Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40379 | |
Entity Registrant Name | FIVE STAR BANCORP | |
Entity Central Index Key | 0001275168 | |
Entity Tax Identification Number | 75-3100966 | |
Entity Incorporation, State or Country Code | CA | |
Entity Address, Address Line One | 3100 Zinfandel Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Rancho Cordova | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95670 | |
City Area Code | (916) | |
Local Phone Number | 626-5000 | |
Title of 12(b) Security | Common stock, no par value per share | |
Trading Symbol | FSBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,225,508 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from financial institutions | $ 165,927 | $ 46,028 |
Interest-bearing deposits in banks | 370,677 | 244,465 |
Cash and cash equivalents | 536,604 | 290,493 |
Time deposits in banks | 19,451 | 23,705 |
Securities – available-for-sale, at fair value | 160,074 | 114,949 |
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | 6,473 | 7,979 |
Loans held for sale | 2,340 | 4,820 |
Loans, net of allowance for loan losses of $22,153 and $22,189 at June 30, 2021 and December 31, 2020, respectively | 1,563,309 | 1,480,970 |
Federal Home Loan Bank of San Francisco (FHLB) stock | 6,723 | 6,232 |
Premises and equipment, net of accumulated depreciation of $3,686 and $3,421 at June 30, 2021 and December 31, 2020, respectively | 1,649 | 1,663 |
Bank owned life insurance | 11,074 | 8,662 |
Interest receivable and other assets | 20,170 | 14,292 |
Assets | 2,327,867 | 1,953,765 |
Deposits | ||
Non-interest-bearing | 829,036 | 695,687 |
Interest-bearing | 1,237,249 | 1,088,314 |
Total deposits | 2,066,285 | 1,784,001 |
Subordinated notes, net | 28,353 | 28,320 |
Interest payable and other liabilities | 14,915 | 7,669 |
Total liabilities | 2,109,553 | 1,819,990 |
Shareholders equity | ||
Common stock, no par value; 50,000,000 shares authorized; 17,225,508 shares issued and outstanding as of June 30, 2021; 11,000,273 shares issued and outstanding as of December 31, 2020 | 218,026 | 110,082 |
Retained earnings | 22,348 | |
Accumulated other comprehensive income, net | 288 | 1,345 |
Total shareholders equity | 218,314 | 133,775 |
Liabilities and Shareholders Equity | $ 2,327,867 | $ 1,953,765 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities, Held-to-Maturity | $ 6,858 | $ 8,755 |
Loans and Leases Receivable, Allowance | 22,153 | 22,189 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,686 | $ 3,421 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Outstanding | 17,225,508 | 11,000,273 |
Common Stock, Shares, Issued | 17,225,508 | 11,000,273 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income | ||||
Loans, including fees | $ 18,626 | $ 17,523 | $ 37,239 | $ 33,584 |
Taxable securities | 338 | 329 | 597 | 715 |
Nontaxable securities | 219 | 63 | 433 | 131 |
Interest-bearing deposits in other banks | 125 | 370 | 229 | 874 |
Interest and dividend income | 19,308 | 18,285 | 38,498 | 35,304 |
Interest expense | ||||
Deposits | 568 | 2,259 | 1,267 | 4,626 |
Subordinated notes | 444 | 443 | 887 | 887 |
Interest expense | 1,012 | 2,702 | 2,154 | 5,513 |
Net interest income | 18,296 | 15,583 | 36,344 | 29,791 |
Provision for loan losses | 1,550 | 200 | 4,150 | |
Net interest income after provision for loan losses | 18,296 | 14,033 | 36,144 | 25,641 |
Non-interest income | ||||
Service charges on deposit accounts | 106 | 76 | 196 | 176 |
Net gains on sales of securities available-for-sale | 92 | 434 | 274 | 966 |
Gain on sale of loans | 1,091 | 802 | 2,022 | 1,441 |
Loan-related fees | 211 | 947 | 333 | 1,165 |
FHLB stock dividends | 92 | 64 | 170 | 153 |
Earnings on bank-owned life insurance | 60 | 58 | 112 | 115 |
Other | 194 | 93 | 355 | 211 |
Noninterest Income | 1,846 | 2,474 | 3,462 | 4,227 |
Non-interest expense | ||||
Salaries and employee benefits | 4,939 | 3,029 | 9,636 | 6,475 |
Occupancy and equipment | 441 | 412 | 892 | 792 |
Data processing and software | 598 | 452 | 1,227 | 904 |
Federal deposit insurance | 150 | 342 | 430 | 547 |
Professional services | 1,311 | 368 | 2,843 | 707 |
Advertising and promotional | 265 | 247 | 435 | 502 |
Loan-related expenses | 218 | 194 | 447 | 325 |
Other operating expenses | 1,658 | 972 | 2,474 | 1,860 |
Noninterest expense | 9,580 | 6,016 | 18,384 | 12,112 |
Income before provision for income taxes | 10,562 | 10,491 | 21,222 | 17,756 |
Provision for income taxes | 734 | 368 | 1,116 | 627 |
Net income | $ 9,828 | $ 10,123 | $ 20,106 | $ 17,129 |
Basic earnings per share | $ 0.67 | $ 1.05 | $ 1.57 | $ 1.77 |
Diluted earnings per share | $ 0.67 | $ 1.05 | $ 1.57 | $ 1.77 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income | $ 9,828 | $ 10,123 | $ 20,106 | $ 17,129 |
Net unrealized holding gains (losses) on securities available-for-sale during the period | 903 | 1,464 | (711) | 2,213 |
Reclassification adjustment for net realized gains included in net income | (92) | (434) | (274) | (966) |
Income tax expense related to other comprehensive income | 133 | 37 | 72 | 45 |
Other comprehensive income (loss) | 678 | 993 | (1,057) | 1,202 |
Total comprehensive income | $ 10,506 | $ 11,116 | $ 19,049 | $ 18,331 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance, value | $ 96,114 | $ 12,789 | $ (26) | $ 108,877 |
Beginning balance, value at Dec. 31, 2019 | $ 96,114 | 12,789 | (26) | 108,877 |
Beginning balance, Shares at Dec. 31, 2019 | 9,674,875 | |||
Net income | 17,129 | 17,129 | ||
Other comprehensive income | 1,202 | 1,202 | ||
Stock offering | ||||
Stock issued under stock award plans | ||||
Stock issued under stock award plans, Shares | 8,148 | |||
Stock compensation expense | $ 129 | 129 | ||
Cash dividends paid ($1.20 per share) | (11,614) | (11,614) | ||
Ending balance, value at Jun. 30, 2020 | $ 96,243 | 18,304 | 1,176 | 115,723 |
Ending balance, Shares at Jun. 30, 2020 | 9,683,023 | |||
Balance, value | $ 96,178 | 13,023 | 183 | 109,384 |
Beginning balance, value at Mar. 31, 2020 | $ 96,178 | 13,023 | 183 | 109,384 |
Beginning balance, Shares at Mar. 31, 2020 | 9,683,023 | |||
Net income | 10,123 | 10,123 | ||
Other comprehensive income | 993 | 993 | ||
Stock compensation expense | 65 | 65 | ||
Cash dividends paid ($1.20 per share) | (4,842) | (4,842) | ||
Ending balance, value at Jun. 30, 2020 | $ 96,243 | 18,304 | 1,176 | 115,723 |
Ending balance, Shares at Jun. 30, 2020 | 9,683,023 | |||
Balance, value | $ 96,243 | 18,304 | 1,176 | 115,723 |
Balance, value | 110,082 | 22,348 | 1,345 | 133,775 |
Beginning balance, value at Dec. 31, 2020 | $ 110,082 | 22,348 | 1,345 | 133,775 |
Beginning balance, Shares at Dec. 31, 2020 | 11,000,273 | |||
Net income | 20,106 | 20,106 | ||
Other comprehensive income | (1,057) | (1,057) | ||
Stock offering | $ 111,243 | 111,243 | ||
Stock offering, Shares | 6,054,750 | |||
Stock issued under stock award plans | ||||
Stock issued under stock award plans, Shares | 132,707 | |||
Stock compensation expense | $ 212 | 212 | ||
Stock issued to directors | $ 810 | 810 | ||
Stock issued to directors, Shares | 40,500 | |||
Stock forfeitures | ||||
Stock forfeitures, Shares | (2,722) | |||
Reclassification of retained deficit | $ (4,321) | 4,321 | ||
Cash dividends paid ($1.20 per share) | (46,775) | (46,775) | ||
Ending balance, value at Jun. 30, 2021 | $ 218,026 | 288 | 218,314 | |
Ending balance, Shares at Jun. 30, 2021 | 17,225,508 | |||
Balance, value | $ 110,114 | 21,623 | (390) | 131,377 |
Beginning balance, value at Mar. 31, 2021 | $ 110,114 | 21,623 | (390) | 131,377 |
Beginning balance, Shares at Mar. 31, 2021 | 11,007,005 | |||
Net income | 9,828 | 9,828 | ||
Other comprehensive income | 678 | 678 | ||
Stock offering | $ 111,243 | 111,243 | ||
Stock offering, Shares | 6,054,750 | |||
Stock issued under stock award plans | ||||
Stock issued under stock award plans, Shares | 123,253 | |||
Stock compensation expense | $ 150 | 150 | ||
Stock issued to directors | $ 810 | 810 | ||
Stock issued to directors, Shares | 40,500 | |||
Reclassification of retained deficit | $ (4,321) | 4,321 | ||
Cash dividends paid ($1.20 per share) | (35,772) | (35,772) | ||
Ending balance, value at Jun. 30, 2021 | $ 218,026 | 288 | 218,314 | |
Ending balance, Shares at Jun. 30, 2021 | 17,225,508 | |||
Balance, value | $ 218,026 | $ 288 | $ 218,314 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net income | $ 20,106 | $ 17,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 200 | 4,150 |
Loans originated for sale | (22,355) | (29,008) |
Gain on sale of loans | (2,022) | (1,441) |
Proceeds from sales of loans | 22,037 | 27,081 |
Net gains on sales of securities available-for-sale | (274) | (966) |
Earnings on bank owned life insurance | (112) | (115) |
Stock compensation expense | 212 | 129 |
Director stock compensation expense | 810 | |
Change in deferred loan fees | 843 | 6,988 |
Amortization and accretion of security premiums and discounts | 736 | 488 |
Amortization of subordinated notes issuance costs | 27 | 33 |
Depreciation and amortization | 265 | 208 |
Net changes in: | ||
Interest receivable and other assets | (5,950) | (1,582) |
Interest payable and other liabilities | 7,246 | (286) |
Net cash provided by operating activities | 21,769 | 22,808 |
Cash Flows from Investing Activities: | ||
Proceeds on sale of available-for-sale securities | 16,182 | 32,234 |
Maturities, prepayments, and calls of securities available-for-sale | 7,822 | 7,769 |
Purchases of securities available-for-sale | (69,070) | (32,641) |
Increase in time deposits in banks | 4,254 | 8,363 |
Loan originations, net of repayments | (78,562) | (339,713) |
Purchase of premises and equipment | (245) | (421) |
Purchase of FHLB stock | (491) | (1,152) |
Purchase of bank owned life insurance | (2,300) | |
Net cash used in investing activities | (122,410) | (325,561) |
Cash Flows from Financing Activities: | ||
Net change in deposits | 282,284 | 647,065 |
Proceeds from issuance of stock | 111,243 | |
FHLB repayment | (25,000) | |
Cash dividends paid | (46,775) | (11,614) |
Net cash provided by financing activities | 346,752 | 610,451 |
Net change in cash and cash equivalents | 246,111 | 307,698 |
Cash and cash equivalents at beginning of period | 290,493 | 177,366 |
Cash and cash equivalents at end of period | 536,604 | 485,064 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 2,217 | 5,783 |
Income taxes paid | 1,050 | 930 |
Supplemental disclosure of noncash investing and financing activities: | ||
Transfer from loans held for investment to loans held for sale | 4,820 | 6,527 |
Unrealized (loss) gains on securities | $ (1,057) | $ 1,202 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Nature of Operations and Principles of Consolidation Five Star Bank (the Bank) was chartered on October 26, 1999 and began operations on December 20, 1999. Five Star Bancorp (Bancorp or the Company) was incorporated on September 16, 2002, and subsequently obtained approval from the Board of Governors of the Federal Reserve System (Federal Reserve) to be a bank holding company in connection with its acquisition of the Bank. The Company became the sole shareholder of the Bank on June 2, 2003 in a statutory merger, pursuant to which each outstanding share of the Banks common stock was exchanged for one share of common stock of the Company. The Company, through the Bank, provides financial services to customers who are predominately small and middle-market businesses, professionals, and individuals residing in the northern California region. Its primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit; and its primary deposit products are checking accounts, savings accounts, money market accounts, and term certificate accounts. The Bank currently has seven branch offices in Roseville, Natomas, Rancho Cordova, Redding, Elk Grove, Chico, and Yuba City, and two loan production offices in Santa Rosa and Sacramento. The Company terminated its status as a Subchapter S corporation as of May 5, 2021, in connection with the Companys Initial Public Offering (IPO) and became a taxable C Corporation. Prior to that date, as an S Corporation, the Company had no U.S. federal income tax expense. On April 9, 2021, the Company publicly filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) in connection with its IPO (the Registration Statement), which was subsequently amended on April 26, 2021 and May 3, 2021. The Registration Statement was declared effective by the SEC on May 4, 2021. In connection with the IPO, the Company issued 6,054,750 shares of common stock, no par value, which included 789,750 shares sold pursuant to the underwriters exercise of their option to purchase additional shares. The securities were sold to the public at a price of $20.00 per share and began trading on the Nasdaq Stock Market LLC on May 5, 2021. On May 7, 2021, the closing date of the IPO, the Company received total net proceeds of $111.2 million. The net proceeds less other related expenses, including audit fees, legal fees, listing fees, and other expenses totaled $109.1 million. Basis of financial statement presentation and consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as contained within the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) and rules and regulations of the SEC, including the instructions to Regulation S-X. These interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in shareholders equity, and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, as filed in the Companys Form S-1, which was declared effective by the SEC on May 4, 2021. The unaudited consolidated financial statements include Five Star Bancorp and its wholly owned subsidiary, Five Star Bank. All significant intercompany transactions and balances are eliminated in consolidation. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2021. While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated, on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. The Companys accounting and reporting policies conform to GAAP and to general practices within the banking industry. The Company qualifies as an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, and, as such, may take advantage of specified reduced reporting requirements and is relieved of other significant requirements that are otherwise generally applicable to other public companies. Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses is the most significant accounting estimate reflected in the Companys consolidated financial statements. Earnings Per Share (EPS) Basic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested restricted stock awards. Diluted EPS includes the dilutive effect of additional potential common shares related to unvested restricted stock awards using the treasury stock method. The Company has two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings, and therefore are considered participating securities. However, under the two-class method, the difference in EPS is not significant for these participating securities. Schedule of Earning Per Share For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income $ 9,828 $ 10,123 $ 20,106 $ 17,129 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,596 — 8,841 — Weighted average diluted common shares outstanding 14,667,804 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 Diluted EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 During the three and six months ended June 30, 2021 and 2020, there were no outstanding stock options. Anti-dilutive shares, which are excluded from the dilutive EPS calculation, were deemed to be immaterial. Pro forma EPS is calculated by applying a C Corporation effective tax rate of 29.56% to net income before provision for income taxes and using the determined pro forma net income balance to calculate EPS. The following reconciliation table provides a detailed calculation of pro forma EPS: Schedule of Pro forma Earning Per Share For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income before provision for income taxes - GAAP $ 10,562 $ 10,491 $ 21,222 $ 17,756 Pro forma provision for income taxes (3,122 ) (3,101 ) (6,273 ) (5,249 ) Pro forma net income 7,440 7,390 14,949 12,507 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,586 — 8,841 — Weighted average diluted common shares outstanding 14,667,794 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.51 $ 0.76 $ 1.17 $ 1.29 Diluted EPS $ 0.51 $ 0.76 $ 1.16 $ 1.29 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2: Recently Issued Accounting Standards The following reflect recent accounting standards that are pending adoption by the Company. As discussed in Note 1, Basis of Presentation, the Company qualifies as an emerging growth company, and as such, has elected to use the extended transition period for complying with new or revised accounting standards and is not subject to the new or revised accounting standards applicable to public companies during the extended transition period. The accounting standards discussed below reflect effective dates for the Company as an emerging growth company with the extended transition period. Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Reference Rate Reform (Topic 848), |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 3: Fair Value of Assets and Liabilities Fair Value Hierarchy and Fair Value Measurement Accounting standards require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities relationship to other benchmark quoted securities (Level 2 inputs). The following table summarizes the Companys assets and liabilities that were required to be recorded at fair value on a recurring basis. Schedule of Fair Value Assets and Liabilities on Recurring Basis (in thousands) Carrying Quoted Prices in Significant Significant Measurement 1 June 30, 2021 Assets: Securities available-for-sale: U.S. government treasuries, U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations $ 160,074 $ — $ 160,074 $ — OCI Derivatives – interest rate swap 119 — 119 — NI Liabilities: Derivatives – interest rate swap 119 — 119 — NI December 31, 2020 Assets: Securities available-for-sale: U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations $ 114,949 $ — $ 114,949 $ — OCI Derivatives – interest rate swap 149 — 149 — NI Liabilities: Derivatives – interest rate swap 149 — 149 $ — NI 1 Other comprehensive income (OCI) or net income (NI). Available-for-sale securities are recorded at fair value on a recurring basis. When available, quoted market prices (Level 1) are used to determine the fair value of available-for-sale securities. If quoted market prices are not available, management obtains pricing information from a reputable third-party service provider, who may utilize valuation techniques that use current market-based or independently sourced parameters, such as bid/ask prices, dealer-quoted prices, interest rates, benchmark yield curves, prepayment speeds, probability of default, loss severity, and credit spreads (Level 2). Level 2 securities include U.S. agencies or government-sponsored agencies debt securities, mortgage-backed securities, government agency issued bonds, privately issued collateralized mortgage obligations, and corporate bonds. As of June 30, 2021 and December 31, 2020, there were no Level 1 or Level 3 securities. On a recurring basis, derivative financial instruments are recorded at fair value, which is based on the income approach using observable Level 2 market inputs, reflecting market expectations of future interest rates as of the measurement date. Standard valuation techniques are used to calculate the present value of the future expected cash flows assuming an orderly transaction. Valuation adjustments may be made to reflect both the Companys credit risk and the counterparties credit risk in determining the fair value of the derivatives. A similar credit risk adjustment, correlated to the credit standing of the counterparty, is made when collateral posted by the counterparty does not fully cover their liability to the Company. For further discussion on the Companys methodology in valuing its derivative financial instruments, refer to Note 11, Derivative Financial Instruments and Hedging Activities. Certain financial assets may be measured at fair value on a non-recurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets, such as impaired loans that are collateral dependent and other real estate owned (OREO). As of June 30, 2021 and December 31, 2020, the Company did not carry any assets measured at fair value on a non-recurring basis. Disclosures about Fair Value of Financial Instruments The table below is a summary of fair value estimates for financial instruments as of June 30, 2021 and December 31, 2020. The carrying amounts in the following table are recorded in the consolidated balance sheets under the indicated captions. Further, management has not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies (BOLI). Schedule of fair value estimates for financial instruments June 30, 2021 December 31, 2020 (in thousands) Carrying Fair Fair Value Carrying Fair Fair Value Financial assets (recorded at amortized cost) Cash and cash equivalents $ 536,604 $ 536,604 Level 1 $ 290,493 $ 290,493 Level 1 Time deposits in banks 19,451 19,581 Level 1 23,705 23,705 Level 1 Securities – available-for-sale 160,074 160,074 Level 2 114,949 114,949 Level 2 Securities – held-to-maturity 6,473 6,858 Level 3 7,979 8,755 Level 3 Loans – held for sale 2,340 2,447 Level 2 4,820 5,012 Level 2 Loans – held for investment 1,563,309 1,525,826 Level 3 1,480,970 1,464,794 Level 3 Interest receivable 5,774 5,774 Level 3 5,422 5,422 Level 3 Financial liabilities (recorded at amortized cost) Deposits 2,066,285 2,050,244 Level 2 1,784,001 1,785,944 Level 2 Interest payable 12 12 Level 3 75 75 Level 3 Subordinated notes 28,353 28,355 Level 3 28,320 28,320 Level 3 The following methods and assumptions were used by the Company to estimate the fair value of its financial instruments at June 30, 2021 and December 31, 2020: Cash and cash equivalents and time deposits in banks Investment securities Loans held for sale Loans held for investment: Interest receivable and payable Derivatives - interest rate swap Deposits Subordinated Notes |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The Companys investment securities portfolio consists of obligations of state and political subdivisions, U.S. federal government agencies such as Government National Mortgage Association (GNMA) and Small Business Administration (SBA), U.S. government treasuries, and U.S. government-sponsored enterprises (GSEs), such as Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal Home Loan Bank of San Francisco (FHLB). The Company also invests in residential and commercial mortgage-backed securities (MBS/ CMBS) and collateralized mortgage obligations (CMOs) issued or guaranteed by the GSEs, as reflected in the following tables. A summary of the amortized cost and fair value related to securities held-to-maturity as of June 30, 2021 and December 31, 2020 is presented below. Schedule of Securities Held-To-Maturity Held-to-maturity: Gross Unrealized (in thousands) Amortized Gains (Losses) Fair June 30, 2021 Obligations of state and political subdivisions 6,473 385 — 6,858 Total held-to-maturity $ 6,473 $ 385 $ — $ 6,858 December 31, 2020 Obligations of state and political subdivisions 7,979 776 — 8,755 Total held-to-maturity $ 7,979 $ 776 $ — $ 8,755 For securities issued by states and political subdivisions, management considers (i) issuer and/or guarantor credit ratings, (ii) historical probability of default and loss given default rates for given bond ratings and remaining maturity, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) internal credit review of the financial information, and (v) whether or not such securities have credit enhancements such as guarantees, contain a defeasance clause, or are pre-refunded by the issuers. A summary of the amortized cost and fair value related to securities available-for-sale as of June 30, 2021 and December 31, 2020 is presented below. Schedule of Securities Available-for-Sale Available-for-sale: Gross Unrealized (in thousands) Amortized Gains (Losses) Fair June 30, 2021 Mortgage-backed securities $ 70,257 $ 179 $ (438 ) $ 69,998 U.S. government agencies 29,284 215 (255 ) 29,244 U.S. government treasuries 10,058 11 (1 ) 10,068 Obligations of state and political subdivisions 49,440 812 (129 ) 50,123 Collateralized mortgage obligations 626 15 — 641 Total available-for-sale $ 159,665 $ 1,232 $ (823 ) $ 160,074 December 31, 2020 Mortgage-backed securities $ 23,601 $ 338 $ (7 ) $ 23,932 U.S. government agencies 32,069 111 (352 ) 31,828 Obligations of state and political subdivisions 57,137 1,291 (8 ) 58,420 Collateralized mortgage obligations 748 21 — 769 Total available-for-sale $ 113,555 $ 1,761 $ (367 ) $ 114,949 The amortized cost and fair value of investment debt securities by contractual maturity at June 30, 2021 and December 31, 2020 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties. Schedule of Investment Securities by Contractual Maturity June 30, 2021 December 31, 2020 Held-to-Maturity Available-for-Sale Held-to-Maturity Available-for-Sale (in thousands) Amortized Fair Value Amortized Fair Value Amortized Fair Value Amortized Fair Value Within one year $ 420 $ 445 $ — $ — $ 494 $ 543 $ — $ — After one but within five years 1,950 2,066 510 532 2,143 2,351 1,141 1,206 After five years through ten years 2,755 2,919 6,713 6,835 2,755 3,023 8,340 8,599 After ten years 1,348 1,428 42,217 42,756 2,587 2,838 47,656 48,615 Investment securities not due at a single maturity date: Mortgage-backed securities — — 70,257 69,998 — — 23,601 23,932 Collateralized mortgage obligations — — 626 641 — — 748 769 U.S. government treasuries — — 10,058 10,068 — — — — U.S. government agencies — — 29,284 29,244 — — 32,069 31,828 Total $ 6,473 $ 6,858 $ 159,665 $ 160,074 $ 7,979 $ 8,755 $ 113,555 $ 114,949 Sales of investment securities and gross gains and losses are shown in the following table: Schedule of Investment Securities Available-for-Sale Gross Realized Gain and Losses For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Available-for-sale: Sales proceeds $ 4,726 $ 13,538 $ 16,182 $ 32,234 Gross realized gains 92 434 274 966 Pledged investment securities are shown in the following table: (in thousands) June 30, 2021 December 31, 2020 Pledged to the State of California: Secure deposits of public funds and borrowings $ 48,663 $ 52,897 Total pledged investment securities $ 48,663 $ 52,897 The following table details the gross unrealized losses and fair values aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020: Schedule of securities in a continuous unrealized loss position aggregated by investment category and length of time (in thousands) < 12 continuous months ≥ 12 continuous months Total securities Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss June 30, 2021 Mortgage-backed securities $ 53,204 $ (438 ) $ — $ — $ 53,204 $ (438 ) U.S. government agencies 4,021 (43 ) 11,516 (212 ) 15,537 (255 ) Obligations of state and political subdivisions 15,759 (129 ) — — 15,759 (129 ) U.S. government treasuries 2,190 (1 ) — — 2,190 (1 ) Total temporarily impaired securities $ 75,174 $ (611 ) $ 11,516 $ (212 ) $ 86,690 $ (823 ) (in thousands) < 12 continuous months ≥ 12 continuous months Total securities Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss December 31, 2020 Mortgage-backed securities $ 1,786 $ (7 ) $ — $ — $ 1,786 $ (7 ) U.S. government agencies 10,800 (56 ) 15,195 (296 ) 25,995 (352 ) Obligations of state and political subdivisions 3,922 (8 ) — — 3,922 (8 ) Total temporarily impaired securities $ 16,508 $ (71 ) $ 15,195 $ (296 ) $ 31,703 $ (367 ) There were 81 31 11 70 The Company periodically evaluates each available-for-sale investment security in an unrealized loss position to determine if the impairment is temporary or other than temporary and has determined that no investment security is other than temporarily impaired. The unrealized losses are due primarily to interest rate changes and the Company does not intend to sell the securities and it is more likely than not that the Company will not be required to sell the securities before the earlier of the forecasted recovery or the maturity of the underlying debt security. There were no held-to-maturity securities in a continuous loss position at June 30, 2021 or December 31, 2020. Obligations issued or guaranteed by government agencies such as GNMA and SBA or GSEs under conservatorship such as FNMA and FHLMC are guaranteed or sponsored by agencies of the U.S. government and have strong credit profiles. The Company therefore expects to receive all contractual interest payments on time and believes the risk of credit losses on these securities is remote. The Companys investment in obligations of state and political subdivisions are deemed credit worthy after managements comprehensive analysis of the issuers latest financial information, credit ratings by major credit agencies, and/or credit enhancements. Non-Marketable Securities Included in Other Assets FHLB Capital Stock |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Note 5: Loans and Allowance for Loan Losses The Companys loan portfolio is its largest class of earning assets and typically provides higher yields than other types of earning assets. Associated with the higher yields is an inherent amount of credit risk which the Company attempts to mitigate with strong underwriting. As of June 30, 2021 and December 31, 2020, the carrying value of total loans held for investment amounted to $1.6 billion and $1.5 billion, respectively. The following table presents the balance of each major product type within the Companys portfolio as of the dates indicated. Schedule of Loan Portfolio (in thousands) June 30, 2021 December 31, 2020 Real estate: Commercial $ 1,153,600 $ 1,002,497 Commercial land and development 10,472 10,600 Commercial construction 67,984 91,760 Residential construction 6,362 11,914 Residential 26,447 30,431 Farmland 48,888 50,164 Commercial: Secured 127,237 138,676 Unsecured 20,772 17,526 Paycheck Protection Program (PPP) 120,936 147,965 Consumer and other 6,902 4,921 Subtotal 1,589,600 1,506,454 Less: Net deferred loan fees 4,138 3,295 Less: Allowance for loan losses 22,153 22,189 Total loans, net $ 1,563,309 $ 1,480,970 Underwriting Commercial loans Real estate loans Construction loans Residential real estate loans Farmland loans Consumer loans Credit Quality Indicators The Company has established a loan risk rating system to measure and monitor the quality of the loan portfolio. All loans are assigned a risk rating from the inception of the loan until the loan is paid off. The primary loan grades are as follows: Loans Rated Pass Loans Rated Watch Loans Rated Substandard Loans Rated Doubtful The following table summarizes the credit quality indicators related to the Companys loans by class as of June 30, 2021: Schedule of Loan by credit quality (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 1,102,858 $ 15,223 $ 35,519 $ — $ 1,153,600 Commercial land and development 10,472 — — — 10,472 Commercial construction 62,084 5,900 — — 67,984 Residential construction 6,362 — — — 6,362 Residential 26,266 — 181 — 26,447 Farmland 48,888 — — — 48,888 Commercial: Secured 126,211 — 1,026 — 127,237 Unsecured 20,772 — — — 20,772 PPP 120,936 — — — 120,936 Consumer 6,902 — — — 6,902 Loans and Leases Receivable, Gross $ 1,531,751 $ 21,123 $ 36,726 $ — $ 1,589,600 The following table summarizes the credit quality indicators related to the Companys loans by class as of December 31, 2020: (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 950,118 $ 16,836 $ 35,543 $ — $ 1,002,497 Commercial land and development 10,600 — — — 10,600 Commercial construction 85,860 5,900 — — 91,760 Residential construction 11,914 — — — 11,914 Residential 30,248 — 183 — 30,431 Farmland 50,164 — — — 50,164 Commercial: Secured 136,992 1,552 132 — 138,676 Unsecured 17,526 — — — 17,526 PPP 147,965 — — — 147,965 Consumer 4,921 — — — 4,921 $ 1,446,308 $ 24,288 $ 35,858 $ — $ 1,506,454 Management regularly reviews the Companys loans for accuracy of risk grades whenever new information is received. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk, and complexity. In addition, investor commercial real estate borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. Management monitors construction loans monthly. Management reviews other consumer loans based on delinquency. Management also reviews loans graded Watch or worse, regardless of loan type, no less than quarterly. The age analysis of past due loans by class as of June 30, 2021 consisted of the following: Schedule of Age Analysis of Past Due Loan Past Due (in thousands) 30-89 Greater Than Total Past Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,153,600 $ 1,153,600 Commercial land and development — — — 10,472 10,472 Commercial construction — — — 67,984 67,984 Residential construction — — — 6,362 6,362 Residential — — — 26,447 26,447 Farmland — — — 48,888 48,888 Commercial loans: Secured — — — 127,237 127,237 Unsecured — — — 20,772 20,772 PPP — — — 120,936 120,936 Consumer and other — — — 6,902 6,902 Total Loans $ — $ — $ — $ 1,589,600 $ 1,589,600 There were no loans between 30-89 days past due nor any loans greater than 90 days past due and still accruing as of June 30, 2021. The age analysis of past due loans by class as of December 31, 2020 consisted of the following: Past Due (in thousands ) 30-89 Greater Than Total Past Due Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,002,497 $ 1,002,497 Commercial land and development — — — 10,600 10,600 Commercial construction — — — 91,760 91,760 Residential construction — — — 11,914 11,914 Residential — — — 30,431 30,431 Farmland — — — 50,164 50,164 Commercial loans: Secured — — — 138,676 138,676 Unsecured — — — 17,526 17,526 PPP — — — 147,965 147,965 Consumer and other 137 — 137 4,784 4,921 Total Loans $ 137 $ — $ 137 $ 1,506,317 $ 1,506,454 There were no loans between 60-89 days past due nor any loans greater than 90 days past due and still accruing as of December 31, 2020. Impaired Loans Information related to impaired loans as of June 30, 2021 and December 31, 2020 consisted of the following: Schedule of Impaired Loans by class of Loans (in thousands) Recorded Unpaid Related Average Interest June 30, 2021 Commercial real estate $ 130 $ 130 $ — $ 134 $ — Residential real estate 181 181 — 182 — Commercial secured 120 120 — 126 — Consumer and other — — — — — Total impaired loans $ 431 $ 431 $ — $ 442 $ — December 31, 2020 Commercial real estate $ 137 $ 137 $ — $ 69 $ — Residential real estate 183 183 — 92 — Commercial secured 132 132 — 65 — Total impaired loans $ 452 $ 452 $ — $ 226 $ — No collateral dependent loans were in process of foreclosure at June 30, 2021 or December 31, 2020. In addition, the weighted average loan-to-value of impaired, collateral dependent loans was approximately 44.76% at June 30, 2021 and 50.51% at December 31, 2020. Nonaccrual loans, segregated by class, are as follows as of June 30, 2021 and December 31, 2020: Schedule of Nonaccural Loans, sefregated by class (in thousands) June 30, 2021 December 31, 2020 Real estate loans: Commercial $ 130 $ 137 Residential 181 183 Commercial Secured 120 132 Consumer and other — — Total nonaccrual loans $ 431 $ 452 The amount of foregone interest income related to nonaccrual loans was $ 6,776 13,583 6,108 17,864 Troubled Debt Restructuring The Companys loan portfolio includes certain loans that have been modified in a troubled debt restructuring (TDR), which are loans for which concessions in terms have been granted because of the borrowers financial difficulties. These concessions typically result from the Companys loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are placed on non-accrual status at the time of restructure and may only be returned to accruing status after considering the borrowers sustained repayment performance for a reasonable period, generally six months. When a loan is modified, it is measured based upon the present value of future cash flows discounted at the contractual interest rate of the original loan agreement, or the fair value of collateral less selling costs if the loan is collateral dependent. If the value of the modified loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance or a charge-off of the loan. There were no loans outstanding with a TDR designation at June 30, 2021, December 31, 2020, and June 30, 2020. Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as subsequently amended by the Consolidated Appropriations Act, 2021, provided TDR relief for borrowers affected by the COVID-19 pandemic. Specifically, the CARES Act, as amended, specified that to be eligible not to be considered a TDR, a loan modification must be (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the federal national emergency, or (b) January 1, 2022. In accordance with section 4013 of the CARES Act, the Company elected to apply the temporary accounting relief provisions for loan modifications that met certain criteria, which would otherwise be designated TDRs under existing GAAP. As of June 30, 2021, eight borrowing relationships with ten loans totaling $12.9 million were continuing to benefit from payment relief. The Company accrues and recognizes interest income on loans under payment relief based on the original contractual interest rates. When payments resume at the end of the relief period, the payments will generally be applied to accrued interest due until accrued interest is fully paid. The following table discloses activity in the allowance for loan losses for the periods presented. Schedule of activity in the allowance for loan losses Allowance for Loan Losses Rollforward Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total Three months ended June 30, 2021 Beginning balance $ 10,219 $ 80 $ 504 $ 57 $ 188 $ 578 $ 8,918 $ 195 $ — $ 600 $ 932 $ 22,271 Charge-offs — — — — — — (183 ) — — (72 ) — (255 ) Recoveries — — — — — — 47 — — 90 — 137 Provision (recapture) (111 ) (5 ) (13 ) (11 ) — 16 412 14 — (134 ) (168 ) — Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Three months ended June 30, 2020 Beginning balance $ 7,752 $ 128 $ 919 $ 156 $ 241 $ 1,533 $ 4,720 $ 114 $ — $ 710 $ 218 $ 16,491 Charge-offs — — — — — — (103 ) — — (262 ) — (365 ) Recoveries — — — — 90 — 108 — — 31 — 229 Provision (recapture) (251 ) (17 ) 42 (41 ) (113 ) (652 ) 2,361 5 — 397 (181 ) 1,550 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Six months ended June 30, 2021 Beginning balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Charge-offs — — — — — — (440 ) — — (72 ) — (512) Recoveries — — — — — — 134 — — 142 — 276 Provision (recapture) 750 (2 ) (330 ) (41 ) (32 ) (21 ) 24 30 — (218 ) 40 200 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Six months ended June 30, 2020 Beginning balance $ 6,331 $ 109 $ 661 $ 116 $ 224 $ 1,382 $ 4,976 $ 88 $ — $ 601 $ 427 $ 14,915 Charge-offs — — — — — — (936 ) — — (487 ) — (1,423) Recoveries — — — — 90 — 116 — — 58 (1 ) 263 Provision (recapture) 1,170 2 300 (1 ) (96 ) (501 ) 2,930 31 — 704 (389 ) 4,150 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 The following table summarizes the allocation of the allowance for loan losses by impairment methodology for the periods presented. Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total As of June 30, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 10,108 75 491 46 188 594 9,194 209 — 484 764 22,153 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Loans: Ending balance individually evaluated for impairment $ 130 $ — $ — $ — $ 181 $ — $ 120 $ — $ — $ — $ — $ 431 Ending balance collectively evaluated for impairment 1,153,470 10,472 67,984 6,362 26,266 48,888 127,117 20,772 120,936 6,902 — 1,589,169 Ending balance $ 1,153,600 $ 10,472 $ 67,984 $ 6,362 $ 26,447 $ 48,888 $ 127,237 $ 20,772 $ 120,936 $ 6,902 $ — $ 1,589,600 As of December 31, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 9,358 77 821 87 220 615 9,476 179 — 632 724 22,189 Ending balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Loans: Ending balance individually evaluated for impairment $ 137 $ — $ — $ — $ 183 $ — $ 132 $ — $ — $ — $ — $ 452 Ending balance collectively evaluated for impairment 1,002,360 10,600 91,760 11,914 30,248 50,164 138,544 17,526 147,965 4,921 — 1,506,002 Ending balance $ 1,002,497 $ 10,600 $ 91,760 $ 11,914 $ 30,431 $ 50,164 $ 138,676 $ 17,526 $ 147,965 $ 4,921 $ — $ 1,506,454 As of June 30, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 49 $ — $ 49 Loans collectively evaluated for impairment 7,501 111 961 115 218 881 7,086 119 — 827 37 17,856 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Loans: Ending balance: individually evaluated for impairment $ 145 $ — $ — $ — $ 186 $ — $ — $ — $ — $ 49 $ — $ 380 Ending balance: collectively evaluated for impairment 881,876 15,573 131,284 16,194 30,515 51,451 127,386 11,878 253,286 6,501 — 1,525,944 Ending balance $ 882,021 $ 15,573 $ 131,284 $ 16,194 $ 30,701 $ 51,451 $ 127,386 $ 11,878 $ 253,286 $ 6,550 $ — $ 1,526,324 Pledged Loans The Companys FHLB line of credit is secured under terms of a collateral agreement by a pledge of certain qualifying loans with unpaid principal balances of $ 702.2 1.1 42.4 61.6 Related Party Loans The Company has, and expects to have in the future, banking transactions in the ordinary course of its business with directors, officers, principal shareholders, and their businesses or associates. In accordance with applicable regulations and Bank policies, these loans are granted on substantially the same terms, including interest rates and collateral on loans, as those prevailing at the same time for comparable transactions with persons not related to us. Likewise, these transactions do not involve more than the normal risk of collectability or present other unfavorable features. Loan commitment to insiders and affiliates, net of cash collateral, totaled $ 5.5 1.6 |
Interest-Bearing Deposits
Interest-Bearing Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Interest-bearing Deposits | |
Interest-Bearing Deposits | Note 6: Interest-Bearing Deposits Interest-bearing deposits consisted of the following as of June 30, 2021 and December 31, 2020: Schedule of Interest-bearing deposits. (in thousands) June 30, 2021 December 31, 2020 Savings $ 73,481 $ 49,714 Money market 972,758 844,445 Interest checking accounts 136,336 146,553 Time, $250 or more 28,168 7,568 Other time 26,506 40,034 Total interest-bearing deposits $ 1,237,249 $ 1,088,314 Time deposits totaled $54.7 million and $ 47.6 Schedule of Maturities of Time Deposits (in thousands) June 30, 2021 Year 2021 $ 53,320 2022 834 2023 509 2024 11 2025 — Total time deposits $ 54,674 Total deposits include deposits offered through the IntraFi Network (formerly Promontory Interfinancial Network) that are comprised of Certificate of Deposit Account Registry Service® (CDARS) balances included in time deposits and Insured Cash Sweep® (ICS) balances included in money market deposits. Through this network the Company offers customers access to Federal Deposit Insurance Corporation (FDIC) insured deposit products in aggregate amounts exceeding current insurance limits. When funds are deposited through CDARS and ICS on behalf of a customer, the Company has the option of receiving matching deposits through the networks reciprocal deposit program or placing deposits one-way, for which the Company receives no matching deposits. The Company considers the reciprocal deposits to be in-market deposits as distinguished from traditional out-of-market brokered deposits. The following table shows the composition of network deposits for June 30, 2021 and December 31, 2020. There were no one-way deposits at June 30, 2021 and December 30, 2020. The composition of network deposits as of June 30, 2021 and December 31, 2020 was as follows: Schedule of Composition of Network Deposits (in thousands) June 30, 2021 December 31, 2020 CDARS $ 22,397 $ 35,534 ICS 344,796 266,519 Total network deposits $ 367,193 $ 302,053 As of June 30, 2021 and December 31, 2020, deposits from related parties (directors, shareholders, and officers) totaled $ 57.8 42.5 Interest expense recognized on interest-bearing deposits for periods ended June 30, 2021, and 2020 consisted of the following: For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Savings $ 19 $ 24 $ 34 $ 63 Money market 475 1,665 1,057 3,406 Interest checking accounts 37 103 75 218 Time, $250 or more 8 333 15 719 Other time 29 134 86 220 Total interest expense on interest-bearing deposits $ 568 $ 2,259 $ 1,267 $ 4,626 |
Long Term Debt and Other Borrow
Long Term Debt and Other Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt and Other Borrowings | Note 7: Long Term Debt and Other Borrowings Subordinated Notes 3.75 September 15, 2027 5.50% 3.67% The Company has $ 25.0 September 15, 2027 6.00% 4.17% The subordinated notes have been structured to qualify as Tier 2 capital for regulatory capital purposes. Debt issuance costs incurred in conjunction with the notes were $0.6 million, of which $0.2 million has been amortized through June 30, 2021. The Company reflects debt issuance costs as a direct deduction from the face of the note. The debt issuance costs are amortized into interest expense through the maturity period. At June 30, 2021 and December 31, 2020, the Companys subordinated debt outstanding was $28.4 million and $28.3 million, respectively. Other Borrowings: 319.5 293.5 As of June 30, 2021, LCs totaling $29.5 million were pledged to secure State of California deposits and $290.0 million were pledged to secure local agency deposits. As of December 31, 2020, LCs totaling $13.5 million were pledged to secure State of California deposits and $280.0 million were pledged to secure local agency deposits. The outstanding borrowings and the LCs issued reduced the Companys available borrowing capacity to $197.2 million and $284.8 million as of June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, the Company also had three unsecured federal funds lines of credit totaling $75.0 million with three of its correspondent banks, respectively. There were no amounts outstanding at June 30, 2021 and December 31, 2020. At June 30, 2021 and December 31, 2020, the Company had the ability to borrow from the Federal Reserve Discount Window. At June 30, 2021 and December 31, 2020, the borrowing capacity under this arrangement was $26.5 million and $25.9 million, respectively. There were no amounts outstanding at June 30, 2021 and December 31, 2020. The borrowing line is secured by liens on the Companys construction and agricultural loan portfolios. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8: Income Taxes The Company terminated its status as a Subchapter S corporation as of May 5, 2021, in connection with the IPO and became a taxable C Corporation. Prior to that date, as an S Corporation, the Company had no U.S. federal income tax expense. As such, any periods prior to May 5, 2021 will only reflect an effective state income tax rate and corresponding tax expense. Pro forma net income is calculated by adding back S Corporation tax to net income and using a combined C Corporation effective tax rate for federal and state income taxes of 29.56%. The following reconciliation table provides a detailed calculation of pro forma provision for income taxes: Schedule of Pro forma provision of income taxes For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income before provision for income taxes $ 10,562 $ 10,491 $ 21,222 $ 17,756 Pro forma tax rate 29.56 % 29.56 % 29.56 % 29.56 % Pro forma provision for income taxes $ 3,122 $ 3,101 $ 6,273 $ 5,249 In conjunction with the termination of the Subchapter S corporation status, the C Corporation deferred tax assets and liabilities were estimated for future tax consequences attributable to differences between the financial statement carrying amounts of the Companys existing assets and liabilities and their respective tax bases. The deferred tax assets and liabilities were measured using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of the change in tax rates resulting from becoming a C Corporation was recognized as a net deferred tax asset of $5.4 million and a reduction to the provision for income taxes of $4.6 million during the three and six months ended June 30, 2021. The provision for income tax for the three and six months ended June 30, 2021 and 2020 differs from the statutory federal rate of 21% due to the following items, which relate primarily to the Companys conversion from an S Corporation to a C Corporation: For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Statutory U.S. federal income tax $ 2,218 $ 2,203 $ 4,457 $ 3,279 Increase (decrease) resulting from: Benefit of S Corporation status (766 ) (2,203 ) (3,004 ) (3,279 ) State taxes 1,444 368 1,825 627 C Corp conversion federal rate change 1,484 — 1,484 — Deferred tax asset adjustment (4,638 ) — (4,638 ) — Other 992 — 992 — Provision for income taxes $ 734 $ 368 $ 1,116 $ 627 For the three and six months ended June 30, 2021, the Companys effective tax rate differed from the statutory California tax rate of 3.50% used prior to May 5, 2021 and the statutory federal and state tax rate, net of federal benefit, of 29.56%, used May 5, 2021 and after, as the effective tax rate primarily represents the weighted average rate between the S Corporation tax rate of 3.50% and the C Corporation tax rate of 29.56% based on the number of days the Company was each type of corporation during 2021. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 9: Shareholders Equity Dividends and Retained Deficit On April 6, 2021, the board of directors declared a $ 0.80 8.8 Stock-Based Incentive Arrangement The Companys stock-based compensation consists of restricted stock awards (RSAs) issued under its historical stock-based incentive arrangement (the Historical Incentive Plan) and RSAs issued under the Five Star Bancorp 2021 Equity Incentive Plan (the Equity Incentive Plan). The Historical Incentive Plan consisted of RSAs for certain executive officers of the Company including the Chief Executive Officer, Chief Operating Officer, Chief Credit Officer, Chief Regulatory Officer, and Chief Banking Officer. The arrangement, which may be renewed annually at the sole discretion of the board of directors, provides that these executive officers will receive shares of restricted common stock of the Company, with the number of shares granted based upon achieving certain performance objectives, that vest over three years. These objectives include, but are not limited to, net income adjusted for the provision for loan losses, deposit growth, efficiency ratio, net interest margin, and asset quality. Compensation expense is recognized over the service period, which is equal to the vesting period of the shares based on the fair value of the shares at issue date. In connection with its IPO in May 2021, the Company granted RSAs under the Equity Incentive Plan to employees, officers, executives, and non-employee directors. Shares granted to non-employee directors vested immediately upon grant, while shares granted to employees, officers, and executives vest ratably over three, five, or seven years (as defined in the respective agreements). All RSAs were granted at the fair value of common stock at the time of the award. The RSAs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the service period. The Company granted 163,755 no 173,207 8,148 2,722 1.0 0.1 1.0 0.1 At June 30, 2021 and 2020, respectively, there were 129,551 11,568 The following table summarizes information about restricted shares: For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Nonvested Shares Shares Weighted Shares Weighted Shares Weighted Shares Weighted Beginning of the period balance 6,296 $ 18.91 11,568 $ 21.25 11,568 $ 21.25 15,794 $ 21.03 Shares granted 163,755 20.00 — — 173,207 19.89 8,148 21.00 Shares vested (40,500 ) 20.00 — — (52,502 ) 20.10 (12,374 ) 20.81 Shares forfeited — — — — (2,722 ) 18.88 — — End of the period balance 129,551 $ 19.95 11,568 $ 21.25 129,551 $ 19.95 11,568 $ 21.25 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10: Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Substantially all of these commitments are at variable interest rates, based on an index, and have fixed expiration dates. Off-balance sheet risk to loan loss exists up to the face amount of these instruments, although material losses are not anticipated. The Company uses the same credit policies in making commitments to originate loans and lines of credit as it does for on-balance sheet instruments, including obtaining collateral at exercise of the commitment. The contractual amount of unfunded loan commitments and standby letters of credit not reflected in the consolidated balance sheets are as follows: Schedule of Unfunded Loan Commitments and Standby Letter of Credit (in thousands) June 30, 2021 December 31, 2020 Commercial Lines of Credit $ 114,145 $ 107,231 Undisbursed Construction Loans 26,078 50,442 Undisbursed Commercial Real Estate Loans 43,376 39,946 Agricultural Lines of Credit 13,174 11,553 Undisbursed Agricultural Real Estate Loans 3,474 5,945 Other 6,544 920 Total commitments and standby letters of credit $ 206,791 $ 216,037 The Company records an allowance for loan losses on unfunded loan commitments at the consolidated balance sheet date based on estimates of the probability that these commitments will be drawn upon according to historical utilization experience of the different types of commitments and historical loss rates determined for pooled funded loans. The allowance for loan losses on unfunded commitments totaled $0.1 million as of June 30, 2021 and December 31, 2020, which is recorded in interest payable and other liabilities in the consolidated balance sheets. Concentrations of Credit Risk In managements judgment, a concentration of loans exists in real estate related loans, which represented approximately 82.53% of the Companys loan portfolio at June 30, 2021 and 79.23% of the Companys loan portfolio at December 31, 2020. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, or a decline in real estate values in the Companys primary market areas in particular, could have an adverse impact on the collectability of these loans. Personal and business incomes represent the primary source of repayment for the majority of these loans. Deposits Concentrations 62 51.28% 175.7 8.50% Contingencies Correspondent Banking Agreements 297.0 118.0 Leases The Company leases office space for its banking operations under non-cancelable operating leases of various terms. The leases expire at dates through 2032 and provide for renewal options from zero to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties. One of the leases provides for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, while the remaining leases include pre-defined rental increases over the term of the lease. The Company has a sublease agreement for space adjacent to the Redding location. The sublease has renewal terms extended to December 31, 2021. The Company leases its Natomas branch and Sacramento loan production office from a partnership comprised of some of the Companys shareholders and certain members of the board of directors. The Natomas branch lease extends through February 2025, and the Sacramento loan production office lease extends through April 2023. Rent expense was $ 0.1 0.1 The following table shows the future minimum lease payments (in thousands) June 30, 2021 2021 $ 521 2022 1,078 2023 1,009 2024 984 2025 768 Thereafter 1,756 Total $ 6,116 Weighted average remaining term (in years) 5.15 Litigation Matters 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 results of operations of the Company. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 11: Derivative Financial Instruments and Hedging Activities The Company has a lending arrangement with one of its borrowers that contains a structured prepayment provision and interest rate swap, which for accounting purposes is considered a derivative. The transaction between the Company and the borrower in effect is a floating rate loan combined with a pay floating/receive fixed interest rate swap. To offset the interest rate risk of this lending arrangement, management entered into a separate interest rate swap with a separate counterparty that mirrors the interest rate swap with the borrower. The net economic effect of the arrangement for the borrower is a fixed rate loan of 7.81%, and for the Company is a floating rate loan of LIBOR plus 2.35%, adjusting monthly. The loan balance as of June 30, 2021 and December 31, 2020 was $0.8 million, with monthly amortization through its maturity in April 2027. The notional amounts of the two interest rate swaps are the same as the loan balance, and they amortize and mature similarly. The notional amounts of the interest rate swap transactions do not represent amounts exchanged by the parties. The amounts exchanged are determined by reference to the notional amounts and the other terms of the individual interest rate swap agreements. The two derivatives are carried at fair value and $0.1 million and $0.01 million were reported in other assets at June 30, 2021 and December 31, 2020, respectively. The related liabilities of $0.1 million and $0.1 million were reported in other liabilities at June 30, 2021 and December 31, 2020, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12: Subsequent Events On July 6, 2021, the board of directors declared a $ 0.15 2.6 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Five Star Bank (the Bank) was chartered on October 26, 1999 and began operations on December 20, 1999. Five Star Bancorp (Bancorp or the Company) was incorporated on September 16, 2002, and subsequently obtained approval from the Board of Governors of the Federal Reserve System (Federal Reserve) to be a bank holding company in connection with its acquisition of the Bank. The Company became the sole shareholder of the Bank on June 2, 2003 in a statutory merger, pursuant to which each outstanding share of the Banks common stock was exchanged for one share of common stock of the Company. The Company, through the Bank, provides financial services to customers who are predominately small and middle-market businesses, professionals, and individuals residing in the northern California region. Its primary loan products are commercial real estate loans, land development loans, construction loans, and operating lines of credit; and its primary deposit products are checking accounts, savings accounts, money market accounts, and term certificate accounts. The Bank currently has seven branch offices in Roseville, Natomas, Rancho Cordova, Redding, Elk Grove, Chico, and Yuba City, and two loan production offices in Santa Rosa and Sacramento. The Company terminated its status as a Subchapter S corporation as of May 5, 2021, in connection with the Companys Initial Public Offering (IPO) and became a taxable C Corporation. Prior to that date, as an S Corporation, the Company had no U.S. federal income tax expense. On April 9, 2021, the Company publicly filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) in connection with its IPO (the Registration Statement), which was subsequently amended on April 26, 2021 and May 3, 2021. The Registration Statement was declared effective by the SEC on May 4, 2021. In connection with the IPO, the Company issued 6,054,750 shares of common stock, no par value, which included 789,750 shares sold pursuant to the underwriters exercise of their option to purchase additional shares. The securities were sold to the public at a price of $20.00 per share and began trading on the Nasdaq Stock Market LLC on May 5, 2021. On May 7, 2021, the closing date of the IPO, the Company received total net proceeds of $111.2 million. The net proceeds less other related expenses, including audit fees, legal fees, listing fees, and other expenses totaled $109.1 million. |
Basis of financial statement presentation and consolidation | Basis of financial statement presentation and consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as contained within the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) and rules and regulations of the SEC, including the instructions to Regulation S-X. These interim unaudited consolidated financial statements reflect all adjustments (consisting solely of normal recurring adjustments and accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and comprehensive income, changes in shareholders equity, and cash flows for the interim periods presented. These unaudited consolidated financial statements have been prepared on a basis consistent with, and should be read in conjunction with, the audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, as filed in the Companys Form S-1, which was declared effective by the SEC on May 4, 2021. The unaudited consolidated financial statements include Five Star Bancorp and its wholly owned subsidiary, Five Star Bank. All significant intercompany transactions and balances are eliminated in consolidation. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for any other interim period or for the year ending December 31, 2021. While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed, and financial performance is evaluated, on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. The Companys accounting and reporting policies conform to GAAP and to general practices within the banking industry. The Company qualifies as an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, and, as such, may take advantage of specified reduced reporting requirements and is relieved of other significant requirements that are otherwise generally applicable to other public companies. |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the unaudited consolidated financial statements and the disclosures provided, and actual results could differ. The allowance for loan losses is the most significant accounting estimate reflected in the Companys consolidated financial statements. |
Earnings Per Share (“EPS”) | Earnings Per Share (EPS) Basic EPS is net income divided by the weighted average number of common shares outstanding during the period less average unvested restricted stock awards. Diluted EPS includes the dilutive effect of additional potential common shares related to unvested restricted stock awards using the treasury stock method. The Company has two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings, and therefore are considered participating securities. However, under the two-class method, the difference in EPS is not significant for these participating securities. Schedule of Earning Per Share For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income $ 9,828 $ 10,123 $ 20,106 $ 17,129 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,596 — 8,841 — Weighted average diluted common shares outstanding 14,667,804 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 Diluted EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 During the three and six months ended June 30, 2021 and 2020, there were no outstanding stock options. Anti-dilutive shares, which are excluded from the dilutive EPS calculation, were deemed to be immaterial. Pro forma EPS is calculated by applying a C Corporation effective tax rate of 29.56% to net income before provision for income taxes and using the determined pro forma net income balance to calculate EPS. The following reconciliation table provides a detailed calculation of pro forma EPS: Schedule of Pro forma Earning Per Share For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income before provision for income taxes - GAAP $ 10,562 $ 10,491 $ 21,222 $ 17,756 Pro forma provision for income taxes (3,122 ) (3,101 ) (6,273 ) (5,249 ) Pro forma net income 7,440 7,390 14,949 12,507 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,586 — 8,841 — Weighted average diluted common shares outstanding 14,667,794 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.51 $ 0.76 $ 1.17 $ 1.29 Diluted EPS $ 0.51 $ 0.76 $ 1.16 $ 1.29 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Earning Per Share | Schedule of Earning Per Share |
Basis of Presentation | For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income $ 9,828 $ 10,123 $ 20,106 $ 17,129 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,596 — 8,841 — Weighted average diluted common shares outstanding 14,667,804 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 Diluted EPS $ 0.67 $ 1.05 $ 1.57 $ 1.77 |
Schedule of Pro forma Earning Per Share | Pro forma EPS is calculated by applying a C Corporation effective tax rate of 29.56% to net income before provision for income taxes and using the determined pro forma net income balance to calculate EPS. The following reconciliation table provides a detailed calculation of pro forma EPS: Schedule of Pro forma Earning Per Share |
