Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-31977 | |
Entity Registrant Name | CENTRAL VALLEY COMMUNITY BANCORP | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 77-0539125 | |
Entity Address, Postal Zip Code | 93720 | |
City Area Code | 559 | |
Local Phone Number | 298-1775 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | CVCY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,494,597 | |
Entity Central Index Key | 0001127371 | |
Document Period End Date | Jun. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS_(Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 32,296 | $ 24,195 |
Interest-earning deposits in other banks | 86,261 | 28,379 |
Total cash and cash equivalents | 118,557 | 52,574 |
Available-for-sale debt securities | 544,502 | 470,746 |
Equity securities | 7,655 | 7,472 |
Loans, less allowance for credit losses of $13,937 at June 30, 2020 and $9,130 at December 31, 2019 | 1,111,954 | 934,250 |
Bank premises and equipment, net | 7,257 | 7,618 |
Bank-owned life insurance | 29,591 | 30,230 |
Federal Home Loan Bank stock | 5,595 | 6,062 |
Goodwill | 53,777 | 53,777 |
Core deposit intangibles | 1,530 | 1,878 |
Accrued interest receivable and other assets | 33,313 | 32,148 |
Total assets | 1,913,731 | 1,596,755 |
Deposits: | ||
Non-interest bearing | 817,162 | 594,627 |
Interest bearing | 832,395 | 738,658 |
Total deposits | 1,649,557 | 1,333,285 |
Junior subordinated deferrable interest debentures | 5,155 | 5,155 |
Accrued interest payable and other liabilities | 30,461 | 30,187 |
Total liabilities | 1,685,173 | 1,368,627 |
Commitments and contingencies (Note 6) | ||
Shareholders’ equity: | ||
Preferred stock, no par value; 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 12,494,597 at June 30, 2020 and 13,052,407 at December 31, 2019 | 79,059 | 89,379 |
Retained earnings | 142,076 | 135,932 |
Accumulated other comprehensive income, net of tax | 7,423 | 2,817 |
Total shareholders’ equity | 228,558 | 228,128 |
Total liabilities and shareholders’ equity | $ 1,913,731 | $ 1,596,755 |
CONSOLIDATED BALANCE SHEETS_(_2
CONSOLIDATED BALANCE SHEETS (Unaudited) CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses on loans | $ 13,937 | $ 9,130 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, issued (in shares) | 13,301,395 | 13,754,965 |
Common stock, outstanding (in shares) | 13,301,395 | 13,754,965 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 12,600 | $ 12,955 | $ 25,498 | $ 25,509 |
Interest on deposits in other banks | 13 | 59 | 196 | 209 |
Interest and dividends on investment securities: | ||||
Taxable | 2,959 | 3,337 | 6,225 | 6,360 |
Exempt from Federal income taxes | 412 | 429 | 571 | 991 |
Total interest income | 15,984 | 16,780 | 32,490 | 33,069 |
INTEREST EXPENSE: | ||||
Interest on deposits | 374 | 469 | 806 | 862 |
Interest on junior subordinated deferrable interest debentures | 36 | 55 | 81 | 112 |
Other | 0 | 310 | 0 | 314 |
Total interest expense | 410 | 834 | 887 | 1,288 |
Net interest income before provision for credit losses | 15,574 | 15,946 | 31,603 | 31,781 |
PROVISION FOR CREDIT LOSSES | 3,000 | 300 | 4,375 | 275 |
Net interest income after provision for credit losses | 12,574 | 15,646 | 27,228 | 31,506 |
NON-INTEREST INCOME: | ||||
Service charges | 447 | 713 | 1,093 | 1,403 |
Appreciation in cash surrender value of bank-owned life insurance | 176 | 190 | 358 | 361 |
Interchange fees | 307 | 384 | 640 | 727 |
Net realized gains (losses) on sales of investment securities | (58) | 2,459 | 4,140 | 3,511 |
Federal Home Loan Bank dividends | 75 | 118 | 182 | 239 |
Loan placement fees | 561 | 220 | 860 | 359 |
Other income | 537 | 514 | 1,315 | 974 |
Total non-interest income | 2,045 | 4,598 | 8,588 | 7,574 |
NON-INTEREST EXPENSES: | ||||
Salaries and employee benefits | 6,812 | 6,912 | 14,324 | 13,402 |
Occupancy and equipment | 1,139 | 1,452 | 2,283 | 2,931 |
Professional services | 522 | 280 | 980 | 607 |
Data processing | 554 | 401 | 890 | 796 |
Regulatory assessments | 146 | 134 | 193 | 286 |
ATM/Debit card expenses | 187 | 186 | 481 | 377 |
Information technology | 602 | 605 | 1,210 | 1,382 |
Directors’ expenses | 136 | 193 | 328 | 369 |
Advertising | 167 | 198 | 340 | 400 |
Internet banking expense | 182 | 199 | 378 | 393 |
Amortization of core deposit intangibles | 173 | 173 | 347 | 347 |
Other | 878 | 1,039 | 1,823 | 2,149 |
Total non-interest expenses | 11,498 | 11,772 | 23,577 | 23,439 |
Income before provision for income taxes | 3,121 | 8,472 | 12,239 | 15,641 |
Provision for income taxes | 820 | 2,385 | 3,315 | 4,338 |
Net income | $ 2,301 | $ 6,087 | $ 8,924 | $ 11,303 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.18 | $ 0.45 | $ 0.71 | $ 0.84 |
Weighted average common shares used in basic computation (in shares) | 12,449,283 | 13,533,724 | 12,592,126 | 13,515,752 |
Diluted earnings per common share (in dollars per share) | $ 0.18 | $ 0.45 | $ 0.71 | $ 0.83 |
Weighted average common shares used in diluted computation (in shares) | 12,486,681 | 13,635,834 | 12,646,403 | 13,612,866 |
Cash dividends per common share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.21 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,301 | $ 6,087 | $ 8,924 | $ 11,303 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains arising during the period | 12,366 | 7,890 | 10,679 | 16,508 |
Reclassification of net (gains) losses included in net income | (58) | 2,459 | 4,140 | 3,511 |
Other comprehensive income, before tax | 12,424 | 5,431 | 6,539 | 12,997 |
Tax effect | (3,673) | (1,606) | (1,933) | (3,843) |
Total other comprehensive income | 8,751 | 3,825 | 4,606 | 9,154 |
Comprehensive income | $ 11,052 | $ 9,912 | $ 13,530 | $ 20,457 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) (Net of Taxes) |
Balance at Dec. 31, 2018 | $ 219,738 | $ 103,851 | $ 120,294 | $ (4,407) |
Balance (in shares) at Dec. 31, 2018 | 13,754,965 | |||
Net income | 11,303 | 11,303 | ||
Other comprehensive income | 9,154 | 9,154 | ||
Cash dividend | (2,874) | (2,874) | ||
Stock-based compensation expense | 294 | $ 294 | ||
Restricted stock granted, net of forfeitures, and related tax benefit (in shares) | 20,035 | |||
Stock issued under employee stock purchase plan (in shares) | 7,468 | |||
Stock issued under employee stock purchase plan | 131 | $ 131 | ||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 5,295 | |||
Stock Issued During Period, Value, Employee Stock Ownership Plan | 100 | $ 100 | ||
Stock options exercised and related tax benefit (in shares) | 21,820 | |||
Stock options exercised and related tax benefit | 160 | $ 160 | ||
Repurchase and retirement of common stock (in shares) | (320,600) | |||
Repurchase and retirement of common stock | (6,326) | $ (6,326) | ||
Balance at Jun. 30, 2019 | 231,680 | $ 98,210 | 128,723 | 4,747 |
Balance (in shares) at Jun. 30, 2019 | 13,488,983 | |||
Balance at Mar. 31, 2019 | 227,455 | $ 102,395 | 124,138 | 922 |
Balance (in shares) at Mar. 31, 2019 | 13,680,930 | |||
Net income | 6,087 | 6,087 | ||
Other comprehensive income | 3,825 | 3,825 | ||
Cash dividend | (1,502) | (1,502) | ||
Stock-based compensation expense | 151 | $ 151 | ||
Restricted stock granted, net of forfeitures, and related tax benefit (in shares) | 20,125 | |||
Restricted stock granted, net of forfeitures, and related tax benefit | 0 | |||
Stock issued under employee stock purchase plan (in shares) | 2,865 | |||
Stock issued under employee stock purchase plan | 51 | $ 51 | ||
Stock options exercised and related tax benefit (in shares) | 8,184 | |||
Stock options exercised and related tax benefit | 65 | $ 65 | ||
Repurchase and retirement of common stock (in shares) | (223,121) | |||
Repurchase and retirement of common stock | (4,452) | $ (4,452) | ||
Balance at Jun. 30, 2019 | 231,680 | $ 98,210 | 128,723 | 4,747 |
Balance (in shares) at Jun. 30, 2019 | 13,488,983 | |||
Balance at Dec. 31, 2019 | 228,128 | $ 89,379 | 135,932 | 2,817 |
Balance (in shares) at Dec. 31, 2019 | 13,052,407 | |||
Net income | 8,924 | 8,924 | ||
Other comprehensive income | 4,606 | 4,606 | ||
Cash dividend | (2,780) | (2,780) | ||
Stock-based compensation expense | 248 | $ 248 | ||
Restricted stock granted, net of forfeitures, and related tax benefit (in shares) | 14,090 | |||
Stock issued under employee stock purchase plan (in shares) | 7,981 | |||
Stock issued under employee stock purchase plan | 115 | $ 115 | ||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 6,548 | |||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 141 | $ 141 | ||
Stock options exercised and related tax benefit (in shares) | 34,950 | 34,950 | ||
Stock options exercised and related tax benefit | $ 228 | $ 228 | ||
Repurchase and retirement of common stock (in shares) | (621,379) | |||
Repurchase and retirement of common stock | (11,052) | $ (11,052) | ||
Balance at Jun. 30, 2020 | 228,558 | $ 79,059 | 142,076 | 7,423 |
Balance (in shares) at Jun. 30, 2020 | 12,494,597 | |||
Balance at Mar. 31, 2020 | 218,673 | $ 78,854 | 141,147 | (1,328) |
Balance (in shares) at Mar. 31, 2020 | 12,472,939 | |||
Net income | 2,301 | 2,301 | ||
Other comprehensive income | 8,751 | 8,751 | ||
Cash dividend | (1,372) | (1,372) | ||
Stock-based compensation expense | 128 | $ 128 | ||
Restricted stock granted, net of forfeitures, and related tax benefit (in shares) | 14,090 | |||
Stock issued under employee stock purchase plan (in shares) | 4,348 | |||
Stock issued under employee stock purchase plan | 58 | $ 58 | ||
Stock options exercised and related tax benefit (in shares) | 3,220 | |||
Stock options exercised and related tax benefit | 19 | $ 19 | ||
Balance at Jun. 30, 2020 | $ 228,558 | $ 79,059 | $ 142,076 | $ 7,423 |
Balance (in shares) at Jun. 30, 2020 | 12,494,597 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.21 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 8,924,000 | $ 11,303,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net (increase) decrease in deferred loan costs | (5,975,000) | 132,000 |
Depreciation | 462,000 | 1,046,000 |
Accretion | (666,000) | (406,000) |
Amortization | 2,128,000 | 2,545,000 |
Stock-based compensation | 248,000 | 294,000 |
Provision for credit losses | 4,375,000 | 275,000 |
Net realized gains on sales of available-for-sale investment securities | (4,140,000) | (3,511,000) |
Net gain on disposal of premises and equipment | (6,000) | 0 |
Other than temporary impairment losses on investment securities | 0 | |
Increase in fair value of equity securities | (183,000) | (204,000) |
Increase in bank-owned life insurance, net of expenses | (198,000) | (361,000) |
Gain (Loss) on Bank Owned Life Insurance | 462,000 | 0 |
Net increase in accrued interest receivable and other assets | (1,418,000) | (8,485,000) |
Net increase in accrued interest payable and other liabilities | 417,000 | 7,761,000 |
Provision for deferred income taxes | (1,735,000) | (713,000) |
Net cash provided by operating activities | 1,771,000 | 9,676,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available-for-sale investment securities | (202,390,000) | (212,662,000) |
Proceeds from sales or calls of available-for-sale investment securities | 122,151,000 | 203,426,000 |
Proceeds from maturity and principal repayments of available-for-sale investment securities | 16,103,000 | 11,701,000 |
Net increase in loans | (176,105,000) | (41,622,000) |
Purchases of premises and equipment | (101,000) | (304,000) |
Purchases of bank-owned life insurance | 250,000 | 1,000,000 |
FHLB stock redeemed | (467,000) | (781,000) |
Proceeds from bank-owned life insurance | 1,550,000 | 0 |
Proceeds from sale of premises and equipment | 6,000 | 0 |
Net cash used in investing activities | (238,569,000) | (39,680,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand, interest bearing and savings deposits | 319,263,000 | 11,711,000 |
Net (decrease) increase in time deposits | (2,993,000) | 78,000 |
Proceeds from short-term borrowings from Federal Home Loan Bank | 0 | 274,500,000 |
Repayments of short-term borrowings to Federal Home Loan Bank | 0 | (230,500,000) |
Proceeds of borrowings from other financial institutions | 0 | 2,870,000 |
Repayments of borrowings from other financial institutions | 0 | (2,870,000) |
Purchase and retirement of common stock | 11,052,000 | 6,326,000 |
Proceeds from stock issued under employee stock purchase plan | 115,000 | 131,000 |
Proceeds from exercise of stock options | 228,000 | 160,000 |
Cash dividend payments on common stock | (2,780,000) | (2,874,000) |
Net cash provided by financing activities | 302,781,000 | 46,880,000 |
Increase in cash and cash equivalents | 65,983,000 | 16,876,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 52,574,000 | 31,727,000 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 118,557,000 | 48,603,000 |
Cash paid during the period for: | ||
Interest | 937,000 | 1,238,000 |
Operating cash flows from operating leases | 1,120,000 | 1,091,000 |
Income taxes | 2,810,000 | 4,720,000 |
Non-cash investing and financing activities: | ||
Initial recognition of operating lease right-of-use assets | $ 0 | $ 10,129,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim unaudited condensed consolidated financial statements of Central Valley Community Bancorp and subsidiary have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). These interim condensed consolidated financial statements include the accounts of Central Valley Community Bancorp and its wholly owned subsidiary Central Valley Community Bank (the Bank) (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted. The Company believes that the disclosures are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2019 Annual Report to Shareholders on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2020, and the results of its operations and its cash flows for the six-month interim periods ended June 30, 2020 and 2019 have been included. The results of operations for interim periods are not necessarily indicative of results for the full year. The preparation of these interim unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment, and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank. Risks and Uncertainties In December 2019, a novel strain of coronavirus, COVID-19, was reported in Wuhan, China. COVID-19 continues to aggressively spread globally and has spread to over 216 countries, including all 50 states in the United States. A prolonged COVID-19 outbreak, or any other epidemic that harms the global economy, U.S. economy, or the economies in which we operate, could adversely affect our operations. While the spread of COVID-19 has minimally affected our operations as of June 30, 2020, it has caused significant economic disruption throughout the United States as state and local governments issued “shelter at home” orders along with the closing of non-essential businesses. The potential financial impact is unknown at this time. However, if these actions are sustained, it may adversely affect several industries within our geographic footprint and impair the ability of our customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of valuation impairments on our intangible assets, investments, loans, or deferred tax assets. Impact of New Financial Accounting Standards: FASB Accounting Standards Update (ASU) 2016-13 - Measurement of Credit Losses on Financial Instruments (Subtopic 326) : Financial Instruments - Credit Losses, commonly referred to as “CECL,” was issued June 2016. The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the contractual term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity (“HTM”) debt securities. Under the provisions of the update, credit losses recognized on available for sale (“AFS”) debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans, with credit deterioration since origination, so that reserves are established at the date of acquisition for purchased loans. Under current GAAP a purchased loan’s contractual balance is adjusted to fair value through a credit discount and no reserve is recorded on the purchased loan upon acquisition. Since under CECL, reserves will be established for purchased loans at the time of acquisition, the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL require organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. The FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. On