |
Number Outstanding (in shares) | 16,340 | 32,045 |
Options Outstanding, Weighted Average Remaining Life | 1 year 6 months 25 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.55 | |
Exercisable (in shares) | 16,340 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.55 | |
9.60 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 9.60 | |
Number Outstanding (in shares) | 4,500 | |
Options Outstanding, Weighted Average Remaining Life | 5 months 1 day | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.60 | |
Exercisable (in shares) | 4,500 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 9.60 | |
15.05 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 15.05 | |
Number Outstanding (in shares) | 11,840 | |
Options Outstanding, Weighted Average Remaining Life | 2 years | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.05 | |
Exercisable (in shares) | 11,840 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.05 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Non-vested Restricted Stock) (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Number | |
Nonvested, beginning of period (in shares) | shares | 129,836 |
Granted (in shares) | shares | 89,582 |
Vested (in shares) | shares | (27,172) |
Forfeited/expired (in shares) | shares | (9,912) |
Nonvested, end of period (in shares) | shares | 182,334 |
Weighted Average Grant-Date Fair Value | |
Nonvested, beginning balance (in dollars per share) | $ / shares | $ 19.61 |
Granted (in dollars per share) | $ / shares | 26.23 |
Vested (in dollars per share) | $ / shares | 23.39 |
Forfeited/expired (in dollars per share) | $ / shares | 22.45 |
Nonvested, ending balance (in dollars per share) | $ / shares | $ 22.15 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock Appreciation Right Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Number | ||||
Exercised (in shares) | 0 | (603) | (15,705) | (32,003) |
Stock Appreciation Rights (SARs) [Member] | ||||
Number | ||||
Outstanding (in shares) | 36,000 | |||
Exercised (in shares) | (8,000) | |||
Outstanding (in shares) | 28,000 | 28,000 | ||
Weighted Average Exercisable Price | ||||
Weighted Average Exercisable Price, Outstanding (in dollars per share) | $ 18.25 | |||
Weighted Average Exercisable Price Exercised (in dollars per share) | 15.19 | |||
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 19.13 | $ 19.13 |
Employee Benefit Plans - SARs O
Employee Benefit Plans - SARs Outstanding by Exercise Price Range (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 19.13 | $ 18.25 |
Number Outstanding (in shares) | 28,000 | 36,000 |
SARs Outstanding, Weighted Average Remaining Life | 11 months 19 days | |
SARs Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 19.13 | |
SARs Exercisable, Number Exercisable (in shares) | 8,000 | |
SARs Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.19 | |
15.19 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 15.19 | |
Number Outstanding (in shares) | 8,000 | |
SARs Outstanding, Weighted Average Remaining Life | 2 months 30 days | |
SARs Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.19 | |
SARs Exercisable, Number Exercisable (in shares) | 8,000 | |
SARs Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.19 | |
20.70 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Prices (in dollars per share) | $ 20.70 | |
Number Outstanding (in shares) | 20,000 | |
SARs Outstanding, Weighted Average Remaining Life | 1 year 2 months 30 days | |
SARs Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 20.70 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Commitments to extend credit | $ 746,921 | $ 746,921 | $ 911,998 | |||
Standby letters of credit | 15,567 | 15,567 | 6,897 | |||
Allowance for off balance sheet credit | 2,300 | 2,300 | $ 85 | |||
Off-balance sheet credit loss expense (credit) | $ (489) | $ 0 | $ (795) | $ 15 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for off balance sheet credit | $ 3,000 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 385,131 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | 11,834 |
Derivative financial instruments and interest rate swap agreements, liability | 17,647 | 13,110 |
US Treasury Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 223,653 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 73,733 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 1,575 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 60,953 | |
Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 18,611 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 17,505 | |
Other Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 30,551 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 30,626 | |
Mortgage-backed securities (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 209,503 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 202,314 | |
Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Interest Rate Swap Liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |
Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 385,131 | |
Total assets at fair value | 401,322 | 495,727 |
Derivative financial instruments and interest rate swap agreements, liability | 13,110 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Total assets at fair value | 401,322 | 495,727 |
Derivative financial instruments and interest rate swap agreements, liability | 13,110 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 223,653 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 73,733 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 223,653 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 73,733 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 1,575 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 60,953 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 1,575 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 60,953 | |