Basis of Presentation (Details 2) | For the three months ended For the six months ended (in thousands, except per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income before provision for income taxes - GAAP $ 10,562 $ 10,491 $ 21,222 $ 17,756 Pro forma provision for income taxes (3,122 ) (3,101 ) (6,273 ) (5,249 ) Pro forma net income 7,440 7,390 14,949 12,507 Weighted average basic common shares outstanding 14,650,208 9,671,455 12,824,125 9,670,361 Add: Dilutive effects of assumed vesting of restricted stock 17,586 — 8,841 — Weighted average diluted common shares outstanding 14,667,794 9,671,455 12,832,966 9,670,361 Income per common share: Basic EPS $ 0.51 $ 0.76 $ 1.17 $ 1.29 Diluted EPS $ 0.51 $ 0.76 $ 1.16 $ 1.29 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities on Recurring Basis | The following table summarizes the Companys assets and liabilities that were required to be recorded at fair value on a recurring basis. Schedule of Fair Value Assets and Liabilities on Recurring Basis |
Fair Value of Assets and Liabilities | (in thousands) Carrying Quoted Prices in Significant Significant Measurement 1 June 30, 2021 Assets: Securities available-for-sale: U.S. government treasuries, U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations $ 160,074 $ — $ 160,074 $ — OCI Derivatives – interest rate swap 119 — 119 — NI Liabilities: Derivatives – interest rate swap 119 — 119 — NI December 31, 2020 Assets: Securities available-for-sale: U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations $ 114,949 $ — $ 114,949 $ — OCI Derivatives – interest rate swap 149 — 149 — NI Liabilities: Derivatives – interest rate swap 149 — 149 $ — NI |
Schedule of fair value estimates for financial instruments | Schedule of fair value estimates for financial instruments |
Fair Value of Assets and Liabilities (Details 2) | June 30, 2021 December 31, 2020 (in thousands) Carrying Fair Fair Value Carrying Fair Fair Value Financial assets (recorded at amortized cost) Cash and cash equivalents $ 536,604 $ 536,604 Level 1 $ 290,493 $ 290,493 Level 1 Time deposits in banks 19,451 19,581 Level 1 23,705 23,705 Level 1 Securities – available-for-sale 160,074 160,074 Level 2 114,949 114,949 Level 2 Securities – held-to-maturity 6,473 6,858 Level 3 7,979 8,755 Level 3 Loans – held for sale 2,340 2,447 Level 2 4,820 5,012 Level 2 Loans – held for investment 1,563,309 1,525,826 Level 3 1,480,970 1,464,794 Level 3 Interest receivable 5,774 5,774 Level 3 5,422 5,422 Level 3 Financial liabilities (recorded at amortized cost) Deposits 2,066,285 2,050,244 Level 2 1,784,001 1,785,944 Level 2 Interest payable 12 12 Level 3 75 75 Level 3 Subordinated notes 28,353 28,355 Level 3 28,320 28,320 Level 3 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Held-To-Maturity | A summary of the amortized cost and fair value related to securities held-to-maturity as of June 30, 2021 and December 31, 2020 is presented below. Schedule of Securities Held-To-Maturity |
Investment Securities | Held-to-maturity: Gross Unrealized (in thousands) Amortized Gains (Losses) Fair June 30, 2021 Obligations of state and political subdivisions 6,473 385 — 6,858 Total held-to-maturity $ 6,473 $ 385 $ — $ 6,858 December 31, 2020 Obligations of state and political subdivisions 7,979 776 — 8,755 Total held-to-maturity $ 7,979 $ 776 $ — $ 8,755 |
Schedule of Securities Available-for-Sale | A summary of the amortized cost and fair value related to securities available-for-sale as of June 30, 2021 and December 31, 2020 is presented below. Schedule of Securities Available-for-Sale |
Investment Securities (Details 2) | Available-for-sale: Gross Unrealized (in thousands) Amortized Gains (Losses) Fair June 30, 2021 Mortgage-backed securities $ 70,257 $ 179 $ (438 ) $ 69,998 U.S. government agencies 29,284 215 (255 ) 29,244 U.S. government treasuries 10,058 11 (1 ) 10,068 Obligations of state and political subdivisions 49,440 812 (129 ) 50,123 Collateralized mortgage obligations 626 15 — 641 Total available-for-sale $ 159,665 $ 1,232 $ (823 ) $ 160,074 December 31, 2020 Mortgage-backed securities $ 23,601 $ 338 $ (7 ) $ 23,932 U.S. government agencies 32,069 111 (352 ) 31,828 Obligations of state and political subdivisions 57,137 1,291 (8 ) 58,420 Collateralized mortgage obligations 748 21 — 769 Total available-for-sale $ 113,555 $ 1,761 $ (367 ) $ 114,949 |
Schedule of Investment Securities by Contractual Maturity | The amortized cost and fair value of investment debt securities by contractual maturity at June 30, 2021 and December 31, 2020 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties. Schedule of Investment Securities by Contractual Maturity |
Investment Securities (Details 3) | June 30, 2021 December 31, 2020 Held-to-Maturity Available-for-Sale Held-to-Maturity Available-for-Sale (in thousands) Amortized Fair Value Amortized Fair Value Amortized Fair Value Amortized Fair Value Within one year $ 420 $ 445 $ — $ — $ 494 $ 543 $ — $ — After one but within five years 1,950 2,066 510 532 2,143 2,351 1,141 1,206 After five years through ten years 2,755 2,919 6,713 6,835 2,755 3,023 8,340 8,599 After ten years 1,348 1,428 42,217 42,756 2,587 2,838 47,656 48,615 Investment securities not due at a single maturity date: Mortgage-backed securities — — 70,257 69,998 — — 23,601 23,932 Collateralized mortgage obligations — — 626 641 — — 748 769 U.S. government treasuries — — 10,058 10,068 — — — — U.S. government agencies — — 29,284 29,244 — — 32,069 31,828 Total $ 6,473 $ 6,858 $ 159,665 $ 160,074 $ 7,979 $ 8,755 $ 113,555 $ 114,949 |
Schedule of Investment Securities Available-for-Sale Gross Realized Gain and Losses | Sales of investment securities and gross gains and losses are shown in the following table: Schedule of Investment Securities Available-for-Sale Gross Realized Gain and Losses |
Investment Securities (Details 4) | For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Available-for-sale: Sales proceeds $ 4,726 $ 13,538 $ 16,182 $ 32,234 Gross realized gains 92 434 274 966 |
Pledged investment securities are shown in the following table: | Pledged investment securities are shown in the following table: |
Investment Securities (Details 5) | (in thousands) June 30, 2021 December 31, 2020 Pledged to the State of California: Secure deposits of public funds and borrowings $ 48,663 $ 52,897 Total pledged investment securities $ 48,663 $ 52,897 |
Schedule of securities in a continuous unrealized loss position aggregated by investment category and length of time | The following table details the gross unrealized losses and fair values aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position at June 30, 2021 and December 31, 2020: Schedule of securities in a continuous unrealized loss position aggregated by investment category and length of time |
Investment Securities (Details 6) | (in thousands) < 12 continuous months ≥ 12 continuous months Total securities Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss June 30, 2021 Mortgage-backed securities $ 53,204 $ (438 ) $ — $ — $ 53,204 $ (438 ) U.S. government agencies 4,021 (43 ) 11,516 (212 ) 15,537 (255 ) Obligations of state and political subdivisions 15,759 (129 ) — — 15,759 (129 ) U.S. government treasuries 2,190 (1 ) — — 2,190 (1 ) Total temporarily impaired securities $ 75,174 $ (611 ) $ 11,516 $ (212 ) $ 86,690 $ (823 ) (in thousands) < 12 continuous months ≥ 12 continuous months Total securities Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss December 31, 2020 Mortgage-backed securities $ 1,786 $ (7 ) $ — $ — $ 1,786 $ (7 ) U.S. government agencies 10,800 (56 ) 15,195 (296 ) 25,995 (352 ) Obligations of state and political subdivisions 3,922 (8 ) — — 3,922 (8 ) Total temporarily impaired securities $ 16,508 $ (71 ) $ 15,195 $ (296 ) $ 31,703 $ (367 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | Schedule of Loan Portfolio |
Loans and Allowance for Loan Losses | (in thousands) June 30, 2021 December 31, 2020 Real estate: Commercial $ 1,153,600 $ 1,002,497 Commercial land and development 10,472 10,600 Commercial construction 67,984 91,760 Residential construction 6,362 11,914 Residential 26,447 30,431 Farmland 48,888 50,164 Commercial: Secured 127,237 138,676 Unsecured 20,772 17,526 Paycheck Protection Program (PPP) 120,936 147,965 Consumer and other 6,902 4,921 Subtotal 1,589,600 1,506,454 Less: Net deferred loan fees 4,138 3,295 Less: Allowance for loan losses 22,153 22,189 Total loans, net $ 1,563,309 $ 1,480,970 |
Schedule of Loan by credit quality | The following table summarizes the credit quality indicators related to the Companys loans by class as of June 30, 2021: Schedule of Loan by credit quality (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 1,102,858 $ 15,223 $ 35,519 $ — $ 1,153,600 Commercial land and development 10,472 — — — 10,472 Commercial construction 62,084 5,900 — — 67,984 Residential construction 6,362 — — — 6,362 Residential 26,266 — 181 — 26,447 Farmland 48,888 — — — 48,888 Commercial: Secured 126,211 — 1,026 — 127,237 Unsecured 20,772 — — — 20,772 PPP 120,936 — — — 120,936 Consumer 6,902 — — — 6,902 Loans and Leases Receivable, Gross $ 1,531,751 $ 21,123 $ 36,726 $ — $ 1,589,600 The following table summarizes the credit quality indicators related to the Companys loans by class as of December 31, 2020: (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 950,118 $ 16,836 $ 35,543 $ — $ 1,002,497 Commercial land and development 10,600 — — — 10,600 Commercial construction 85,860 5,900 — — 91,760 Residential construction 11,914 — — — 11,914 Residential 30,248 — 183 — 30,431 Farmland 50,164 — — — 50,164 Commercial: Secured 136,992 1,552 132 — 138,676 Unsecured 17,526 — — — 17,526 PPP 147,965 — — — 147,965 Consumer 4,921 — — — 4,921 $ 1,446,308 $ 24,288 $ 35,858 $ — $ 1,506,454 |
[custom:DisclosureLoansAndAllowanceForLoanLossesDetails2Abstract] | (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 1,102,858 $ 15,223 $ 35,519 $ — $ 1,153,600 Commercial land and development 10,472 — — — 10,472 Commercial construction 62,084 5,900 — — 67,984 Residential construction 6,362 — — — 6,362 Residential 26,266 — 181 — 26,447 Farmland 48,888 — — — 48,888 Commercial: Secured 126,211 — 1,026 — 127,237 Unsecured 20,772 — — — 20,772 PPP 120,936 — — — 120,936 Consumer 6,902 — — — 6,902 Loans and Leases Receivable, Gross $ 1,531,751 $ 21,123 $ 36,726 $ — $ 1,589,600 The following table summarizes the credit quality indicators related to the Companys loans by class as of December 31, 2020: (in thousands) Pass Watch Substandard Doubtful Total Real estate loans: Commercial $ 950,118 $ 16,836 $ 35,543 $ — $ 1,002,497 Commercial land and development 10,600 — — — 10,600 Commercial construction 85,860 5,900 — — 91,760 Residential construction 11,914 — — — 11,914 Residential 30,248 — 183 — 30,431 Farmland 50,164 — — — 50,164 Commercial: Secured 136,992 1,552 132 — 138,676 Unsecured 17,526 — — — 17,526 PPP 147,965 — — — 147,965 Consumer 4,921 — — — 4,921 $ 1,446,308 $ 24,288 $ 35,858 $ — $ 1,506,454 |
Schedule of Age Analysis of Past Due Loan | The age analysis of past due loans by class as of June 30, 2021 consisted of the following: Schedule of Age Analysis of Past Due Loan Past Due (in thousands) 30-89 Greater Than Total Past Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,153,600 $ 1,153,600 Commercial land and development — — — 10,472 10,472 Commercial construction — — — 67,984 67,984 Residential construction — — — 6,362 6,362 Residential — — — 26,447 26,447 Farmland — — — 48,888 48,888 Commercial loans: Secured — — — 127,237 127,237 Unsecured — — — 20,772 20,772 PPP — — — 120,936 120,936 Consumer and other — — — 6,902 6,902 Total Loans $ — $ — $ — $ 1,589,600 $ 1,589,600 There were no loans between 30-89 days past due nor any loans greater than 90 days past due and still accruing as of June 30, 2021. The age analysis of past due loans by class as of December 31, 2020 consisted of the following: Past Due (in thousands ) 30-89 Greater Than Total Past Due Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,002,497 $ 1,002,497 Commercial land and development — — — 10,600 10,600 Commercial construction — — — 91,760 91,760 Residential construction — — — 11,914 11,914 Residential — — — 30,431 30,431 Farmland — — — 50,164 50,164 Commercial loans: Secured — — — 138,676 138,676 Unsecured — — — 17,526 17,526 PPP — — — 147,965 147,965 Consumer and other 137 — 137 4,784 4,921 Total Loans $ 137 $ — $ 137 $ 1,506,317 $ 1,506,454 There were no loans between 60-89 days past due nor any loans greater than 90 days past due and still accruing as of December 31, 2020. |
[custom:DisclosureLoansAndAllowanceForLoanLossesDetails3Abstract] | Past Due (in thousands) 30-89 Greater Than Total Past Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,153,600 $ 1,153,600 Commercial land and development — — — 10,472 10,472 Commercial construction — — — 67,984 67,984 Residential construction — — — 6,362 6,362 Residential — — — 26,447 26,447 Farmland — — — 48,888 48,888 Commercial loans: Secured — — — 127,237 127,237 Unsecured — — — 20,772 20,772 PPP — — — 120,936 120,936 Consumer and other — — — 6,902 6,902 Total Loans $ — $ — $ — $ 1,589,600 $ 1,589,600 There were no loans between 30-89 days past due nor any loans greater than 90 days past due and still accruing as of June 30, 2021. The age analysis of past due loans by class as of December 31, 2020 consisted of the following: Past Due (in thousands ) 30-89 Greater Than Total Past Due Current Total Loans Real estate loans: Commercial $ — $ — $ — $ 1,002,497 $ 1,002,497 Commercial land and development — — — 10,600 10,600 Commercial construction — — — 91,760 91,760 Residential construction — — — 11,914 11,914 Residential — — — 30,431 30,431 Farmland — — — 50,164 50,164 Commercial loans: Secured — — — 138,676 138,676 Unsecured — — — 17,526 17,526 PPP — — — 147,965 147,965 Consumer and other 137 — 137 4,784 4,921 Total Loans $ 137 $ — $ 137 $ 1,506,317 $ 1,506,454 There were no loans between 60-89 days past due nor any loans greater than 90 days past due and still accruing as of December 31, 2020. |
Schedule of Impaired Loans by class of Loans | Information related to impaired loans as of June 30, 2021 and December 31, 2020 consisted of the following: Schedule of Impaired Loans by class of Loans |
Loans and Allowance for Loan Losses (Details 4) | (in thousands) Recorded Unpaid Related Average Interest June 30, 2021 Commercial real estate $ 130 $ 130 $ — $ 134 $ — Residential real estate 181 181 — 182 — Commercial secured 120 120 — 126 — Consumer and other — — — — — Total impaired loans $ 431 $ 431 $ — $ 442 $ — December 31, 2020 Commercial real estate $ 137 $ 137 $ — $ 69 $ — Residential real estate 183 183 — 92 — Commercial secured 132 132 — 65 — Total impaired loans $ 452 $ 452 $ — $ 226 $ — |
Schedule of Nonaccural Loans, sefregated by class | Nonaccrual loans, segregated by class, are as follows as of June 30, 2021 and December 31, 2020: Schedule of Nonaccural Loans, sefregated by class |
Loans and Allowance for Loan Losses (Details 5) | (in thousands) June 30, 2021 December 31, 2020 Real estate loans: Commercial $ 130 $ 137 Residential 181 183 Commercial Secured 120 132 Consumer and other — — Total nonaccrual loans $ 431 $ 452 |