August 15, 2019, the FASB issued a proposed Accounting Standards Update (ASU), “Financial Instruments -Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” that would provide private entities and certain small public companies additional time to implement the standards on CECL, leases, and hedging. The final ASU extends the effective date for SEC filers, such as the Company, that are classified as smaller reporting companies to January 1, 2023. The Company has formed an internal task force that is responsible for oversight of the Company’s implementation strategy for compliance with provisions of the new standard. The Company has also established a project management governance process to manage the implementation across affected disciplines. An external provider specializing in community bank loss driver and CECL reserving model design as well as other related consulting services has been retained, and we have begun to evaluate potential CECL modeling alternatives. As part of this process, the Company has determined potential loan pool segmentation and sub-segmentation under CECL, as well as begun to evaluate the key economic loss drivers for each segment. Further, the Company has begun developing internal controls around the CECL process, data, calculations and implementation. The Company presently plans to generate and evaluate model scenarios under CECL in tandem with its current reserving processes for interim and annual reporting periods during 2020 due to the fact the Company elected to delay implementation of the CECL process as allowed by FASB. While the Company is currently unable to reasonably estimate the impact of adopting this new guidance, management expects the impact of adoption will be significantly influenced by the composition and quality of the Company’s loans as well as the economic conditions as of the date of adoption. The Company also anticipates significant changes to the processes and procedures for calculating the reserve for credit losses and continues to evaluate the potential impact on our consolidated financial statements. FASB Accounting Standards Update (ASU) 2018-13 - Fair Value Measurement (Subtopic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, was issued August 2018. The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU effective January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements and disclosures. FASB Accounting Standards Update (ASU) 2020-04 - Reference Rate Reform (Subtopic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting, was issued March 2020. This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is in the process of evaluating the provisions of this ASU and its effects on our consolidated financial statements. In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (“the agencies”) issued a revised interagency statement encouraging financial institutions to work with customers affected by COVID-19 and providing additional information regarding loan modifications. The revised interagency statement clarifies the interaction between the interagency statement issued on March 22, 2020 and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Section 4013 allows financial institutions to suspend the requirements to classify certain loan modifications as troubled debt restructurings (“TDRs”). The revised statement also provides supervisory interpretations on past due and nonaccrual regulatory reporting of loan modification programs and regulatory capital. This interagency guidance is expected to reduce the number of TDRs that will be reported in future periods; however, the amount is indeterminable and will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In accordance with applicable guidance, the Company groups its assets and liabilities 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. Valuations within these levels are based upon: Level 1 — Quoted market prices (unadjusted) for identical instruments traded in active exchange markets that the Company has the ability to access as of the measurement date. Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. Level 3 — Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, we report the transfer at the beginning of the reporting period. The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2020 Carrying Fair Value (In thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 32,296 $ 32,296 $ — $ — $ 32,296 Interest-earning deposits in other banks 86,261 86,261 — — 86,261 Available-for-sale debt securities 544,502 — 544,502 — 544,502 Equity securities 7,655 7,655 — — 7,655 Loans, net 1,111,954 — — 1,098,205 1,098,205 Federal Home Loan Bank stock 5,595 N/A N/A N/A N/A Accrued interest receivable 8,294 17 2,991 5,286 8,294 Financial liabilities: Deposits 1,649,557 1,498,035 90,997 — 1,589,032 Junior subordinated deferrable interest debentures 5,155 — — 2,921 2,921 Accrued interest payable 126 — 89 37 126 December 31, 2019 Carrying Fair Value (In thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 24,195 $ 24,195 $ — $ — $ 24,195 Interest-earning deposits in other banks 28,379 28,379 — — 28,379 Available-for-sale debt securities 470,746 — 470,746 — 470,746 Equity securities 7,472 7,472 — — 7,472 Loans, net 934,250 — — 928,807 928,807 Federal Home Loan Bank stock 6,062 N/A N/A N/A N/A Accrued interest receivable 5,591 33 1,798 3,760 5,591 Financial liabilities: Deposits 1,333,285 1,160,224 93,395 — 1,253,619 Junior subordinated deferrable interest debentures 5,155 — — 3,976 3,976 Accrued interest payable 176 — 129 47 176 These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. These estimates are made at a specific point in time based on relevant market data and information about the financial instruments. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments and other factors. 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 fair values presented. The methods and assumptions used to estimate fair values are described as follows: (a) Cash and Cash Equivalents — The carrying amounts of cash and due from banks, interest-earning deposits in other banks, and Federal funds sold approximate fair values and are classified as Level 1. (b) Investment Securities — Investment securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for investment securities classified in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. (c) Loans — Fair values of loans are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Purchased credit impaired (PCI) loans are measured at estimated fair value on the date of acquisition. Carrying value is calculated as the present value of expected cash flows and approximates fair value and included in Level 3. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are initially valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for credit losses. For collateral dependent real estate loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. The estimated fair values of financial instruments disclosed above follow the guidance in ASU 2016-01 which prescribes an “exit price” approach in estimating and disclosing fair value of financial instruments incorporating discounts for credit, liquidity, and marketability factors. (d) FHLB Stock — It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. (e) Deposits — Fair value of demand deposit, savings, and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. Fair value for fixed and variable rate certificates of deposit are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for certificates with similar remaining maturities resulting in a Level 2 classification. (f) Short-Term Borrowings — The fair values of the Company’s federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, are based on the market rates for similar types of borrowing arrangements resulting in a Level 2 classification. (g) Other Borrowings — The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. (h) Accrued Interest Receivable/Payable — The fair value of accrued interest receivable and payable is based on the fair value hierarchy of the related asset or liability. (i) Off-Balance Sheet Instruments — Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not considered significant for financial reporting purposes. Assets Recorded at Fair Value The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2020: Recurring Basis The Company is required or permitted to record the following assets at fair value on a recurring basis as of June 30, 2020 (in thousands). Description Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities: U.S. Government agencies $ 41,706 $ — $ 41,706 $ — Obligations of states and political subdivisions 229,855 — 229,855 — U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 201,837 — 201,837 — Private label mortgage and asset backed securities 52,501 — 52,501 — Corporate debt securities 18,603 — 18,603 — Equity securities 7,655 7,655 — — Total assets measured at fair value on a recurring basis $ 552,157 $ 7,655 $ 544,502 $ — Securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for available-for-sale debt securities in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. During the six months ended June 30, 2020, no transfers between levels occurred. There were no Level 3 assets measured at fair value on a recurring basis at or during the six months ended June 30, 2020. Also there were no liabilities measured at fair value on a recurring basis at June 30, 2020. Non-recurring Basis The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at June 30, 2020. Fair Value Level 1 Level 2 Level 3 Impaired loans: Real estate: Real estate-construction and other land loans $ 166 $ — $ — $ 166 Total assets measured at fair value on a non-recurring basis $ 166 $ — $ — $ 166 At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for credit losses. For collateral dependent real estate loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. The fair value of impaired loans is based on the fair value of the collateral. Impaired loans were determined to be collateral dependent and categorized as Level 3 due to ongoing real estate market conditions resulting in inactive market data, which in turn required the use of unobservable inputs and assumptions in fair value measurements. Impaired loans evaluated under the discounted cash flow method are excluded from the table above. The discounted cash flow methods as prescribed by ASC Topic 310 is not a fair value measurement since the discount rate utilized is the loan’s effective interest rate which is not a market rate. There were no changes in valuation techniques used during the six months ended ended June 30, 2020. Appraisals for collateral-dependent impaired loans are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value is compared with independent data sources such as recent market data or industry-wide statistics. Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans had a principal balance of $190,000 with a valuation allowance of $24,000 at June 30, 2020, and a resulting fair value of $166,000. The valuation allowance represents specific allocations for the allowance for credit losses for impaired loans. There were no charge-offs related to loans carried at fair value during the six months ended June 30, 2020 and 2019. Activity related to changes in the allowance for loan losses related to impaired loans for the three months ended June 30, 2020 and 2019 was not considered significant for disclosure purposes. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2020. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2019: Recurring Basis The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2019 (in thousands). Description Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities: U.S. Government agencies $ 14,494 $ — $ 14,494 $ — Obligations of states and political subdivisions 91,111 — 91,111 — U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 196,719 — 196,719 — Private label mortgage and asset backed securities 159,378 — 159,378 — Corporate debt securities 9,044 — 9,044 — Equity securities 7,472 7,472 — — Total assets measured at fair value on a recurring basis $ 478,218 $ 7,472 $ 470,746 $ — Securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for available-for-sale debt securities in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. During the year ended December 31, 2019, no transfers between levels occurred. There were no Level 3 assets measured at fair value on a recurring basis at or during the year ended December 31, 2019. Also there were no liabilities measured at fair value on a recurring basis at December 31, 2019. Non-recurring Basis The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. As of December 31, 2019 there were no loans or assets that were measured at the lower of cost or fair value. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Outstanding loans are summarized as follows: Loan Type (Dollars in thousands) June 30, 2020 % of Total December 31, 2019 % of Total Commercial: Commercial and industrial $ 303,775 27.0 % $ 102,541 10.9 % Agricultural production 26,419 2.3 % 23,159 2.6 % Total commercial 330,194 29.3 % 125,700 13.5 % Real estate: Owner occupied 199,337 17.5 % 197,946 21.0 % Real estate construction and other land loans 83,490 7.4 % 73,718 7.8 % Commercial real estate 313,625 27.9 % 329,333 34.9 % Agricultural real estate 72,994 6.4 % 76,304 8.1 % Other real estate 32,649 2.9 % 31,241 3.3 % Total real estate 702,095 62.1 % 708,542 75.1 % Consumer: Equity loans and lines of credit 58,431 5.1 % 64,841 6.9 % Consumer and installment 39,631 3.5 % 42,782 4.5 % Total consumer 98,062 8.6 % 107,623 11.4 % Net deferred origination (fees) costs (4,460) 1,515 Total gross loans 1,125,891 100.0 % 943,380 100.0 % Allowance for credit losses (13,937) (9,130) Total loans $ 1,111,954 $ 934,250 At June 30, 2020 and December 31, 2019, loans originated under Small Business Administration (SBA) programs totaling $7,015,000 and $21,910,000, respectively, were included in the real estate and commercial categories, of which, $5,204,000 or 74% and $16,372,000 or 75%, respectively, are secured by government guarantees. In addition, the Company participated in the SBA Paycheck protection Program (PPP) to help provide loans to our business customers to provide them with additional working capital. At June 30, 2020, 1,077 PPP loans totaling $211,575,000 were outstanding and included in the commercial and industrial line item above . Allowance for Credit Losses The allowance for credit losses (the “Allowance”) is a valuation allowance for probable incurred credit losses in the Company’s loan portfolio. The Allowance is established through a provision for credit losses which is charged to expense. Additions to the Allowance are expected to maintain the adequacy of the total Allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the Allowance. Cash received on previously charged-off credits is recorded as a recovery to the Allowance. The overall Allowance consists of two primary components, specific reserves related to impaired loans and general reserves for probable incurred losses related to loans that are not impaired. For all portfolio segments, the determination of the general reserve for loans that are not impaired is based on estimates made by management, including but not limited to, consideration of historical losses by portfolio segment (and in certain cases peer data) over the most recent 20 quarters, and qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. The following table shows the summary of activities for the Allowance as of and for the three months ended June 30, 2020 and 2019 by portfolio segment (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Beginning balance, April 1, 2020 $ 1,657 $ 7,555 $ 1,236 $ 98 $ 10,546 Provision charged to operations 7 2,834 76 83 3,000 Losses charged to allowance — — (80) — (80) Recoveries 423 — 48 — 471 Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Allowance for credit losses: Beginning balance, April 1, 2019 $ 1,450 $ 6,709 $ 895 $ 64 $ 9,118 (Reversal) provision charged to operations 372 (156) 7 77 300 Losses charged to allowance (50) — (6) — (56) Recoveries 28 — 15 — 43 Ending balance, June 30, 2019 $ 1,800 $ 6,553 $ 911 $ 141 $ 9,405 The following table shows the summary of activities for the Allowance as of and for the six month ended June 30, 2020 and 2019 by