Fair Value, Recurring [Member] | Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 18,611 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 17,505 | |
Fair Value, Recurring [Member] | Municipal securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 18,611 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 17,505 | |
Fair Value, Recurring [Member] | Other Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 30,551 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 30,626 | |
Fair Value, Recurring [Member] | Other Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 30,551 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 30,626 | |
Fair Value, Recurring [Member] | Mortgage-backed securities (GSEs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 209,503 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 202,314 | |
Fair Value, Recurring [Member] | Mortgage-backed securities (GSEs) [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 209,503 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 202,314 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | 11,834 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | $ 11,834 |
Fair Value, Recurring [Member] | Interest Rate Swap Liability | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments and interest rate swap agreements, liability | 17,647 | |
Fair Value, Recurring [Member] | Interest Rate Swap Liability | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments and interest rate swap agreements, liability | $ 17,647 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Assets and Liabilities Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
OREO | $ 271 | $ 915 | ||||
Collateral dependent loans | 4,315 | 1,536 | ||||
Allowance for loan losses | $ 31,989 | 23,334 | $ 22,769 | $ 21,938 | $ 19,352 | |
Collateral Pledged [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Allowance for loan losses | 506 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
OREO | 271 | 915 | ||||
Collateral dependent loans | $ 4,315 | $ 1,536 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | $ 4,315 | $ 1,536 |
OREO | 271 | 915 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 4,315 | 1,536 |
OREO | 271 | 915 |
Appraisal And Discounted Cash Flow [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans | 4,315 | 1,536 |
OREO | $ 271 | $ 915 |
Appraisal And Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent, measurement input | 39 | 25 |
OREO, measurement input | 26 | 29 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Securities available-for-sale, at fair value | $ 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | $ 385,131 | |
Securities held to maturity, fair value | 256,325 | 260,613 |
Liabilities: | ||
Noninterest-bearing demand deposits | 923,763 | 1,072,449 |
Interest-bearing demand deposits | 993,717 | 965,911 |
Time deposits | 562,620 | 455,259 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and cash equivalents | 400,258 | 266,424 |
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Securities held to maturity, fair value | 282,313 | 285,949 |
Other investments | 13,805 | 15,530 |
Loans, net and loans held for sale | 3,348,046 | 3,232,045 |
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | 11,834 |
Liabilities: | ||
Noninterest-bearing demand deposits | 923,763 | 1,072,449 |
Interest-bearing demand deposits | 993,717 | 965,911 |
Money market and savings deposits | 1,766,409 | 1,583,481 |
Time deposits | 562,620 | 455,259 |
Borrowings | 14,117 | 41,860 |
Subordinated debt | 42,078 | 42,015 |
Derivative financial instruments and interest rate swap agreements, liability | 17,647 | 13,110 |
Estimated Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 400,258 | 266,424 |
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Securities held to maturity, fair value | 256,325 | 260,613 |
Loans, net and loans held for sale | 3,210,772 | 3,143,921 |
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | 11,834 |
Liabilities: | ||
Noninterest-bearing demand deposits | 923,763 | 1,072,449 |
Interest-bearing demand deposits | 993,717 | 965,911 |
Money market and savings deposits | 1,766,409 | 1,583,481 |
Time deposits | 558,744 | 451,899 |
Borrowings | 14,117 | 41,860 |
Subordinated debt | 39,650 | 40,439 |
Derivative financial instruments and interest rate swap agreements, liability | 17,647 | 13,110 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 400,258 | 266,424 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Securities available-for-sale, at fair value | 483,893 | |
Securities available-for-sale, at fair value, post ASU 2019-04 | 385,131 | |
Securities held to maturity, fair value | 256,325 | 260,613 |
Derivative financial instruments and interest rate swap agreements, asset | 16,191 | 11,834 |
Liabilities: | ||
Noninterest-bearing demand deposits | 923,763 | 1,072,449 |
Interest-bearing demand deposits | 993,717 | 965,911 |
Money market and savings deposits | 1,766,409 | 1,583,481 |
Time deposits | 558,744 | 451,899 |
Borrowings | 14,117 | 41,860 |
Derivative financial instruments and interest rate swap agreements, liability | 17,647 | 13,110 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Loans, net and loans held for sale | 3,210,772 | 3,143,921 |
Liabilities: | ||