Schedule of activity in the allowance for loan losses | The following table discloses activity in the allowance for loan losses for the periods presented. Schedule of activity in the allowance for loan losses Allowance for Loan Losses Rollforward Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total Three months ended June 30, 2021 Beginning balance $ 10,219 $ 80 $ 504 $ 57 $ 188 $ 578 $ 8,918 $ 195 $ — $ 600 $ 932 $ 22,271 Charge-offs — — — — — — (183 ) — — (72 ) — (255 ) Recoveries — — — — — — 47 — — 90 — 137 Provision (recapture) (111 ) (5 ) (13 ) (11 ) — 16 412 14 — (134 ) (168 ) — Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Three months ended June 30, 2020 Beginning balance $ 7,752 $ 128 $ 919 $ 156 $ 241 $ 1,533 $ 4,720 $ 114 $ — $ 710 $ 218 $ 16,491 Charge-offs — — — — — — (103 ) — — (262 ) — (365 ) Recoveries — — — — 90 — 108 — — 31 — 229 Provision (recapture) (251 ) (17 ) 42 (41 ) (113 ) (652 ) 2,361 5 — 397 (181 ) 1,550 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Six months ended June 30, 2021 Beginning balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Charge-offs — — — — — — (440 ) — — (72 ) — (512) Recoveries — — — — — — 134 — — 142 — 276 Provision (recapture) 750 (2 ) (330 ) (41 ) (32 ) (21 ) 24 30 — (218 ) 40 200 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Six months ended June 30, 2020 Beginning balance $ 6,331 $ 109 $ 661 $ 116 $ 224 $ 1,382 $ 4,976 $ 88 $ — $ 601 $ 427 $ 14,915 Charge-offs — — — — — — (936 ) — — (487 ) — (1,423) Recoveries — — — — 90 — 116 — — 58 (1 ) 263 Provision (recapture) 1,170 2 300 (1 ) (96 ) (501 ) 2,930 31 — 704 (389 ) 4,150 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 The following table summarizes the allocation of the allowance for loan losses by impairment methodology for the periods presented. Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total As of June 30, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 10,108 75 491 46 188 594 9,194 209 — 484 764 22,153 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Loans: Ending balance individually evaluated for impairment $ 130 $ — $ — $ — $ 181 $ — $ 120 $ — $ — $ — $ — $ 431 Ending balance collectively evaluated for impairment 1,153,470 10,472 67,984 6,362 26,266 48,888 127,117 20,772 120,936 6,902 — 1,589,169 Ending balance $ 1,153,600 $ 10,472 $ 67,984 $ 6,362 $ 26,447 $ 48,888 $ 127,237 $ 20,772 $ 120,936 $ 6,902 $ — $ 1,589,600 As of December 31, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 9,358 77 821 87 220 615 9,476 179 — 632 724 22,189 Ending balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Loans: Ending balance individually evaluated for impairment $ 137 $ — $ — $ — $ 183 $ — $ 132 $ — $ — $ — $ — $ 452 Ending balance collectively evaluated for impairment 1,002,360 10,600 91,760 11,914 30,248 50,164 138,544 17,526 147,965 4,921 — 1,506,002 Ending balance $ 1,002,497 $ 10,600 $ 91,760 $ 11,914 $ 30,431 $ 50,164 $ 138,676 $ 17,526 $ 147,965 $ 4,921 $ — $ 1,506,454 As of June 30, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 49 $ — $ 49 Loans collectively evaluated for impairment 7,501 111 961 115 218 881 7,086 119 — 827 37 17,856 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Loans: Ending balance: individually evaluated for impairment $ 145 $ — $ — $ — $ 186 $ — $ — $ — $ — $ 49 $ — $ 380 Ending balance: collectively evaluated for impairment 881,876 15,573 131,284 16,194 30,515 51,451 127,386 11,878 253,286 6,501 — 1,525,944 Ending balance $ 882,021 $ 15,573 $ 131,284 $ 16,194 $ 30,701 $ 51,451 $ 127,386 $ 11,878 $ 253,286 $ 6,550 $ — $ 1,526,324 |
[custom:DisclosureLoansAndAllowanceForLoanLossesDetails6Abstract] | Allowance for Loan Losses Rollforward Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total Three months ended June 30, 2021 Beginning balance $ 10,219 $ 80 $ 504 $ 57 $ 188 $ 578 $ 8,918 $ 195 $ — $ 600 $ 932 $ 22,271 Charge-offs — — — — — — (183 ) — — (72 ) — (255 ) Recoveries — — — — — — 47 — — 90 — 137 Provision (recapture) (111 ) (5 ) (13 ) (11 ) — 16 412 14 — (134 ) (168 ) — Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Three months ended June 30, 2020 Beginning balance $ 7,752 $ 128 $ 919 $ 156 $ 241 $ 1,533 $ 4,720 $ 114 $ — $ 710 $ 218 $ 16,491 Charge-offs — — — — — — (103 ) — — (262 ) — (365 ) Recoveries — — — — 90 — 108 — — 31 — 229 Provision (recapture) (251 ) (17 ) 42 (41 ) (113 ) (652 ) 2,361 5 — 397 (181 ) 1,550 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Six months ended June 30, 2021 Beginning balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Charge-offs — — — — — — (440 ) — — (72 ) — (512) Recoveries — — — — — — 134 — — 142 — 276 Provision (recapture) 750 (2 ) (330 ) (41 ) (32 ) (21 ) 24 30 — (218 ) 40 200 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Six months ended June 30, 2020 Beginning balance $ 6,331 $ 109 $ 661 $ 116 $ 224 $ 1,382 $ 4,976 $ 88 $ — $ 601 $ 427 $ 14,915 Charge-offs — — — — — — (936 ) — — (487 ) — (1,423) Recoveries — — — — 90 — 116 — — 58 (1 ) 263 Provision (recapture) 1,170 2 300 (1 ) (96 ) (501 ) 2,930 31 — 704 (389 ) 4,150 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 The following table summarizes the allocation of the allowance for loan losses by impairment methodology for the periods presented. Real Estate Commercial (in thousands) Comml Comml Comml Resid Resid Farm- Secured Unsec PPP Consu Unal Total As of June 30, 2021: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 10,108 75 491 46 188 594 9,194 209 — 484 764 22,153 Ending balance $ 10,108 $ 75 $ 491 $ 46 $ 188 $ 594 $ 9,194 $ 209 $ — $ 484 $ 764 $ 22,153 Loans: Ending balance individually evaluated for impairment $ 130 $ — $ — $ — $ 181 $ — $ 120 $ — $ — $ — $ — $ 431 Ending balance collectively evaluated for impairment 1,153,470 10,472 67,984 6,362 26,266 48,888 127,117 20,772 120,936 6,902 — 1,589,169 Ending balance $ 1,153,600 $ 10,472 $ 67,984 $ 6,362 $ 26,447 $ 48,888 $ 127,237 $ 20,772 $ 120,936 $ 6,902 $ — $ 1,589,600 As of December 31, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment 9,358 77 821 87 220 615 9,476 179 — 632 724 22,189 Ending balance $ 9,358 $ 77 $ 821 $ 87 $ 220 $ 615 $ 9,476 $ 179 $ — $ 632 $ 724 $ 22,189 Loans: Ending balance individually evaluated for impairment $ 137 $ — $ — $ — $ 183 $ — $ 132 $ — $ — $ — $ — $ 452 Ending balance collectively evaluated for impairment 1,002,360 10,600 91,760 11,914 30,248 50,164 138,544 17,526 147,965 4,921 — 1,506,002 Ending balance $ 1,002,497 $ 10,600 $ 91,760 $ 11,914 $ 30,431 $ 50,164 $ 138,676 $ 17,526 $ 147,965 $ 4,921 $ — $ 1,506,454 As of June 30, 2020: Ending allowance balance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 49 $ — $ 49 Loans collectively evaluated for impairment 7,501 111 961 115 218 881 7,086 119 — 827 37 17,856 Ending balance $ 7,501 $ 111 $ 961 $ 115 $ 218 $ 881 $ 7,086 $ 119 $ — $ 876 $ 37 $ 17,905 Loans: Ending balance: individually evaluated for impairment $ 145 $ — $ — $ — $ 186 $ — $ — $ — $ — $ 49 $ — $ 380 Ending balance: collectively evaluated for impairment 881,876 15,573 131,284 16,194 30,515 51,451 127,386 11,878 253,286 6,501 — 1,525,944 Ending balance $ 882,021 $ 15,573 $ 131,284 $ 16,194 $ 30,701 $ 51,451 $ 127,386 $ 11,878 $ 253,286 $ 6,550 $ — $ 1,526,324 |
Interest-Bearing Deposits (Tabl
Interest-Bearing Deposits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Interest-bearing Deposits | |
Schedule of Interest-bearing deposits. | Interest-bearing deposits consisted of the following as of June 30, 2021 and December 31, 2020: Schedule of Interest-bearing deposits. |
Interest Bearing Deposits | (in thousands) June 30, 2021 December 31, 2020 Savings $ 73,481 $ 49,714 Money market 972,758 844,445 Interest checking accounts 136,336 146,553 Time, $250 or more 28,168 7,568 Other time 26,506 40,034 Total interest-bearing deposits $ 1,237,249 $ 1,088,314 |
Schedule of Maturities of Time Deposits | Schedule of Maturities of Time Deposits |
Interest Bearing Deposits (Details 2) | (in thousands) June 30, 2021 Year 2021 $ 53,320 2022 834 2023 509 2024 11 2025 — Total time deposits $ 54,674 |
Schedule of Composition of Network Deposits | Schedule of Composition of Network Deposits |
Interest Bearing Deposits (Details 3) | (in thousands) June 30, 2021 December 31, 2020 CDARS $ 22,397 $ 35,534 ICS 344,796 266,519 Total network deposits $ 367,193 $ 302,053 |
Interest expense recognized on interest-bearing deposits for periods ended June 30, 2021, and 2020 consisted of the following: | Interest expense recognized on interest-bearing deposits for periods ended June 30, 2021, and 2020 consisted of the following: |
Interest Bearing Deposits (Details 4) | For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Savings $ 19 $ 24 $ 34 $ 63 Money market 475 1,665 1,057 3,406 Interest checking accounts 37 103 75 218 Time, $250 or more 8 333 15 719 Other time 29 134 86 220 Total interest expense on interest-bearing deposits $ 568 $ 2,259 $ 1,267 $ 4,626 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Pro forma provision of income taxes | Schedule of Pro forma provision of income taxes |
Income Taxes | For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income before provision for income taxes $ 10,562 $ 10,491 $ 21,222 $ 17,756 Pro forma tax rate 29.56 % 29.56 % 29.56 % 29.56 % Pro forma provision for income taxes $ 3,122 $ 3,101 $ 6,273 $ 5,249 |
The provision for income tax for the three and six months ended June 30, 2021 and 2020 differs from the statutory federal rate of 21% due to the following items, which relate primarily to the Company’s conversion from an S Corporation to a C Corporation: | The provision for income tax for the three and six months ended June 30, 2021 and 2020 differs from the statutory federal rate of 21% due to the following items, which relate primarily to the Companys conversion from an S Corporation to a C Corporation: |
Income Taxes (Details 2) | For the three months ended For the six months ended (in thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Statutory U.S. federal income tax $ 2,218 $ 2,203 $ 4,457 $ 3,279 Increase (decrease) resulting from: Benefit of S Corporation status (766 ) (2,203 ) (3,004 ) (3,279 ) State taxes 1,444 368 1,825 627 C Corp conversion federal rate change 1,484 — 1,484 — Deferred tax asset adjustment (4,638 ) — (4,638 ) — Other 992 — 992 — Provision for income taxes $ 734 $ 368 $ 1,116 $ 627 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
summarizes information about restricted shares: | The following table summarizes information about restricted shares: |
Shareholders' Equity | For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Nonvested Shares Shares Weighted Shares Weighted Shares Weighted Shares Weighted Beginning of the period balance 6,296 $ 18.91 11,568 $ 21.25 11,568 $ 21.25 15,794 $ 21.03 Shares granted 163,755 20.00 — — 173,207 19.89 8,148 21.00 Shares vested (40,500 ) 20.00 — — (52,502 ) 20.10 (12,374 ) 20.81 Shares forfeited — — — — (2,722 ) 18.88 — — End of the period balance 129,551 $ 19.95 11,568 $ 21.25 129,551 $ 19.95 11,568 $ 21.25 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Loan Commitments and Standby Letter of Credit | Schedule of Unfunded Loan Commitments and Standby Letter of Credit |
Commitments and Contingencies | (in thousands) June 30, 2021 December 31, 2020 Commercial Lines of Credit $ 114,145 $ 107,231 Undisbursed Construction Loans 26,078 50,442 Undisbursed Commercial Real Estate Loans 43,376 39,946 Agricultural Lines of Credit 13,174 11,553 Undisbursed Agricultural Real Estate Loans 3,474 5,945 Other 6,544 920 Total commitments and standby letters of credit $ 206,791 $ 216,037 |
future minimum lease payments | The following table shows the future minimum lease payments |
Commitments and Contingencies (Details 2) | (in thousands) June 30, 2021 2021 $ 521 2022 1,078 2023 1,009 2024 984 2025 768 Thereafter 1,756 Total $ 6,116 Weighted average remaining term (in years) 5.15 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net income | $ 9,828 | $ 10,123 | $ 20,106 | $ 17,129 |
Weighted average basic common shares outstanding | 14,650,208 | 9,671,455 | 12,824,125 | 9,670,361 |
Add: Dilutive effects of assumed vesting of restricted stock | 17,596 | 8,841 | ||
Weighted average diluted common shares outstanding | 14,667,804 | 9,671,455 | 12,832,966 | 9,670,361 |
Basic EPS | $ 0.67 | $ 1.05 | $ 1.57 | $ 1.77 |
Diluted EPS | $ 0.67 | $ 1.05 | $ 1.57 | $ 1.77 |
Basis of Presentation (Details
Basis of Presentation (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net income before provision for income taxes - GAAP | $ 10,562 | $ 10,491 | $ 21,222 | $ 17,756 |
Pro forma provision for income taxes | (3,122) | (3,101) | (6,273) | (5,249) |
Pro forma net income | $ 7,440 | $ 7,390 | $ 14,949 | $ 12,507 |
Weighted average basic common shares outstanding | 14,650,208 | 9,671,455 | 12,824,125 | 9,670,361 |
Add: Dilutive effects of assumed vesting of restricted stock | 17,586 | 8,841 | ||
Weighted average diluted common shares outstanding | 14,667,794 | 9,671,455 | 12,832,966 | 9,670,361 |
Basic EPS | $ 0.51 | $ 0.76 | $ 1.17 | $ 1.29 |
Diluted EPS | $ 0.51 | $ 0.76 | $ 1.16 | $ 1.29 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 160,074 | $ 114,949 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 160,074 | 114,949 |
Assets, Total [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Assets, Total [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 160,074 | 114,949 |
Assets, Total [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Assets, Total [Member] | US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 160,074 | 114,949 |
Assets, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Assets, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 119 | 149 |
Assets, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Assets, Total [Member] | Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 119 | 149 |
Liabilities, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Liabilities, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 119 | 149 |
Liabilities, Total [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | ||
Liabilities, Total [Member] | Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 119 | $ 149 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets (recorded at amortized cost) | ||||
Cash and cash equivalents | $ 536,604 | $ 290,493 | $ 485,064 | $ 177,366 |
Time deposits in banks | 19,451 | 23,705 | ||
Securities – available-for-sale | 160,074 | 114,949 | ||
Debt Securities, Available-for-sale | 160,074 | 114,949 | ||
Securities – held-to-maturity | 6,473 | 7,979 | ||
Debt Securities, Held-to-maturity, Fair Value | 6,858 | 8,755 | ||
Loans – held for sale | 2,340 | 4,820 | ||
Loans – held for investment | 1,563,309 | 1,480,970 | ||
Interest receivable | 20,170 | 14,292 | ||
Financial liabilities (recorded at amortized cost) | ||||
Deposits | 2,066,285 | 1,784,001 | ||
Interest payable | 14,915 | 7,669 | ||
Subordinated notes | 28,353 | 28,320 | ||
Reported Value Measurement [Member] | ||||
Financial assets (recorded at amortized cost) | ||||
Cash and cash equivalents | 536,604 | 290,493 | ||
Time deposits in banks | 19,451 | 23,705 | ||
Securities – available-for-sale | 160,074 | 114,949 | ||
Securities – held-to-maturity | 6,473 | 7,979 | ||
Loans – held for sale | 2,340 | 4,820 | ||
Loans – held for investment | 1,563,309 | 1,480,970 | ||
Interest receivable | 5,774 | 5,422 | ||
Financial liabilities (recorded at amortized cost) | ||||
Deposits | 2,066,285 | 1,784,001 | ||
Interest payable | 12 | 75 | ||
Subordinated notes | 28,353 | 28,320 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets (recorded at amortized cost) | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 536,604 | 290,493 | ||
Deposits, Fair Value Disclosure | 19,581 | 23,705 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets (recorded at amortized cost) | ||||
Deposits, Fair Value Disclosure | 2,050,244 | 1,785,944 | ||
Debt Securities, Available-for-sale | 160,074 | 114,949 | ||
Loans Held-for-sale, Fair Value Disclosure | 2,447 | 5,012 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets (recorded at amortized cost) | ||||
Debt Securities, Held-to-maturity, Fair Value | 6,858 | 8,755 | ||
Loans Receivable, Fair Value Disclosure | 1,525,826 | 1,464,794 | ||
Accounts Receivable, Fair Value Disclosure | 5,774 | 5,422 | ||
Financial liabilities (recorded at amortized cost) | ||||
Accounts Payable, Fair Value Disclosure | 12 | 75 | ||
Subordinated Debt Obligations, Fair Value Disclosure | $ 28,355 | $ 28,320 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 6,473 | $ 7,979 | |
Debt Securities, Held-to-maturity, Fair Value | 6,858 | 8,755 | |
Held to Maturity Securities Gross Unrealized Gains | 385 | $ 776 | |
Held to Maturity Securities Gross Unrealized Loss | |||
US States and Political Subdivisions Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 6,473 | 7,979 | |
Debt Securities, Held-to-maturity, Fair Value | 6,858 | $ 8,755 | |
Held to Maturity Securities Gross Unrealized Gains | 385 | 776 | |
Held to Maturity Securities Gross Unrealized Loss |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 159,665 | $ 113,555 | |
Available-for-sale Securities | 160,074 | 114,949 | |
Available-for-sale Securities, Gross Unrealized Gain | 1,232 | $ 1,761 | |