portfolio segment (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Beginning balance, January 1, 2020 $ 1,428 $ 6,769 $ 897 $ 36 $ 9,130 Provision charged to operations 233 3,620 377 145 4,375 Losses charged to allowance (29) — (94) — (123) Recoveries 455 — 100 — 555 Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Allowance for credit losses: Beginning balance, January 1, 2019 $ 1,671 $ 6,539 $ 826 $ 68 $ 9,104 (Reversal) provision charged to operations 120 14 68 73 275 Losses charged to allowance (50) — (15) — (65) Recoveries 59 — 32 — 91 Ending balance, June 30, 2019 $ 1,800 $ 6,553 $ 911 $ 141 $ 9,405 The following is a summary of the Allowance by impairment methodology and portfolio segment as of June 30, 2020 and December 31, 2019 (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Ending balance: individually evaluated for impairment $ 255 $ 25 $ 14 $ — $ 294 Ending balance: collectively evaluated for impairment $ 1,832 $ 10,364 $ 1,266 $ 181 $ 13,643 Ending balance, December 31, 2019 $ 1,428 $ 6,769 $ 897 $ 36 $ 9,130 Ending balance: individually evaluated for impairment $ 2 $ 3 $ 35 $ — $ 40 Ending balance: collectively evaluated for impairment $ 1,426 $ 6,766 $ 862 $ 36 $ 9,090 The following table shows the ending balances of loans as of June 30, 2020 and December 31, 2019 by portfolio segment and by impairment methodology (in thousands): Commercial Real Estate Consumer Total Loans: Ending balance, June 30, 2020 $ 330,194 $ 702,095 $ 98,062 $ 1,130,351 Ending balance: individually evaluated for impairment $ 11,231 $ 1,819 $ 1,137 $ 14,187 Ending balance: collectively evaluated for impairment $ 318,963 $ 700,276 $ 96,925 $ 1,116,164 Loans: Ending balance, December 31, 2019 $ 125,700 $ 708,542 $ 107,623 $ 941,865 Ending balance: individually evaluated for impairment $ 187 $ 2,036 $ 1,511 $ 3,734 Ending balance: collectively evaluated for impairment $ 125,513 $ 706,506 $ 106,112 $ 938,131 The following table shows the loan portfolio by class allocated by management’s internal risk ratings at June 30, 2020 (in thousands): Pass Special Mention Sub-Standard Doubtful Total Commercial: Commercial and industrial $ 278,630 $ 12,837 $ 12,308 $ — $ 303,775 Agricultural production 19,953 — 6,466 — 26,419 Real Estate: Owner occupied 185,323 8,432 5,582 — 199,337 Real estate construction and other land loans 77,820 1,990 3,680 — 83,490 Commercial real estate 300,565 10,725 2,335 — 313,625 Agricultural real estate 64,567 1,350 7,077 — 72,994 Other real estate 32,488 161 — — 32,649 Consumer: Equity loans and lines of credit 56,967 240 1,224 — 58,431 Consumer and installment 39,631 — — — 39,631 Total $ 1,055,944 $ 35,735 $ 38,672 $ — $ 1,130,351 The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2019 (in thousands): Pass Special Mention Sub-Standard Doubtful Total Commercial: Commercial and industrial $ 86,705 $ 2,635 $ 13,201 $ — $ 102,541 Agricultural production 18,814 — 4,345 — 23,159 Real Estate: Owner occupied 186,370 6,881 4,695 — 197,946 Real estate construction and other land loans 72,142 — 1,576 — 73,718 Commercial real estate 310,982 17,202 1,149 — 329,333 Agricultural real estate 68,032 946 7,326 — 76,304 Other real estate 31,241 — — — 31,241 Consumer: Equity loans and lines of credit 62,776 519 1,546 — 64,841 Consumer and installment 42,782 — — — 42,782 Total $ 879,844 $ 28,183 $ 33,838 $ — $ 941,865 The following table shows an aging analysis of the loan portfolio by class and the time past due at June 30, 2020 (in thousands): 30-59 Days 60-89 Greater Than 90 Days Past Due Total Past Current Total Recorded Non-accrual Commercial: Commercial and industrial $ 148 $ — $ — $ 148 $ 303,627 $ 303,775 $ — $ 732 Agricultural production — — — — 26,419 26,419 — — Real estate: — — Owner occupied — — — — 199,337 199,337 — 391 Real estate construction and other land loans — — 190 190 83,300 83,490 — 190 Commercial real estate 514 — — 514 313,111 313,625 — 869 Agricultural real estate — — — — 72,994 72,994 — 182 Other real estate — — — — 32,649 32,649 — — Consumer: — Equity loans and lines of credit — — — — 58,431 58,431 — 42 Consumer and installment 1 — — 1 39,630 39,631 — — Total $ 663 $ — $ 190 $ 853 $ 1,129,498 $ 1,130,351 $ — $ 2,406 The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2019 (in thousands): 30-59 Days 60-89 Greater Than 90 Days Past Due Total Past Current Total Recorded Non- Commercial: Commercial and industrial $ 17 $ — $ — $ 17 $ 102,524 $ 102,541 $ — $ 187 Agricultural production — — — — 23,159 23,159 — — Real estate: — Owner occupied — 218 — 218 197,728 197,946 — 416 Real estate construction and other land loans — — — — 73,718 73,718 — — Commercial real estate — 381 — 381 328,952 329,333 — 381 Agricultural real estate — — — — 76,304 76,304 — 321 Other real estate — — — — 31,241 31,241 — — Consumer: Equity loans and lines of credit — — — — 64,841 64,841 — 388 Consumer and installment 168 — — 168 42,614 42,782 — — Total $ 185 $ 599 $ — $ 784 $ 941,081 $ 941,865 $ — $ 1,693 The following table shows information related to impaired loans by class at June 30, 2020 (in thousands): Recorded Unpaid Related With no related allowance recorded: Real estate: Owner occupied $ 391 $ 417 $ — Commercial real estate 869 1,030 — Agricultural real estate 182 189 — Total real estate 1,442 1,636 — Consumer: Equity loans and lines of credit 190 229 — Total with no related allowance recorded 1,632 1,865 — With an allowance recorded: Commercial: Commercial and industrial 10,456 10,463 239 Agricultural production 775 775 16 Total commercial 11,231 11,238 255 Real estate: Real estate construction and other land loans 190 191 24 Commercial real estate 150 151 1 Agricultural real estate 37 37 — Total real estate 377 379 25 Consumer: Equity loans and lines of credit 947 947 14 Total with an allowance recorded 12,555 12,564 294 Total $ 14,187 $ 14,429 $ 294 The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following table shows information related to impaired loans by class at December 31, 2019 (in thousands): Recorded Unpaid Related With no related allowance recorded: Commercial: Commercial and industrial $ 163 $ 432 $ — Real estate: Owner occupied 416 426 — Real estate construction and other land loans — — — Commercial real estate 1,110 1,361 — Agricultural real estate 321 321 — Total real estate 1,847 2,108 — Consumer: Equity loans and lines of credit 220 256 — Total with no related allowance recorded 2,230 2,796 — With an allowance recorded: Commercial: Commercial and industrial 24 27 2 Real estate: Commercial real estate 152 153 3 Agricultural real estate 37 37 — Total real estate 189 190 3 Consumer: Equity loans and lines of credit 1,291 1,292 35 Total with an allowance recorded 1,504 1,509 40 Total $ 3,734 $ 4,305 $ 40 The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended June 30, 2020 and 2019 (in thousands). Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 7 $ — $ 223 $ — Agricultural production 212 — — — Total commercial 219 — 223 — Real estate: Owner occupied 401 — 209 — Real estate construction and other land loans — — 1,058 16 Commercial real estate 848 — 1,417 12 Agricultural real estate 199 — — — Total real estate 1,448 — 2,684 28 Consumer: Equity loans and lines of credit 232 3 739 1 Total with no related allowance recorded 1,899 3 3,646 29 With an allowance recorded: Commercial: Commercial and industrial 11,516 171 70 — Agricultural production 619 12 — — Total commercial 12,135 183 70 — Real estate: Real estate construction and other land loans 95 — — — Commercial real estate 331 2 428 3 Agricultural real estate 28 1 44 1 Total real estate 454 3 472 4 Consumer: Equity loans and lines of credit 957 14 1,099 14 Consumer and installment 38 — 17 — Total consumer 995 14 1,116 14 Total with an allowance recorded 13,584 200 1,658 18 Total $ 15,483 $ 203 $ 5,304 $ 47 The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the six months ended June 30, 2020 and 2019 (in thousands). Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 71 $ — $ 236 $ — Agricultural production 121 — — — Total commercial 192 — 236 — Real estate: Owner occupied 407 — 211 — Real estate construction and other land loans — — 1,715 32 Commercial real estate 959 — 1,313 25 Agricultural real estate 228 — — — Total real estate 1,594 — 3,239 57 Consumer: Equity loans and lines of credit 264 6 527 2 Consumer and installment — — — — Total consumer 264 6 527 2 Total with no related allowance recorded 2,050 6 4,002 59 With an allowance recorded: Commercial: Commercial and industrial 6,589 344 77 1 Agricultural production 354 24 — — Total commercial 6,943 368 77 1 Real estate: Real estate construction and other land loans 54 — — — Commercial real estate 254 5 472 6 Agricultural real estate 26 1 44 1 Other real estate — — — — Total real estate 334 6 516 7 Consumer: Equity loans and lines of credit 1,052 28 1,102 28 Consumer and installment 24 — 9 — Total consumer 1,076 28 1,111 28 Total with an allowance recorded 8,353 402 1,704 36 Total $ 10,403 $ 408 $ 5,706 $ 95 Foregone interest on nonaccrual loans totaled $74,000 and $85,000 for the six month period ended June 30, 2020 and 2019, respectively. Foregone interest on nonaccrual loans totaled $55,000 and $53,000 for the three month periods ended June 30, 2020 and 2019, respectively. Troubled Debt Restructurings: As of June 30, 2020 and December 31, 2019, the Company has a recorded investment in troubled debt restructurings of $11,781,000 and $2,362,000, respectively. The Company has allocated $93,000 and $38,000 of specific reserves to loans whose terms have been modified in troubled debt restructurings as of June 30, 2020 and December 31, 2019, respectively. The Company has committed to lend no additional amounts as of June 30, 2020 to customers with outstanding loans that are classified as troubled debt restructurings. During the six months ended June 30, 2020, two loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. During the same period, there were no troubled debt restructurings in which the amount of principal or accrued interest owed from the borrower was forgiven or which resulted in a charge-off or change to the allowance for loan losses. As discussed in Note 1 to these financial statements, Section 4013 of the CARES Act and the “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) ” provided banks an option to elect to not account for certain loan modifications related to COVID-19 as TDRs as long as the borrowers were not more than 30 days past due as of December 31, 2019 or at the time of modification program implementation, respectively, and the borrowers meet other applicable criteria. The remaining TDRs disclosed below were not related to COVID-19 modifications. The Company executed loan deferrals on outstanding balances of approximately $179 million resulting from the COVID-19 pandemic that were not classified as a TDRs at June 30, 2020. The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2020 (in thousands): Troubled Debt Restructurings: Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Commercial: Commercial and industrial 1 $ 12,925 $ — $ 12,925 $ 9,725 Agricultural production 1 850 — 850 775 Total 2 $ 13,775 $ — $ 13,775 $ 10,500 (1) Amounts represent the recorded investment in loans before recognizing effects of the Troubled Debt Restructurings, if any. (2) Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with zero percent contractual interest rate. (3) Balance outstanding after principal modification, if any borrower reduction to recorded investment. The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2019 (in thousands): Troubled Debt Restructurings: Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Consumer: Equity loans and lines of credit 2 $ 132 $ — $ 132 $ 128 Total 2 $ 132 $ — $ 132 $ 128 During the quarter ended June 30, 2020 no loans were modified as troubled debt restructuring. Troubled Debt Restructuring The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 30, 2019 (in thousands): Troubled Debt Restructuring Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Consumer: Equity loans and lines of credit 1 $ 119 $ — $ 119 $ 115 Total 1 $ 119 $ — $ 119 $ 115 A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no defaults on troubled debt restructurings, within twelve months following the modification, during the six months ended and three months ended June 30, 2020 or June 30, 2019. |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Borrowing Arrangements | Borrowing ArrangementsAs of June 30, 2020 and December 31, 2019, the Company had no Federal Home Loan Bank (“FHLB”) of San Francisco advances. Approximately $438,589,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Bank’s remaining borrowing capacity of $255,973,000 as of June 30, 2020. FHLB advances are also secured by investment securities with amortized costs totaling $197,000 and $248,000 and market values totaling $208,000 and $256,000 at June 30, 2020 and December 31, 2019, respectively. The Bank’s credit limit varies according to the amount and composition of the investment and loan portfolios pledged as collateral. As of June 30, 2020, and December 31, 2019 the Company had no Federal funds purchased. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Instruments With Off-Balance-Sheet Risk - In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit and standby letters of credit . These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for loans. Commitments to extend credit amounting to $315,695,000 and $291,182,000 were outstanding at June 30, 2020 and December 31, 2019, 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 unless waived by the Bank. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Included in commitments to extend credit are undisbursed lines of credit totaling $314,105,000 and $289,465,000 at June 30, 2020 and December 31, 2019, respectively. Undisbursed lines of credit include credits whereby customers can repay principal and request principal advances during the term of the loan at their discretion and most expire between one and 12 months. Included in undisbursed lines of credit are commitments for the undisbursed portions of construction loans totaling $72,368,000 and $74,019,000 as of June 30, 2020 and December 31, 2019, respectively. These commitments are agreements to lend to customers, subject to meeting certain construction progress requirements established in the contracts. The underlying construction loans have fixed expiration dates. Standby letters of credit and financial guarantees amounting to $1,590,000 and $1,717,000 were outstanding at June 30, 2020 and December 31, 2019, respectively. Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private financial arrangements. Most standby letters of credit and guarantees carry a one year term or less. The fair value of the liability related to these standby letters of credit, which represents the fees received for their issuance, was not significant at June 30, 2020 or December 31, 2019. The Company recognizes these fees as revenue over the term of the commitment or when the commitment is used. The Company generally requires collateral or other security to support financial instruments with credit risk. Management does not anticipate any material loss will result from the outstanding commitments to extend credit, standby letters of credit and financial guarantees. At June 30, 2020 and December 31, 2019, the balance of a contingent allocation for probable loan loss experience on unfunded obligations was $175,000 and $250,000, respectively. The contingent allocation for probable loan loss experience on unfunded obligations is calculated by management using an appropriate, systematic, and consistently applied process. While related to credit losses, this allocation is not a part of the allowance for credit losses and is considered separately as a liability for accounting and regulatory reporting purposes, and is included in Other Liabilities on the Company’s balance sheet. In 2018, the Company sold its credit card portfolio to a third party vendor. Part of the sale of the portfolio was to provide a guarantee of certain accounts which as of June 30, 2020, the total guarantee was $2,475,000. The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the amount of ultimate liability with respect to such actions will not materially affect the consolidated financial position or consolidated results of operations of the Company. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows: Basic Earnings Per Share For the Three Months For the Six Months (In thousands, except share and per share amounts) 2020 2019 2020 2019 Net income $ 2,301 $ 6,087 $ 8,924 $ 11,303 Weighted average shares outstanding 12,449,283 13,533,724 12,592,126 13,515,752 Basic earnings per share $ 0.18 $ 0.45 $ 0.71 $ 0.84 Diluted Earnings Per Share For the Three Months For the Six Months (In thousands, except share and per share amounts) 2020 2019 2020 2019 Net income $ 2,301 $ 6,087 $ 8,924 $ 11,303 Weighted average shares outstanding 12,449,283 13,533,724 12,592,126 13,515,752 Effect of dilutive stock options 37,398 102,110 54,277 97,114 Weighted average shares of common stock and common stock equivalents 12,486,681 13,635,834 12,646,403 13,612,866 Diluted earnings per share $ 0.18 $ 0.45 $ 0.71 $ 0.83 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company has five share-based compensation plans as described below. Share-based compensation cost recognized for those plans was $248,000 and $294,000 for the six months ended June 30, 2020 and 2019, respectively. The recognized tax benefits for the share-based compensation expense, forfeitures of restricted stock, and exercise of stock options, resulted in the recognition of $72,000 and $25,000, respectively, for the six months ended June 30, 2020 and 2019. The Central Valley Community Bancorp 2000 Stock Option Plan (2000 Plan) expired on November 15, 2010. The Central Valley Community Bancorp 2005 Omnibus Incentive Plan (2005 Plan) was adopted in May 2005 and expired March 16, 2015. While outstanding arrangements to issue shares under these plans, including options, continue in force until their expiration, no new options will be granted under these plans. The Central Valley Community Bancorp 2015 Omnibus Incentive Plan (2015 Plan) was adopted in May 2015. In October 2017, the Company assumed the Folsom Lake Bank 2007 Equity Incentive Plan (2007 Plan). The plans provide for awards in the form of incentive stock options, non-statutory stock options, stock appreciation rights, and restricted stock. Both plans allow for performance awards that may be in the form of cash or shares of the Company, including restricted stock. Outstanding arrangements to issue shares under this plan including options, will continue in force until expiration according to their respective terms. Effective June 2, 2017, the Company adopted an Employee Stock Purchase Plan (ESPP) whereby our employees may purchase Company common stock through payroll deductions of between one percent and 15 percent of pay in each pay period. Shares are purchased at the end of each of the three-month offering periods at a 10 percent discount from the lower of the closing market price on the Offering Date (first trading day of each offering period) or the Investment Date (last trading day of each offering period). The Company reserved 500,000 common shares to be set aside for the ESPP, and there were 465,711 shares available for future purchase under the plan as of June 30, 2020. Stock Option Plan The Company bases the fair value of the options granted on the date of grant using a Black-Scholes Merton option pricing model that uses assumptions based on expected option life and the level of estimated forfeitures, expected stock volatility, risk free interest rate, and dividend yield. The expected term and level of estimated forfeitures of the Company’s options are based on the Company’s own historical experience. Stock volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U. S. Treasury yield curve for the periods within the contractual life of the options in effect at the time of grant. The compensation cost for options granted is based on the weighted average grant date fair value per share. No options to purchase shares of the Company’s common stock were granted during the six months ended June 30, 2020 and 2019. A summary of the combined activity of the Company’s stock option compensation plans for the six months ended ended June 30, 2020 follows (in thousands, except per share amounts): Shares Weighted Weighted Aggregate Options outstanding at January 1, 2020 121,120 $ 8.73 Options exercised (34,950) $ 6.47 Options forfeited (400) $ 8.02 Options outstanding at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Options vested or expected to vest at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Options exercisable at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Information related to the stock option plan is as follows (in thousands): For the Three Months For the Six Months 2020 2019 2020 2019 Intrinsic value of options exercised $ 32 $ 98 $ 381 $ 265 Cash received from options exercised $ 19 $ 65 $ 228 $ 160 Excess tax benefit realized for option exercises $ — $ 8 $ 72 $ 25 As of June 30, 2020, there was no remaining unrecognized compensation cost related to stock options granted under all plans. Restricted and Performance Common Stock Awards The 2015 Plan provides for the issuance of restricted common stock to directors and officers. In addition, performance awards may be granted in the form of cash or shares. Restricted common stock grants typically vest over a one to five-year period. Restricted common stock (all of which are shares of our common stock) is subject to forfeiture if employment terminates prior to vesting. The cost of these awards is recognized over the vesting period of the awards based on the fair value of our common stock on the date of the grant. The following table summarizes restricted stock and performance award activity for the six months ended ended June 30, 2020 as follows: Shares Weighted Nonvested outstanding shares at January 1, 2020 45,160 $ 17.38 Granted 20,638 $ 16.54 Vested (28,345) $ 18.98 Nonvested outstanding shares at June 30, 2020 37,453 $ 15.70 During the six months ended June 30, 2020, 20,638 shares of restricted or performance common stock awards were granted. The restricted and performance common stock awards had a weighted average grant date fair market value of $16.54 per share on the date of grant during the six months ended June 30, 2020. Restricted common stock awards fully vest after year one, or vest ratably until fully vested in year three or year five depending on agreement terms. Performance common stock awards vest immediately. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The interim unaudited condensed consolidated financial statements of Central Valley Community Bancorp and subsidiary have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). These interim condensed consolidated financial statements include the accounts of Central Valley Community Bancorp and its wholly owned subsidiary Central Valley Community Bank (the Bank) (collectively, the Company). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been omitted. The Company believes that the disclosures are adequate to make the information presented not misleading. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2019 Annual Report to Shareholders on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2020, and the results of its operations and its cash flows for the six-month interim periods ended June 30, 2020 and 2019 have been included. The results of operations for interim periods are not necessarily indicative of results for the full year. The preparation of these interim unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Segment Reporting | Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment, and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. |
Concentration of Credit Risk | No customer accounts for more than 10 percent of revenues for the Company or the Bank. |
Impact of New Financial Accounting Standards | Impact of New Financial Accounting Standards: FASB Accounting Standards Update (ASU) 2016-13 - Measurement of Credit Losses on Financial Instruments (Subtopic 326) : Financial Instruments - Credit Losses, commonly referred to as “CECL,” was issued June 2016. The provisions of the update eliminate the probable initial recognition threshold under current GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost will reflect an organization’s estimate of all expected credit losses over the contractual term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held to maturity (“HTM”) debt securities. Under the provisions of the update, credit losses recognized on available for sale (“AFS”) debt securities will be presented as an allowance as opposed to a write-down. In addition, CECL will modify the accounting for purchased loans, with credit deterioration since origination, so that reserves are established at the date of acquisition for purchased loans. Under current GAAP a purchased loan’s contractual balance is adjusted to fair value through a credit discount and no reserve is recorded on the purchased loan upon acquisition. Since under CECL, reserves will be established for purchased loans at the time of acquisition, the accounting for purchased loans is made more comparable to the accounting for originated loans. Finally, increased disclosure requirements under CECL require organizations to present the currently required credit quality disclosures disaggregated by the year of origination or vintage. The FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. On August 15, 2019, the FASB issued a proposed Accounting Standards Update (ASU), “Financial Instruments -Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” that would provide private entities and certain small public companies additional time to implement the standards on CECL, leases, and hedging. The final ASU extends the effective date for SEC filers, such as the Company, that are classified as smaller reporting companies to January 1, 2023. The Company has formed an internal task force that is responsible for oversight of the Company’s implementation strategy for compliance with provisions of the new standard. The Company has also established a project management governance process to manage the implementation across affected disciplines. An external provider specializing in community bank loss driver and CECL reserving model design as well as other related consulting services has been retained, and we have begun to evaluate potential CECL modeling alternatives. As part of this process, the Company has determined potential loan pool segmentation and sub-segmentation under CECL, as well as begun to evaluate the key economic loss drivers for each segment. Further, the Company has begun developing internal controls around the CECL process, data, calculations and implementation. The Company presently plans to generate and evaluate model scenarios under CECL in tandem with its current reserving processes for interim and annual reporting periods during 2020 due to the fact the Company elected to delay implementation of the CECL process as allowed by FASB. While the Company is currently unable to reasonably estimate the impact of adopting this new guidance, management expects the impact of adoption will be significantly influenced by the composition and quality of the Company’s loans as well as the economic conditions as of the date of adoption. The Company also anticipates significant changes to the processes and procedures for calculating the reserve for credit losses and continues to evaluate the potential impact on our consolidated financial statements. FASB Accounting Standards Update (ASU) 2018-13 - Fair Value Measurement (Subtopic 820) : Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, was issued August 2018. The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU effective January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements and disclosures. FASB Accounting Standards Update (ASU) 2020-04 - Reference Rate Reform (Subtopic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting, was issued March 2020. This ASU provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is in the process of evaluating the provisions of this ASU and its effects on our consolidated financial statements. In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (“the agencies”) issued a revised interagency statement encouraging financial institutions to work with customers affected by COVID-19 and providing additional information regarding loan modifications. The revised interagency statement clarifies the interaction between the interagency statement issued on March 22, 2020 and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Section 4013 allows financial institutions to suspend the requirements to classify certain loan modifications as troubled debt restructurings (“TDRs”). The revised statement also provides supervisory interpretations on past due and nonaccrual regulatory reporting of loan modification programs and regulatory capital. This interagency guidance is expected to reduce the number of TDRs that will be reported in future periods; however, the amount is indeterminable and will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2020 Carrying Fair Value (In thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 32,296 $ 32,296 $ — $ — $ 32,296 Interest-earning deposits in other banks 86,261 86,261 — — 86,261 Available-for-sale debt securities 544,502 — 544,502 — 544,502 Equity securities 7,655 7,655 — — 7,655 Loans, net 1,111,954 — — 1,098,205 1,098,205 Federal Home Loan Bank stock 5,595 N/A N/A N/A N/A Accrued interest receivable 8,294 17 2,991 5,286 8,294 Financial liabilities: Deposits 1,649,557 1,498,035 90,997 — 1,589,032 Junior subordinated deferrable interest debentures 5,155 — — 2,921 2,921 Accrued interest payable 126 — 89 37 126 December 31, 2019 Carrying Fair Value (In thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 24,195 $ 24,195 $ — $ — $ 24,195 Interest-earning deposits in other banks 28,379 28,379 — — 28,379 Available-for-sale debt securities 470,746 — 470,746 — 470,746 Equity securities 7,472 7,472 — — 7,472 Loans, net 934,250 — — 928,807 928,807 Federal Home Loan Bank stock 6,062 N/A N/A N/A N/A Accrued interest receivable 5,591 33 1,798 3,760 5,591 Financial liabilities: Deposits 1,333,285 1,160,224 93,395 — 1,253,619 Junior subordinated deferrable interest debentures 5,155 — — 3,976 3,976 Accrued interest payable 176 — 129 47 176 |
Fair Value of Assets on a Recurring Basis | The Company is required or permitted to record the following assets at fair value on a recurring basis as of June 30, 2020 (in thousands). Description Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities: U.S. Government agencies $ 41,706 $ — $ 41,706 $ — Obligations of states and political subdivisions 229,855 — 229,855 — U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 201,837 — 201,837 — Private label mortgage and asset backed securities 52,501 — 52,501 — Corporate debt securities 18,603 — 18,603 — Equity securities 7,655 7,655 — — Total assets measured at fair value on a recurring basis $ 552,157 $ 7,655 $ 544,502 $ — The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2019 (in thousands). Description Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities: U.S. Government agencies $ 14,494 $ — $ 14,494 $ — Obligations of states and political subdivisions 91,111 — 91,111 — U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 196,719 — 196,719 — Private label mortgage and asset backed securities 159,378 — 159,378 — Corporate debt securities 9,044 — 9,044 — Equity securities 7,472 7,472 — — Total assets measured at fair value on a recurring basis $ 478,218 $ 7,472 $ 470,746 $ — |
Fair Value of Assets on a Non-recurring Basis | The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. As of December 31, 2019 there were no loans or assets that were measured at the lower of cost or fair value. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale securities reconciliation | The following table sets forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands): June 30, 2020 Available-for-Sale Securities Amortized Cost Gross Unrealized Gains Gross Estimated Fair Value Debt securities: U.S. Government agencies $ 42,085 $ 25 $ (404) $ 41,706 Obligations of states and political subdivisions 219,024 11,834 (1,003) 229,855 U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 201,373 4,355 (3,891) 201,837 Private label mortgage and asset backed securities 52,482 1,155 (1,136) 52,501 Corporate debt securities 19,000 5 (402) 18,603 Total available-for-sale $ 533,964 $ 17,374 $ (6,836) $ 544,502 December 31, 2019 Available-for-Sale Securities Amortized Cost Gross Unrealized Gains Gross Estimated Debt securities: U.S. Government agencies $ 14,740 $ 12 $ (258) $ 14,494 Obligations of states and political subdivisions 89,574 2,965 (1,428) 91,111 U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 198,125 1,409 (2,815) 196,719 Private label mortgage and asset backed securities 155,308 4,223 (153) 159,378 Corporate debt securities 9,000 79 (35) 9,044 Total available-for-sale $ 466,747 $ 8,688 $ (4,689) $ 470,746 |
Realized gains and losses | Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended June 30, 2020 and 2019 are shown below (in thousands): For the Three Months Ended June 30, For the Six Months Available-for-Sale Securities 2020 2019 2020 2019 Proceeds from sales or calls $ 16,114 $ 150,441 $ 122,151 $ 203,426 Gross realized gains from sales or calls 306 2,508 4,504 3,607 Gross realized losses from sales or calls (364) (49) (364) (96) |
Securities in a continuous unrealized loss position | Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands): June 30, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale Securities Value Losses Value Losses Value Losses Debt securities: U.S. Government agencies $ 27,942 $ (184) $ 13,075 $ (220) $ 41,017 $ (404) Obligations of states and political subdivisions 46,269 (1,003) — — 46,269 (1,003) U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 16,999 (277) 92,339 (3,614) 109,338 (3,891) Private label mortgage and asset backed securities 27,461 (1,136) — — 27,461 (1,136) Corporate debt securities 8,598 (402) — — 8,598 (402) Total available-for-sale $ 127,269 $ (3,002) $ 105,414 $ (3,834) $ 232,683 $ (6,836) December 31, 2019 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale Securities Value Losses Value Losses Value Losses Debt securities: U.S. Government agencies $ — $ — $ 13,713 $ (258) $ 13,713 $ (258) Obligations of states and political subdivisions 65,606 (1,428) — — 65,606 (1,428) U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 71,650 (932) 69,518 (1,883) 141,168 (2,815) Private label mortgage and asset backed securities 17,811 (81) 5,624 (72) 23,435 (153) Corporate debt securities 3,965 (35) — — 3,965 (35) Total available-for-sale $ 159,032 $ (2,476) $ 88,855 $ (2,213) $ 247,887 $ (4,689) |
Investments by contractual maturity | June 30, 2020 Available-for-Sale Securities Amortized Cost Estimated Fair Within one year $ — $ — After one year through five years 1,593 1,749 After five years through ten years 29,964 31,935 After ten years 187,467 196,171 219,024 229,855 Investment securities not due at a single maturity date: U.S. Government agencies 42,085 41,706 U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations 201,373 201,837 Private label mortgage and asset backed securities 52,482 52,501 Corporate debt securities 19,000 18,603 Total available-for-sale $ 533,964 $ 544,502 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Outstanding loans | Outstanding loans are summarized as follows: Loan Type (Dollars in thousands) June 30, 2020 % of Total December 31, 2019 % of Total Commercial: Commercial and industrial $ 303,775 27.0 % $ 102,541 10.9 % Agricultural production 26,419 2.3 % 23,159 2.6 % Total commercial 330,194 29.3 % 125,700 13.5 % Real estate: Owner occupied 199,337 17.5 % 197,946 21.0 % Real estate construction and other land loans 83,490 7.4 % 73,718 7.8 % Commercial real estate 313,625 27.9 % 329,333 34.9 % Agricultural real estate 72,994 6.4 % 76,304 8.1 % Other real estate 32,649 2.9 % 31,241 3.3 % Total real estate 702,095 62.1 % 708,542 75.1 % Consumer: Equity loans and lines of credit 58,431 5.1 % 64,841 6.9 % Consumer and installment 39,631 3.5 % 42,782 4.5 % Total consumer 98,062 8.6 % 107,623 11.4 % Net deferred origination (fees) costs (4,460) 1,515 Total gross loans 1,125,891 100.0 % 943,380 100.0 % Allowance for credit losses (13,937) (9,130) Total loans $ 1,111,954 $ 934,250 |
Impaired loans | The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended June 30, 2020 and 2019 (in thousands). Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 7 $ — $ 223 $ — Agricultural production 212 — — — Total commercial 219 — 223 — Real estate: Owner occupied 401 — 209 — Real estate construction and other land loans — — 1,058 16 Commercial real estate 848 — 1,417 12 Agricultural real estate 199 — — — Total real estate 1,448 — 2,684 28 Consumer: Equity loans and lines of credit 232 3 739 1 Total with no related allowance recorded 1,899 3 3,646 29 With an allowance recorded: Commercial: Commercial and industrial 11,516 171 70 — Agricultural production 619 12 — — Total commercial 12,135 183 70 — Real estate: Real estate construction and other land loans 95 — — — Commercial real estate 331 2 428 3 Agricultural real estate 28 1 44 1 Total real estate 454 3 472 4 Consumer: Equity loans and lines of credit 957 14 1,099 14 Consumer and installment 38 — 17 — Total consumer 995 14 1,116 14 Total with an allowance recorded 13,584 200 1,658 18 Total $ 15,483 $ 203 $ 5,304 $ 47 The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the six months ended June 30, 2020 and 2019 (in thousands). Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 71 $ — $ 236 $ — Agricultural production 121 — — — Total commercial 192 — 236 — Real estate: Owner occupied 407 — 211 — Real estate construction and other land loans — — 1,715 32 Commercial real estate 959 — 1,313 25 Agricultural real estate 228 — — — Total real estate 1,594 — 3,239 57 Consumer: Equity loans and lines of credit 264 6 527 2 Consumer and installment — — — — Total consumer 264 6 527 2 Total with no related allowance recorded 2,050 6 4,002 59 With an allowance recorded: Commercial: Commercial and industrial 6,589 344 77 1 Agricultural production 354 24 — — Total commercial 6,943 368 77 1 Real estate: Real estate construction and other land loans 54 — — — Commercial real estate 254 5 472 6 Agricultural real estate 26 1 44 1 Other real estate — — — — Total real estate 334 6 516 7 Consumer: Equity loans and lines of credit 1,052 28 1,102 28 Consumer and installment 24 — 9 — Total consumer 1,076 28 1,111 28 Total with an allowance recorded 8,353 402 1,704 36 Total $ 10,403 $ 408 $ 5,706 $ 95 Foregone interest on nonaccrual loans totaled $74,000 and $85,000 for the six month period ended June 30, 2020 and 2019, respectively. Foregone interest on nonaccrual loans totaled $55,000 and $53,000 for the three month periods ended June 30, 2020 and 2019, respectively. |
Allowance for credit losses | The following table shows the summary of activities for the Allowance as of and for the three months ended June 30, 2020 and 2019 by portfolio segment (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Beginning balance, April 1, 2020 $ 1,657 $ 7,555 $ 1,236 $ 98 $ 10,546 Provision charged to operations 7 2,834 76 83 3,000 Losses charged to allowance — — (80) — (80) Recoveries 423 — 48 — 471 Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Allowance for credit losses: Beginning balance, April 1, 2019 $ 1,450 $ 6,709 $ 895 $ 64 $ 9,118 (Reversal) provision charged to operations 372 (156) 7 77 300 Losses charged to allowance (50) — (6) — (56) Recoveries 28 — 15 — 43 Ending balance, June 30, 2019 $ 1,800 $ 6,553 $ 911 $ 141 $ 9,405 The following table shows the summary of activities for the Allowance as of and for the six month ended June 30, 2020 and 2019 by portfolio segment (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Beginning balance, January 1, 2020 $ 1,428 $ 6,769 $ 897 $ 36 $ 9,130 Provision charged to operations 233 3,620 377 145 4,375 Losses charged to allowance (29) — (94) — (123) Recoveries 455 — 100 — 555 Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Allowance for credit losses: Beginning balance, January 1, 2019 $ 1,671 $ 6,539 $ 826 $ 68 $ 9,104 (Reversal) provision charged to operations 120 14 68 73 275 Losses charged to allowance (50) — (15) — (65) Recoveries 59 — 32 — 91 Ending balance, June 30, 2019 $ 1,800 $ 6,553 $ 911 $ 141 $ 9,405 The following is a summary of the Allowance by impairment methodology and portfolio segment as of June 30, 2020 and December 31, 2019 (in thousands): Commercial Real Estate Consumer Unallocated Total Allowance for credit losses: Ending balance, June 30, 2020 $ 2,087 $ 10,389 $ 1,280 $ 181 $ 13,937 Ending balance: individually evaluated for impairment $ 255 $ 25 $ 14 $ — $ 294 Ending balance: collectively evaluated for impairment $ 1,832 $ 10,364 $ 1,266 $ 181 $ 13,643 Ending balance, December 31, 2019 $ 1,428 $ 6,769 $ 897 $ 36 $ 9,130 Ending balance: individually evaluated for impairment $ 2 $ 3 $ 35 $ — $ 40 Ending balance: collectively evaluated for impairment $ 1,426 $ 6,766 $ 862 $ 36 $ 9,090 |
Schedule of receivable by impairment methodology | Commercial Real Estate Consumer Total Loans: Ending balance, June 30, 2020 $ 330,194 $ 702,095 $ 98,062 $ 1,130,351 Ending balance: individually evaluated for impairment $ 11,231 $ 1,819 $ 1,137 $ 14,187 Ending balance: collectively evaluated for impairment $ 318,963 $ 700,276 $ 96,925 $ 1,116,164 Loans: Ending balance, December 31, 2019 $ 125,700 $ 708,542 $ 107,623 $ 941,865 Ending balance: individually evaluated for impairment $ 187 $ 2,036 $ 1,511 $ 3,734 Ending balance: collectively evaluated for impairment $ 125,513 $ 706,506 $ 106,112 $ 938,131 |
Loan portfolio by internal risk rating | The following table shows the loan portfolio by class allocated by management’s internal risk ratings at June 30, 2020 (in thousands): Pass Special Mention Sub-Standard Doubtful Total Commercial: Commercial and industrial $ 278,630 $ 12,837 $ 12,308 $ — $ 303,775 Agricultural production 19,953 — 6,466 — 26,419 Real Estate: Owner occupied 185,323 8,432 5,582 — 199,337 Real estate construction and other land loans 77,820 1,990 3,680 — 83,490 Commercial real estate 300,565 10,725 2,335 — 313,625 Agricultural real estate 64,567 1,350 7,077 — 72,994 Other real estate 32,488 161 — — 32,649 Consumer: Equity loans and lines of credit 56,967 240 1,224 — 58,431 Consumer and installment 39,631 — — — 39,631 Total $ 1,055,944 $ 35,735 $ 38,672 $ — $ 1,130,351 The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2019 (in thousands): Pass Special Mention Sub-Standard Doubtful Total Commercial: Commercial and industrial $ 86,705 $ 2,635 $ 13,201 $ — $ 102,541 Agricultural production 18,814 — 4,345 — 23,159 Real Estate: Owner occupied 186,370 6,881 4,695 — 197,946 Real estate construction and other land loans 72,142 — 1,576 — 73,718 Commercial real estate 310,982 17,202 1,149 — 329,333 Agricultural real estate 68,032 946 7,326 — 76,304 Other real estate 31,241 — — — 31,241 Consumer: Equity loans and lines of credit 62,776 519 1,546 — 64,841 Consumer and installment 42,782 — — — 42,782 Total $ 879,844 $ 28,183 $ 33,838 $ — $ 941,865 |
Loan portfolio by time past due | The following table shows an aging analysis of the loan portfolio by class and the time past due at June 30, 2020 (in thousands): 30-59 Days 60-89 Greater Than 90 Days Past Due Total Past Current Total Recorded Non-accrual Commercial: Commercial and industrial $ 148 $ — $ — $ 148 $ 303,627 $ 303,775 $ — $ 732 Agricultural production — — — — 26,419 26,419 — — Real estate: — — Owner occupied — — — — 199,337 199,337 — 391 Real estate construction and other land loans — — 190 190 83,300 83,490 — 190 Commercial real estate 514 — — 514 313,111 313,625 — 869 Agricultural real estate — — — — 72,994 72,994 — 182 Other real estate — — — — 32,649 32,649 — — Consumer: — Equity loans and lines of credit — — — — 58,431 58,431 — 42 Consumer and installment 1 — — 1 39,630 39,631 — — Total $ 663 $ — $ 190 $ 853 $ 1,129,498 $ 1,130,351 $ — $ 2,406 The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2019 (in thousands): 30-59 Days 60-89 Greater Than 90 Days Past Due Total Past Current Total Recorded Non- Commercial: Commercial and industrial $ 17 $ — $ — $ 17 $ 102,524 $ 102,541 $ — $ 187 Agricultural production — — — — 23,159 23,159 — — Real estate: — Owner occupied — 218 — 218 197,728 197,946 — 416 Real estate construction and other land loans — — — — 73,718 73,718 — — Commercial real estate — 381 — 381 328,952 329,333 — 381 Agricultural real estate — — — — 76,304 76,304 — 321 Other real estate — — — — 31,241 31,241 — — Consumer: Equity loans and lines of credit — — — — 64,841 64,841 — 388 Consumer and installment 168 — — 168 42,614 42,782 — — Total $ 185 $ 599 $ — $ 784 $ 941,081 $ 941,865 $ — $ 1,693 |
Troubled debt restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2020 (in thousands): Troubled Debt Restructurings: Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Commercial: Commercial and industrial 1 $ 12,925 $ — $ 12,925 $ 9,725 Agricultural production 1 850 — 850 775 Total 2 $ 13,775 $ — $ 13,775 $ 10,500 (1) Amounts represent the recorded investment in loans before recognizing effects of the Troubled Debt Restructurings, if any. (2) Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with zero percent contractual interest rate. (3) Balance outstanding after principal modification, if any borrower reduction to recorded investment. The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2019 (in thousands): Troubled Debt Restructurings: Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Consumer: Equity loans and lines of credit 2 $ 132 $ — $ 132 $ 128 Total 2 $ 132 $ — $ 132 $ 128 During the quarter ended June 30, 2020 no loans were modified as troubled debt restructuring. Troubled Debt Restructuring The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 30, 2019 (in thousands): Troubled Debt Restructuring Number of Loans Pre-Modification Outstanding Recorded Investment (1) Principal Modification (2) Post Modification Outstanding Recorded Investment (3) Outstanding Recorded Investment Consumer: Equity loans and lines of credit 1 $ 119 $ — $ 119 $ 115 Total 1 $ 119 $ — $ 119 $ 115 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows: Basic Earnings Per Share For the Three Months For the Six Months (In thousands, except share and per share amounts) 2020 2019 2020 2019 Net income $ 2,301 $ 6,087 $ 8,924 $ 11,303 Weighted average shares outstanding 12,449,283 13,533,724 12,592,126 13,515,752 Basic earnings per share $ 0.18 $ 0.45 $ 0.71 $ 0.84 Diluted Earnings Per Share For the Three Months For the Six Months (In thousands, except share and per share amounts) 2020 2019 2020 2019 Net income $ 2,301 $ 6,087 $ 8,924 $ 11,303 Weighted average shares outstanding 12,449,283 13,533,724 12,592,126 13,515,752 Effect of dilutive stock options 37,398 102,110 54,277 97,114 Weighted average shares of common stock and common stock equivalents 12,486,681 13,635,834 12,646,403 13,612,866 Diluted earnings per share $ 0.18 $ 0.45 $ 0.71 $ 0.83 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock option activity | A summary of the combined activity of the Company’s stock option compensation plans for the six months ended ended June 30, 2020 follows (in thousands, except per share amounts): Shares Weighted Weighted Aggregate Options outstanding at January 1, 2020 121,120 $ 8.73 Options exercised (34,950) $ 6.47 Options forfeited (400) $ 8.02 Options outstanding at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Options vested or expected to vest at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Options exercisable at June 30, 2020 85,770 $ 9.65 1.86 $ 475 Information related to the stock option plan is as follows (in thousands): For the Three Months For the Six Months 2020 2019 2020 2019 Intrinsic value of options exercised $ 32 $ 98 $ 381 $ 265 Cash received from options exercised $ 19 $ 65 $ 228 $ 160 Excess tax benefit realized for option exercises $ — $ 8 $ 72 $ 25 |
Restricted common stock activity | The following table summarizes restricted stock and performance award activity for the six months ended ended June 30, 2020 as follows: Shares Weighted Nonvested outstanding shares at January 1, 2020 45,160 $ 17.38 Granted 20,638 $ 16.54 Vested (28,345) $ 18.98 Nonvested outstanding shares at June 30, 2020 37,453 $ 15.70 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Available-for-sale debt securities | $ 544,502 | $ 470,746 |
Equity securities | 7,655 | 7,472 |
Level 1 | ||
Financial assets: | ||
Cash and due from banks | 32,296 | 24,195 |
Interest-earning deposits in other banks | 86,261 | 28,379 |
Available-for-sale debt securities | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 17 | 33 |
Financial liabilities: | ||
Deposits | 1,498,035 | 1,160,224 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in other banks | 0 | 0 |
Available-for-sale debt securities | 544,502 | 470,746 |
Loans, net | 0 | 0 |
Accrued interest receivable | 2,991 | 1,798 |
Financial liabilities: | ||
Deposits | 90,997 | 93,395 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | 89 | 129 |
Level 3 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in other banks | 0 | 0 |
Available-for-sale debt securities | 0 | 0 |
Loans, net | 1,098,205 | 928,807 |
Accrued interest receivable | 5,286 | 3,760 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Junior subordinated deferrable interest debentures | 2,921 | 3,976 |
Accrued interest payable | 37 | 47 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 32,296 | 24,195 |
Interest-earning deposits in other banks | 86,261 | 28,379 |
Available-for-sale debt securities | 544,502 | 470,746 |
Equity securities | 7,655 | 7,472 |
Loans, net | 1,111,954 | 934,250 |
Federal Home Loan Bank stock | 5,595 | 6,062 |
Accrued interest receivable | 8,294 | 5,591 |
Financial liabilities: | ||
Deposits | 1,649,557 | 1,333,285 |
Junior subordinated deferrable interest debentures | 5,155 | 5,155 |
Accrued interest payable | 126 | 176 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 32,296 | 24,195 |
Interest-earning deposits in other banks | 86,261 | 28,379 |
Available-for-sale debt securities | 544,502 | 470,746 |
Equity securities | 7,655 | 7,472 |
Loans, net | 1,098,205 | 928,807 |
Accrued interest receivable | 8,294 | 5,591 |
Financial liabilities: | ||
Deposits | 1,589,032 | 1,253,619 |
Junior subordinated deferrable interest debentures | 2,921 | 3,976 |
Accrued interest payable | 126 | 176 |
Recurring | Other equity securities | Level 1 | ||
Financial assets: | ||
Equity securities | 7,655 | 7,472 |
Recurring | Other equity securities | Level 2 | ||
Financial assets: | ||
Equity securities | 0 | 0 |
Recurring | Other equity securities | Level 3 | ||
Financial assets: | ||
Equity securities | 0 | 0 |
Recurring | Other equity securities | Fair Value | ||
Financial assets: | ||
Equity securities | $ 7,655 | $ 7,472 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | $ 544,502,000 | $ 470,746,000 | ||||
Equity securities | 7,655,000 | 7,472,000 | ||||
Available-for-sale debt securities | 544,502,000 | 470,746,000 | ||||
Financing receivable, allowance for credit loss | 13,937,000 | $ 9,405,000 | $ 10,546,000 | 9,130,000 | $ 9,118,000 | $ 9,104,000 |
Carrying Amount | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 7,655,000 | 7,472,000 | ||||
Available-for-sale debt securities | 544,502,000 | 470,746,000 | ||||
Loans, net | 1,111,954,000 | 934,250,000 | ||||
Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 7,655,000 | 7,472,000 | ||||
Available-for-sale debt securities | 544,502,000 | 470,746,000 | ||||
Loans, net | 1,098,205,000 | 928,807,000 | ||||
Loans, charge-offs | 0 | $ 0 | ||||
U.S. Government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 41,706,000 | 14,494,000 | ||||
Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 229,855,000 | 91,111,000 | ||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 201,837,000 | 196,719,000 | ||||
Private label mortgage and asset backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 52,501,000 | 159,378,000 | ||||
Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 18,603,000 | 9,044,000 | ||||
Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 0 | 0 | ||||
Loans, net | 0 | 0 | ||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 544,502,000 | 470,746,000 | ||||
Loans, net | 0 | 0 | ||||
Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale debt securities | 0 | 0 | ||||
Loans, net | 1,098,205,000 | 928,807,000 | ||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 552,157,000 | 478,218,000 | ||||
Recurring | U.S. Government agencies | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 41,706,000 | 14,494,000 | ||||
Recurring | Obligations of states and political subdivisions | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 229,855,000 | 91,111,000 | ||||
Recurring | U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 201,837,000 | 196,719,000 | ||||
Recurring | Private label mortgage and asset backed securities | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 52,501,000 | 159,378,000 | ||||
Recurring | Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 9,044,000 | |||||
Recurring | Corporate debt securities | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 18,603,000 | |||||
Recurring | Other equity securities | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 7,655,000 | 7,472,000 | ||||
Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 7,655,000 | 7,472,000 | ||||
Recurring | Level 1 | U.S. Government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 1 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 1 | U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 1 | Private label mortgage and asset backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 1 | Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 1 | Other equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 7,655,000 | 7,472,000 | ||||
Recurring | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 544,502,000 | 470,746,000 | ||||
Recurring | Level 2 | U.S. Government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 41,706,000 | 14,494,000 | ||||
Recurring | Level 2 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 229,855,000 | 91,111,000 | ||||
Recurring | Level 2 | U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 201,837,000 | 196,719,000 | ||||
Recurring | Level 2 | Private label mortgage and asset backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 52,501,000 | 159,378,000 | ||||
Recurring | Level 2 | Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 18,603,000 | 9,044,000 | ||||
Recurring | Level 2 | Other equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 0 | 0 | ||||
Recurring | Level 3 | U.S. Government agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | Private label mortgage and asset backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Recurring | Level 3 | Other equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities | 0 | 0 | ||||
Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities fair value disclosure | 0 | $ 0 | ||||
Nonrecurring | Carrying Amount | Impaired Financing Receivable [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | 190,000 | |||||
Nonrecurring | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 166 | |||||
Financing receivable, allowance for credit loss | 24,000 | |||||
Nonrecurring | Fair Value | Commercial real estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | 166 | |||||
Nonrecurring | Fair Value | Impaired Financing Receivable [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | 166,000 | |||||
Nonrecurring | Level 1 | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 0 | |||||
Nonrecurring | Level 1 | Fair Value | Commercial real estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | 0 | |||||
Nonrecurring | Level 2 | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 0 | |||||
Nonrecurring | Level 2 | Fair Value | Commercial real estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | 0 | |||||
Nonrecurring | Level 3 | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, fair value | 166 | |||||
Nonrecurring | Level 3 | Fair Value | Commercial real estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans, net | $ 166 |
Investments - Textual (Details)
Investments - Textual (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)security | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)security | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Available-for-sale Securities | |||||
Available-for-sale Securities pledged as collateral | $ | $ 109,802,000 | $ 109,802,000 | |||
Unrealized gain (loss) of available-for sale securities | $ | 10,538,000 | 10,538,000 | $ 3,999,000 | ||
AOCI available-for-sale securities adjustment tax | $ | 3,115,000 | 3,115,000 | 1,182,000 | ||
Income tax impact from the reclassification of unrealized net gains on available-for-sale securities to realized net gains on available-for-sale securities | $ | (17,000) | $ 727,000 | $ 1,224,000 | $ 1,038,000 | |
Threshold period of value decline in available-for-sale securities to be considered other than temporary impairment | 12 months | ||||
Threshold percentage of value decline in available-for-sale securities to be considered other than temporary impairment | 10.00% | ||||
Threshold amount of value decline in available-for-sale securities to be considered other than temporary impairment | $ | $ 10,000 | ||||
Other than temporary impairment losses on investment securities | $ | 0 | ||||
Debt securities, amortized cost | $ | $ 533,964,000 | $ 533,964,000 | |||
U.S. Government agencies | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities, number of positions | security | 11 | 11 | |||
Debt securities, amortized cost | $ | $ 42,085,000 | $ 42,085,000 | 14,740,000 | ||
U.S. Government agencies | Less than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 5 | 5 | |||
U.S. Government agencies | Greater than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 5 | 5 | |||
Obligations of states and political subdivisions | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities, number of positions | security | 74 | 74 | |||
Debt securities, amortized cost | $ | $ 219,024,000 | $ 219,024,000 | 89,574,000 | ||
Obligations of states and political subdivisions | Less than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 12 | 12 | |||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities, number of positions | security | 113 | 113 | |||
Debt securities, amortized cost | $ | $ 201,373,000 | $ 201,373,000 | 198,125,000 | ||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | Less than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 7 | 7 | |||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | Greater than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 19 | 19 | |||
Private label mortgage and asset backed securities | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities, number of positions | security | 23 | 23 | |||
Debt securities, amortized cost | $ | $ 52,482,000 | $ 52,482,000 | 155,308,000 | ||
Private label mortgage and asset backed securities | Less than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 7 | 7 | |||
Private label mortgage and asset backed securities | Greater than 12 months | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities in unrealized loss positions, number of positions | security | 0 | 0 | |||
Corporate debt securities | |||||
Schedule of Available-for-sale Securities | |||||
Available-for-sale securities, number of positions | security | 4 | 4 | |||
Debt securities, amortized cost | $ | $ 19,000,000 | $ 19,000,000 | $ 9,000,000 |
Investments - Carrying value an
Investments - Carrying value and estimated fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 533,964 | |
Available-for-sale debt securities | 544,502 | $ 470,746 |
Amortized Cost | 533,964 | 466,747 |
Gross Unrealized Gains | 17,374 | 8,688 |
Gross Unrealized Losses | (6,836) | (4,689) |
Available-for-sale securities | 544,502 | 470,746 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 42,085 | 14,740 |
Gross Unrealized Gains | 25 | 12 |
Gross Unrealized Losses | (404) | (258) |
Available-for-sale debt securities | 41,706 | 14,494 |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 219,024 | 89,574 |
Gross Unrealized Gains | 11,834 | 2,965 |
Gross Unrealized Losses | (1,003) | (1,428) |
Available-for-sale debt securities | 229,855 | 91,111 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 201,373 | 198,125 |
Gross Unrealized Gains | 4,355 | 1,409 |
Gross Unrealized Losses | (3,891) | (2,815) |
Available-for-sale debt securities | 201,837 | 196,719 |
Private label mortgage and asset backed securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 52,482 | 155,308 |
Gross Unrealized Gains | 1,155 | 4,223 |
Gross Unrealized Losses | (1,136) | (153) |
Available-for-sale debt securities | 52,501 | 159,378 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 19,000 | 9,000 |
Gross Unrealized Gains | 5 | 79 |
Gross Unrealized Losses | (402) | (35) |
Available-for-sale debt securities | $ 18,603 | $ 9,044 |
Investments - Realized gains an
Investments - Realized gains and losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Securities, Available-for-sale [Abstract] | ||||
Proceeds from sales or calls | $ 16,114 | $ 150,441 | $ 122,151 | $ 203,426 |
Gross realized gains from sales or calls | 306 | 2,508 | 4,504 | 3,607 |
Gross realized losses from sales or calls | $ (364) | $ (49) | $ (364) | $ (96) |
Investments - Unrealized losses
Investments - Unrealized losses (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | $ 127,269 | $ 159,032 |
Less than 12 Months, Unrealized Losses | (3,002) | (2,476) |
12 Months or More, Fair Value | 105,414 | 88,855 |
12 Months or More, Unrealized Losses | (3,834) | (2,213) |
Total Fair Value | 232,683 | 247,887 |
Total Unrealized Losses | (6,836) | (4,689) |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | 27,942 | 0 |
Less than 12 Months, Unrealized Losses | (184) | 0 |
12 Months or More, Fair Value | 13,075 | 13,713 |
12 Months or More, Unrealized Losses | (220) | (258) |
Total Fair Value | 41,017 | 13,713 |
Total Unrealized Losses | (404) | (258) |
Obligations of states and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | 46,269 | 65,606 |
Less than 12 Months, Unrealized Losses | (1,003) | (1,428) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total Fair Value | 46,269 | 65,606 |
Total Unrealized Losses | (1,003) | (1,428) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | 16,999 | 71,650 |
Less than 12 Months, Unrealized Losses | (277) | (932) |
12 Months or More, Fair Value | 92,339 | 69,518 |
12 Months or More, Unrealized Losses | (3,614) | (1,883) |
Total Fair Value | 109,338 | 141,168 |
Total Unrealized Losses | (3,891) | (2,815) |
Private label mortgage and asset backed securities | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | 27,461 | 17,811 |
Less than 12 Months, Unrealized Losses | (1,136) | (81) |
12 Months or More, Fair Value | 0 | 5,624 |
12 Months or More, Unrealized Losses | 0 | (72) |
Total Fair Value | 27,461 | 23,435 |
Total Unrealized Losses | (1,136) | (153) |
Corporate debt securities | ||
Schedule of Available-for-sale Securities | ||
Less than 12 Months, Fair Value | 8,598 | |
Less than 12 Months, Unrealized Losses | (402) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Other equity securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,598 | 3,965 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 402 | 35 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,965 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 35 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Investments - Investments by co
Investments - Investments by contractual maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Within one year, amortized cost | $ 0 | |
Within one year, estimated fair value | 0 | |
After one year through five years, amortized cost | 1,593 | |
After one year through five years, estimated fair value | 1,749 | |
After five years through ten years, amortized cost | 29,964 | |
After five years through ten years, estimated fair value | 31,935 | |
After ten years, amortized cost | 187,467 | |
After ten years, estimated fair value | 196,171 | |
Total securities with single maturity date, amortized cost | 219,024 | |
Total securities with single maturity date, estimated fair value | 229,855 | |
Debt securities, amortized cost | 533,964 | |
Equity securities | 544,502 | $ 470,746 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities | ||
Investment securities not due at a single maturity date, amortized cost | 42,085 | |
Investment securities not due at a single maturity date, estimated fair value | 41,706 | |
Debt securities, amortized cost | 42,085 | 14,740 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | ||
Schedule of Available-for-sale Securities | ||
Investment securities not due at a single maturity date, amortized cost | 201,373 | |
Investment securities not due at a single maturity date, estimated fair value | 201,837 | |
Debt securities, amortized cost | 201,373 | 198,125 |
Private label mortgage and asset backed securities | ||
Schedule of Available-for-sale Securities | ||
Investment securities not due at a single maturity date, amortized cost | 52,482 | |
Investment securities not due at a single maturity date, estimated fair value | 52,501 | |
Debt securities, amortized cost | 52,482 | 155,308 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities | ||
Investment securities not due at a single maturity date, amortized cost | 19,000 | |
Investment securities not due at a single maturity date, estimated fair value | 18,603 | |
Debt securities, amortized cost | $ 19,000 | $ 9,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of outstanding loans (Details) $ in Thousands | Jun. 30, 2020USD ($)Loans | Dec. 31, 2019USD ($) |
Loans | ||
Loans | $ 1,130,351 | $ 941,865 |
% of Total Loans | 100.00% | 100.00% |
Deferred loan fees, net | $ (4,460) | $ 1,515 |
Total gross loans | 1,125,891 | 943,380 |
Allowance for credit losses | (13,937) | (9,130) |
Total loans | 1,111,954 | 934,250 |
Small Business Administration programs | ||
Loans | ||
Loans | 7,015 | 21,910 |
Amount secured by government guarantees | $ 5,204 | $ 16,372 |
Percent secured by government guarantees | 74.00% | 75.00% |
Commercial | ||
Loans | ||
Loans | $ 330,194 | $ 125,700 |
% of Total Loans | 29.30% | 13.50% |
Commercial | Commercial and industrial | ||
Loans | ||
Loans | $ 303,775 | $ 102,541 |
% of Total Loans | 27.00% | 10.90% |
Commercial | Commercial and industrial | Paycheck Protection Program [Member] | ||
Loans | ||
Loans | $ 211,575 | |
Financing receivable number of contracts | Loans | 1,077 | |
Commercial | Agricultural production | ||
Loans | ||
Loans | $ 26,419 | $ 23,159 |
% of Total Loans | 2.30% | 2.60% |
Real Estate | ||
Loans | ||
Loans | $ 702,095 | $ 708,542 |
% of Total Loans | 62.10% | 75.10% |
Real Estate | Owner occupied | ||
Loans | ||
Loans | $ 199,337 | $ 197,946 |
% of Total Loans | 17.50% | 21.00% |
Real Estate | Real estate construction and other land loans | ||
Loans | ||
Loans | $ 83,490 | $ 73,718 |
% of Total Loans | 7.40% | 7.80% |
Real Estate | Commercial real estate | ||
Loans | ||
Loans | $ 313,625 | $ 329,333 |
% of Total Loans | 27.90% | 34.90% |
Real Estate | Agricultural real estate | ||
Loans | ||
Loans | $ 72,994 | $ 76,304 |
% of Total Loans | 6.40% | 8.10% |
Real Estate | Other real estate | ||
Loans | ||
Loans | $ 32,649 | $ 31,241 |
% of Total Loans | 2.90% | 3.30% |
Consumer | ||
Loans | ||
Loans | $ 98,062 | $ 107,623 |
% of Total Loans | 8.60% | 11.40% |
Consumer | Equity loans and lines of credit | ||
Loans | ||
Loans | $ 58,431 | $ 64,841 |
% of Total Loans | 5.10% | 6.90% |
Consumer | Consumer and installment | ||
Loans | ||
Loans | $ 39,631 | $ 42,782 |
% of Total Loans | 3.50% | 4.50% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)quartercomponent | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)quartercomponent | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of primary components | component | 2 | 2 | |||
Lookback period used in reserve analysis | quarter | 20 | 20 | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | $ 10,546 | $ 9,118 | $ 9,130 | $ 9,104 | |
Provision charged to operations | 3,000 | 300 | 4,375 | 275 | |
Losses charged to allowance | (80) | (56) | (123) | (65) | |
Recoveries | 471 | 43 | 555 | 91 | |
Allowance for credit losses, ending balance | 13,937 | 9,405 | 13,937 | 9,405 | |
Ending balance: individually evaluated for impairment | 294 | 294 | $ 40 | ||
Ending balance: collectively evaluated for impairment | 13,643 | 13,643 | 9,090 | ||
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 1,657 | 1,450 | 1,428 | 1,671 | |
Provision charged to operations | 7 | 372 | 233 | 120 | |
Losses charged to allowance | 0 | (50) | (29) | (50) | |
Recoveries | 423 | 28 | 455 | 59 | |
Allowance for credit losses, ending balance | 2,087 | 1,800 | 2,087 | 1,800 | |
Ending balance: individually evaluated for impairment | 255 | 255 | 2 | ||
Ending balance: collectively evaluated for impairment | 1,832 | 1,832 | 1,426 | ||
Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 7,555 | 6,709 | 6,769 | 6,539 | |
Provision charged to operations | 2,834 | (156) | 3,620 | 14 | |
Losses charged to allowance | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Allowance for credit losses, ending balance | 10,389 | 6,553 | 10,389 | 6,553 | |
Ending balance: individually evaluated for impairment | 25 | 25 | 3 | ||
Ending balance: collectively evaluated for impairment | 10,364 | 10,364 | 6,766 | ||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 1,236 | 895 | 897 | 826 | |
Provision charged to operations | 76 | 7 | 377 | 68 | |
Losses charged to allowance | (80) | (6) | (94) | (15) | |
Recoveries | 48 | 15 | 100 | 32 | |
Allowance for credit losses, ending balance | 1,280 | 911 | 1,280 | 911 | |
Ending balance: individually evaluated for impairment | 14 | 14 | 35 | ||
Ending balance: collectively evaluated for impairment | 1,266 | 1,266 | 862 | ||
Unallocated | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning balance | 98 | 64 | 36 | 68 | |
Provision charged to operations | 83 | 77 | 145 | 73 | |
Losses charged to allowance | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Allowance for credit losses, ending balance | 181 | $ 141 | 181 | $ 141 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | $ 181 | $ 181 | $ 36 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Loan Portfolio by Impairment Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | $ 1,130,351 | $ 941,865 |
Ending balance: individually evaluated for impairment | 14,187 | 3,734 |
Ending balance: collectively evaluated for impairment | 1,116,164 | 938,131 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 330,194 | 125,700 |
Ending balance: individually evaluated for impairment | 11,231 | 187 |
Ending balance: collectively evaluated for impairment | 318,963 | 125,513 |
Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 702,095 | 708,542 |
Ending balance: individually evaluated for impairment | 1,819 | 2,036 |
Ending balance: collectively evaluated for impairment | 700,276 | 706,506 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 98,062 | 107,623 |
Ending balance: individually evaluated for impairment | 1,137 | 1,511 |
Ending balance: collectively evaluated for impairment | $ 96,925 | $ 106,112 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Loan Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment | ||
Loans | $ 1,130,351 | $ 941,865 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 1,055,944 | 879,844 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 35,735 | 28,183 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 38,672 | 33,838 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment | ||
Loans | 330,194 | 125,700 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Loans | 303,775 | 102,541 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 278,630 | 86,705 |
Commercial | Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 12,837 | 2,635 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 12,308 | 13,201 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Commercial | Agricultural production | ||
Financing Receivable, Recorded Investment | ||
Loans | 26,419 | 23,159 |
Commercial | Agricultural production | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 19,953 | 18,814 |
Commercial | Agricultural production | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Commercial | Agricultural production | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 6,466 | 4,345 |
Commercial | Agricultural production | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | ||
Financing Receivable, Recorded Investment | ||
Loans | 702,095 | 708,542 |
Real Estate | Owner occupied | ||
Financing Receivable, Recorded Investment | ||
Loans | 199,337 | 197,946 |
Real Estate | Owner occupied | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 185,323 | 186,370 |
Real Estate | Owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 8,432 | 6,881 |
Real Estate | Owner occupied | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 5,582 | 4,695 |
Real Estate | Owner occupied | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | Real estate construction and other land loans | ||
Financing Receivable, Recorded Investment | ||
Loans | 83,490 | 73,718 |
Real Estate | Real estate construction and other land loans | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 77,820 | 72,142 |
Real Estate | Real estate construction and other land loans | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 1,990 | 0 |
Real Estate | Real estate construction and other land loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 3,680 | 1,576 |
Real Estate | Real estate construction and other land loans | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Loans | 313,625 | 329,333 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 300,565 | 310,982 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 10,725 | 17,202 |
Real Estate | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 2,335 | 1,149 |
Real Estate | Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | Agricultural real estate | ||
Financing Receivable, Recorded Investment | ||
Loans | 72,994 | 76,304 |
Real Estate | Agricultural real estate | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 64,567 | 68,032 |
Real Estate | Agricultural real estate | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 1,350 | 946 |
Real Estate | Agricultural real estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 7,077 | 7,326 |
Real Estate | Agricultural real estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | Other real estate | ||
Financing Receivable, Recorded Investment | ||
Loans | 32,649 | 31,241 |
Real Estate | Other real estate | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 32,488 | 31,241 |
Real Estate | Other real estate | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 161 | 0 |
Real Estate | Other real estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Real Estate | Other real estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans | 98,062 | 107,623 |
Consumer | Equity loans and lines of credit | ||
Financing Receivable, Recorded Investment | ||
Loans | 58,431 | 64,841 |
Consumer | Equity loans and lines of credit | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 56,967 | 62,776 |
Consumer | Equity loans and lines of credit | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 240 | 519 |
Consumer | Equity loans and lines of credit | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 1,224 | 1,546 |
Consumer | Equity loans and lines of credit | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Consumer | Consumer and installment | ||
Financing Receivable, Recorded Investment | ||
Loans | 39,631 | 42,782 |
Consumer | Consumer and installment | Pass | ||
Financing Receivable, Recorded Investment | ||
Loans | 39,631 | 42,782 |
Consumer | Consumer and installment | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Consumer | Consumer and installment | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans | 0 | 0 |
Consumer | Consumer and installment | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Loan Portfolio Aging (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 853 | $ 784 |
Current | 1,129,498 | 941,081 |
Loans | 1,130,351 | 941,865 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 2,406 | 1,693 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 330,194 | 125,700 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 148 | 17 |
Current | 303,627 | 102,524 |
Loans | 303,775 | 102,541 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 732 | 187 |
Commercial | Agricultural production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Current | 26,419 | 23,159 |
Loans | 26,419 | 23,159 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 702,095 | 708,542 |
Real Estate | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 218 |
Current | 199,337 | 197,728 |
Loans | 199,337 | 197,946 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 391 | 416 |
Real Estate | Real estate construction and other land loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 190 | 0 |
Current | 83,300 | 73,718 |
Loans | 83,490 | 73,718 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 190 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 514 | 381 |
Current | 313,111 | 328,952 |
Loans | 313,625 | 329,333 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 869 | 381 |
Real Estate | Agricultural real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Current | 72,994 | 76,304 |
Loans | 72,994 | 76,304 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 182 | 321 |
Real Estate | Other real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Current | 32,649 | 31,241 |
Loans | 32,649 | 31,241 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 98,062 | 107,623 |
Consumer | Equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Current | 58,431 | 64,841 |
Loans | 58,431 | 64,841 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 42 | 388 |
Consumer | Consumer and installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1 | 168 |
Current | 39,630 | 42,614 |
Loans | 39,631 | 42,782 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 663 | 185 |
30-59 Days Past Due | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 148 | 17 |
30-59 Days Past Due | Commercial | Agricultural production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Real Estate | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Real Estate | Real estate construction and other land loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 514 | 0 |
30-59 Days Past Due | Real Estate | Agricultural real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Real Estate | Other real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Consumer | Equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30-59 Days Past Due | Consumer | Consumer and installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1 | 168 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 599 |
60-89 Days Past Due | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Commercial | Agricultural production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Real Estate | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 218 |
60-89 Days Past Due | Real Estate | Real estate construction and other land loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 381 |
60-89 Days Past Due | Real Estate | Agricultural real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Real Estate | Other real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Consumer | Equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60-89 Days Past Due | Consumer | Consumer and installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 190 | 0 |
Greater Than 90 Days Past Due | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Commercial | Agricultural production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Real Estate | Owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Real Estate | Real estate construction and other land loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 190 | 0 |
Greater Than 90 Days Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Real Estate | Agricultural real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Real Estate | Other real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Consumer | Equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Greater Than 90 Days Past Due | Consumer | Consumer and installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 0 | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | $ 1,632 | $ 1,632 | $ 2,230 | |||
Unpaid Principal Balance, With no related allowance recorded | 1,865 | 1,865 | 2,796 | |||
Cash flows expected to be collected at acquisition | 12,555 | 12,555 | 1,504 | |||
Unpaid Principal Balance, With an allowance recorded | 12,564 | 12,564 | 1,509 | |||
Related Allowance | 294 | 294 | 40 | |||
Total Recorded Investment | 14,187 | 14,187 | 3,734 | |||
Total Unpaid Principal Balance | 14,429 | 14,429 | 4,305 | |||
Average Recorded Investment, With no related allowance recorded | 1,899 | $ 3,646 | 2,050 | $ 4,002 | ||
Interest Income Recognized, With no related allowance recorded | 3 | 29 | 6 | 59 | ||
Average Recorded Investment, With an allowance recorded | 13,584 | 1,658 | 8,353 | 1,704 | ||
Interest Income Recognized, With an allowance recorded | 200 | 18 | 402 | 36 | ||
Average Recorded Investment, Total | 15,483 | 5,304 | 10,403 | 5,706 | ||
Interest Income Recognized, Total | 203 | 47 | 408 | 95 | ||
Forgone interest on nonaccrual loans | 55 | 53 | 74 | 85 | ||
Agricultural production | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Cash flows expected to be collected at acquisition | $ 775 | |||||
Unpaid Principal Balance, With an allowance recorded | 775 | |||||
Related Allowance | 16 | |||||
Average Recorded Investment, With an allowance recorded | 619 | 0 | 354 | 0 | ||
Interest Income Recognized, With an allowance recorded | 12 | 0 | 24 | 0 | ||
Commercial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Cash flows expected to be collected at acquisition | 11,231 | |||||
Unpaid Principal Balance, With an allowance recorded | 11,238 | |||||
Related Allowance | 255 | |||||
Average Recorded Investment, With an allowance recorded | 12,135 | 70 | 6,943 | 77 | ||
Interest Income Recognized, With an allowance recorded | 183 | 0 | 368 | 1 | ||
Agricultural real estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 321 | 182 | ||||
Unpaid Principal Balance, With no related allowance recorded | 321 | $ 189 | ||||
Commercial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Investment, With no related allowance recorded | 219 | 223 | 192 | 236 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 163 | |||||
Unpaid Principal Balance, With no related allowance recorded | 432 | |||||
Cash flows expected to be collected at acquisition | 10,456 | 10,456 | 24 | |||
Unpaid Principal Balance, With an allowance recorded | 10,463 | 10,463 | 27 | |||
Related Allowance | 239 | 239 | 2 | |||
Average Recorded Investment, With no related allowance recorded | 7 | 223 | 71 | 236 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ||
Average Recorded Investment, With an allowance recorded | 11,516 | 70 | 6,589 | 77 | ||
Interest Income Recognized, With an allowance recorded | 171 | 0 | 344 | 1 | ||
Commercial | Agricultural production | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Investment, With no related allowance recorded | 212 | 0 | 121 | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ||
Real Estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 1,442 | 1,442 | 1,847 | |||
Unpaid Principal Balance, With no related allowance recorded | 1,636 | 1,636 | 2,108 | |||
Cash flows expected to be collected at acquisition | 377 | 377 | 189 | |||
Unpaid Principal Balance, With an allowance recorded | 379 | 379 | 190 | |||
Related Allowance | 25 | 25 | 3 | |||
Average Recorded Investment, With no related allowance recorded | 1,448 | 2,684 | 1,594 | 3,239 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 28 | 0 | 57 | ||
Average Recorded Investment, With an allowance recorded | 454 | 472 | 334 | 516 | ||
Interest Income Recognized, With an allowance recorded | 3 | 4 | 6 | 7 | ||
Real Estate | Owner occupied | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 391 | 391 | 416 | |||
Unpaid Principal Balance, With no related allowance recorded | 417 | 417 | 426 | |||
Average Recorded Investment, With no related allowance recorded | 401 | 209 | 407 | 211 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ||
Real Estate | Commercial real estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 869 | 869 | 1,110 | |||
Unpaid Principal Balance, With no related allowance recorded | 1,030 | 1,030 | 1,361 | |||
Cash flows expected to be collected at acquisition | 150 | 150 | 152 | |||
Unpaid Principal Balance, With an allowance recorded | 151 | 151 | 153 | |||
Related Allowance | 1 | 1 | 3 | |||
Average Recorded Investment, With no related allowance recorded | 848 | 1,417 | 959 | 1,313 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 12 | 0 | 25 | ||
Average Recorded Investment, With an allowance recorded | 331 | 428 | 254 | 472 | ||
Interest Income Recognized, With an allowance recorded | 2 | 3 | 5 | 6 | ||
Real Estate | Real estate construction and other land loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 0 | |||||
Unpaid Principal Balance, With no related allowance recorded | 0 | |||||
Cash flows expected to be collected at acquisition | 190 | 190 | ||||
Unpaid Principal Balance, With an allowance recorded | 191 | 191 | ||||
Related Allowance | 24 | 24 | ||||
Average Recorded Investment, With no related allowance recorded | 0 | 1,058 | 0 | 1,715 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 16 | 0 | 32 | ||
Average Recorded Investment, With an allowance recorded | 95 | 0 | 54 | 0 | ||
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 | 0 | ||
Real Estate | Agricultural real estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Cash flows expected to be collected at acquisition | 37 | 37 | 37 | |||
Unpaid Principal Balance, With an allowance recorded | 37 | 37 | 37 | |||
Related Allowance | 0 | 0 | 0 | |||
Average Recorded Investment, With no related allowance recorded | 199 | 0 | 228 | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ||
Average Recorded Investment, With an allowance recorded | 28 | 44 | 26 | 44 | ||
Interest Income Recognized, With an allowance recorded | 1 | 1 | 1 | 1 | ||
Real Estate | Other real estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Investment, With an allowance recorded | 0 | 0 | ||||
Interest Income Recognized, With an allowance recorded | 0 | 0 | ||||
Consumer | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Investment, With no related allowance recorded | 264 | 527 | ||||
Interest Income Recognized, With no related allowance recorded | 6 | 2 | ||||
Average Recorded Investment, With an allowance recorded | 995 | 1,116 | 1,076 | 1,111 | ||
Interest Income Recognized, With an allowance recorded | 14 | 14 | 28 | 28 | ||
Consumer | Equity loans and lines of credit | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Recorded Investment, With no related allowance recorded | 190 | 190 | 220 | |||
Unpaid Principal Balance, With no related allowance recorded | 229 | 229 | 256 | |||
Cash flows expected to be collected at acquisition | 947 | 947 | 1,291 | |||
Unpaid Principal Balance, With an allowance recorded | 947 | 947 | 1,292 | |||
Related Allowance | 14 | 14 | $ 35 | |||
Average Recorded Investment, With no related allowance recorded | 232 | 739 | 264 | 527 | ||
Interest Income Recognized, With no related allowance recorded | 3 | 1 | 6 | 2 | ||
Average Recorded Investment, With an allowance recorded | 957 | 1,099 | 1,052 | 1,102 | ||
Interest Income Recognized, With an allowance recorded | 14 | 14 | 28 | 28 | ||
Consumer | Consumer and installment | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Investment, With no related allowance recorded | 0 | 0 | ||||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | ||||
Average Recorded Investment, With an allowance recorded | 38 | 17 | 24 | 9 | ||
Interest Income Recognized, With an allowance recorded | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)Loanscontract | Jun. 30, 2020USD ($)Loanscontract | Jun. 30, 2019USD ($)contractLoans | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | $ 11,781 | $ 11,781 | $ 2,362 | |||
Reserves specific to modified loans | 93 | 93 | 38 | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | ||||
Defaults on troubled debt restructurings | contract | 0 | 0 | 0 | 0 | ||
COVID-19 [Member] | Payment Deferral [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | $ 179,000 | $ 179,000 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Loans | 2 | |||||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | 9,725 | $ 9,725 | ||||
Number of Loans | Loans | 1 | |||||
Pre-Modification Outstanding Recorded Investment | $ 12,925 | |||||
Principal Modification | 0 | |||||
Post Modification Outstanding Recorded Investment | 12,925 | |||||
Commercial | Agricultural Production [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | 775 | $ 775 | ||||
Number of Loans | Loans | 1 | |||||
Pre-Modification Outstanding Recorded Investment | $ 850 | |||||
Principal Modification | 0 | |||||
Post Modification Outstanding Recorded Investment | 850 | |||||
Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | $ 10,500 | $ 10,500 | ||||
Number of Loans | Loans | 2 | |||||
Pre-Modification Outstanding Recorded Investment | $ 13,775 | |||||
Principal Modification | 0 | |||||
Post Modification Outstanding Recorded Investment | $ 13,775 | |||||
Consumer | Equity loans and lines of credit | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | $ 115 | $ 115 | $ 128 | |||
Number of Loans | Loans | 1 | 2 | ||||
Pre-Modification Outstanding Recorded Investment | $ 119 | $ 132 | ||||
Principal Modification | 0 | 0 | ||||
Post Modification Outstanding Recorded Investment | 119 | 132 | ||||
Commercial and Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Outstanding Recorded Investment | $ 115 | $ 115 | $ 128 | |||
Number of Loans | Loans | 1 | 2 | ||||
Pre-Modification Outstanding Recorded Investment | $ 119 | $ 132 | ||||
Principal Modification | 0 | 0 | ||||
Post Modification Outstanding Recorded Investment | $ 119 | $ 132 |
Borrowing Arrangements (Details
Borrowing Arrangements (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Borrowing Arrangements | ||
Investments securing FHLB advances, amortized cost | $ 533,964,000 | |
Available-for-sale debt securities | 544,502,000 | $ 470,746,000 |
Federal funds purchased | 0 | 0 |
Federal Home Loan Bank Advances | ||
Borrowing Arrangements | ||
Loans Pledged as Collateral | 438,589,000 | |
Remaining borrowing capacity | 255,973,000 | |
Federal Home Loan Bank Advances | Securities Pledged as Collateral | ||
Borrowing Arrangements | ||
Investments securing FHLB advances, amortized cost | 197,000 | 248,000 |
Available-for-sale debt securities | 208,000 | $ 256,000 |
San Fransisco Branch | ||
Borrowing Arrangements | ||
Advances from FHLB | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Guarantee commitment | $ 2,475 | |
Probable loan loss experience on unfunded obligations [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Estimate of possible loss | 175 | $ 250 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 315,695 | 291,182 |
Undisbursed lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 314,105 | 289,465 |
Undisbursed lines of credit | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit, term of agreement | one | |
Undisbursed lines of credit | Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit, term of agreement | 12 months | |
Undisbursed portions of construction loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 72,368 | 74,019 |
Standby letters of credit and financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 1,590 | $ 1,717 |
Standby letters of credit and financial guarantees | Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit, term of agreement | one year |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic Earnings Per share | ||||
Net income | $ 2,301 | $ 6,087 | $ 8,924 | $ 11,303 |
Weighted average shares outstanding (in shares) | 12,449,283 | 13,533,724 | 12,592,126 | 13,515,752 |
Basic earnings per share (in dollars per share) | $ 0.18 | $ 0.45 | $ 0.71 | $ 0.84 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Diluted Earnings Per share | ||||
Net income available to common shareholders | $ 2,301 | $ 6,087 | $ 8,924 | $ 11,303 |
Weighted average shares outstanding (in shares) | 12,449,283 | 13,533,724 | 12,592,126 | 13,515,752 |
Effect of dilutive stock options (in shares) | 37,398 | 102,110 | 54,277 | 97,114 |
Weighted average shares of common stock and common stock equivalents (in shares) | 12,486,681 | 13,635,834 | 12,646,403 | 13,612,866 |
Diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.45 | $ 0.71 | $ 0.83 |
Anti-dilutive options and restricted stock awards (in shares) | 0 | 0 | 0 | 0 |
Share-Based Compensation - Text
Share-Based Compensation - Textual (Details) | Jun. 02, 2017shares | Jun. 30, 2020USD ($)plan$ / sharesshares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of plans | plan | 5 | |||
Share-based compensation expense | $ | $ 248,000 | $ 294,000 | ||
Unrecognized compensation cost related to non-vested share-based compensation arrangements | $ | $ 0 | |||
Granted (in shares) | shares | 0 | 0 | ||
Employee Stock Purchase Plan (ESPP) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Offering period | 3 months | |||
Discount from market price | 10.00% | |||
Shares reserved for plan (in shares) | shares | 500,000 | |||
Shares available for grant (in shares) | shares | 465,711 | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deductions | 1.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deductions | 15.00% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit of stock option compensation expense | $ | $ 72,000 | $ 25,000 | ||
Restricted Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | shares | 20,638 | |||
Unrecognized compensation cost related to non-vested share-based compensation arrangements | $ | $ 452,000 | |||
Granted (in dollars per share) | $ / shares | $ 16.54 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 37,453 | 45,160 | ||
Weighted average remaining period | 1 year 2 months 8 days | |||
Intrinsic value | $ | $ 2,296,000 | |||
Restricted Common Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Restricted Common Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock option activity | ||||
Options outstanding (in shares) | 121,120 | |||
Options exercised (in shares) | (34,950) | |||
Options forfeited (in shares) | (400) | |||
Options outstanding (in shares) | 85,770 | 85,770 | ||
Options vested or expected to vest (in shares) | 85,770 | 85,770 | ||
Options exercisable (in shares) | 85,770 | 85,770 | ||
Stock option activity, weighted average exercise price | ||||
Options Outstanding, weighted average exercise price (in dollars per share) | $ 8.73 | |||
Options exercised, weighted average exercise price (in dollars per share) | 6.47 | |||
Options forfeited, weighted average exercise price (in dollars per share) | 8.02 | |||
Options Outstanding, weighted average exercise price (in dollars per share) | $ 9.65 | 9.65 | ||
Options vested or expected to vest, weighted average exercise price (in dollars per share) | 9.65 | 9.65 | ||
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.65 | $ 9.65 | ||
Options outstanding, weighted average remaining contractual term | 1 year 10 months 9 days | |||
Options vested or expected to vest, weighted average remaining contractual term | 1 year 10 months 9 days | |||
Options exercisable, weighted average remaining contractual term | 1 year 10 months 9 days | |||
Options outstanding, aggregate intrinsic value | $ 475 | $ 475 | ||
Options vested or expected to vest, aggregate intrinsic value | 475 | 475 | ||
Options exercisable, aggregate intrinsic value | 475 | 475 | ||
Intrinsic value of options exercised | 32 | $ 98 | 381 | $ 265 |
Cash received from options exercised | 19 | 65 | 228 | 160 |
Excess tax benefit realized for options exercises | $ 0 | $ 8 | $ 72 | $ 25 |
Granted (in shares) | 0 | 0 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Common Stock Awards (Details) - Restricted Common Stock | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Shares | |
Nonvested outstanding shares beginning balance (in shares) | shares | 45,160 |
Granted (in shares) | shares | 20,638 |
Vested (in shares) | shares | (28,345) |
Nonvested outstanding shares ending balance (in shares) | shares | 37,453 |
Weighted Average Grant-Date Fair Value | |
Nonvested outstanding shares beginning balance (in dollars per share) | $ / shares | $ 17.38 |
Granted (in dollars per share) | $ / shares | 16.54 |
Vested (in dollars per share) | $ / shares | 18.98 |
Nonvested outstanding shares ending balance (in dollars per share) | $ / shares | $ 15.70 |