Subordinated debt | $ 39,650 | $ 40,439 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Additional (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Allowance for loan losses | $ 31,989 | $ 23,334 | $ 22,769 | $ 21,938 | $ 19,352 | ||
Allowance for credit losses, post ASU 2019-04 | $ 33,687 | $ 32,747 | |||||
Collateral Pledged [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Allowance for loan losses | $ 506 | ||||||
Allowance for credit losses, post ASU 2019-04 | $ 2,800 |
Derivatives Financial Instrum_3
Derivatives Financial Instruments - Fair Value Hedges on Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reported interest income on tax-exempt securities | $ 356 | $ 561 | $ 1,066 | $ 1,369 |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationship | 1,808 | 5,319 | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest income on tax-exempt securities | 403 | 1,183 | ||
Effects of fair value hedge relationships | (83) | (527) | ||
Reported interest income on tax-exempt securities | 320 | 656 | ||
Gain (loss) on fair value hedging relationship | $ (1,808) | $ (5,319) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Reported interest income on tax-exempt securities | Reported interest income on tax-exempt securities | ||
Carrying amount of hedged asset | $ 36,165 | $ 36,165 |
Derivatives Financial Instrum_4
Derivatives Financial Instruments - Interest Rate Swaps related to Loan Hedging Program (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Cash Flow Hedging [Member] | Interest Income [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash flow hedge estimated to be reclassified in next 12 months | $ 797 | |
Cash Flow Hedging [Member] | Interest Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash flow hedge estimated to be reclassified in next 12 months | 969 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount, Asset | 150,000 | |
Estimated Fair Value, Asset | 698 | |
Notional Amount, Liability | 100,000 | $ 100,000 |
Estimated Fair Value, Liability | (2,165) | (1,304) |
Non-hedged derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount, Asset | 243,239 | 216,656 |
Estimated Fair Value, Asset | 15,482 | 11,834 |
Notional Amount, Liability | 243,239 | 216,656 |
Estimated Fair Value, Liability | $ (15,482) | $ (11,834) |
Derivatives Financial Instrum_5
Derivatives Financial Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationship | $ 55,448 | $ 160,823 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationship | 24,426 | 62,150 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationship | $ (432) | $ (1,775) | $ (2,165) | $ (1,775) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income, Operating | Interest Income, Operating | Interest Income, Operating | Interest Income, Operating |
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ (173) | $ (275) | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on fair value hedging relationship | $ 585 | $ 698 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | ||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ (157) | $ (165) |
Derivatives Financial Instrum_6
Derivatives Financial Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on the Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total interest income | $ 55,275 | $ 42,297 | $ 160,548 | $ 111,521 |
Total interest expense | 31,006 | $ 36,708 | 98,563 | $ 99,889 |
Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 55,448 | 160,823 | ||
Effects of cash flow hedge relationships | (173) | (275) | ||
Total interest income | 55,275 | 160,548 | ||
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 24,426 | 62,150 | ||
Effects of cash flow hedge relationships | (157) | (165) | ||
Total interest expense | $ 24,269 | $ 61,985 |
Derivatives Financial Instrum_7
Derivatives Financial Instruments - Interest Rate Swaps to Facilitate Customer's Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Rate Swap [Member] | Non-hedged derivatives [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Transaction on income statement | $ 326 | $ 53 | $ 823 | $ 1,449 |
Derivatives Financial Instrum_8
Derivatives Financial Instruments - Collateral Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Collateral pledged to derivative counterparties | $ 910 | $ 1,400 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 10,097 | $ 9,314 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
Operating lease liabilities | $ 10,345 | $ 9,457 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Sep. 30, 2023 |
Leases [Abstract] | |
Weighted average remaining lease term | 9 years 2 months 4 days |
Weighted average discount rate | 2.86% |
Leases - Lease Costs and Other
Leases - Lease Costs and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease costs: | ||||
Operating lease costs | $ 438 | $ 403 | $ 1,247 | $ 1,220 |
Variable lease costs | 30 | 26 | 87 | 76 |
Total | 468 | 429 | 1,334 | 1,296 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 393 | $ 385 | $ 1,142 | $ 1,163 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 276 | |
2024 | 1,455 | |
2025 | 1,359 | |
2026 | 1,291 | |
2027 | 1,107 | |
Thereafter | 6,476 | |
Total future minimum lease payments | 11,964 | |
Amounts representing interest | (1,619) | |
Present value of net future minimum lease payments | $ 10,345 | $ 9,457 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Banking and Thrift [Abstract] | ||
Dividends | $ 10 | |
Common stock dividends, quarterly (in dollars per share) | $ 0.08 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Capital Levels) (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