Available-for-sale Securities, Gross Unrealized Loss | (823) | (367) | |
Available-for-sale Securities, Gross Unrealized Loss | 823 | 367 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 70,257 | 23,601 | |
Available-for-sale Securities | 69,998 | 23,932 | |
Available-for-sale Securities, Gross Unrealized Gain | 179 | 338 | |
Available-for-sale Securities, Gross Unrealized Loss | (438) | (7) | |
Available-for-sale Securities, Gross Unrealized Loss | 438 | 7 | |
US Government Agencies Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 29,284 | 32,069 | |
Available-for-sale Securities | 29,244 | 31,828 | |
Available-for-sale Securities, Gross Unrealized Gain | 215 | 111 | |
Available-for-sale Securities, Gross Unrealized Loss | (255) | (352) | |
Available-for-sale Securities, Gross Unrealized Loss | 255 | 352 | |
US Treasury Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 10,058 | ||
Available-for-sale Securities | 10,068 | ||
Available-for-sale Securities, Gross Unrealized Gain | 11 | ||
Available-for-sale Securities, Gross Unrealized Loss | (1) | ||
Available-for-sale Securities, Gross Unrealized Loss | 1 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 49,440 | 57,137 | |
Available-for-sale Securities | 50,123 | 58,420 | |
Available-for-sale Securities, Gross Unrealized Gain | 812 | 1,291 | |
Available-for-sale Securities, Gross Unrealized Loss | (129) | (8) | |
Available-for-sale Securities, Gross Unrealized Loss | 129 | 8 | |
Collateralized Debt Obligations [Member] | |||
Marketable Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 626 | 748 | |
Available-for-sale Securities | 641 | $ 769 | |
Available-for-sale Securities, Gross Unrealized Gain | 15 | 21 | |
Available-for-sale Securities, Gross Unrealized Loss | |||
Available-for-sale Securities, Gross Unrealized Loss |
Investment Securities (Detail_2
Investment Securities (Details 3) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Held-to-Maturity, Amortized Cost, Within One Year | $ 420 | $ 494 |
Held-to-Maturity, Fair Value, Within One Year | 445 | 543 |
Available-for-Sale, Amortized Cost, Within One Year | ||
Available-for-Sale, Fair Value, Within One Year | ||
Held-to-Maturity, Amortized Cost, After One But Within Five Years | 1,950 | 2,143 |
Held-to-Maturity, Fair Value, After One But Within Five Years | 2,066 | 2,351 |
Available-for-Sale, Amortized Cost, After One But Within Five Years | 510 | 1,141 |
Available-for-Sale, Fair Value, After One But Within Five Years | 532 | 1,206 |
Held-to-Maturity, Amortized Cost, After Five But Within Ten Years | 2,755 | 2,755 |
Held-to-Maturity, Fair Value, After Five But Within Ten Years | 2,919 | 3,023 |
Available-for-Sale, Amortized Cost, After Five But Within Ten Years | 6,713 | 8,340 |
Available-for-Sale, Fair Value, After Five But Within Ten Years | 6,835 | 8,599 |
Held-to-Maturity, Amortized Cost, After Ten Years | 1,348 | 2,587 |
Held-to-Maturity, Fair Value, After Ten Years | 1,428 | 2,838 |
Available-for-Sale, Amortized Cost, After Ten Years | 42,217 | 47,656 |
Available-for-Sale, Fair Value, After Ten Years | 42,756 | 48,615 |
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | 6,473 | 7,979 |
Held-to-Maturity, Fair Value | 6,858 | 8,755 |
Available-for-Sale, Amortized Cost | 159,665 | 113,555 |
Available-for-Sale, Fair Value | 160,074 | 114,949 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | ||
Held-to-Maturity, Fair Value | ||
Available-for-Sale, Amortized Cost | 70,257 | 23,601 |
Available-for-Sale, Fair Value | 69,998 | 23,932 |
Collateralized Debt Obligations [Member] | ||
Marketable Securities [Line Items] | ||
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | ||
Held-to-Maturity, Fair Value | ||
Available-for-Sale, Amortized Cost | 626 | 748 |
Available-for-Sale, Fair Value | 641 | 769 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | ||
Held-to-Maturity, Fair Value | ||
Available-for-Sale, Amortized Cost | 10,058 | |
Available-for-Sale, Fair Value | 10,068 | |
US Government Agencies Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities – held-to-maturity, at amortized cost (fair value of $6,858 and $8,755 at June 30, 2021 and December 31, 2020, respectively) | ||
Held-to-Maturity, Fair Value | ||
Available-for-Sale, Amortized Cost | 29,284 | 32,069 |
Available-for-Sale, Fair Value | $ 29,244 | $ 31,828 |
Investment Securities (Detail_3
Investment Securities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 4,726 | $ 13,538 | $ 16,182 | $ 32,234 |
Gross realized gains | $ 92 | $ 434 | $ 274 | $ 966 |
Investment Securities (Detail_4
Investment Securities (Details 5) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Pledged Assets Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $ 48,663 | $ 52,897 |
California [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Pledged Assets Separately Reported, Mortgage-Related Securities Available-for-sale or Held-for-investment | $ 48,663 | $ 52,897 |
Investment Securities (Detail_5
Investment Securities (Details 6) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 75,174 | $ 16,508 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (611) | (71) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,516 | 15,195 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (212) | (296) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 86,690 | 31,703 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (823) | (367) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 53,204 | 1,786 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (438) | (7) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 53,204 | 1,786 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (438) | (7) |
US Government Agencies Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,021 | 10,800 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (43) | (56) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,516 | 15,195 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (212) | (296) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,537 | 25,995 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (255) | (352) |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,759 | 3,922 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (129) | (8) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 15,759 | 3,922 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (129) | $ (8) |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,190 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,190 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1) |
Investment Securities (Detail_6
Investment Securities (Details Narrative) - Number | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Number of Securities with Gross Unrealized Losses | 81 | 31 |
Number of Securities with Gross Unrealized Losses, Less Than 12 Months | 11 | |
Number of Securities with Gross Unrealized Losses, More Than 12 Months | 70 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | $ 1,589,600 | $ 1,506,454 | $ 1,526,324 | |||
Less: Net deferred loan fees | 4,138 | 3,295 | ||||
Less: Allowance for loan losses | 22,153 | $ 22,271 | 22,189 | 17,905 | $ 16,491 | $ 14,915 |
Total loans, net | 1,563,309 | 1,480,970 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 1,153,600 | 1,002,497 | 882,021 | |||
Less: Allowance for loan losses | 10,108 | 10,219 | 9,358 | 7,501 | 7,752 | 6,331 |
Real Estate Commercial Land and Development [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 10,472 | 10,600 | 15,573 | |||
Less: Allowance for loan losses | 75 | 80 | 77 | 111 | 128 | 109 |
Real Estate Commercial Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 67,984 | 91,760 | 131,284 | |||
Less: Allowance for loan losses | 491 | 504 | 821 | 961 | 919 | 661 |
Real Estate Residential Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 6,362 | 11,914 | 16,194 | |||
Less: Allowance for loan losses | 46 | 57 | 87 | 115 | 156 | 116 |
Residential Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 26,447 | 30,431 | 30,701 | |||
Less: Allowance for loan losses | 188 | 188 | 220 | 218 | 241 | 224 |
Real Estate Farmland [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 48,888 | 50,164 | 51,451 | |||
Less: Allowance for loan losses | 594 | 578 | 615 | 881 | 1,533 | 1,382 |
Secured Debt [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 127,237 | 138,676 | 127,386 | |||
Less: Allowance for loan losses | 9,194 | 8,918 | 9,476 | 7,086 | 4,720 | 4,976 |
Unsecured Debt [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 20,772 | 17,526 | 11,878 | |||
Less: Allowance for loan losses | 209 | 195 | 179 | 119 | 114 | 88 |
Paycheck Protection Program ("PPP") [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 120,936 | 147,965 | 253,286 | |||
Less: Allowance for loan losses | ||||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Subtotal | 6,902 | 4,921 | 6,550 | |||
Less: Allowance for loan losses | $ 484 | $ 600 | $ 632 | $ 876 | $ 710 | $ 601 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Past Due [Line Items] | |||
$ 1,589,600 | $ 1,506,454 | $ 1,526,324 | |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
1,531,751 | 1,446,308 | ||
Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
21,123 | 24,288 | ||
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
36,726 | 35,858 | ||
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
1,153,600 | 1,002,497 | 882,021 | |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
1,102,858 | 950,118 | ||
Commercial Real Estate [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
15,223 | 16,836 | ||
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
35,519 | 35,543 | ||
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Commercial Land and Development [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
10,472 | 10,600 | 15,573 | |
Real Estate Commercial Land and Development [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
10,472 | 10,600 | ||
Real Estate Commercial Land and Development [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Commercial Land and Development [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Commercial Land and Development [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Commercial Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
67,984 | 91,760 | 131,284 | |
Real Estate Commercial Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
62,084 | 85,860 | ||
Real Estate Commercial Construction Loans [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
5,900 | 5,900 | ||
Real Estate Commercial Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Commercial Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Residential Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
6,362 | 11,914 | 16,194 | |
Real Estate Residential Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
6,362 | 11,914 | ||
Real Estate Residential Construction Loans [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Residential Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Residential Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
26,447 | 30,431 | 30,701 | |
Residential Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
26,266 | 30,248 | ||
Residential Real Estate [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Residential Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
181 | 183 | ||
Residential Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Farmland [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
48,888 | 50,164 | 51,451 | |
Real Estate Farmland [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
48,888 | 50,164 | ||
Real Estate Farmland [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Farmland [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real Estate Farmland [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Secured Debt [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
127,237 | 138,676 | 127,386 | |
Secured Debt [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
126,211 | 136,992 | ||
Secured Debt [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
1,552 | |||
Secured Debt [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
1,026 | 132 | ||
Secured Debt [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Unsecured Debt [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
20,772 | 17,526 | 11,878 | |
Unsecured Debt [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
20,772 | 17,526 | ||
Unsecured Debt [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Unsecured Debt [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Unsecured Debt [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Paycheck Protection Program ("PPP") [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
120,936 | 147,965 | 253,286 | |
Paycheck Protection Program ("PPP") [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
120,936 | 147,965 | ||
Paycheck Protection Program ("PPP") [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Paycheck Protection Program ("PPP") [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Paycheck Protection Program ("PPP") [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
6,902 | 4,921 | $ 6,550 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
6,902 | 4,921 | ||
Consumer Portfolio Segment [Member] | Watch [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Past Due [Line Items] | |||
Total Loans | $ 1,589,600 | $ 1,506,454 | $ 1,526,324 |
Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 137 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 137 | ||
Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 1,589,600 | 1,506,317 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 1,153,600 | 1,002,497 | 882,021 |
Commercial Real Estate [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 1,153,600 | 1,002,497 | |
Real Estate Commercial Land and Development [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 10,472 | 10,600 | 15,573 |
Real Estate Commercial Land and Development [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Land and Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Land and Development [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Land and Development [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 10,472 | 10,600 | |
Real Estate Commercial Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 67,984 | 91,760 | 131,284 |
Real Estate Commercial Construction Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Commercial Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 67,984 | 91,760 | |
Real Estate Residential Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 6,362 | 11,914 | 16,194 |
Real Estate Residential Construction Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Residential Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Residential Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Residential Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 6,362 | 11,914 | |
Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 26,447 | 30,431 | 30,701 |
Residential Real Estate [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Residential Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Residential Real Estate [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Residential Real Estate [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 26,447 | 30,431 | |
Real Estate Farmland [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 48,888 | 50,164 | 51,451 |
Real Estate Farmland [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Farmland [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Real Estate Farmland [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 48,888 | 50,164 | |
Secured Debt [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 127,237 | 138,676 | 127,386 |
Secured Debt [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Secured Debt [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Secured Debt [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Secured Debt [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 127,237 | 138,676 | |
Unsecured Debt [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 20,772 | 17,526 | 11,878 |
Unsecured Debt [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Unsecured Debt [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Unsecured Debt [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Unsecured Debt [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 20,772 | 17,526 | |
Paycheck Protection Program ("PPP") [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 120,936 | 147,965 | 253,286 |
Paycheck Protection Program ("PPP") [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Paycheck Protection Program ("PPP") [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Paycheck Protection Program ("PPP") [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Paycheck Protection Program ("PPP") [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 120,936 | 147,965 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 6,902 | 4,921 | $ 6,550 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 137 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | 137 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans | $ 6,902 | $ 4,784 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 431 | $ 452 | |
Impaired Financing Receivable, Unpaid Principal Balance | 431 | 452 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment | 442 | $ 226 | |
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 130 | 137 | |
Impaired Financing Receivable, Unpaid Principal Balance | 130 | 137 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment | 134 | 69 | |
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Residential Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 181 | 183 | |
Impaired Financing Receivable, Unpaid Principal Balance | 181 | 183 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment | 182 | 92 | |
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Secured Debt [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 120 | 132 | |
Impaired Financing Receivable, Unpaid Principal Balance | 120 | 132 | |
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment | 126 | 65 | |
Impaired Financing Receivable, Interest Income, Accrual Method | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | |||
Impaired Financing Receivable, Unpaid Principal Balance | |||
Impaired Financing Receivable, Related Allowance | |||
Impaired Financing Receivable, Average Recorded Investment | |||
Impaired Financing Receivable, Interest Income, Accrual Method |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 431 | $ 452 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 130 | 137 |
Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 181 | 183 |
Secured Debt [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 120 | 132 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | $ 22,271 | $ 16,491 | $ 22,189 | $ 14,915 | |
Charge-offs | (255) | (365) | (512) | (1,423) | |
Recoveries | 137 | 229 | 276 | 263 | |
Provision (recapture) | 1,550 | 200 | 4,150 | ||
Ending balance | 22,153 | 17,905 | 22,153 | 17,905 | |
Loans individually evaluated for impairment | 49 | 49 | |||
Loans collectively evaluated for impairment | 22,153 | 17,856 | 22,153 | 17,856 | 22,189 |
Ending balance | 22,153 | 17,905 | 22,153 | 17,905 | 22,189 |
Ending balance: individually evaluated for impairment | 431 | 380 | 431 | 380 | 452 |
Ending balance: collectively evaluated for impairment | 1,589,169 | 1,525,944 | 1,589,169 | 1,525,944 | 1,506,002 |
Subtotal | 1,589,600 | 1,526,324 | 1,589,600 | 1,526,324 | 1,506,454 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 10,219 | 7,752 | 9,358 | 6,331 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | (111) | (251) | 750 | 1,170 | |
Ending balance | 10,108 | 7,501 | 10,108 | 7,501 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 10,108 | 7,501 | 10,108 | 7,501 | 9,358 |
Ending balance | 10,108 | 7,501 | 10,108 | 7,501 | 9,358 |
Ending balance: individually evaluated for impairment | 130 | 145 | 130 | 145 | 137 |
Ending balance: collectively evaluated for impairment | 1,153,470 | 881,876 | 1,153,470 | 881,876 | 1,002,360 |
Subtotal | 1,153,600 | 882,021 | 1,153,600 | 882,021 | 1,002,497 |
Real Estate Commercial Land and Development [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 80 | 128 | 77 | 109 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | (5) | (17) | (2) | 2 | |
Ending balance | 75 | 111 | 75 | 111 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 75 | 111 | 75 | 111 | 77 |
Ending balance | 75 | 111 | 75 | 111 | 77 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 10,472 | 15,573 | 10,472 | 15,573 | 10,600 |
Subtotal | 10,472 | 15,573 | 10,472 | 15,573 | 10,600 |
Real Estate Commercial Construction Loans [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 504 | 919 | 821 | 661 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | (13) | 42 | (330) | 300 | |
Ending balance | 491 | 961 | 491 | 961 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 491 | 961 | 491 | 961 | 821 |
Ending balance | 491 | 961 | 491 | 961 | 821 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 67,984 | 131,284 | 67,984 | 131,284 | 91,760 |
Subtotal | 67,984 | 131,284 | 67,984 | 131,284 | 91,760 |
Real Estate Residential Construction Loans [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 57 | 156 | 87 | 116 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | (11) | (41) | (41) | (1) | |
Ending balance | 46 | 115 | 46 | 115 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 46 | 115 | 46 | 115 | 87 |
Ending balance | 46 | 115 | 46 | 115 | 87 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 6,362 | 16,194 | 6,362 | 16,194 | 11,914 |
Subtotal | 6,362 | 16,194 | 6,362 | 16,194 | 11,914 |
Residential Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 188 | 241 | 220 | 224 | |
Charge-offs | |||||
Recoveries | 90 | 90 | |||
Provision (recapture) | (113) | (32) | (96) | ||
Ending balance | 188 | 218 | 188 | 218 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 188 | 218 | 188 | 218 | 220 |
Ending balance | 188 | 218 | 188 | 218 | 220 |
Ending balance: individually evaluated for impairment | 181 | 186 | 181 | 186 | 183 |
Ending balance: collectively evaluated for impairment | 26,266 | 30,515 | 26,266 | 30,515 | 30,248 |
Subtotal | 26,447 | 30,701 | 26,447 | 30,701 | 30,431 |
Real Estate Farmland [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 578 | 1,533 | 615 | 1,382 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | 16 | (652) | (21) | (501) | |
Ending balance | 594 | 881 | 594 | 881 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 594 | 881 | 594 | 881 | 615 |
Ending balance | 594 | 881 | 594 | 881 | 615 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 48,888 | 51,451 | 48,888 | 51,451 | 50,164 |
Subtotal | 48,888 | 51,451 | 48,888 | 51,451 | 50,164 |
Secured Debt [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 8,918 | 4,720 | 9,476 | 4,976 | |
Charge-offs | (183) | (103) | (440) | (936) | |
Recoveries | 47 | 108 | 134 | 116 | |
Provision (recapture) | 412 | 2,361 | 24 | 2,930 | |
Ending balance | 9,194 | 7,086 | 9,194 | 7,086 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 9,194 | 7,086 | 9,194 | 7,086 | 9,476 |
Ending balance | 9,194 | 7,086 | 9,194 | 7,086 | 9,476 |
Ending balance: individually evaluated for impairment | 120 | 120 | 132 | ||
Ending balance: collectively evaluated for impairment | 127,117 | 127,386 | 127,117 | 127,386 | 138,544 |
Subtotal | 127,237 | 127,386 | 127,237 | 127,386 | 138,676 |
Unsecured Debt [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 195 | 114 | 179 | 88 | |
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | 14 | 5 | 30 | 31 | |
Ending balance | 209 | 119 | 209 | 119 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 209 | 119 | 209 | 119 | 179 |
Ending balance | 209 | 119 | 209 | 119 | 179 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 20,772 | 11,878 | 20,772 | 11,878 | 17,526 |
Subtotal | 20,772 | 11,878 | 20,772 | 11,878 | 17,526 |
Paycheck Protection Program ("PPP") [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | |||||
Charge-offs | |||||
Recoveries | |||||
Provision (recapture) | |||||
Ending balance | |||||
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | |||||
Ending balance | |||||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 120,936 | 253,286 | 120,936 | 253,286 | 147,965 |
Subtotal | 120,936 | 253,286 | 120,936 | 253,286 | 147,965 |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 600 | 710 | 632 | 601 | |
Charge-offs | (72) | (262) | (72) | (487) | |
Recoveries | 90 | 31 | 142 | 58 | |
Provision (recapture) | (134) | 397 | (218) | 704 | |
Ending balance | 484 | 876 | 484 | 876 | |
Loans individually evaluated for impairment | 49 | 49 | |||
Loans collectively evaluated for impairment | 484 | 827 | 484 | 827 | 632 |
Ending balance | 484 | 876 | 484 | 876 | 632 |
Ending balance: individually evaluated for impairment | 49 | 49 | |||
Ending balance: collectively evaluated for impairment | 6,902 | 6,501 | 6,902 | 6,501 | 4,921 |
Subtotal | 6,902 | 6,550 | 6,902 | 6,550 | 4,921 |
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance | 932 | 218 | 724 | 427 | |
Charge-offs | |||||
Recoveries | (1) | ||||
Provision (recapture) | (168) | (181) | 40 | (389) | |
Ending balance | 764 | 37 | 764 | 37 | |
Loans individually evaluated for impairment | |||||
Loans collectively evaluated for impairment | 764 | 37 | 764 | 37 | 724 |
Ending balance | 764 | 37 | 764 | 37 | 724 |
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | |||||
Subtotal |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||||
Nonaccural Loan Interest Income foregone | $ 6,776 | $ 6,108 | $ 13,583 | $ 17,864 | |
Line of Credit | 319,500 | 319,500 | $ 293,500 | ||
Unfunded Loan Commitment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Cash Collateral for Borrowed Securities | 5,500 | 5,500 | 1,600 | ||
Federal Home Loan Bank of San Francisco [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Line of Credit | 702,200 | 702,200 | 1,100 | ||
Securities Pledged with FHLB | $ 42,400 | $ 42,400 | $ 61,600 |
Interest Bearing Deposits (Deta
Interest Bearing Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest-bearing Deposits | ||
Savings | $ 73,481 | $ 49,714 |
Money market | 972,758 | 844,445 |
Interest checking accounts | 136,336 | 146,553 |
Time, $250 or more | 28,168 | 7,568 |
Other time | $ 26,506 | $ 40,034 |
Interest Bearing Deposits (De_2
Interest Bearing Deposits (Details 2) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest-bearing Deposits | ||
2021 | $ 53,320 | |
2022 | 834 | |
2023 | 509 | |
2024 | 11 | |
2025 | ||
Total time deposits | $ 54,674 | $ 47,600 |
Interest Bearing Deposits (De_3
Interest Bearing Deposits (Details 3) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total network deposits | $ 367,193 | $ 302,053 |
C D A R S [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total network deposits | 22,397 | 35,534 |
I C S [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total network deposits | $ 344,796 | $ 266,519 |
Interest Bearing Deposits (De_4
Interest Bearing Deposits (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest-bearing Deposits | ||||
Savings | $ 19 | $ 24 | $ 34 | $ 63 |
Money market | 475 | 1,665 | 1,057 | 3,406 |
Interest checking accounts | 37 | 103 | 75 | 218 |
Time, $250 or more | 8 | 333 | 15 | 719 |
Other time | 29 | 134 | 86 | 220 |
Total interest expense on interest-bearing deposits | $ 568 | $ 2,259 | $ 1,267 | $ 4,626 |
Interest-Bearing Deposits (Deta
Interest-Bearing Deposits (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest-bearing Deposits | ||
Interest-bearing Domestic Deposit, Time Deposits | $ 54,674 | $ 47,600 |
Related Party Deposit Liabilities | $ 57,800 | $ 42,500 |
Long Term Debt and Other Borr_2
Long Term Debt and Other Borrowings (Details Narrative) - USD ($) $ in Thousands | Nov. 08, 2019 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Subordinated Debt | $ 28,353 | $ 28,320 | ||
Long-term Line of Credit | $ 319,500 | $ 293,500 | ||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Debt | $ 3,750 | $ 25,000 | ||
Subordinated Borrowing, Due Date | Sep. 15, 2027 | |||
Subordinated Borrowing, Interest Rate | 5.50% | 3.67% | ||
Subordinated Debt [Member] | Entity Controller by Member of Board of Directors and Three Shareholder [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Borrowing, Due Date | Sep. 15, 2027 | |||
Subordinated Borrowing, Interest Rate | 6.00% | 4.17% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Net income before provision for income taxes | $ 10,562 | $ 10,491 | $ 21,222 | $ 17,756 |
Pro forma tax rate | 29.56% | 29.56% | 29.56% | 29.56% |
Pro forma provision for income taxes | $ 3,122 | $ 3,101 | $ 6,273 | $ 5,249 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Statutory U.S. federal income tax | $ 2,218 | $ 2,203 | $ 4,457 | $ 3,279 |
Benefit of S Corporation status | (766) | (2,203) | (3,004) | (3,279) |
State taxes | 1,444 | 368 | 1,825 | 627 |
C Corp conversion federal rate change | 1,484 | 1,484 | ||
Deferred tax asset adjustment | (4,638) | (4,638) | ||
Other | 992 | 992 | ||
Provision for income taxes | $ 734 | $ 368 | $ 1,116 | $ 627 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Restricted Stock [Member] - $ / shares | Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 6,296 | 11,568 | 11,568 | 15,794 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 18.91 | $ 21.25 | $ 21.25 | $ 21.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 163,755 | 0 | 173,207 | 8,148 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20 | $ 0 | $ 19.89 | $ 21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (40,500) | (52,502) | (12,374) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 20 | $ 0 | $ 20.10 | $ 20.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,722) | (2,722) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | $ 18.88 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,722 | 2,722 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 129,551 | 11,568 | 129,551 | 11,568 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 19.95 | $ 21.25 | $ 19.95 | $ 21.25 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 06, 2021 | Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | ||||||
Dividends Payable | $ 8,800 | ||||||
Non-cash Stock Compensation Expense | $ 1,000 | $ 100 | $ 1,000 | $ 100 | |||
Unvested Restricted Shares | 129,551 | 129,551 | 11,568 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 163,755 | 0 | 173,207 | 8,148 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,722 | 2,722 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | $ 206,791 | $ 216,037 |
Commercial Lines of Credit [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | 114,145 | 107,231 |
Undisbursed Construction Loans [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | 26,078 | 50,442 |
Undisbursed Commercial Real Estate Loans [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | 43,376 | 39,946 |
Agricultural Lines of Credit [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | 13,174 | 11,553 |
Undisbursed Agricultural Real Estate Loans [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | 3,474 | 5,945 |
Other Commitments [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total commitments and standby letters of credit | $ 6,544 | $ 920 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 2) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 521 |
2022 | 1,078 |
2023 | 1,009 |
2024 | 984 |
2025 | 768 |
Thereafter | 1,756 |
Total | $ 6,116 |
Operating Lease, Weighted Average Remaining Lease Term | 51 months 24 days |
Commitments and Contingencies_4
Commitments and Contingencies (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)Number | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Number | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Number of Deposits | Number | 62 | 62 | |||
Percentage of Depsoits over 5 millions to Deposits | 51.28% | 51.28% | |||
Largest Single Deposit | $ 175,700 | $ 175,700 | |||
Percentage of Largest Single Deposit to Total Deposits | 8.50% | 8.50% | |||
Deposit Liability, Uninsured | $ 297,000 | $ 297,000 | $ 118,000 | ||
Operating Leases, Rent Expense | $ 100 | $ 100 | $ 100 | $ 100 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 06, 2021 | Apr. 06, 2021 |
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.80 | |
Dividends Payable | $ 8,800 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | |
Dividends Payable | $ 2,600 |