SmartFinancial, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 449,546 | $ 425,957 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 380,272 | 360,608 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 380,272 | 360,608 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 380,272 | $ 360,608 |
Total Capital (to Risk-Weighted Assets), Actual Ratio (as a percent) | 0.1190 | 0.1140 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio (as a percent) | 0.1007 | 0.0965 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Ration (as percent) | 0.1007 | 0.0965 |
Tier 1 Capital (to Average Assets), Actual Ratio (as a percent) | 0.0813 | 0.0795 |
Total Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | $ 302,100 | $ 298,966 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | 226,575 | 224,224 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | 169,931 | 168,168 |
Tier 1 Capital (to Average Assets), Minimum for capital adequacy purposes Amount | $ 187,074 | $ 181,387 |
Total Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0800 | 0.0800 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0450 | 0.0450 |
Tier 1 Capital (to Average Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0400 | 0.0400 |
Smart Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 447,326 | $ 426,947 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 420,130 | 403,613 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 420,130 | 403,613 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 420,130 | $ 403,613 |
Total Capital (to Risk-Weighted Assets), Actual Ratio (as a percent) | 0.1187 | 0.1144 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio (as a percent) | 0.1115 | 0.1082 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Ration (as percent) | 0.1115 | 0.1082 |
Tier 1 Capital (to Average Assets), Actual Ratio (as a percent) | 0.0900 | 0.0890 |
Total Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | $ 301,538 | $ 298,476 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | 226,153 | 223,857 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Amount | 169,615 | 167,892 |
Tier 1 Capital (to Average Assets), Minimum for capital adequacy purposes Amount | $ 186,792 | $ 181,383 |
Total Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0800 | 0.0800 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0450 | 0.0450 |
Tier 1 Capital (to Average Assets), Minimum for capital adequacy purposes Ratio (as a percent) | 0.0400 | 0.0400 |
Total Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Amount | $ 376,922 | $ 373,094 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Amount | 301,538 | 298,476 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Amount | 244,999 | 242,511 |
Tier 1 Capital (to Average Assets), Minimum to be well capitalized under prompt corrective action provisions Amount | $ 233,490 | $ 226,729 |
Total Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Ratio (as a percent) | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Ratio (as a percent) | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Minimum to be well capitalized under prompt corrective action provisions Ratio (as a percent) | 0.0650 | 0.0650 |
Tier 1 Capital (to Average Assets), Minimum to be well capitalized under prompt corrective action provisions Ratio (as a percent) | 0.0500 | 0.0500 |
Other comprehensive income (l_3
Other comprehensive income (loss) (Activity in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | $ 444,847 | $ 420,427 | $ 432,452 | $ 429,430 |
BALANCE | 446,652 | 414,711 | 446,652 | 414,711 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | (33,132) | (23,526) | (33,616) | 25 |
Other comprehensive income (loss) | (4,325) | (14,942) | (3,841) | (38,493) |
Reclassification of amounts included in net income | 5,044 | 5,044 | ||
Net other comprehensive income (loss) during period | 719 | (14,942) | 1,203 | (38,493) |
BALANCE | (32,413) | (38,468) | (32,413) | (38,468) |
AOCI, Available-for-Sale Securities Transfer to Held-to-Maturity [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | (684) | (804) | (742) | 665 |
Other comprehensive income (loss) | (1,490) | |||
Reclassification of amounts included in net income | 27 | 31 | 85 | 52 |
Net other comprehensive income (loss) during period | 27 | 31 | 85 | (1,438) |
BALANCE | (657) | (773) | (657) | (773) |
AOCI, Fair Value Municipal Security Hedges [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | 753 | |||
Other comprehensive income (loss) | (1,002) | |||
Net other comprehensive income (loss) during period | (1,002) | |||
BALANCE | (249) | (249) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | (1,201) | (966) | ||
Other comprehensive income (loss) | 115 | (1,317) | (120) | (1,317) |
Net other comprehensive income (loss) during period | 115 | (1,317) | (120) | (1,317) |
BALANCE | (1,086) | (1,317) | (1,086) | (1,317) |
AOCI Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | (35,017) | (24,648) | (35,324) | 1,443 |
Other comprehensive income (loss) | (4,210) | (16,190) | (3,961) | (42,302) |
Reclassification of amounts included in net income | 5,071 | 31 | 5,129 | 52 |
Net other comprehensive income (loss) during period | 861 | (16,159) | 1,168 | (42,250) |
BALANCE | $ (34,156) | (40,807) | $ (34,156) | (40,807) |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
BALANCE | (318) | |||
Other comprehensive income (loss) | 69 | |||
Net other comprehensive income (loss) during period | 69 | |||
BALANCE | $ (249) | $ (249) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 2,067 | $ 11,543 | $ 22,403 | $ 30,018 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |