Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-32590 | ||
Entity Registrant Name | COMMUNITY BANKERS TRUST CORP | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 20-2652949 | ||
Entity Address, Address Line One | 9954 Mayland Drive, Suite 2100 | ||
Entity Address, State or Province | VA | ||
Entity Address, City or Town | Richmond | ||
Entity Address, Postal Zip Code | 23233 | ||
City Area Code | 804 | ||
Local Phone Number | 934-9999 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | ESXB | ||
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 | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 119,296,293 | ||
Entity Common Stock, Shares Outstanding | 22,225,929 | ||
Entity Central Index Key | 0001323648 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 17,845 | $ 16,976 |
Interest bearing bank deposits | 45,118 | 11,708 |
Federal funds sold | 222 | |
Total cash and cash equivalents | 63,185 | 28,684 |
Securities available for sale, at fair value | 271,347 | 186,969 |
Securities held to maturity, at cost (fair value of $22,257 and $36,633, respectively) | 21,176 | 35,733 |
Equity securities, restricted, at cost | 8,436 | 8,855 |
Total securities | 300,959 | 231,557 |
Loans held for sale | 501 | |
Loans | 1,182,362 | 1,058,323 |
Purchased credit impaired (PCI) loans | 24,040 | 32,528 |
Total loans | 1,206,402 | 1,090,851 |
Allowance for loan losses (loans of $12,340 and $8,429, respectively; PCI loans of $156 and $156, respectively) | (12,496) | (8,585) |
Net loans | 1,193,906 | 1,082,266 |
Bank premises and equipment, net | 27,897 | 29,472 |
Bank premises and equipment held for sale | 1,507 | 1,589 |
Right-of-use lease assets | 5,530 | 6,472 |
Other real estate owned | 4,361 | 4,527 |
Bank owned life insurance | 30,029 | 29,340 |
Other assets | 17,435 | 16,432 |
Total assets | 1,644,809 | 1,430,840 |
Deposits: | ||
Noninterest bearing | 298,901 | 178,584 |
Interest bearing | 1,099,800 | 984,864 |
Total deposits | 1,398,701 | 1,163,448 |
Federal funds purchased | 24,437 | |
Federal Home Loan Bank borrowings | 57,833 | 68,500 |
Trust preferred capital notes | 4,124 | 4,124 |
Lease liabilities | 5,787 | 6,737 |
Other liabilities | 8,710 | 8,115 |
Total liabilities | 1,475,155 | 1,275,361 |
SHAREHOLDERS' EQUITY | ||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,200,929 and 22,422,621 shares issued and outstanding, respectively) | 222 | 224 |
Additional paid in capital | 149,822 | 150,728 |
Retained earnings | 13,419 | 2,562 |
Accumulated other comprehensive income | 6,191 | 1,965 |
Total shareholders' equity | 169,654 | 155,479 |
Total liabilities and shareholders' equity | $ 1,644,809 | $ 1,430,840 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Securities held to maturity | $ 22,257 | $ 36,633 |
Allowance for loan losses, loans | 12,340 | 8,429 |
Allowance for loan losses | $ 156 | $ 156 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,200,929 | 22,422,621 |
Common stock, shares outstanding | 22,200,929 | 22,422,621 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income | ||
Interest and fees on loans | $ 52,480 | $ 51,551 |
Interest and fees on PCI loans | 4,053 | 6,042 |
Interest on federal funds sold | 14 | |
Interest on deposits in other banks | 338 | 391 |
Interest and dividends on securities | ||
Taxable | 5,373 | 5,870 |
Nontaxable | 1,373 | 1,581 |
Total interest and dividend income | 63,617 | 65,449 |
Interest expense | ||
Interest on deposits | 11,366 | 14,036 |
Interest on borrowed funds | 941 | 1,456 |
Total interest expense | 12,307 | 15,492 |
Net interest income | 51,310 | 49,957 |
Provision for loan losses | 4,200 | 325 |
Net interest income after provision for loan losses | 47,110 | 49,632 |
Noninterest income | ||
Service charges and fees | 2,594 | 2,831 |
Gain on securities transactions, net | 284 | 235 |
Gain on sale of other loans | 11 | 14 |
Income on bank owned life insurance | 689 | 724 |
Mortgage loan income | 1,116 | 486 |
Other | 1,254 | 1,064 |
Total noninterest income | 5,948 | 5,354 |
Noninterest expense | ||
Salaries and employee benefits | 20,138 | 21,423 |
Occupancy expenses | 3,178 | 3,453 |
Equipment expenses | 1,367 | 1,484 |
FDIC assessment | 639 | 296 |
Data processing fees | 2,453 | 2,329 |
Other real estate expense, net | 152 | 718 |
Other operating expenses | 5,805 | 6,026 |
Total noninterest expense | 33,732 | 35,729 |
Income before income taxes | 19,326 | 19,257 |
Income tax expense | 3,778 | 3,552 |
Net income | $ 15,548 | $ 15,705 |
Net income per share - basic | $ 0.70 | $ 0.71 |
Net income per share - diluted | $ 0.69 | $ 0.70 |
Weighted average number of shares outstanding | ||
Basic | 22,331 | 22,264 |
Diluted | 22,539 | 22,531 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income | $ 15,548 | $ 15,705 |
Other comprehensive income: | ||
Change in unrealized gain on investment securities | 6,528 | 4,727 |
Tax related to unrealized gain on investment securities | (1,435) | (1,039) |
Reclassification adjustment for gain on securities sold | (284) | (235) |
Tax related to realized gain on securities sold | 62 | 52 |
Defined benefit pension plan: | ||
Change in prior service cost | 5 | 5 |
Change in unrealized loss on plan assets | (243) | (41) |
Tax related to defined benefit pension plan | 51 | 7 |
Cash flow hedge: | ||
Change in unrealized loss on cash flow hedge | (587) | (297) |
Tax related to cash flow hedge | 129 | 65 |
Total other comprehensive income | 4,226 | 3,244 |
Total comprehensive income | $ 19,774 | $ 18,949 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2018 | $ 221 | $ 148,763 | $ (10,244) | $ (1,279) | $ 137,461 |
Beginning Balance, shares at Dec. 31, 2018 | 22,132 | ||||
Issuance of common stock | 215 | 215 | |||
Issuance of common stock, shares | 27 | ||||
Exercise and issuance of employee stock options | $ 3 | 1,750 | 1,753 | ||
Exercise and issuance of employee stock options, shares | 264 | ||||
Net income | 15,705 | 15,705 | |||
Dividends paid on common stock | (2,899) | (2,899) | |||
Other comprehensive income (loss) | 3,244 | 3,244 | |||
Ending Balance at Dec. 31, 2019 | $ 224 | 150,728 | 2,562 | 1,965 | 155,479 |
Ending Balance, shares at Dec. 31, 2019 | 22,423 | ||||
Issuance of common stock | 208 | 208 | |||
Issuance of common stock, shares | 26 | ||||
Exercise and issuance of employee stock options | $ 1 | 998 | 999 | ||
Exercise and issuance of employee stock options, shares | 62 | ||||
Stock purchased under stock repurchase plan | $ (3) | (2,112) | (2,115) | ||
Stock purchased under stock repurchase plan, Shares | (310) | ||||
Net income | 15,548 | 15,548 | |||
Dividends paid on common stock | (4,691) | (4,691) | |||
Other comprehensive income (loss) | 4,226 | 4,226 | |||
Ending Balance at Dec. 31, 2020 | $ 222 | $ 149,822 | $ 13,419 | $ 6,191 | $ 169,654 |
Ending Balance, shares at Dec. 31, 2020 | 22,201 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | ||
Dividends paid per share (in dollar per share) | $ 0.20 | $ 0.13 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | ||
Net income | $ 15,548 | $ 15,705 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and intangibles amortization | 1,815 | 2,039 |
Right-of-use lease asset amortization | 942 | 936 |
Stock-based compensation expense | 1,134 | 1,075 |
Tax benefit of exercised stock options | (63) | (260) |
Amortization of purchased loan premium | 330 | 311 |
Deferred tax (benefit) expense | (834) | 420 |
Provision for loan losses | 4,200 | 325 |
Amortization of security premiums and accretion of discounts, net | 687 | 1,170 |
Net gain on sale of securities | (284) | (235) |
Net (gain) loss on sale and valuation of other real estate owned | 32 | (56) |
Net loss on disposal of premises and equipment | 82 | 7 |
Net gain on sale of loans | (11) | (14) |
Net gain on sale of mortgages held for sale | (1,116) | (486) |
Originations of mortgages held for sale | (26,126) | (21,061) |
Proceeds from sales of mortgages held for sale | 27,743 | 21,192 |
Increase in bank owned life insurance investment | (689) | (724) |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (953) | 686 |
Decrease in accrued expenses and other liabilities | (879) | (16) |
Net cash provided by operating activities | 21,558 | 21,014 |
Investing activities: | ||
Proceeds from sales/calls/maturities/paydowns of available for sale securities | 92,825 | 94,371 |
Proceeds from calls/maturities/paydowns of held to maturity securities | 14,475 | 6,290 |
Proceeds from sales of restricted equity securities | 2,139 | 1,511 |
Purchase of available for sale securities | (171,281) | (70,972) |
Purchase of restricted equity securities | (1,720) | (2,566) |
Proceeds from sale of other real estate owned | 134 | 826 |
Net increase in loans | (117,286) | (66,338) |
Principal recoveries of loans previously charged off | 495 | 587 |
Purchase of premises and equipment, net | (240) | (367) |
Purchase small business investment company fund investment | (646) | (2,142) |
Proceeds from bank owned life insurance investment | 218 | |
Proceeds from sale of loans | 632 | 1,516 |
Net cash used in investing activities | (180,473) | (37,066) |
Financing activities: | ||
Net increase (decrease) in deposits | 235,253 | (1,527) |
Net (decrease) increase in federal funds purchased | (24,437) | 4,997 |
Net decrease in short-term Federal Home Loan Bank borrowings | 10,000 | 20,000 |
Proceeds from long-term Federal Home Loan Bank borrowings | 40,000 | 40,000 |
Payments on long-term Federal Home Loan Bank borrowings | (40,667) | (10,947) |
Proceeds from issuance of common stock | 73 | 893 |
Cash dividends paid | (4,691) | (2,899) |
Repurchase of common stock | (2,115) | |
Net cash provided by financing activities | 193,416 | 10,517 |
Net increase (decrease) in cash and cash equivalents | 34,501 | (5,535) |
Cash and cash equivalents: | ||
Beginning of the period | 28,684 | 34,219 |
End of the period | 63,185 | 28,684 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 12,880 | 15,465 |
Income taxes paid | $ 4,513 | 3,145 |
Transfers of loans to other real estate owned | 4,198 | |
Right-of-use lease assets in exchange for lease liability | 7,408 | |
Transfers of building premises and equipment to held for sale | $ 337 |
Nature of Banking Activities an
Nature of Banking Activities and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Nature of Banking Activities and Significant Accounting Policies | Note 1. Nature of Banking Activities and Significant Accounting Policies Organization Community Bankers Trust Corporation (the “Company”) is headquartered in Richmond, Virginia and is the holding company for Essex Bank (the “Bank”), a Virginia state bank with 24 full-service offices, 18 of which are in Virginia and six of which are in Maryland. The Bank also operates two loan production offices. The Bank engages in a general commercial banking business and provides a wide range of financial services primarily to individuals, small businesses and larger commercial companies, including individual and commercial demand and time deposit accounts, commercial and industrial loans, consumer and small business loans, real estate and mortgage loans, investment services, on-line and mobile banking products, and cash management services. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Bank, its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company has defined cash and cash equivalents as cash and due from banks and interest-bearing bank balances. Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are determined using the specific identification method. Restricted Securities The Company is required to maintain an investment in the capital stock of certain correspondent banks. The Company’s investment in these securities is recorded at cost. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. The Company enters into commitments to originate certain mortgage loans whereby the interest rate on the loans is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and the sale of the loan generally ranges from thirty to forty-five days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. Because of this high correlation, the gain or loss that occurs on the rate lock commitments is immaterial. Loans The Bank grants mortgage, commercial and consumer loans to customers. A significant portion of the loan portfolio is represented by 1-4 family residential and commercial mortgage loans. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Bank’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses on Loans The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes is appropriate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. The evaluation also considers the following risk characteristics of each loan portfolio: ● Residential 1-4 family mortgage loans include HELOCs and single family investment properties secured by first liens. The carry risks associated with owner-occupied and investment properties are the continued credit-worthiness of the borrower, changes in the value of the collateral, successful property maintenance and collection of rents due from tenants. The Company manages these risks by using specific underwriting policies and procedures and by avoiding concentrations in geographic regions. ● Commercial real estate loans, including owner occupied and non-owner occupied mortgages, carry risks associated with the successful operations of the principal business operated on the property securing the loan or the successful operation of the real estate project securing the loan. General market conditions and economic activity may impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by avoiding concentrations to any one business or industry, and by diversifying the lending to various lines of businesses, such as retail, office, office warehouse, industrial and hotel. ● Construction and land development loans are generally made to commercial and residential builders/developers for specific construction projects, as well as to consumer borrowers. These carry more risk than real estate term loans due to the dynamics of construction projects, changes in interest rates, the long-term financing market and state and local government regulations. The Company manages risk by using specific underwriting policies and procedures for these types of loans and by avoiding concentrations to any one business or industry and by diversifying lending to various lines of businesses, in various geographic regions and in various sales or rental price points. ● Second mortgages on residential 1-4 family loans carry risk associated with the continued credit-worthiness of the borrower, changes in value of the collateral and a higher risk of loss in the event the collateral is liquidated due to the inferior lien position. The Company manages risk by using specific underwriting policies and procedures. ● Multifamily loans carry risks associated with the successful operation of the property, general real estate market conditions and economic activity. In addition to using specific underwriting policies and procedures, the Company manages risk by avoiding concentrations in geographic regions and by diversifying the lending to various unit mixes, tenant profiles and rental rates. ● Agriculture loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time and inventory that may be affected by weather, biological, price, labor, regulatory and economic factors. The Company manages risks by using specific underwriting policies and procedures, as well as avoiding concentrations to individual borrowers and by diversifying lending to various agricultural lines of business (i.e., crops, cattle, dairy, etc.). ● Commercial loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time, accounts receivable whose collectability may change and inventory values that may be subject to various risks including obsolescence. General market conditions and economic activity may also impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by diversifying the lending to various industries and avoids geographic concentrations. ● Consumer installment loans carry risks associated with the continued credit-worthiness of the borrower and the value of rapidly depreciating assets or lack thereof. These types of loans are more likely than real estate loans to be quickly and adversely affected by job loss, divorce, illness or personal bankruptcy. The Company manages risk by using specific underwriting policies and procedures for these types of loans. ● All other loans generally support the obligations of state and political subdivisions in the U.S. and are not a material source of business for the Company. The loans carry risks associated with the continued credit-worthiness of the obligations and economic activity. The Company manages risk by using specific underwriting policies and procedures for these types of loans. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The allowance consists of specific, general and unallocated components. For loans that are also classified as impaired, an allowance is established when the collateral value (or discounted cash flows or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. The unallocated component covers uncertainties that could affect management’s estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated for impairment as a pool. Accordingly, the Company does not separately analyze these individual loans for impairment disclosures. Accounting for Certain Loans Acquired in a Transfer FASB ASC 310, Receivables The Company’s acquired loans from the Suburban Federal Savings Bank (SFSB) transaction (the “PCI loans”), subject to FASB ASC Topic 805, Business Combinations, Loans and Debt Securities Acquired with Deteriorated Credit Quality The PCI loans are subject to the credit review standards described above for loans. If and when credit deterioration occurs subsequent to the date that the loans were acquired, a provision for loan loss for PCI loans will be charged to earnings for the full amount. The Company has made an estimate of the total cash flows it expects to collect from each pool of loans, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the pool is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the life of the pool. The Company also determines each pool’s contractual principal and contractual interest payments. The excess of that amount over the total cash flows that it expects to collect from the pool is referred to as nonaccretable difference, which is not recorded. Judgmental prepayment assumptions are applied to both contractually required payments and cash flows expected to be collected at acquisition. Over the life of the loan or pool, the Company continues to estimate cash flows expected to be collected. Subsequent decreases in cash flows expected to be collected over the life of the pool are recognized as an impairment in the current period through the allowance for loan loss. Subsequent increases in expected or actual cash flows are first used to reverse any existing valuation allowance for that loan or pool. Any remaining increase in cash flows expected to be collected is recognized as an adjustment to the accretable yield with the amount of periodic accretion adjusted over the remaining life of the pool. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Depreciation of bank premises and equipment is computed on the straight-line method over estimated useful lives of 10 3 Costs of maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is included in the determination of income. Other Real Estate Owned Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at the fair value at the date of foreclosure net of estimated disposal costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the carrying amount or the fair value less costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. Costs to bring a property to salable condition are capitalized up to the fair value of the property while costs to maintain a property in salable condition are expensed as incurred. The Company had $4.4 million and $4.5 million in other real estate at December 31, 2020 and 2019, respectively. Bank Owned Life Insurance The Company is the owner and beneficiary of bank owned life insurance (BOLI) policies on certain current and former Bank employees. These policies are recorded at their cash surrender value and can be liquidated, if necessary, with associated tax costs. Income generated from these policies is recorded as noninterest income. The Bank is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. Advertising Costs The Company follows the policy of expensing advertising costs as incurred, which totaled $376,000 and $526,000 for 2020 and 2019, respectively. Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company had no uncertain tax positions at each of December 31, 2020 and 2019. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statement of income. The Company had no interest or penalties during the years ended December 31, 2020 or 2019. Under FASB ASC 740, Income Taxes, The Company and its subsidiaries are subject to U. S. federal income tax as well as income tax for various states. All years from 2017 through 2020 are open to examination by the respective tax authorities. Earnings Per Share Basic earnings per share (EPS) is computed based on the weighted average number of shares outstanding and excludes any dilutive effects of options, warrants and convertible securities. Diluted EPS is computed in a manner similar to basic EPS, except for certain adjustments to the denominator. Diluted EPS gives effect to all dilutive potential common shares that were outstanding at the end of the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Dividends of $4.7 million and $2.9 million were declared and paid during the year ended 2020 and 2019, respectively. Stock-Based Compensation In April 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan, which was authorized to issue up to 2,650,000 shares of common stock. The 2009 Plan terminated June 17, 2019. In 2019, the Company adopted the Community Bankers Trust Corporation 2019 Stock Incentive Plan, which is authorized to issue up to 2,500,000 shares of common stock. See Note 13 for details regarding these plans. Derivatives - Cash Flow Hedge The Company uses interest rate derivatives to manage certain amounts of its exposure to interest rate movements. To accomplish this objective, the Company is a party to interest rate swaps whereby the Company pays fixed amounts to a counterparty in exchange for receiving variable payments over the life of an underlying agreement without the exchange of underlying notional amounts. Derivatives designated as cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities caused by interest rates. Cash flow hedges are periodically tested for effectiveness, which measures the correlation of the cash flows of the hedged item with the cash flows from the derivative. The changes in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into net income in the period that the hedged forecasted transaction affects earnings. The Company’s cash flow hedge was deemed effective for each of the years ended 2020 and 2019. Recent Accounting Pronouncements Adopted in 2020 In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The following public company disclosure requirements are removed: ● Transfers between Level 1 and Level 2 of the fair value hierarchy ● The policy for determining when transfers between any of the three levels have occurred ● The valuation processes used for Level 3 measurements The following public company disclosure requirements are modified: ● For certain investments that calculate the net asset value, timing of liquidation and redemption restrictions lapsing if the latter has been communicated to the reporting entity ● A clarification that the Level 3 measurement uncertainty disclosure should communicate information about the uncertainty at the balance sheet date The following public company disclosure requirements are new: ● The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 instruments held at the balance sheet date ● The range and weighted average of significant unobservable inputs used for Level 3 measurements. For certain unobservable inputs, an option to disclose other quantitative information in place of the weighted average is available to the extent that it would be a more reasonable and rational method to reflect the distribution of unobservable inputs. The ASU was effective for all entities in fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. In addition, an entity may early adopt any of the removed or modified disclosures immediately and delay adoption of the new disclosures until the effective date. The Company chose this early adoption option for the year ended December 31, 2018. The Company adopted the remaining guidance with no material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plan. This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and adding a requirement to disclose an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The ASU is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. In March 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain requirements under GAAP. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings (TDRs) under FASB ASC 310-40 , Receivables – Troubled Debt Restructurings by Creditors , in certain situations. Under FASB ASC 310-40, a restructuring of debt constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Section 4013 of the CARES Act permits the suspension of FASB ASC 310-40 for loan modifications that are made by financial institutions in response to the coronavirus (COVID-19) pandemic if (1) the borrower was not more than 30 days past due as of December 31, 2019, and (2) the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. These modifications must be made between March 1, 2020 and the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning COVID–19 declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates (the “applicable period”). In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (the “agencies”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The agencies noted that insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The interagency statement was effective immediately. In December 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 extending the period established by Section 4013 of the CARES Act under which consideration of troubled debt restructuring identification and accounting triggered by effects of the COVID-19 epidemic are suspended. That period is extended to the earlier of a) January 1, 2022, or b) the date that is 60 days after the date on which the national COVID-19 emergency terminates. In addition, Section 541 of this Act amended the relief to expand beyond financial institutions to include insurance companies. The requirement that the subject specific loans not be more that 30 days past due as of December 31, 2019 was not changed. The Company provided COVID-19 related payment relief on loans totaling $182.4 million as of December 31, 2020. PCI loans comprised $12.2 million of this total. As of December 31, 2020, regular payments have resumed on $143.4 million of these loans, of which PCI comprised $8.4 million. The Company re-extended this payment relief on $52.7 million of these loans, $13.7 of which have resumed regular payments and $2.0 million of which were within the PCI portfolio. The CARES Act and interagency statement are expected to have a material impact on the Company’s financial statements; however, due to the uncertainties regarding the economic effects of COVID-19, this impact cannot be quantified at this time. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope The Company’s cash flow hedges contracts allow it to covert the swaps to another index any time after March 12, 2020, in accordance with the optional expedient provided in Topic 848. Otherwise, the hedges will be converted to a Secured Financing Overnight Rate (SOFR) index at the end of June 2023. The Company is anticipating converting to the SOFR rate in effect as of June 2023. Issued But Not Yet Adopted In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (PCD assets, currently known as PCI loans). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13 . Also in November 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326. It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As a smaller reporting company, the Company will be required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the impact this guidance will have on its accounting, but it expects to recognize a one-time cumulative-effect adjustment to its allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company has formed an implementation committee and is working with a third-party vendor to build a model which it plans to run parallel with its current model in the months prior to implementation. The Company cannot yet determine the magnitude of the one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations, as the final impact will be dependent, among other things, upon the loan portfolio composition and credit quality at the adoption date, as well as economic conditions, financial models used and forecasts at the time. In October 2020, the FASB issued ASC 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable fees and Other Costs . This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company does not expect the adoption of ASU 2020-08 to have a material impact on its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Securities | Note 2. Securities Amortized costs and fair values of securities available for sale and held to maturity as of December 31, 2020 and 2019 were as follows ( December 31, 2020 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury securities $ 23,500 $ — $ (1) $ 23,499 U.S. Government agencies 25,880 114 (141) 25,853 State, county and municipal 118,612 7,172 (64) 125,720 Mortgage backed securities 30,434 1,756 (1) 32,189 Asset backed securities 36,841 704 (57) 37,488 Corporate bonds 26,136 480 (18) 26,598 Total securities available for sale $ 261,403 $ 10,226 $ (282) $ 271,347 Securities Held to Maturity State, county and municipal $ 21,176 1,081 — 22,257 Total securities held to maturity $ 21,176 $ 1,081 $ — $ 22,257 December 31, 2019 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Government agencies $ 22,104 $ 51 $ (219) $ 21,936 State, county and municipal 95,467 3,167 (42) 98,592 Mortgage backed securities 48,045 808 (113) 48,740 Asset backed securities 11,637 49 (82) 11,604 Corporate bonds 6,016 84 (3) 6,097 Total securities available for sale $ 183,269 $ 4,159 $ (459) $ 186,969 Securities Held to Maturity U.S. Government agencies $ 10,000 $ — $ (12) $ 9,988 State, county and municipal 25,733 913 (1) 26,645 Total securities held to maturity $ 35,733 $ 913 $ (13) $ 36,633 The amortized cost and fair value of securities as of December 31, 2020 by final contractual maturity are shown below. Expected maturities may differ from final contractual maturities because issuers may have the right to call or prepay obligations without any penalties. Held to Maturity Available for Sale (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,007 $ 2,028 $ 41,301 $ 41,402 Due after one year through five years 13,989 14,770 92,855 96,359 Due after five years through ten years 4,928 5,169 96,896 102,114 Due after ten years 252 290 30,351 31,472 Total securities $ 21,176 $ 22,257 $ 261,403 $ 271,347 Proceeds from sales and calls of securities available for sale were $39.4 million and $64.6 million during the years ended December 31, 2020 and 2019, respectively. Gains and losses on the sale of securities are determined using the specific identification method. Gross realized gains and losses on sales of securities available for sale during the years ended December 31, 2020 and 2019 were as follows (dollars in thousands): 2020 2019 Gross realized gains $ 388 $ 507 Gross realized losses (104) (272) Net securities gain $ 284 $ 235 In estimating other than temporary impairment (OTTI) losses, management considers the length of time and the extent to which the fair value has been less than cost, the financial condition and short-term prospects for the issuer, and the intent and ability of management to hold its investment for a period of time to allow a recovery in fair value. There were no investments held that had OTTI losses for the years ended December 31, 2020 and 2019. The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2020 and 2019 were as follows (dollars in thousands): December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available for Sale U.S. Treasury securities $ 23,499 $ (1) $ — $ — $ 23,499 $ (1) U.S. Government agencies 6,726 (25) 8,266 (116) 14,992 (141) State, county and municipal 6,203 (49) 301 (15) 6,504 (64) Mortgage backed securities 118 (1) — — 118 (1) Asset backed securities 12,427 (8) 4,410 (49) 16,837 (57) Corporate bonds 7,216 (18) — — 7,216 (18) Total $ 56,189 $ (102) $ 12,977 $ (180) $ 69,166 $ (282) December 31, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available for Sale U.S. Government agencies 6,396 $ (102) $ 8,020 $ (117) $ 14,416 $ (219) State, county and municipal 7,088 (32) 308 (10) 7,396 (42) Mortgage backed securities 11,001 (40) 4,287 (73) 15,288 (113) Asset backed securities 4,861 (74) 625 (8) 5,486 (82) Corporate bonds 248 (3) — — 248 (3) Total $ 29,594 $ (251) $ 13,240 $ (208) $ 42,834 $ (459) Securities Held to Maturity U.S. Government agencies $ — $ — $ 9,988 $ (12) $ 9,988 $ (12) State, county and municipal 31 — 622 (1) 653 (1) Total $ 31 $ — $ 10,610 $ (13) $ 10,641 $ (13) The unrealized losses (impairments) in the investment portfolio at December 31, 2020 and 2019 are generally a result of market fluctuations that occur daily. The unrealized losses are from 47 securities at December 31, 2020. Of those, 33 are investment grade, have U.S. government agency guarantees, or are backed by the full faith and credit of local municipalities throughout the United States. Nine investment grade asset-backed securities comprised of student loan pools, which are 97% U.S. government guaranteed, included in corporate obligations and five corporate bonds make up the remaining securities with unrealized losses at December 31, 2020. The Company considers the reason for impairment, length of impairment, and intent and ability to hold until the full value is recovered in determining if the impairment is temporary in nature. Based on this analysis, the Company has determined these impairments to be temporary in nature. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell these securities until they recover in value or reach maturity. Market prices are affected by conditions beyond the control of the Company. Investment decisions are made by the management group of the Company and reflect the overall liquidity and strategic asset/liability objectives of the Company. Management analyzes the securities portfolio frequently and manages the portfolio to provide an overall positive impact to the Company’s income statement and balance sheet. Securities with amortized costs of $52.2 million and $47.3 million at December 31, 2020 and 2019, respectively, were pledged to secure public deposits as required or permitted by law. Securities with amortized costs of $5.0 million and $5.8 million at December 31, 2020 and 2019, respectively, were pledged to secure lines of credit at the Federal Reserve discount window with a lendable collateral value of $5.0 million at December 31, 2020. At each of December 31, 2020 and 2019, there were no securities purchased from a single issuer, other than U.S. Treasury securities and other U.S. Government agencies that comprised more than 10% of the consolidated shareholders’ equity. |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | Note 3. Loans and Related Allowance for Loan Losses The Company’s loans, net of deferred fees and costs, as of December 31, 2020 and 2019 were comprised of the following (dollars in thousands): December 31, 2020 December 31, 2019 Amount % of Loans Amount % of Loans Mortgage loans on real estate: Residential 1‑4 family $ 197,228 16.68 % $ 223,538 21.12 % Commercial 474,856 40.16 396,858 37.50 Construction and land development 182,277 15.42 146,566 13.85 Second mortgages 6,360 0.54 6,639 0.63 Multifamily 78,158 6.61 72,978 6.90 Agriculture 6,662 0.56 8,346 0.79 Total real estate loans 945,541 79.97 854,925 80.79 Commercial loans 225,386 19.06 191,183 18.06 Consumer installment loans 9,996 0.85 11,163 1.05 All other loans 1,439 0.12 1,052 0.10 Total loans $ 1,182,362 100.00 % $ 1,058,323 100.00 % The Company held $10.7 million and $12.7 million in balances of loans guaranteed by the United States Department of Agriculture (USDA), which are included in various categories in the table above, at December 31, 2020 and 2019, respectively. As these loans are 100% guaranteed by the USDA, no loan loss allowance is required. These loan balances included a purchase premium of $804,000 and $1.0 million at December 31, 2020 and 2019, respectively. The purchase premium is amortized as an adjustment of the related loan yield on a straight line basis, which is substantially equivalent to the results obtained using the effective interest method. Any unamortized purchase premium remaining on loans prepaid by the borrower is written off. During 2020, the Company originated loans under the Paycheck Protection Program (PPP) of the Small Business Administration (SBA). These PPP loans totaled $49.3 million at December 31, 2020 and are included in commercial loans. As these loans are 100% guaranteed by the SBA, no loan loss allowance is required. The majority of the PPP loans have a two year term; however, most are expected to be forgiven by the SBA as borrowers use the funds for qualified expenses. These loan balances included net fees of $920,000 at December 31, 2020, which are being amortized as an adjustment of the related loan yield on a straight line basis, which is substantially equivalent to the results obtained using the effective interest method. Any unamortized net fee remaining on loans forgiven or prepaid by the borrower is recorded as income. At December 31, 2020 and 2019, the Company’s allowance for loan losses was comprised of the following: (i) a specific valuation component calculated in accordance with FASB ASC 310, Receivables, Contingencies The following table summarizes information related to impaired loans as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment (1) Balance (2) Allowance Investment (1) Balance (2) Allowance With no related allowance recorded: Mortgage loans on real estate: Residential 1‑4 family $ 624 $ 787 $ — $ 1,483 $ 1,850 $ — Commercial 3,458 4,198 — 3,226 3,966 — Construction and land development — — — 328 328 — Multifamily — 2,463 2,463 — Total real estate loans 4,082 4,985 — 7,500 8,607 — Subtotal impaired loans with no valuation allowance 4,082 4,985 — 7,500 8,607 — With an allowance recorded: Mortgage loans on real estate: Residential 1‑4 family 2,200 2,573 640 1,498 1,808 380 Commercial 200 715 57 378 876 87 Construction and land development 44 149 12 48 147 11 Agriculture 45 46 13 — — — Total real estate loans 2,489 3,483 722 1,924 2,831 478 Commercial loans 2,549 2,549 437 454 460 105 Consumer installment loans 19 19 6 7 7 1 Subtotal impaired loans with a valuation allowance 5,057 6,051 1,165 2,385 3,298 584 Total: Mortgage loans on real estate: Residential 1‑4 family 2,824 3,360 640 2,981 3,658 380 Commercial 3,658 4,913 57 3,604 4,842 87 Construction and land development 44 149 12 376 475 11 Multifamily — — — 2,463 2,463 — Agriculture 45 46 13 — — — Total real estate loans 6,571 8,468 722 9,424 11,438 478 Commercial loans 2,549 2,549 437 454 460 105 Consumer installment loans 19 19 6 7 7 1 Total impaired loans $ 9,139 $ 11,036 $ 1,165 $ 9,885 $ 11,905 $ 584 (1) The amount of the investment in a loan is not net of a valuation allowance, but does reflect any direct write-down of the investment (2) The contractual amount due reflects paydowns applied in accordance with loan documents, but does not reflect any direct write-downs or valuation allowance The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Average Investment Interest Recognized Average Investment Interest Recognized Mortgage loans on real estate: Residential 1‑4 family $ 2,987 $ 75 $ 3,395 $ 87 Commercial 3,303 141 4,096 145 Construction and land development 778 — 2,709 — Multifamily 493 — 2,519 — Agriculture 30 — — — Total real estate loans 7,591 216 12,719 232 Commercial loans 1,494 59 1,386 16 Consumer installment loans 13 — 5 — Total impaired loans $ 9,098 $ 275 $ 14,110 $ 248 Troubled debt restructures still accruing interest are loans that management expects to ultimately collect all principal and interest due, but not under the terms of the original contract. A reconciliation of impaired loans to nonaccrual loans as of December 31, 2020 and December 31, 2019 is set forth in the table below (dollars in thousands): December 31, 2020 December 31, 2019 Nonaccruals $ 4,460 $ 5,292 Trouble debt restructure and still accruing 4,679 4,593 Total impaired $ 9,139 $ 9,885 Interest income on nonaccrual loans, if recognized, is recorded using the cash basis method of accounting. The Company recognized $277,000 of cash basis income during the year ended December 31, 2020. There was an insignificant amount of cash basis income recognized during the year ended December 31, 2019. For the years ended December 31, 2020 and 2019, estimated interest income of $172,000 and $345,000, respectively, would have been recorded if all such loans had been accruing interest according to their original contractual terms. The following tables present an age analysis of past due status of loans by category as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 30 ‑ 89 Days 90+ Days Past Total Past Total Loans Past Due Due and Accruing Nonaccrual Due Current Receivable Mortgage loans on real estate: Residential 1‑4 family $ 1,324 $ 33 $ 1,357 $ 2,714 $ 194,514 $ 197,228 Commercial 438 — 730 1,168 473,688 474,856 Construction and land development 157 — 44 201 182,076 182,277 Second mortgages 227 — — 227 6,133 6,360 Multifamily — — — — 78,158 78,158 Agriculture — — 45 45 6,617 6,662 Total real estate loans 2,146 33 2,176 4,355 941,186 945,541 Commercial loans 60 — 2,264 2,324 223,062 225,386 Consumer installment loans — 12 20 32 9,964 9,996 All other loans — — — — 1,439 1,439 Total loans $ 2,207 $ 45 $ 4,460 $ 6,711 $ 1,175,651 $ 1,182,362 December 31, 2019 30 ‑ 89 Days 90+ Days Past Total Past Total Loans Past Due Due and Accruing Nonaccrual Due Current Receivable Mortgage loans on real estate: Residential 1‑4 family $ 1,308 $ — $ 1,378 $ 2,686 $ 220,852 $ 223,538 Commercial 552 — 1,006 1,558 395,300 396,858 Construction and land development 166 — 376 542 146,024 146,566 Second mortgages 229 — — 229 6,410 6,639 Multifamily — — 2,463 2,463 70,515 72,978 Agriculture — — — — 8,346 8,346 Total real estate loans 2,255 — 5,223 7,478 847,447 854,925 Commercial loans 1,085 946 62 2,093 189,090 191,183 Consumer installment loans 41 — 7 48 11,115 11,163 All other loans — — — — 1,052 1,052 Total loans $ 3,381 $ 946 $ 5,292 $ 9,619 $ 1,048,704 $ 1,058,323 Activity in the allowance for loan losses on loans by segment for the years ended December 31, 2020 and 2019 is presented in the following tables (dollars in thousands): Year Ended December 31, 2020 Provision December 31, 2019 Allocation Charge-offs Recoveries December 31, 2020 Mortgage loans on real estate: Residential 1‑4 family $ 2,685 $ (102) $ — $ 55 $ 2,638 Commercial 2,196 2,283 — 89 4,568 Construction and land development 1,044 1,342 — 159 2,545 Second mortgages 79 (77) — 16 18 Multifamily 248 260 — — 508 Agriculture 38 2 — — 40 Total real estate loans 6,290 3,708 — 319 10,317 Commercial loans 1,980 438 (608) 87 1,897 Consumer installment loans 114 92 (176) 89 119 All other loans 7 0 — — 7 Unallocated 38 (38) — — — Total loans $ 8,429 $ 4,200 $ (784) $ 495 $ 12,340 Year Ended December 31, 2019 Provision December 31, 2018 Allocation Charge-offs Recoveries December 31, 2019 Mortgage loans on real estate: Residential 1‑4 family $ 2,281 $ 315 $ (178) $ 267 $ 2,685 Commercial 1,810 583 (277) 80 2,196 Construction and land development 1,161 24 (212) 71 1,044 Second mortgages 20 53 — 6 79 Multifamily 371 (164) — 41 248 Agriculture 17 21 — — 38 Total real estate loans 5,660 832 (667) 465 6,290 Commercial loans 1,894 626 (724) 184 1,980 Consumer installment loans 152 99 (253) 116 114 All other loans 12 (5) — — 7 Unallocated 1,265 (1,227) — — 38 Total loans $ 8,983 $ 325 $ (1,644) $ 765 $ 8,429 The increase in provision expense reflects the significant increase in commercial real estate and construction and land development loans classified as special mention due to the inherent economic impact COVID-19 may have on these borrowers due to potential lost rental income, declining hospitality revenues, and construction material shortages. The allowance for loan losses could be further impacted by COVID-19; however, the amount of that impact is not currently estimable. The following tables present information on the loans evaluated for impairment in the allowance for loan losses as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Impairment Impairment Total Impairment Impairment Total Mortgage loans on real estate: Residential 1‑4 family $ 640 $ 1,998 $ 2,638 $ 2,824 $ 194,404 $ 197,228 Commercial 57 4,511 4,568 3,658 471,198 474,856 Construction and land development 12 2,533 2,545 44 182,233 182,277 Second mortgages — 18 18 — 6,360 6,360 Multifamily — 508 508 — 78,158 78,158 Agriculture 13 27 40 45 6,617 6,662 Total real estate loans 722 9,595 10,317 6,571 938,970 945,541 Commercial loans 437 1,460 1,897 2,549 222,837 225,386 Consumer installment loans 6 113 119 19 9,977 9,996 All other loans — 7 7 — 1,439 1,439 Unallocated — — — — — — Total loans $ 1,165 $ 11,175 $ 12,340 $ 9,139 $ 1,173,223 $ 1,182,362 December 31, 2019 Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Impairment Impairment Total Impairment Impairment Total Mortgage loans on real estate: Residential 1‑4 family $ 380 $ 2,305 $ 2,685 $ 2,981 $ 220,557 $ 223,538 Commercial 87 2,109 2,196 3,604 393,254 396,858 Construction and land development 11 1,033 1,044 376 146,190 146,566 Second mortgages — 79 79 — 6,639 6,639 Multifamily — 248 248 2,463 70,515 72,978 Agriculture — 38 38 — 8,346 8,346 Total real estate loans 478 5,812 6,290 9,424 845,501 854,925 Commercial loans 105 1,875 1,980 454 190,729 191,183 Consumer installment loans 1 113 114 7 11,156 11,163 All other loans — 7 7 — 1,052 1,052 Unallocated — 38 38 — — — Total loans $ 584 $ 7,845 $ 8,429 $ 9,885 $ 1,048,438 $ 1,058,323 Loans are monitored for credit quality on a recurring basis. These credit quality indicators are defined as follows: Pass Special Mention - A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention loans are not adversely classified and do not warrant adverse classification. Substandard - A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful - A doubtful loan has all the weaknesses inherent in a loan classified as substandard with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. The possibility of loss is extremely high. The following tables present the composition of loans by credit quality indicator as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Special Pass Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1‑4 family $ 189,617 $ 6,253 $ 1,358 $ — $ 197,228 Commercial 433,748 39,001 2,107 — 474,856 Construction and land development 173,668 8,565 44 — 182,277 Second mortgages 5,495 865 — — 6,360 Multifamily 71,923 6,235 — — 78,158 Agriculture 6,208 409 45 — 6,662 Total real estate loans 880,659 61,328 3,554 — 945,541 Commercial loans 199,762 17,843 7,781 — 225,386 Consumer installment loans 9,959 18 19 — 9,996 All other loans 1,424 15 — — 1,439 Total loans $ 1,091,804 $ 79,204 $ 11,354 $ — $ 1,182,362 December 31, 2019 Special Pass Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1‑4 family $ 219,210 $ 2,964 $ 1,364 $ — $ 223,538 Commercial 391,251 3,188 2,419 — 396,858 Construction and land development 145,782 408 376 — 146,566 Second mortgages 6,096 543 — — 6,639 Multifamily 70,515 — 2,463 — 72,978 Agriculture 8,098 248 — — 8,346 Total real estate loans 840,952 7,351 6,622 — 854,925 Commercial loans 185,123 2,770 3,290 — 191,183 Consumer installment loans 11,140 16 7 — 11,163 All other loans 1,052 — — — 1,052 Total loans $ 1,038,267 $ 10,137 $ 9,919 $ — $ 1,058,323 In accordance with FASB ASU 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring, During the year ended December 31, 2020, the Company modified one commercial real estate loan that was considered to be a TDR. The Company granted the borrower relief consisting of a six month payment deferral followed by six months of interest only payments. The loan is 100% guaranteed by the USDA and had a pre - and post-modification balance of $438,000. The Company had no loan modifications considered to be TDRs during the year ended December 31, 2019. During the year ended December 31, 2020, there were no TDRs that had been restructured during the previous 12 months that resulted in default. In the determination of the allowance for loan losses, management considers TDRs and subsequent defaults in these restructures by reviewing for impairment in accordance with FASB ASC 310-10-35, Receivables, Subsequent Measurement. At December 31, 2020 the Company had 1-4 family mortgages in the amount of $84.9 million pledged as collateral to the Federal Home Loan Bank for a total borrowing capacity of $71.1 million. |
PCI Loans and Related Allowance
PCI Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
PCI Loans and Related Allowance for Loan Losses [Abstract] | |
PCI Loans and Related Allowance for Loan Losses | Note 4. PCI Loans and Related Allowance for Loan Losses On January 30, 2009, the Company entered into a Purchase and Assumption Agreement with the FDIC to assume all of the deposits and certain other liabilities and acquire substantially all assets of SFSB. The Company is applying the provisions of FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality As of December 31, 2020 and 2019, the outstanding contractual balance of the PCI loans was $43.2 million and $53.2 million, respectively. The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): December 31, 2020 December 31, 2019 % of PCI % of PCI Amount Loans Amount Loans Mortgage loans on real estate: Residential 1‑4 family $ 21,720 90.35 % $ 29,465 90.58 % Commercial 429 1.78 490 1.51 Construction and land development 780 3.25 1,172 3.60 Second mortgages 904 3.76 1,169 3.59 Multifamily 207 0.86 232 0.72 Total real estate loans 24,040 100.00 32,528 100.00 Total PCI loans $ 24,040 100.00 % $ 32,528 100.00 % There was no activity in the allowance for loan losses on PCI loans for either of the years ended December 31, 2020 and 2019. The following table presents information on the PCI loans collectively evaluated for impairment in the allowance for loan losses as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Allowance Recorded Recorded for loan investment in Allowance for investment in losses loans loan losses loans Mortgage loans on real estate: Residential 1‑4 family $ 156 $ 21,720 $ 156 $ 29,465 Commercial — 429 — 490 Construction and land development — 780 — 1,172 Second mortgages — 904 — 1,169 Multifamily — 207 — 232 Total real estate loans 156 24,040 156 32,528 Total PCI loans $ 156 $ 24,040 $ 156 $ 32,528 The change in the accretable yield balance for the years ended December 31, 2020 and 2019 is as follows (dollars in thousands): Balance, January 1, 2019 $ 38,107 Accretion (6,010) Reclassification from nonaccretable difference 1,369 Balance, December 31, 2019 $ 33,466 Accretion (4,024) Reclassification to nonaccretable difference (253) Balance, December 31, 2020 $ 29,189 The PCI loans were not classified as nonperforming assets as of December 31, 2020 or 2019, as the loans are accounted for on a pooled basis, and interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all PCI loans. |
Bank Premises and Equipment Hel
Bank Premises and Equipment Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Bank Premises and Equipment Held for Sale | Note 5. Bank Premises and Equipment Held for Sale Bank premises and equipment held for sale includes two buildings relating to branch closures, which are currently listed for sale. The Prince Street branch in Tappahannock, Virginia closed in 2018. The book value of |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment A summary of the bank premises and equipment is as follows (dollars in thousands): December 31 2020 2019 Land $ 7,769 $ 7,797 Land improvements and buildings 21,409 21,248 Leasehold improvements 3,739 3,739 Furniture and equipment 11,955 11,652 Construction in progress 28 222 Total 44,900 44,658 Less accumulated depreciation and amortization (17,003) (15,186) Bank premises and equipment, net $ 27,897 $ 29,472 Depreciation expense was $1.8 million and $2.0 million for the years ended December 31, 2020 and 2019, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Note 7. Other Real Estate Owned The following table presents the balances of other real estate owned as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Residential 1‑4 family $ 21 $ 21 Commercial — — Construction and land development 4,340 4,506 Total other real estate owned $ 4,361 $ 4,527 At December 31, 2020, the Company had $289,000 in residential 1-4 family loans and PCI loans that were in the process of foreclosure. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits The following table provides interest bearing deposit information, by type, as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Interest bearing checking $ 239,628 $ — NOW — 170,532 MMDA 154,503 120,841 Savings 124,384 96,570 Time deposits less than or equal to $250,000 452,885 477,461 Time deposits over $250,000 128,400 119,460 Total interest bearing deposits $ 1,099,800 $ 984,864 Effective January 1, 2020, the Company re-classified all NOW accounts to interest bearing checking accounts, thereby eliminating the seven days withdrawal notification requirement imposed on NOW accounts. The scheduled maturities of time deposits at December 31, 2020 are as follows (dollars in thousands): 2021 $ 460,700 2022 77,485 2023 19,247 2024 12,909 2025 10,944 Total $ 581,285 Brokered deposits totaled $29.3 million and $11.6 million at December 31, 2020 and 2019, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Borrowings | Note 9. Borrowings The Company uses borrowings in conjunction with deposits to fund lending and investing activities. Borrowings include overnight borrowings from correspondent banks (federal funds purchased) and funding from the Federal Home Loan Bank (FHLB). The Company classifies all borrowings that will mature within a year from the date on which the company enters into them as short-term advances. The following table presents the Company’s borrowings as of December 31, 2020 and 2019 (dollars in thousands): December 31 2020 2019 Federal funds purchased $ — $ 24,437 FHLB: Short-term advances $ 10,000 $ 20,000 Long-term notes payable 47,833 48,500 Total $ 57,833 $ 68,500 The average interest rate of federal funds purchased during the years ended December 31, 2020 and 2019 was 1.55% and 2.56%, respectively. The Company has an available line of credit with the FHLB of Atlanta which allows the Company to borrow on a collateralized basis. As of December 31, 2020, the Company had residential 1-4 family mortgages in the amount of $84.9 million pledged as collateral to the FHLB for a total borrowing capacity of $71.1 million. FHLB advances are considered short-term borrowings and are used to manage liquidity as needed. The average interest rate of FHLB advances during the years ended December 31, 2020 and 2019 was 0.70% and 2.45%, respectively. Long-term notes payable have interest rates ranging from 0.56% to 2.07% with maturities ranging from 2022-2030. The Company had no variable LIBOR rate long-term notes payable at either of December 31, 2020 and 2019. Maturities of long-term debt at December 31, 2020 are as follows (dollars in thousands): 2022 $ 7,833 2023 10,000 2025 10,000 2030 20,000 Total $ 47,833 The Company had unsecured lines of credit with correspondent banks available for overnight borrowing totaling $75.0 million at December 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | Note 10. Accumulated Other Comprehensive Income The following tables present activity net of tax in accumulated other comprehensive income (AOCI) for the years ended December 31, 2020 and 2019 (dollars in thousands): Year ended December 31, 2020 Unrealized Defined Gain (Loss) on Total Other Gain (Loss) on Benefit Cash Flow Comprehensive Securities Pension Plan Hedge Income (Loss) Beginning balance $ 2,887 $ (886) $ (36) $ 1,965 Other comprehensive income (loss) before reclassifications 5,093 (191) (458) 4,444 Amounts reclassified from AOCI (222) 4 — (218) Net current period other comprehensive income (loss) 4,871 (187) (458) 4,226 Ending balance $ 7,758 $ (1,073) $ (494) $ 6,191 Year ended December 31, 2019 Unrealized Defined Gain (Loss) on Total Other Gain (Loss) on Benefit Cash Flow Comprehensive Securities Pension Plan Hedge Income (Loss) Beginning balance $ (618) $ (857) $ 196 $ (1,279) Other comprehensive income (loss) before reclassifications 3,688 (33) (232) 3,423 Amounts reclassified from AOCI (183) 4 — (179) Net current period other comprehensive income (loss) 3,505 (29) (232) 3,244 Ending balance $ 2,887 $ (886) $ (36) $ 1,965 The Company releases the income tax effects included in AOCI when income or loss from the related items has been recognized in earnings. The following tables present the effects of reclassifications out of AOCI on line items of consolidated income for the years ended December 31, 2020 and 2019 (dollars in thousands): Affected Line Item in the Unaudited Consolidated Details about AOCI Components Amount Reclassified from AOCI Statement of Income Year ended December 31, 2020 December 31, 2019 Securities available for sale: Unrealized gains on securities available for sale $ (284) $ (235) Gain on securities transactions, net Related tax expense 62 52 Income tax expense $ (222) $ (183) Net of tax Defined benefit plan Amortization of prior service cost $ 5 $ 5 Salaries and employee benefits Related tax (benefit) expense (1) (1) Income tax expense $ 4 $ 4 Net of tax Total reclassifications for the period $ (218) $ (179) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11. Income Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are as follows (dollars in thousands): 2020 2019 Deferred tax assets: Allowance for loan losses $ 2,712 $ 1,852 Deferred compensation 831 762 Pension adjustment 302 249 Purchase accounting adjustment (1) 2,492 2,625 OREO 59 59 Right-of-use lease asset 1,272 1,481 Other 436 185 8,104 7,213 Deferred tax liabilities: Accrued pension 342 226 Unrealized gain on available for sale securities 2,185 813 Depreciation premises and equipment 366 399 Lease liability 1,215 1,422 Other 12 12 4,120 2,872 Net deferred tax asset $ 3,984 $ 4,341 (1) Purchase accounting adjustment includes timing differences related to PCI loans, purchased fixed assets, and differences in income recognition on the purchase transactions. The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded that it has no liability related to uncertain tax positions in accordance with FASB ASC 740, Income Taxes Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): 2020 2019 Current tax provision $ 4,612 $ 3,132 Deferred tax (benefit) expense (834) 420 Income tax expense $ 3,778 $ 3,552 The following is a reconciliation of the expected income tax expense with the reported expense for each year: 2020 2019 Statutory federal income tax rate 21 % 21 % (Reduction) Increase in taxes resulting from: Municipal interest (1.4) (1.5) Bank owned life insurance income (0.7) (0.8) Stock compensation 0.7 (0.4) Other, net (0.1) 0.1 Effective tax rate 19.5 % 18.4 % |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | Note 12. Employee Benefit Plans The Company adopted the Bank of Essex noncontributory, defined benefit pension plan for all full-time pre-merger Bank of Essex employees over 21 years of age. Benefits are generally based upon years of service and the employees’ compensation. The Company funds pension costs, which are included in salaries and employee benefits in the consolidated statement of income, in accordance with the funding provisions of the Employee Retirement Income Security Act. The Company froze the plan benefits for all defined benefit plan participants effective December 31, 2010. Information pertaining to the activity in the plan for the years ended December 31, 2020 and 2019 is as follows (dollars in thousands): Years ended December 31 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 4,114 $ 4,112 Interest cost 130 162 Actuarial loss/(gain) 546 473 Benefits paid (58) (635) Settlement loss — 2 Benefit obligation, ending $ 4,732 $ 4,114 Change in Plan Assets Fair value of plan assets, beginning of year $ 4,006 $ 4,180 Actual return on plan assets 467 461 Employer contribution 500 — Benefits paid (58) (635) Fair value of plan assets, ending 4,915 4,006 Funded status $ 183 $ (108) Amounts Recognized in the Balance Sheet Other assets $ 183 $ — Other liabilities — (108) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Net loss $ 1,339 $ 1,095 Prior service cost 36 40 Deferred tax (302) (249) Total amount recognized $ 1,073 $ 886 Accumulated benefit obligation $ 4,732 $ 4,114 Components of net periodic (income) cost Interest cost $ 130 $ 162 Expected return on plan assets (215) (214) Amortization of prior service cost 5 5 Recognized net loss due to settlement — 140 Recognized net actuarial loss 49 47 Net periodic (income) cost $ (31) $ 140 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain) loss $ 243 $ 41 Amortization of prior service cost (5) (5) Total amount recognized $ 238 $ 36 Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income $ 207 $ 176 The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: December 31 2020 2019 Discount rate used for net periodic pension cost 3.25 % 4.25 % Discount rate used to determine obligation 2.50 % 3.25 % Expected return on plan assets 5.50 % 5.50 % Long-Term Rate of Return The plan sponsor selects the expected long-term rate of return on assets assumption in consultation with its investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not given to recent experience that may not continue over the measurement period, with higher significance placed on current forecasts of future long-term economic conditions. Because assets are held in a qualified trust, anticipated returns are not reduced for taxes. Further, solely for this purpose, the plan is assumed to continue in force and not terminate during the period during which assets are invested. However, consideration is given to the potential impact of current and future investment policy, cash flow into and out of the trust, and expenses (both investment and non-investment) typically paid from plan assets (to the extent such expenses are not explicitly estimated within periodic cost). Asset Allocation The pension plan’s weighted-average asset allocations as of December 31, 2020 and 2019 by asset category were as follows: December 31 2020 2019 Asset Category Mutual funds — fixed income 73.00 % 74.00 % Mutual funds — equity 27.00 26.00 Cash and equivalents — — Total 100.00 % 100.00 % The fair value of plan assets is measured based on the fair value hierarchy as discussed in Note 20, “Fair Values of Assets and Liabilities”, to the Consolidated Financial Statements. The valuations are based on third party data received as of the balance sheet date. All plan assets are considered Level 1 assets, as quoted prices exist in active markets for identical assets. The following table presents the fair value of plan assets as of December 31, 2020 and 2019 (dollars in thousands): Assets measured at Fair Value (Level 1) December 31, 2020 December 31, 2019 Cash $ 1 $ 4 Mutual funds: Fixed income funds 3,583 2,956 International funds 502 272 Large cap funds 468 364 Mid cap funds 166 137 Small cap funds 51 79 Real Estate Fund 144 — Stock fund — 194 $ 4,915 $ 4,006 The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 73% fixed income and 27% equities. The investment manager selects investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plan’s investment strategy. The investment manager will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. It is the responsibility of the trustee to administer the investments of the trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the trust. Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): Expected Employer Contributions 2021 $ — Expected Benefit Payments 2021 195 2022 132 2023 66 2024 188 2025 82 2026-2030 3,179 401(k) Plan The Company maintains the Essex Bank 401(k) plan. The employee may contribute up to 100% of compensation, subject to statutory limitations. The Company matches 100% of employee contributions on the first 3% of compensation, then the Company matches 50% of employee contributions on the next 2% of compensation. The amounts charged to expense under these plans for the years ended December 31, 2020 and 2019 were $611,000 and $614,000, respectively. Deferred Compensation Agreements The Company has deferred compensation agreements with certain key employees and the Board of Directors. The retirement benefits to be provided are fixed based upon the amount of compensation earned and deferred. Deferred compensation expense amounted to $147,000 and $110,000 for the years ended December 31, 2020 and 2019, respectively. The associated liabilities related to these agreements were $2.1 million at each of December 31, 2020 and 2019. The Company also has a non-qualified defined contribution retirement plan for certain key executive officers. The purpose of the plan is to enhance the retirement benefits that the Company provides to each officer and to recognize each officer for overall performance through additional incentive-based compensation. The planned contributions were based on the same metrics that the Company used for its annual incentive plan for executive officers. All contributions were 100% vested as of December 31, 2020. The expense related to this plan was $396,000 and $444,000 for the years ended December 31, 2020 and 2019, respectively, with an associated liability of $1.2 million and $1.6 million at December 31, 2020 and 2019, respectively. |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Dec. 31, 2020 | |
Stock Option Plans [Abstract] | |
Stock Option Plans | Note 13. Stock Option Plans Stock Option Plan In 2019, the Company adopted the Community Bankers Trust Corporation 2019 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to further the long-term stability and financial success of the Company by attracting and retaining employees and directors through the use of stock incentives and other rights that promote and recognize the financial success and growth of the Company. The Company believes that ownership of company stock will stimulate the efforts of such employees and directors by further aligning their interests with the interest of the Company’s shareholders. The Plan is to be used to grant restricted stock awards, stock options in the form of incentive stock options and nonstatutory stock options, stock appreciation rights and other stock-based awards to employees and directors of the Company for up to 2,500,000 shares of common stock, all of which may be issued in connection with the exercise of incentive stock options. Annual grants of stock options are limited to 200,000 shares for each participant, except that each non-employee directors is limited to 20,000 shares. The exercise price of a stock option cannot be less than 100% of the fair market value of such shares on the date of grant, provided that if the participant owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, the exercise price of an incentive stock option shall not be less than 110% of the fair market value of such shares on the date of grant. The option exercise price may be paid in cash or with shares of common stock, or a combination of cash and common stock, if permitted under the participant’s option agreement. The Plan will terminate on May 16, 2029, unless terminated sooner by the Board of Directors. The Company’s previously adopted 2009 Stock Incentive Plan terminated June 17, 2019. The 2009 Plan had the same general terms as the newly adopted 2019 Plan. Outstanding awards under the 2009 Plan will be administered in accordance with their terms under such plan. The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2020 and 2019: 2020 2019 Expected volatility 34 % 40 % Expected term (years) 6.25 6.25 Risk free rate 1.69 % 2.66 % The expected volatility is an estimate of the volatility of the Company’s share price based on historical performance. The risk free interest rates for periods within the contractual life of the awards are based on the U. S. Treasury Bill implied yield at the time of the grant correlating to the expected term. The expected term is based on the simplified method as provided by the Securities and Exchange Commission Staff Accounting Bulletin No 110 (SAB 110). In accordance with SAB 110, the Company has chosen to use the simplified method, as minimal historical exercise data exists. The Company plans to issue new shares of common stock when options are exercised. The Company recognizes forfeitures as they occur. The Company issues equity grants to non-employee directors as payment for annual retainer fees. The fair value of these grants was the closing price of the Company’s stock at the grant date. A summary of these grants for the years ended December 31, 2020 and 2019 is shown in the following table: For the Year Ended 2020 2019 Month Shares Issued Fair Value Shares Issued Fair Value March 6,599 $ 8.17 6,675 $ 8.08 June 8,937 5.48 6,723 7.28 September 9,643 5.08 7,459 7.76 December 8,829 6.38 6,210 8.69 The Company granted 322,000 options in 2019 and 314,500 options in 2020 to employees which vest ratably over the requisite service period of four years. A summary of options outstanding for the year ended December 31, 2020, is shown in the following table: Weighted Average Aggregate Number of Shares Exercise Price Intrinsic Value Outstanding at beginning of year 1,593,750 $ 5.92 Granted 314,500 9.45 Forfeited (500) 9.45 Exercised (54,000) 1.36 Outstanding at end of year 1,853,750 6.65 $ 1,943,813 Options outstanding and exercisable at end of year 1,103,250 5.37 $ 1,943,813 Weighted average remaining contractual life for outstanding and exercisable shares at year end 58 months The weighted average fair value per option of options granted during the year was $2.69 and $3.34 for the years ended December 31, 2020 and 2019, respectively. The aggregate intrinsic value of a stock option in the table above represents the aggregate pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by option holders had all option holders exercised their options on December 31, 2020. This amount changes with changes in the market value of the Company’s stock. The Company received $73,000 and . The Company recorded total stock-based compensation expense of $1.1 million for each of the years ended December 31, 2020 and 2019, respectively. Of the $1.1 million in expense that was recorded in 2020, $925,000 related to employee grants and is classified as salaries and employee benefits expense; $205,000 related to the non-employee director grants and is classified as other operating expenses. Of the $1.1 million in expense that was recorded in 2019, $860,000 related to employee grants and is classified as salaries and employee benefits expense; $215,000 related to the non-employee director grants and is classified as other operating expenses. The following table summarizes non-vested options outstanding as of December 31, 2020: Weighted Average Grant-Date Number of Shares Fair Value Non-vested at beginning of the year 707,250 $ 3.32 Granted 314,500 2.69 Vested (270,750) 3.18 Forfeited (500) 2.69 Non-vested at end of year 750,500 3.10 The unrecognized compensation expense related to non-vested options was $1.4 million at December 31, 2020 to be recognized over a weighted average period of 27 months. The total fair market value of shares vested during the years ended December 31, 2020 and 2019 was $861,000 and $782,000, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14. Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted EPS is computed using the weighted average number of shares outstanding during the period, including the effect of all potentially dilutive shares outstanding attributable to stock instruments. The following table presents basic and diluted EPS for the years ended December 31, 2020 and 2019 (dollars and shares in thousands, except per share data): Weighted Average Net Income Shares Per (Numerator) (Denominator) Share Amount For the year ended December 31, 2020 Basic EPS $ 15,548 22,331 $ 0.70 Effect of dilutive stock awards — 208 (0.01) Diluted EPS $ 15,548 22,539 $ 0.69 For the year ended December 31, 2019 Basic EPS $ 15,705 22,264 $ 0.71 Effect of dilutive stock awards — 267 (0.01) Diluted EPS $ 15,705 22,531 $ 0.70 Antidilutive common shares issuable under awards or options of 1.2 million were excluded from the computation of diluted earnings per common share for the year ended 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions In the ordinary course of business, the Bank has and expects to continue to have transactions, including borrowings, with its executive officers, directors, and their affiliates. The Bank had an insignificant amount of such loans outstanding at December 31, 2020 and 2019, respectively. The Bank held deposits of related parties in the amount of $2.0 million and $2.5 million as of December 31, 2020 and 2019, respectively. |
Cash Flow Hedge
Cash Flow Hedge | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Hedge [Abstract] | |
Cash Flow Hedge | Note 16. Cash Flow Hedge The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate borrowings, such as FHLB borrowings, repurchase agreements, and brokered CDs. The Company had interest rate swaps designated as cash flow hedges with total notional amounts of million at December 31, 2020 and 2019, respectively. The swaps were entered into with a counterparty that met the Company’s credit standards, and the agreement contains collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. The Company had Amounts receivable or payable are recognized as accrued under the terms of the agreements. In accordance with FASB ASC 815, Derivatives and Hedging |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note 17. Concentration of Credit Risk At December 31, 2020 and 2019, the Company’s loan portfolio consisted of commercial, real estate and consumer (installment) loans. Real estate secured loans represented the largest concentration at 80.37% and 81.35% of the loan portfolio for 2020 and 2019, respectively. The Company maintains a portion of its cash balances with several financial institutions located in its market area. Accounts at each institution are secured by the FDIC up to $250,000. Uninsured balances were $29.3 million and $9.5 million at December 31, 2020 and 2019, respectively. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | |
Financial Instruments With Off-Balance Sheet Risk | Note 18. Financial Instruments With Off-Balance Sheet Risk The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the contract amounts of the Company’s exposure to off-balance sheet risk as of December 31, 2020 and 2019, is as follows (dollars in thousands): December 31, 2020 December 31, 2019 Commitments with off-balance sheet risk: Commitments to extend credit $ 245,858 $ 210,086 Standby letters of credit 15,193 15,155 Total commitments with off-balance sheet risks $ 261,051 $ 225,241 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income-producing commercial properties. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are generally uncollateralized and usually do not contain a specified maturity date and may be drawn upon only to the total extent to which the Company is committed. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s evaluation of the counterparty. Since most of the letters of credit are expected to expire without being drawn upon, they do not necessarily represent future cash requirements. |
Minimum Regulatory Capital Requ
Minimum Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Minimum Regulatory Capital Requirements [Abstract] | |
Minimum Regulatory Capital Requirements | Note 19. Minimum Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, tier 1 and common equity tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of tier 1 capital (as defined) to adjusted average total assets (as defined). Management believes, as of December 31, 2020 and 2019, that the Bank met all capital adequacy requirements to which it is subject. As of December 31, 2020, based on regulatory guidelines, the Bank is well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that date that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). Required in Order to be Required for Capital Well Capitalized Under Prompt Actual Adequacy Purposes Corrective Action Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital to risk weighted assets $ 178,363 13.61 % $ 104,874 8.00 % $ 131,093 10.00 Tier 1 Capital to risk weighted assets 166,210 12.68 % 78,656 6.00 % 104,874 8.00 % Common Equity Tier 1 Capital to risk weighted assets 166,210 12.68 % 58,992 4.50 % 85,210 6.50 % Tier 1 Capital to adjusted average total assets 166,210 10.14 % 65,546 4.00 % 81,933 5.00 % As of December 31, 2019: Total Capital to risk weighted assets $ 164,783 13.86 % $ 95,137 8.00 % $ 118,922 10.00 % Tier 1 Capital to risk weighted assets 156,541 13.16 % 71,353 6.00 % 95,137 8.00 % Common Equity Tier 1 Capital to risk weighted assets 156,541 13.16 % 53,515 4.50 % 77,299 6.50 % Tier 1 Capital to adjusted average total assets 156,541 11.03 % 56,750 4.00 % 70,937 5.00 % Under the Basel III regulatory capital framework, a capital conservation buffer of 2.5% above the minimum risk-based capital thresholds was established. Dividend and executive compensation restrictions begin if the Bank does not maintain the full amount of the buffer. The Bank had a capital conservation buffer of 5.61% and 5.86% at December 31, 2020 and 2019, respectively, above the required buffer of 2.5% for each of 2020 and 2019. In 2018, the Economic Growth, Regulatory Relief and Consumer Protection Act developed a Community Bank Leverage Ratio (the ratio of a bank’s tangible equity capital to average total consolidated assets) for banking organizations with assets of less than $10 billion, such as the Bank. In 2019, the federal banking agencies issued a final rule that implements the Community Bank Leverage Ratio Framework (the “CBLRF”). To qualify for the CBLRF, a bank must have less than $10 billion in total consolidated assets, limited amounts of off-balance sheet exposures and trading assets and liabilities, and a leverage ratio greater than 9 percent. A bank that elects the CBLRF and has a leverage ratio greater than 9 percent will be considered to be in compliance with Basel III capital requirements and exempt from the complex Basel III calculations and will also be deemed “well capitalized” under Prompt Corrective Action regulations. A bank that falls out of compliance with the CBLRF will have a two-quarter grace period to come back into full compliance, provided its leverage ratio remains above 8 percent (a bank will be deemed “well capitalized” during the grace period). The CBLRF was available for banking organizations to use as of March 31, 2020 (with the flexibility for banking organizations to subsequently opt into or out of the CBLRF, as applicable). The Bank has chosen to opt out of the CBLRF as of December 31, 2020. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Fair Values of Assets and Liabilities [Abstract] | |
Fair Values of Assets and Liabilities | FASB ASC 820, Fair Value Measurements and Disclosures, ● Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. ● Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 — Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company ’ s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option pricing models, discounted cash flow models and similar techniques. FASB ASC 825, Financial Instruments Assets and Liabilities Recorded at Fair Value on a Recurring Basis The Company utilizes fair value measurements to record adjustments to certain assets to determine fair value disclosures. Securities available for sale and the cash flow hedge are recorded at fair value on a recurring basis. The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (dollars in thousands): December 31, 2020 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury securities $ 23,499 $ 23,499 $ — $ — U.S. Government agencies 25,853 4,034 21,819 — State, county and municipal 125,720 5,945 119,775 — Mortgage backed securities 32,189 5,534 26,655 — Asset backed securities 37,488 9,784 27,754 — Corporate bonds 26,598 500 26,098 — Total investment securities available for sale 271,347 49,296 222,101 — Total assets at fair value $ 271,347 $ 49,296 $ 222,101 $ — Cash flow hedge liability $ 631 — $ 631 — Total liabilities at fair value $ 631 $ — $ 631 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Government agencies $ 21,936 $ — $ 21,936 $ — State, county and municipal 98,592 10,072 88,520 — Mortgage backed securities 48,740 1,181 47,559 — Asset backed securities 11,604 — 11,604 — Corporate bonds 6,097 — 6,097 — Total investment securities available for sale 186,969 11,253 175,716 — Total assets at fair value $ 186,969 $ 11,253 $ 175,716 $ — Cash flow hedge liability 44 — $ 44 — Total liabilities at fair value $ 44 $ — $ 44 $ — Investment securities available for sale Investment securities available for sale are recorded at fair value each reporting period. Fair value measurement is based upon quoted prices, if available (Level 1). If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions (Level 2). The Company utilizes a third party vendor to provide fair value data for purposes of determining the fair value of its available for sale securities portfolio. The third party vendor uses reputable pricing companies for security market data. The third party vendor has controls in place for month-to-month market checks and zero pricing, and a Statement on Standards for Attestation Engagements No. 18 report is obtained from the third party vendor on an annual basis. The Company makes no adjustments to the pricing service data received for its securities available for sale. Cash flow hedge The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company is also required to measure and recognize certain other financial assets at fair value on a nonrecurring basis on the consolidated balance sheet. The following tables present assets measured at fair value on a nonrecurring basis for the years ended December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Total Level 1 Level 2 Level 3 Impaired loans $ 3,449 $ — $ — $ 3,449 Loans held for sale — — — — Bank premises and equipment held for sale 1,507 — — 1,507 Other real estate owned 4,361 — — 4,361 Total assets at fair value $ 9,317 $ — $ — $ 9,317 Total liabilities at fair value $ — $ — $ — $ — December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 3,020 $ — $ — $ 3,020 Loans held for sale 501 — 501 — Bank premises and equipment held for sale 1,589 — — 1,589 Other real estate owned 4,527 — — 4,527 Total assets at fair value $ 9,637 $ — $ 501 $ 9,136 Total liabilities at fair value $ — $ — $ — $ — Impaired loans Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures the impairment in accordance with FASB ASC 310, Receivables records impaired loans as nonrecurring Level 3. For the years ended December 31, 2020 and December 31, 2019, weighted average adjustments, calculated based on relative fair value, related to impaired loans were 12.3% and 12.8%, respectively. The Company may also identify collateral deterioration based on current market sales data, including price and absorption, as well as input from real estate sales professionals and developers, county or city tax assessments, market data and on-site inspections by Company personnel. When management determines that the fair value of the collateral is further impaired below the appraised value, due to such things as absorption rates and market conditions, and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. In instances where an appraisal received subsequent to an internally prepared estimate reflects a higher collateral value, management does not revise the carrying amount. Impaired loans can also be evaluated for impairment using the present value of expected future cash flows discounted at the loan’s effective interest rate. The measurement of impaired loans using future cash flows discounted at the loan’s effective interest rate rather than the market rate of interest is not a fair value measurement and is therefore excluded from fair value disclosure requirements. Reviews of classified loans are performed by management on a quarterly basis. Loans held for sale The carrying amounts of loans held for sale approximate fair value (Level 2). Bank premises and equipment held for sale The fair value of bank premises and equipment held for sale was determined using the adjusted appraisal methodology described in the other real estate owned (OREO) asset section below. Other real estate owned OREO assets are adjusted to fair value less estimated disposal costs upon transfer of the related loans to OREO, establishing a new cost basis. Initial fair value is based on appraised values of the collateral less estimated disposal costs. Subsequent to the transfer, valuations are periodically performed by management based on updated appraisals, general market conditions, recent sales of similar properties, length of time the properties have been held, and the Company’s ability and intent with regard to continued ownership of the properties. The assets are carried at the lower of carrying value or fair value less estimated disposal costs. The Company may incur additional write-downs of OREO assets to fair value less estimated costs to sell if valuations indicate a further deterioration in market conditions. As such, the Company records OREO as a nonrecurring fair value measurement classified as Level 3. Fair Value of Financial Instruments FASB ASC 825, Financial Instruments The following reflects the fair value of financial instruments, whether or not recognized on the consolidated balance sheet, at fair value measures by level of valuation assumptions used for those assets. These tables exclude financial instruments for which the carrying value approximates fair value (dollars in thousands): December 31, 2020 Estimated Fair Carrying Value Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $ 21,176 $ 22,257 $ — $ 22,257 $ — Loans, net of allowance 1,170,022 1,178,764 — — 1,178,764 PCI loans, net of allowance 23,884 32,657 — — 32,657 Financial liabilities: Interest bearing deposits 1,099,800 1,103,112 — 1,103,112 — Borrowings 61,957 62,852 — 62,852 — December 31, 2019 Estimated Fair Carrying Value Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $ 35,733 $ 36,633 $ — $ 36,633 $ — Loans, net of allowance 1,049,894 1,041,671 — — 1,041,671 PCI loans, net of allowance 32,372 38,982 — — 38,982 Financial liabilities: Interest bearing deposits 984,864 985,853 — 985,853 — Borrowings 72,624 72,457 — 72,457 — |
Trust Preferred Capital Notes
Trust Preferred Capital Notes | 12 Months Ended |
Dec. 31, 2020 | |
Trust Preferred Capital Notes [Abstract] | |
Trust Preferred Capital Notes | Note 21. Trust Preferred Capital Notes On December 12, 2003, BOE Statutory Trust I, a wholly-owned unconsolidated subsidiary of the Company, was formed for the purpose of issuing redeemable capital securities. On December 12, 2003, $4.124 million of trust preferred securities were issued through a direct placement. The securities have a LIBOR-indexed floating rate of interest. The average interest rate at December 31, 2020 and 2019 was 3.98% and 5.45%, respectively. The securities have a mandatory redemption date of December 12, 2033 and are subject to varying call provisions which began December 12, 2008. The principal asset of the Trust is $4.124 million of the Company’s junior subordinated debt securities with the like maturities and like interest rates to the capital securities. The obligations of the Company with respect to the issuance of the capital securities constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the capital securities. Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities. The Company is current in its obligations under the trust preferred notes. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 22. Revenue Recognition The Company recognizes income in accordance with FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Service charges and fees on deposit accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange and ATM fees The Company earns interchange and ATM fees from debit/credit cardholder transactions conducted through the Visa and ATM payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Because the Company acts as an agent and does not control the services rendered to the customers, related costs are netted against the fee income. These costs were included in other operating expenses prior to the adoption of Topic 606. Brokerage fees and commissions Brokerage fees and commissions consist of other recurring revenue streams such as commissions from sales of mutual funds and other investments to customers by a third-party service provider and investment advisor fees. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2020 and 2019 (dollars in thousands): Year ended December 31, 2020 December 31, 2019 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,411 $ 1,833 Interchange and ATM fees 1,183 999 Brokerage fees and commissions 314 399 Noninterest income (in-scope of Topic 606) 2,908 3,231 Noninterest income (out-of-scope of Topic 606) 3,040 2,123 Total noninterest income $ 5,948 $ 5,354 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 23. Leases On January 1, 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842), . The Company's leases have lease terms between five years and 20 years, with the longest lease term having an expiration date in 2038. Most of these leases include one or more renewal options for five years or less. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option by considering various economic factors. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use asset and lease liability. The Company uses its incremental borrowing rate to calculate the present value of lease payments when the interest rate implicit in a lease is not disclosed. None of the Company’s current leases contain variable lease payment terms. The Company accounts for associated non-lease components separately. The following table presents operating lease liabilities at December 31, 2020 and December 31, 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Gross lease liability $ 8,047 $ 9,278 Less: imputed interest (2,260) (2,541) Present value of lease liability $ 5,787 $ 6,737 The weighted average remaining lease term and weighted average discount rate for operating leases for the years ended December 31, 2020 and 2019 were 12.0 years and 4.78% and 12.0 years and 4.63%, respectively. Maturities of the gross operating lease liability at December 31, 2020 are as follows (dollars in thousands): 2021 $ 1,190 2022 600 2023 630 2024 573 2025 552 Thereafter 4,502 Total of future payments $ 8,047 Operating lease costs and sublease rental income for the years ended December 31, 2020 and 2019 were $1.3 million and $119,000 and $1.5 million and $191,000, respectively, and were included in occupancy expense. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other Operating Expenses [Abstract] | |
Other Operating Expenses | Note 24. Other Operating Expenses Other operating expenses totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past two years are stated separately (dollars in thousands). Year Ended December 31 2020 2019 Bank franchise tax $ 948 $ 880 Stationery, printing and supplies 660 625 Credit expense 525 617 Outside vendor fees 750 673 Other expenses 2,922 3,231 Total other operating expenses $ 5,805 $ 6,026 |
Parent Corporation Only Financi
Parent Corporation Only Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Parent Corporation Only Financial Statements [Abstract] | |
Parent Corporation Only Financial Statements | Note 25. Parent Corporation Only Financial Statements PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2020 and 2019 (dollars in thousands) 2020 2019 Assets Cash $ 1,226 $ 811 Other assets 280 286 Investments in subsidiaries 172,402 158,506 Total assets $ 173,908 $ 159,603 Liabilities Other liabilities $ 130 $ — Balances due to non-bank subsidiary 4,124 4,124 Total liabilities 4,254 4,124 Shareholders’ Equity Common stock (200,000,000 shares authorized, $0.01 par value; 22,200,929 and 22,422,621 shares issued outstanding 222 224 Additional paid in capital 149,822 150,728 Retained earnings 13,419 2,562 Accumulated other comprehensive income 6,191 1,965 Total shareholders’ equity $ 169,654 $ 155,479 Total liabilities and shareholders’ equity $ 173,908 $ 159,603 PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (dollars in thousands) 2020 2019 Income: Dividends received from subsidiaries $ 6,436 $ — Other operating income 5 7 Total income 6,441 7 Expenses: Interest expense 167 228 Management fee paid to subsidiaries 283 242 Stock compensation expense 47 90 Professional and legal expenses 112 79 Other operating expenses 94 55 Total expenses 703 694 Equity in undistributed income of subsidiaries 9,670 16,252 Net income before income taxes 15,408 15,565 Income tax benefit 140 140 Net income $ 15,548 $ 15,705 Comprehensive income $ 19,774 $ 18,949 PARENT COMPANY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 (dollars in thousands) 2020 2019 Operating activities: Net income $ 15,548 $ 15,705 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 1,134 1,075 Undistributed equity in income of subsidiary (9,670) (16,252) Decrease (increase) in other assets 6 (34) Increase (decrease) in other liabilities 16 (1) Net cash and cash equivalents provided by operating activities 7,034 493 Financing activities: Proceeds from issuance of common stock 73 893 Advances from subsidiary 114 — Repurchase of common stock (2,115) — Cash dividends paid (4,691) (2,899) Net cash and cash equivalents used in financing activities (6,619) (2,006) Increase (decrease) in cash and cash equivalents 415 (1,513) Cash and cash equivalents at beginning of the period 811 2,324 Cash and cash equivalents at end of the period $ 1,226 $ 811 |
Nature of Banking Activities _2
Nature of Banking Activities and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Nature of Banking Activities and Significant Accounting Policies [Abstract] | |
Organization | Organization Community Bankers Trust Corporation (the “Company”) is headquartered in Richmond, Virginia and is the holding company for Essex Bank (the “Bank”), a Virginia state bank with 24 full-service offices, 18 of which are in Virginia and six of which are in Maryland. The Bank also operates two loan production offices. The Bank engages in a general commercial banking business and provides a wide range of financial services primarily to individuals, small businesses and larger commercial companies, including individual and commercial demand and time deposit accounts, commercial and industrial loans, consumer and small business loans, real estate and mortgage loans, investment services, on-line and mobile banking products, and cash management services. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Bank, its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company has defined cash and cash equivalents as cash and due from banks and interest-bearing bank balances. |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other than temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sale of securities are determined using the specific identification method. |
Restricted Securities | Restricted Securities The Company is required to maintain an investment in the capital stock of certain correspondent banks. The Company’s investment in these securities is recorded at cost. |
Loans Held for Sale | Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. The Company enters into commitments to originate certain mortgage loans whereby the interest rate on the loans is determined prior to funding (rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. The period of time between issuance of a loan commitment and closing and the sale of the loan generally ranges from thirty to forty-five days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to losses nor will it realize significant gains related to its rate lock commitments due to changes in interest rates. The correlation between the rate lock commitments and the best efforts contracts is very high due to their similarity. Because of this high correlation, the gain or loss that occurs on the rate lock commitments is immaterial. |
Loans | Loans The Bank grants mortgage, commercial and consumer loans to customers. A significant portion of the loan portfolio is represented by 1-4 family residential and commercial mortgage loans. The ability of the Bank’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Bank’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Loan Losses on Loans | Allowance for Loan Losses on Loans The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes is appropriate to absorb estimated losses relating to specifically identified loans, as well as probable credit losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. The evaluation also considers the following risk characteristics of each loan portfolio: ● Residential 1-4 family mortgage loans include HELOCs and single family investment properties secured by first liens. The carry risks associated with owner-occupied and investment properties are the continued credit-worthiness of the borrower, changes in the value of the collateral, successful property maintenance and collection of rents due from tenants. The Company manages these risks by using specific underwriting policies and procedures and by avoiding concentrations in geographic regions. ● Commercial real estate loans, including owner occupied and non-owner occupied mortgages, carry risks associated with the successful operations of the principal business operated on the property securing the loan or the successful operation of the real estate project securing the loan. General market conditions and economic activity may impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by avoiding concentrations to any one business or industry, and by diversifying the lending to various lines of businesses, such as retail, office, office warehouse, industrial and hotel. ● Construction and land development loans are generally made to commercial and residential builders/developers for specific construction projects, as well as to consumer borrowers. These carry more risk than real estate term loans due to the dynamics of construction projects, changes in interest rates, the long-term financing market and state and local government regulations. The Company manages risk by using specific underwriting policies and procedures for these types of loans and by avoiding concentrations to any one business or industry and by diversifying lending to various lines of businesses, in various geographic regions and in various sales or rental price points. ● Second mortgages on residential 1-4 family loans carry risk associated with the continued credit-worthiness of the borrower, changes in value of the collateral and a higher risk of loss in the event the collateral is liquidated due to the inferior lien position. The Company manages risk by using specific underwriting policies and procedures. ● Multifamily loans carry risks associated with the successful operation of the property, general real estate market conditions and economic activity. In addition to using specific underwriting policies and procedures, the Company manages risk by avoiding concentrations in geographic regions and by diversifying the lending to various unit mixes, tenant profiles and rental rates. ● Agriculture loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time and inventory that may be affected by weather, biological, price, labor, regulatory and economic factors. The Company manages risks by using specific underwriting policies and procedures, as well as avoiding concentrations to individual borrowers and by diversifying lending to various agricultural lines of business (i.e., crops, cattle, dairy, etc.). ● Commercial loans carry risks associated with the successful operation of the business, changes in value of non-real estate collateral that may depreciate over time, accounts receivable whose collectability may change and inventory values that may be subject to various risks including obsolescence. General market conditions and economic activity may also impact the performance of these loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by diversifying the lending to various industries and avoids geographic concentrations. ● Consumer installment loans carry risks associated with the continued credit-worthiness of the borrower and the value of rapidly depreciating assets or lack thereof. These types of loans are more likely than real estate loans to be quickly and adversely affected by job loss, divorce, illness or personal bankruptcy. The Company manages risk by using specific underwriting policies and procedures for these types of loans. ● All other loans generally support the obligations of state and political subdivisions in the U.S. and are not a material source of business for the Company. The loans carry risks associated with the continued credit-worthiness of the obligations and economic activity. The Company manages risk by using specific underwriting policies and procedures for these types of loans. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The allowance consists of specific, general and unallocated components. For loans that are also classified as impaired, an allowance is established when the collateral value (or discounted cash flows or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. The unallocated component covers uncertainties that could affect management’s estimate of probable losses. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of the expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated for impairment as a pool. Accordingly, the Company does not separately analyze these individual loans for impairment disclosures. |
Accounting for Certain LoansAcquired in a Transfer | Accounting for Certain Loans Acquired in a Transfer FASB ASC 310, Receivables The Company’s acquired loans from the Suburban Federal Savings Bank (SFSB) transaction (the “PCI loans”), subject to FASB ASC Topic 805, Business Combinations, Loans and Debt Securities Acquired with Deteriorated Credit Quality The PCI loans are subject to the credit review standards described above for loans. If and when credit deterioration occurs subsequent to the date that the loans were acquired, a provision for loan loss for PCI loans will be charged to earnings for the full amount. The Company has made an estimate of the total cash flows it expects to collect from each pool of loans, which includes undiscounted expected principal and interest. The excess of that amount over the fair value of the pool is referred to as accretable yield. Accretable yield is recognized as interest income on a constant yield basis over the life of the pool. The Company also determines each pool’s contractual principal and contractual interest payments. The excess of that amount over the total cash flows that it expects to collect from the pool is referred to as nonaccretable difference, which is not recorded. Judgmental prepayment assumptions are applied to both contractually required payments and cash flows expected to be collected at acquisition. Over the life of the loan or pool, the Company continues to estimate cash flows expected to be collected. Subsequent decreases in cash flows expected to be collected over the life of the pool are recognized as an impairment in the current period through the allowance for loan loss. Subsequent increases in expected or actual cash flows are first used to reverse any existing valuation allowance for that loan or pool. Any remaining increase in cash flows expected to be collected is recognized as an adjustment to the accretable yield with the amount of periodic accretion adjusted over the remaining life of the pool. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Depreciation of bank premises and equipment is computed on the straight-line method over estimated useful lives of 10 3 Costs of maintenance and repairs are charged to expense as incurred and major improvements are capitalized. Upon sale or retirement of depreciable properties, the cost and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is included in the determination of income. |
Other Real Estate Owned | Other Real Estate Owned Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at the fair value at the date of foreclosure net of estimated disposal costs, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the carrying amount or the fair value less costs to sell. Revenues and expenses from operations and changes in the valuation allowance are included in other operating expenses. Costs to bring a property to salable condition are capitalized up to the fair value of the property while costs to maintain a property in salable condition are expensed as incurred. The Company had $4.4 million and $4.5 million in other real estate at December 31, 2020 and 2019, respectively. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company is the owner and beneficiary of bank owned life insurance (BOLI) policies on certain current and former Bank employees. These policies are recorded at their cash surrender value and can be liquidated, if necessary, with associated tax costs. Income generated from these policies is recorded as noninterest income. The Bank is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. |
Advertising Costs | Advertising Costs The Company follows the policy of expensing advertising costs as incurred, which totaled $376,000 and $526,000 for 2020 and 2019, respectively. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company had no uncertain tax positions at each of December 31, 2020 and 2019. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statement of income. The Company had no interest or penalties during the years ended December 31, 2020 or 2019. Under FASB ASC 740, Income Taxes, The Company and its subsidiaries are subject to U. S. federal income tax as well as income tax for various states. All years from 2017 through 2020 are open to examination by the respective tax authorities. |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) is computed based on the weighted average number of shares outstanding and excludes any dilutive effects of options, warrants and convertible securities. Diluted EPS is computed in a manner similar to basic EPS, except for certain adjustments to the denominator. Diluted EPS gives effect to all dilutive potential common shares that were outstanding at the end of the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Dividends of $4.7 million and $2.9 million were declared and paid during the year ended 2020 and 2019, respectively. |
Stock-Based Compensation | Stock-Based Compensation In April 2009, the Company adopted the Community Bankers Trust Corporation 2009 Stock Incentive Plan, which was authorized to issue up to 2,650,000 shares of common stock. The 2009 Plan terminated June 17, 2019. In 2019, the Company adopted the Community Bankers Trust Corporation 2019 Stock Incentive Plan, which is authorized to issue up to 2,500,000 shares of common stock. See Note 13 for details regarding these plans. |
Derivatives - Cash Flow Hedge | Derivatives - Cash Flow Hedge The Company uses interest rate derivatives to manage certain amounts of its exposure to interest rate movements. To accomplish this objective, the Company is a party to interest rate swaps whereby the Company pays fixed amounts to a counterparty in exchange for receiving variable payments over the life of an underlying agreement without the exchange of underlying notional amounts. Derivatives designated as cash flow hedges are used primarily to minimize the variability in cash flows of assets or liabilities caused by interest rates. Cash flow hedges are periodically tested for effectiveness, which measures the correlation of the cash flows of the hedged item with the cash flows from the derivative. The changes in the fair value of derivatives designated as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into net income in the period that the hedged forecasted transaction affects earnings. The Company’s cash flow hedge was deemed effective for each of the years ended 2020 and 2019. |
Recent Accounting Developments | Recent Accounting Pronouncements Adopted in 2020 In August 2018, the FASB issued Accounting Standards Update (ASU) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The following public company disclosure requirements are removed: ● Transfers between Level 1 and Level 2 of the fair value hierarchy ● The policy for determining when transfers between any of the three levels have occurred ● The valuation processes used for Level 3 measurements The following public company disclosure requirements are modified: ● For certain investments that calculate the net asset value, timing of liquidation and redemption restrictions lapsing if the latter has been communicated to the reporting entity ● A clarification that the Level 3 measurement uncertainty disclosure should communicate information about the uncertainty at the balance sheet date The following public company disclosure requirements are new: ● The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 instruments held at the balance sheet date ● The range and weighted average of significant unobservable inputs used for Level 3 measurements. For certain unobservable inputs, an option to disclose other quantitative information in place of the weighted average is available to the extent that it would be a more reasonable and rational method to reflect the distribution of unobservable inputs. The ASU was effective for all entities in fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. In addition, an entity may early adopt any of the removed or modified disclosures immediately and delay adoption of the new disclosures until the effective date. The Company chose this early adoption option for the year ended December 31, 2018. The Company adopted the remaining guidance with no material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plan. This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and adding a requirement to disclose an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The ASU is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. In March 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain requirements under GAAP. Section 4013 of the CARES Act gives entities temporary relief from the accounting and disclosure requirements for troubled debt restructurings (TDRs) under FASB ASC 310-40 , Receivables – Troubled Debt Restructurings by Creditors , in certain situations. Under FASB ASC 310-40, a restructuring of debt constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Section 4013 of the CARES Act permits the suspension of FASB ASC 310-40 for loan modifications that are made by financial institutions in response to the coronavirus (COVID-19) pandemic if (1) the borrower was not more than 30 days past due as of December 31, 2019, and (2) the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. These modifications must be made between March 1, 2020 and the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning COVID–19 declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates (the “applicable period”). In April 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (the “agencies”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The agencies noted that insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The interagency statement was effective immediately. In December 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 extending the period established by Section 4013 of the CARES Act under which consideration of troubled debt restructuring identification and accounting triggered by effects of the COVID-19 epidemic are suspended. That period is extended to the earlier of a) January 1, 2022, or b) the date that is 60 days after the date on which the national COVID-19 emergency terminates. In addition, Section 541 of this Act amended the relief to expand beyond financial institutions to include insurance companies. The requirement that the subject specific loans not be more that 30 days past due as of December 31, 2019 was not changed. The Company provided COVID-19 related payment relief on loans totaling $182.4 million as of December 31, 2020. PCI loans comprised $12.2 million of this total. As of December 31, 2020, regular payments have resumed on $143.4 million of these loans, of which PCI comprised $8.4 million. The Company re-extended this payment relief on $52.7 million of these loans, $13.7 of which have resumed regular payments and $2.0 million of which were within the PCI portfolio. The CARES Act and interagency statement are expected to have a material impact on the Company’s financial statements; however, due to the uncertainties regarding the economic effects of COVID-19, this impact cannot be quantified at this time. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope The Company’s cash flow hedges contracts allow it to covert the swaps to another index any time after March 12, 2020, in accordance with the optional expedient provided in Topic 848. Otherwise, the hedges will be converted to a Secured Financing Overnight Rate (SOFR) index at the end of June 2023. The Company is anticipating converting to the SOFR rate in effect as of June 2023. Issued But Not Yet Adopted In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This ASU addresses issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (PCD assets, currently known as PCI loans). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU 2016-13 . Also in November 2019, the SEC adopted Staff Accounting Bulletin (SAB) 119. SAB 119 updated portions of SEC interpretative guidance to align with FASB ASC 326. It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As a smaller reporting company, the Company will be required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the impact this guidance will have on its accounting, but it expects to recognize a one-time cumulative-effect adjustment to its allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company has formed an implementation committee and is working with a third-party vendor to build a model which it plans to run parallel with its current model in the months prior to implementation. The Company cannot yet determine the magnitude of the one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations, as the final impact will be dependent, among other things, upon the loan portfolio composition and credit quality at the adoption date, as well as economic conditions, financial models used and forecasts at the time. In October 2020, the FASB issued ASC 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable fees and Other Costs . This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company does not expect the adoption of ASU 2020-08 to have a material impact on its consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of other real estate owned, projected cash flows relating to certain acquired loans, and the valuation of deferred tax assets. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity | Amortized costs and fair values of securities available for sale and held to maturity as of December 31, 2020 and 2019 were as follows ( December 31, 2020 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Treasury securities $ 23,500 $ — $ (1) $ 23,499 U.S. Government agencies 25,880 114 (141) 25,853 State, county and municipal 118,612 7,172 (64) 125,720 Mortgage backed securities 30,434 1,756 (1) 32,189 Asset backed securities 36,841 704 (57) 37,488 Corporate bonds 26,136 480 (18) 26,598 Total securities available for sale $ 261,403 $ 10,226 $ (282) $ 271,347 Securities Held to Maturity State, county and municipal $ 21,176 1,081 — 22,257 Total securities held to maturity $ 21,176 $ 1,081 $ — $ 22,257 December 31, 2019 Gross Unrealized Amortized Cost Gains Losses Fair Value Securities Available for Sale U.S. Government agencies $ 22,104 $ 51 $ (219) $ 21,936 State, county and municipal 95,467 3,167 (42) 98,592 Mortgage backed securities 48,045 808 (113) 48,740 Asset backed securities 11,637 49 (82) 11,604 Corporate bonds 6,016 84 (3) 6,097 Total securities available for sale $ 183,269 $ 4,159 $ (459) $ 186,969 Securities Held to Maturity U.S. Government agencies $ 10,000 $ — $ (12) $ 9,988 State, county and municipal 25,733 913 (1) 26,645 Total securities held to maturity $ 35,733 $ 913 $ (13) $ 36,633 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | Held to Maturity Available for Sale (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,007 $ 2,028 $ 41,301 $ 41,402 Due after one year through five years 13,989 14,770 92,855 96,359 Due after five years through ten years 4,928 5,169 96,896 102,114 Due after ten years 252 290 30,351 31,472 Total securities $ 21,176 $ 22,257 $ 261,403 $ 271,347 |
Summary of Realized Gains and Losses on Sales of Securities | 2020 2019 Gross realized gains $ 388 $ 507 Gross realized losses (104) (272) Net securities gain $ 284 $ 235 |
Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale | The fair value and gross unrealized losses for securities, segregated by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2020 and 2019 were as follows (dollars in thousands): December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available for Sale U.S. Treasury securities $ 23,499 $ (1) $ — $ — $ 23,499 $ (1) U.S. Government agencies 6,726 (25) 8,266 (116) 14,992 (141) State, county and municipal 6,203 (49) 301 (15) 6,504 (64) Mortgage backed securities 118 (1) — — 118 (1) Asset backed securities 12,427 (8) 4,410 (49) 16,837 (57) Corporate bonds 7,216 (18) — — 7,216 (18) Total $ 56,189 $ (102) $ 12,977 $ (180) $ 69,166 $ (282) December 31, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Securities Available for Sale U.S. Government agencies 6,396 $ (102) $ 8,020 $ (117) $ 14,416 $ (219) State, county and municipal 7,088 (32) 308 (10) 7,396 (42) Mortgage backed securities 11,001 (40) 4,287 (73) 15,288 (113) Asset backed securities 4,861 (74) 625 (8) 5,486 (82) Corporate bonds 248 (3) — — 248 (3) Total $ 29,594 $ (251) $ 13,240 $ (208) $ 42,834 $ (459) Securities Held to Maturity U.S. Government agencies $ — $ — $ 9,988 $ (12) $ 9,988 $ (12) State, county and municipal 31 — 622 (1) 653 (1) Total $ 31 $ — $ 10,610 $ (13) $ 10,641 $ (13) |
Loans and Related Allowance f_2
Loans and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Summary of Loans | The Company’s loans, net of deferred fees and costs, as of December 31, 2020 and 2019 were comprised of the following (dollars in thousands): December 31, 2020 December 31, 2019 Amount % of Loans Amount % of Loans Mortgage loans on real estate: Residential 1‑4 family $ 197,228 16.68 % $ 223,538 21.12 % Commercial 474,856 40.16 396,858 37.50 Construction and land development 182,277 15.42 146,566 13.85 Second mortgages 6,360 0.54 6,639 0.63 Multifamily 78,158 6.61 72,978 6.90 Agriculture 6,662 0.56 8,346 0.79 Total real estate loans 945,541 79.97 854,925 80.79 Commercial loans 225,386 19.06 191,183 18.06 Consumer installment loans 9,996 0.85 11,163 1.05 All other loans 1,439 0.12 1,052 0.10 Total loans $ 1,182,362 100.00 % $ 1,058,323 100.00 % |
Summary of Information Related to Impaired Loans | The following table summarizes information related to impaired loans as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment (1) Balance (2) Allowance Investment (1) Balance (2) Allowance With no related allowance recorded: Mortgage loans on real estate: Residential 1‑4 family $ 624 $ 787 $ — $ 1,483 $ 1,850 $ — Commercial 3,458 4,198 — 3,226 3,966 — Construction and land development — — — 328 328 — Multifamily — 2,463 2,463 — Total real estate loans 4,082 4,985 — 7,500 8,607 — Subtotal impaired loans with no valuation allowance 4,082 4,985 — 7,500 8,607 — With an allowance recorded: Mortgage loans on real estate: Residential 1‑4 family 2,200 2,573 640 1,498 1,808 380 Commercial 200 715 57 378 876 87 Construction and land development 44 149 12 48 147 11 Agriculture 45 46 13 — — — Total real estate loans 2,489 3,483 722 1,924 2,831 478 Commercial loans 2,549 2,549 437 454 460 105 Consumer installment loans 19 19 6 7 7 1 Subtotal impaired loans with a valuation allowance 5,057 6,051 1,165 2,385 3,298 584 Total: Mortgage loans on real estate: Residential 1‑4 family 2,824 3,360 640 2,981 3,658 380 Commercial 3,658 4,913 57 3,604 4,842 87 Construction and land development 44 149 12 376 475 11 Multifamily — — — 2,463 2,463 — Agriculture 45 46 13 — — — Total real estate loans 6,571 8,468 722 9,424 11,438 478 Commercial loans 2,549 2,549 437 454 460 105 Consumer installment loans 19 19 6 7 7 1 Total impaired loans $ 9,139 $ 11,036 $ 1,165 $ 9,885 $ 11,905 $ 584 (1) The amount of the investment in a loan is not net of a valuation allowance, but does reflect any direct write-down of the investment (2) The contractual amount due reflects paydowns applied in accordance with loan documents, but does not reflect any direct write-downs or valuation allowance |
Summary of Financial Receivable Impaired Average Recorded Investment | The following table summarizes the average recorded investment of impaired loans for the years ended December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Average Investment Interest Recognized Average Investment Interest Recognized Mortgage loans on real estate: Residential 1‑4 family $ 2,987 $ 75 $ 3,395 $ 87 Commercial 3,303 141 4,096 145 Construction and land development 778 — 2,709 — Multifamily 493 — 2,519 — Agriculture 30 — — — Total real estate loans 7,591 216 12,719 232 Commercial loans 1,494 59 1,386 16 Consumer installment loans 13 — 5 — Total impaired loans $ 9,098 $ 275 $ 14,110 $ 248 |
Reconciliation of Impaired Loans to Nonaccrual Loans | Troubled debt restructures still accruing interest are loans that management expects to ultimately collect all principal and interest due, but not under the terms of the original contract. A reconciliation of impaired loans to nonaccrual loans as of December 31, 2020 and December 31, 2019 is set forth in the table below (dollars in thousands): December 31, 2020 December 31, 2019 Nonaccruals $ 4,460 $ 5,292 Trouble debt restructure and still accruing 4,679 4,593 Total impaired $ 9,139 $ 9,885 |
Age Analysis of Past Due Status of Loans, Excluding PCI Loans | The following tables present an age analysis of past due status of loans by category as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 30 ‑ 89 Days 90+ Days Past Total Past Total Loans Past Due Due and Accruing Nonaccrual Due Current Receivable Mortgage loans on real estate: Residential 1‑4 family $ 1,324 $ 33 $ 1,357 $ 2,714 $ 194,514 $ 197,228 Commercial 438 — 730 1,168 473,688 474,856 Construction and land development 157 — 44 201 182,076 182,277 Second mortgages 227 — — 227 6,133 6,360 Multifamily — — — — 78,158 78,158 Agriculture — — 45 45 6,617 6,662 Total real estate loans 2,146 33 2,176 4,355 941,186 945,541 Commercial loans 60 — 2,264 2,324 223,062 225,386 Consumer installment loans — 12 20 32 9,964 9,996 All other loans — — — — 1,439 1,439 Total loans $ 2,207 $ 45 $ 4,460 $ 6,711 $ 1,175,651 $ 1,182,362 December 31, 2019 30 ‑ 89 Days 90+ Days Past Total Past Total Loans Past Due Due and Accruing Nonaccrual Due Current Receivable Mortgage loans on real estate: Residential 1‑4 family $ 1,308 $ — $ 1,378 $ 2,686 $ 220,852 $ 223,538 Commercial 552 — 1,006 1,558 395,300 396,858 Construction and land development 166 — 376 542 146,024 146,566 Second mortgages 229 — — 229 6,410 6,639 Multifamily — — 2,463 2,463 70,515 72,978 Agriculture — — — — 8,346 8,346 Total real estate loans 2,255 — 5,223 7,478 847,447 854,925 Commercial loans 1,085 946 62 2,093 189,090 191,183 Consumer installment loans 41 — 7 48 11,115 11,163 All other loans — — — — 1,052 1,052 Total loans $ 3,381 $ 946 $ 5,292 $ 9,619 $ 1,048,704 $ 1,058,323 |
Allowance for Loan Losses on Loans, Excluding PCI Loans, by Segment | Activity in the allowance for loan losses on loans by segment for the years ended December 31, 2020 and 2019 is presented in the following tables (dollars in thousands): Year Ended December 31, 2020 Provision December 31, 2019 Allocation Charge-offs Recoveries December 31, 2020 Mortgage loans on real estate: Residential 1‑4 family $ 2,685 $ (102) $ — $ 55 $ 2,638 Commercial 2,196 2,283 — 89 4,568 Construction and land development 1,044 1,342 — 159 2,545 Second mortgages 79 (77) — 16 18 Multifamily 248 260 — — 508 Agriculture 38 2 — — 40 Total real estate loans 6,290 3,708 — 319 10,317 Commercial loans 1,980 438 (608) 87 1,897 Consumer installment loans 114 92 (176) 89 119 All other loans 7 0 — — 7 Unallocated 38 (38) — — — Total loans $ 8,429 $ 4,200 $ (784) $ 495 $ 12,340 Year Ended December 31, 2019 Provision December 31, 2018 Allocation Charge-offs Recoveries December 31, 2019 Mortgage loans on real estate: Residential 1‑4 family $ 2,281 $ 315 $ (178) $ 267 $ 2,685 Commercial 1,810 583 (277) 80 2,196 Construction and land development 1,161 24 (212) 71 1,044 Second mortgages 20 53 — 6 79 Multifamily 371 (164) — 41 248 Agriculture 17 21 — — 38 Total real estate loans 5,660 832 (667) 465 6,290 Commercial loans 1,894 626 (724) 184 1,980 Consumer installment loans 152 99 (253) 116 114 All other loans 12 (5) — — 7 Unallocated 1,265 (1,227) — — 38 Total loans $ 8,983 $ 325 $ (1,644) $ 765 $ 8,429 |
Loans Evaluated for Impairment | The following tables present information on the loans evaluated for impairment in the allowance for loan losses as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Impairment Impairment Total Impairment Impairment Total Mortgage loans on real estate: Residential 1‑4 family $ 640 $ 1,998 $ 2,638 $ 2,824 $ 194,404 $ 197,228 Commercial 57 4,511 4,568 3,658 471,198 474,856 Construction and land development 12 2,533 2,545 44 182,233 182,277 Second mortgages — 18 18 — 6,360 6,360 Multifamily — 508 508 — 78,158 78,158 Agriculture 13 27 40 45 6,617 6,662 Total real estate loans 722 9,595 10,317 6,571 938,970 945,541 Commercial loans 437 1,460 1,897 2,549 222,837 225,386 Consumer installment loans 6 113 119 19 9,977 9,996 All other loans — 7 7 — 1,439 1,439 Unallocated — — — — — — Total loans $ 1,165 $ 11,175 $ 12,340 $ 9,139 $ 1,173,223 $ 1,182,362 December 31, 2019 Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Individually Collectively Evaluated for Evaluated for Evaluated for Evaluated for Impairment Impairment Total Impairment Impairment Total Mortgage loans on real estate: Residential 1‑4 family $ 380 $ 2,305 $ 2,685 $ 2,981 $ 220,557 $ 223,538 Commercial 87 2,109 2,196 3,604 393,254 396,858 Construction and land development 11 1,033 1,044 376 146,190 146,566 Second mortgages — 79 79 — 6,639 6,639 Multifamily — 248 248 2,463 70,515 72,978 Agriculture — 38 38 — 8,346 8,346 Total real estate loans 478 5,812 6,290 9,424 845,501 854,925 Commercial loans 105 1,875 1,980 454 190,729 191,183 Consumer installment loans 1 113 114 7 11,156 11,163 All other loans — 7 7 — 1,052 1,052 Unallocated — 38 38 — — — Total loans $ 584 $ 7,845 $ 8,429 $ 9,885 $ 1,048,438 $ 1,058,323 |
Loans, Excluding PCI Loans, by Credit Quality Indicator | The following tables present the composition of loans by credit quality indicator as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Special Pass Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1‑4 family $ 189,617 $ 6,253 $ 1,358 $ — $ 197,228 Commercial 433,748 39,001 2,107 — 474,856 Construction and land development 173,668 8,565 44 — 182,277 Second mortgages 5,495 865 — — 6,360 Multifamily 71,923 6,235 — — 78,158 Agriculture 6,208 409 45 — 6,662 Total real estate loans 880,659 61,328 3,554 — 945,541 Commercial loans 199,762 17,843 7,781 — 225,386 Consumer installment loans 9,959 18 19 — 9,996 All other loans 1,424 15 — — 1,439 Total loans $ 1,091,804 $ 79,204 $ 11,354 $ — $ 1,182,362 December 31, 2019 Special Pass Mention Substandard Doubtful Total Mortgage loans on real estate: Residential 1‑4 family $ 219,210 $ 2,964 $ 1,364 $ — $ 223,538 Commercial 391,251 3,188 2,419 — 396,858 Construction and land development 145,782 408 376 — 146,566 Second mortgages 6,096 543 — — 6,639 Multifamily 70,515 — 2,463 — 72,978 Agriculture 8,098 248 — — 8,346 Total real estate loans 840,952 7,351 6,622 — 854,925 Commercial loans 185,123 2,770 3,290 — 191,183 Consumer installment loans 11,140 16 7 — 11,163 All other loans 1,052 — — — 1,052 Total loans $ 1,038,267 $ 10,137 $ 9,919 $ — $ 1,058,323 |
PCI Loans and Related Allowan_2
PCI Loans and Related Allowance for Loan Losses (Tables) - Covered Loans [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Summary of PCI Loans | As of December 31, 2020 and 2019, the outstanding contractual balance of the PCI loans was $43.2 million and $53.2 million, respectively. The carrying amount, by loan type, as of these dates is as follows (dollars in thousands): December 31, 2020 December 31, 2019 % of PCI % of PCI Amount Loans Amount Loans Mortgage loans on real estate: Residential 1‑4 family $ 21,720 90.35 % $ 29,465 90.58 % Commercial 429 1.78 490 1.51 Construction and land development 780 3.25 1,172 3.60 Second mortgages 904 3.76 1,169 3.59 Multifamily 207 0.86 232 0.72 Total real estate loans 24,040 100.00 32,528 100.00 Total PCI loans $ 24,040 100.00 % $ 32,528 100.00 % |
Summary of Purchased Credit Impaired Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses | The following table presents information on the PCI loans collectively evaluated for impairment in the allowance for loan losses as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Allowance Recorded Recorded for loan investment in Allowance for investment in losses loans loan losses loans Mortgage loans on real estate: Residential 1‑4 family $ 156 $ 21,720 $ 156 $ 29,465 Commercial — 429 — 490 Construction and land development — 780 — 1,172 Second mortgages — 904 — 1,169 Multifamily — 207 — 232 Total real estate loans 156 24,040 156 32,528 Total PCI loans $ 156 $ 24,040 $ 156 $ 32,528 |
Summary of Changes in the Accretable Yield | The change in the accretable yield balance for the years ended December 31, 2020 and 2019 is as follows (dollars in thousands): Balance, January 1, 2019 $ 38,107 Accretion (6,010) Reclassification from nonaccretable difference 1,369 Balance, December 31, 2019 $ 33,466 Accretion (4,024) Reclassification to nonaccretable difference (253) Balance, December 31, 2020 $ 29,189 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Summary of the Bank Premises and Equipment | A summary of the bank premises and equipment is as follows (dollars in thousands): December 31 2020 2019 Land $ 7,769 $ 7,797 Land improvements and buildings 21,409 21,248 Leasehold improvements 3,739 3,739 Furniture and equipment 11,955 11,652 Construction in progress 28 222 Total 44,900 44,658 Less accumulated depreciation and amortization (17,003) (15,186) Bank premises and equipment, net $ 27,897 $ 29,472 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate Owned [Abstract] | |
Schedule of Other Real Estate Owned | The following table presents the balances of other real estate owned as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Residential 1‑4 family $ 21 $ 21 Commercial — — Construction and land development 4,340 4,506 Total other real estate owned $ 4,361 $ 4,527 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Summary of Interest Bearing Deposits | The following table provides interest bearing deposit information, by type, as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Interest bearing checking $ 239,628 $ — NOW — 170,532 MMDA 154,503 120,841 Savings 124,384 96,570 Time deposits less than or equal to $250,000 452,885 477,461 Time deposits over $250,000 128,400 119,460 Total interest bearing deposits $ 1,099,800 $ 984,864 |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2020 are as follows (dollars in thousands): 2021 $ 460,700 2022 77,485 2023 19,247 2024 12,909 2025 10,944 Total $ 581,285 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [Abstract] | |
Schedule of Company's borrowings | The following table presents the Company’s borrowings as of December 31, 2020 and 2019 (dollars in thousands): December 31 2020 2019 Federal funds purchased $ — $ 24,437 FHLB: Short-term advances $ 10,000 $ 20,000 Long-term notes payable 47,833 48,500 Total $ 57,833 $ 68,500 |
Maturities of Fixed Rate Long-Term Debt | Maturities of long-term debt at December 31, 2020 are as follows (dollars in thousands): 2022 $ 7,833 2023 10,000 2025 10,000 2030 20,000 Total $ 47,833 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Summary of Accumulated Other Comprehensive (Loss) Income | The following tables present activity net of tax in accumulated other comprehensive income (AOCI) for the years ended December 31, 2020 and 2019 (dollars in thousands): Year ended December 31, 2020 Unrealized Defined Gain (Loss) on Total Other Gain (Loss) on Benefit Cash Flow Comprehensive Securities Pension Plan Hedge Income (Loss) Beginning balance $ 2,887 $ (886) $ (36) $ 1,965 Other comprehensive income (loss) before reclassifications 5,093 (191) (458) 4,444 Amounts reclassified from AOCI (222) 4 — (218) Net current period other comprehensive income (loss) 4,871 (187) (458) 4,226 Ending balance $ 7,758 $ (1,073) $ (494) $ 6,191 Year ended December 31, 2019 Unrealized Defined Gain (Loss) on Total Other Gain (Loss) on Benefit Cash Flow Comprehensive Securities Pension Plan Hedge Income (Loss) Beginning balance $ (618) $ (857) $ 196 $ (1,279) Other comprehensive income (loss) before reclassifications 3,688 (33) (232) 3,423 Amounts reclassified from AOCI (183) 4 — (179) Net current period other comprehensive income (loss) 3,505 (29) (232) 3,244 Ending balance $ 2,887 $ (886) $ (36) $ 1,965 |
Effects of Reclassifications Out of AOCI | The Company releases the income tax effects included in AOCI when income or loss from the related items has been recognized in earnings. The following tables present the effects of reclassifications out of AOCI on line items of consolidated income for the years ended December 31, 2020 and 2019 (dollars in thousands): Affected Line Item in the Unaudited Consolidated Details about AOCI Components Amount Reclassified from AOCI Statement of Income Year ended December 31, 2020 December 31, 2019 Securities available for sale: Unrealized gains on securities available for sale $ (284) $ (235) Gain on securities transactions, net Related tax expense 62 52 Income tax expense $ (222) $ (183) Net of tax Defined benefit plan Amortization of prior service cost $ 5 $ 5 Salaries and employee benefits Related tax (benefit) expense (1) (1) Income tax expense $ 4 $ 4 Net of tax Total reclassifications for the period $ (218) $ (179) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are as follows (dollars in thousands): 2020 2019 Deferred tax assets: Allowance for loan losses $ 2,712 $ 1,852 Deferred compensation 831 762 Pension adjustment 302 249 Purchase accounting adjustment (1) 2,492 2,625 OREO 59 59 Right-of-use lease asset 1,272 1,481 Other 436 185 8,104 7,213 Deferred tax liabilities: Accrued pension 342 226 Unrealized gain on available for sale securities 2,185 813 Depreciation premises and equipment 366 399 Lease liability 1,215 1,422 Other 12 12 4,120 2,872 Net deferred tax asset $ 3,984 $ 4,341 (1) Purchase accounting adjustment includes timing differences related to PCI loans, purchased fixed assets, and differences in income recognition on the purchase transactions. |
Allocation of the Income Tax Expense between Current and Deferred Portions | Allocation of the income tax expense between current and deferred portions is as follows (dollars in thousands): 2020 2019 Current tax provision $ 4,612 $ 3,132 Deferred tax (benefit) expense (834) 420 Income tax expense $ 3,778 $ 3,552 |
Reconciliation of the Expected Income Tax Expense with the Reported Expense | The following is a reconciliation of the expected income tax expense with the reported expense for each year: 2020 2019 Statutory federal income tax rate 21 % 21 % (Reduction) Increase in taxes resulting from: Municipal interest (1.4) (1.5) Bank owned life insurance income (0.7) (0.8) Stock compensation 0.7 (0.4) Other, net (0.1) 0.1 Effective tax rate 19.5 % 18.4 % |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plan [Abstract] | |
Components of Net Periodic Benefit Cost for Plan | The Company froze the plan benefits for all defined benefit plan participants effective December 31, 2010. Information pertaining to the activity in the plan for the years ended December 31, 2020 and 2019 is as follows (dollars in thousands): Years ended December 31 2020 2019 Change in Benefit Obligation Benefit obligation, beginning of year $ 4,114 $ 4,112 Interest cost 130 162 Actuarial loss/(gain) 546 473 Benefits paid (58) (635) Settlement loss — 2 Benefit obligation, ending $ 4,732 $ 4,114 Change in Plan Assets Fair value of plan assets, beginning of year $ 4,006 $ 4,180 Actual return on plan assets 467 461 Employer contribution 500 — Benefits paid (58) (635) Fair value of plan assets, ending 4,915 4,006 Funded status $ 183 $ (108) Amounts Recognized in the Balance Sheet Other assets $ 183 $ — Other liabilities — (108) Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Net loss $ 1,339 $ 1,095 Prior service cost 36 40 Deferred tax (302) (249) Total amount recognized $ 1,073 $ 886 Accumulated benefit obligation $ 4,732 $ 4,114 Components of net periodic (income) cost Interest cost $ 130 $ 162 Expected return on plan assets (215) (214) Amortization of prior service cost 5 5 Recognized net loss due to settlement — 140 Recognized net actuarial loss 49 47 Net periodic (income) cost $ (31) $ 140 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income Net (gain) loss $ 243 $ 41 Amortization of prior service cost (5) (5) Total amount recognized $ 238 $ 36 Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income $ 207 $ 176 |
Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table: December 31 2020 2019 Discount rate used for net periodic pension cost 3.25 % 4.25 % Discount rate used to determine obligation 2.50 % 3.25 % Expected return on plan assets 5.50 % 5.50 % |
Pension Plan's Weighted-Average Asset Allocations by Asset Category | The pension plan’s weighted-average asset allocations as of December 31, 2020 and 2019 by asset category were as follows: December 31 2020 2019 Asset Category Mutual funds — fixed income 73.00 % 74.00 % Mutual funds — equity 27.00 26.00 Cash and equivalents — — Total 100.00 % 100.00 % |
Fair Value of Plan Assets | The following table presents the fair value of plan assets as of December 31, 2020 and 2019 (dollars in thousands): Assets measured at Fair Value (Level 1) December 31, 2020 December 31, 2019 Cash $ 1 $ 4 Mutual funds: Fixed income funds 3,583 2,956 International funds 502 272 Large cap funds 468 364 Mid cap funds 166 137 Small cap funds 51 79 Real Estate Fund 144 — Stock fund — 194 $ 4,915 $ 4,006 |
Estimated Future Contributions and Benefit Payments, which Reflect Expected Future Service | Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands): Expected Employer Contributions 2021 $ — Expected Benefit Payments 2021 195 2022 132 2023 66 2024 188 2025 82 2026-2030 3,179 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Each Option Granted is Estimated on the Date of Grant | The fair value of each option granted is estimated on the date of grant using the “Black Scholes Option Pricing” method with the following assumptions for the years ended December 31, 2020 and 2019: 2020 2019 Expected volatility 34 % 40 % Expected term (years) 6.25 6.25 Risk free rate 1.69 % 2.66 % |
Summary of Grants Shares Issued and Fair Market Value | For the Year Ended 2020 2019 Month Shares Issued Fair Value Shares Issued Fair Value March 6,599 $ 8.17 6,675 $ 8.08 June 8,937 5.48 6,723 7.28 September 9,643 5.08 7,459 7.76 December 8,829 6.38 6,210 8.69 |
Summary of Non-Vested Options and Restricted Stock Outstanding | The following table summarizes non-vested options outstanding as of December 31, 2020: Weighted Average Grant-Date Number of Shares Fair Value Non-vested at beginning of the year 707,250 $ 3.32 Granted 314,500 2.69 Vested (270,750) 3.18 Forfeited (500) 2.69 Non-vested at end of year 750,500 3.10 |
2009 Stock Option Plan [Member] | |
Summary of Options Outstanding | Weighted Average Aggregate Number of Shares Exercise Price Intrinsic Value Outstanding at beginning of year 1,593,750 $ 5.92 Granted 314,500 9.45 Forfeited (500) 9.45 Exercised (54,000) 1.36 Outstanding at end of year 1,853,750 6.65 $ 1,943,813 Options outstanding and exercisable at end of year 1,103,250 5.37 $ 1,943,813 Weighted average remaining contractual life for outstanding and exercisable shares at year end 58 months |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | Weighted Average Net Income Shares Per (Numerator) (Denominator) Share Amount For the year ended December 31, 2020 Basic EPS $ 15,548 22,331 $ 0.70 Effect of dilutive stock awards — 208 (0.01) Diluted EPS $ 15,548 22,539 $ 0.69 For the year ended December 31, 2019 Basic EPS $ 15,705 22,264 $ 0.71 Effect of dilutive stock awards — 267 (0.01) Diluted EPS $ 15,705 22,531 $ 0.70 |
Financial Instruments With Of_2
Financial Instruments With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments With Off Balance Sheet Risk [Abstract] | |
Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk | December 31, 2020 December 31, 2019 Commitments with off-balance sheet risk: Commitments to extend credit $ 245,858 $ 210,086 Standby letters of credit 15,193 15,155 Total commitments with off-balance sheet risks $ 261,051 $ 225,241 |
Minimum Regulatory Capital Re_2
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum Regulatory Capital Requirements [Abstract] | |
Summary of the Company's and the Banks Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following table (dollars in thousands). Required in Order to be Required for Capital Well Capitalized Under Prompt Actual Adequacy Purposes Corrective Action Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital to risk weighted assets $ 178,363 13.61 % $ 104,874 8.00 % $ 131,093 10.00 Tier 1 Capital to risk weighted assets 166,210 12.68 % 78,656 6.00 % 104,874 8.00 % Common Equity Tier 1 Capital to risk weighted assets 166,210 12.68 % 58,992 4.50 % 85,210 6.50 % Tier 1 Capital to adjusted average total assets 166,210 10.14 % 65,546 4.00 % 81,933 5.00 % As of December 31, 2019: Total Capital to risk weighted assets $ 164,783 13.86 % $ 95,137 8.00 % $ 118,922 10.00 % Tier 1 Capital to risk weighted assets 156,541 13.16 % 71,353 6.00 % 95,137 8.00 % Common Equity Tier 1 Capital to risk weighted assets 156,541 13.16 % 53,515 4.50 % 77,299 6.50 % Tier 1 Capital to adjusted average total assets 156,541 11.03 % 56,750 4.00 % 70,937 5.00 % |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Values of Assets and Liabilities [Abstract] | |
Assets and Liabilities Recorded at Fair Value on Recurring Basis | December 31, 2020 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Treasury securities $ 23,499 $ 23,499 $ — $ — U.S. Government agencies 25,853 4,034 21,819 — State, county and municipal 125,720 5,945 119,775 — Mortgage backed securities 32,189 5,534 26,655 — Asset backed securities 37,488 9,784 27,754 — Corporate bonds 26,598 500 26,098 — Total investment securities available for sale 271,347 49,296 222,101 — Total assets at fair value $ 271,347 $ 49,296 $ 222,101 $ — Cash flow hedge liability $ 631 — $ 631 — Total liabilities at fair value $ 631 $ — $ 631 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Investment securities available for sale U.S. Government agencies $ 21,936 $ — $ 21,936 $ — State, county and municipal 98,592 10,072 88,520 — Mortgage backed securities 48,740 1,181 47,559 — Asset backed securities 11,604 — 11,604 — Corporate bonds 6,097 — 6,097 — Total investment securities available for sale 186,969 11,253 175,716 — Total assets at fair value $ 186,969 $ 11,253 $ 175,716 $ — Cash flow hedge liability 44 — $ 44 — Total liabilities at fair value $ 44 $ — $ 44 $ — |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | December 31, 2020 Total Level 1 Level 2 Level 3 Impaired loans $ 3,449 $ — $ — $ 3,449 Loans held for sale — — — — Bank premises and equipment held for sale 1,507 — — 1,507 Other real estate owned 4,361 — — 4,361 Total assets at fair value $ 9,317 $ — $ — $ 9,317 Total liabilities at fair value $ — $ — $ — $ — December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 3,020 $ — $ — $ 3,020 Loans held for sale 501 — 501 — Bank premises and equipment held for sale 1,589 — — 1,589 Other real estate owned 4,527 — — 4,527 Total assets at fair value $ 9,637 $ — $ 501 $ 9,136 Total liabilities at fair value $ — $ — $ — $ — |
Summary of Fair Value of Financial Instruments | December 31, 2020 Estimated Fair Carrying Value Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $ 21,176 $ 22,257 $ — $ 22,257 $ — Loans, net of allowance 1,170,022 1,178,764 — — 1,178,764 PCI loans, net of allowance 23,884 32,657 — — 32,657 Financial liabilities: Interest bearing deposits 1,099,800 1,103,112 — 1,103,112 — Borrowings 61,957 62,852 — 62,852 — December 31, 2019 Estimated Fair Carrying Value Value Level 1 Level 2 Level 3 Financial assets: Securities held to maturity $ 35,733 $ 36,633 $ — $ 36,633 $ — Loans, net of allowance 1,049,894 1,041,671 — — 1,041,671 PCI loans, net of allowance 32,372 38,982 — — 38,982 Financial liabilities: Interest bearing deposits 984,864 985,853 — 985,853 — Borrowings 72,624 72,457 — 72,457 — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 | The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2020 and 2019 (dollars in thousands): Year ended December 31, 2020 December 31, 2019 Noninterest income In-scope of Topic 606: Service charges on deposit accounts $ 1,411 $ 1,833 Interchange and ATM fees 1,183 999 Brokerage fees and commissions 314 399 Noninterest income (in-scope of Topic 606) 2,908 3,231 Noninterest income (out-of-scope of Topic 606) 3,040 2,123 Total noninterest income $ 5,948 $ 5,354 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of operating lease liabilities | The following table presents operating lease liabilities at December 31, 2020 and December 31, 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Gross lease liability $ 8,047 $ 9,278 Less: imputed interest (2,260) (2,541) Present value of lease liability $ 5,787 $ 6,737 |
Summary of maturities of the gross operating lease liability | 2021 $ 1,190 2022 600 2023 630 2024 573 2025 552 Thereafter 4,502 Total of future payments $ 8,047 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Operating Expenses [Abstract] | |
Summary of Other Noninterest Expense | Other operating expenses totals are presented in the following tables. Components of these expenses exceeding 1.0% of the aggregate of total net interest income and total noninterest income for any of the past two years are stated separately (dollars in thousands). Year Ended December 31 2020 2019 Bank franchise tax $ 948 $ 880 Stationery, printing and supplies 660 625 Credit expense 525 617 Outside vendor fees 750 673 Other expenses 2,922 3,231 Total other operating expenses $ 5,805 $ 6,026 |
Parent Corporation Only Finan_2
Parent Corporation Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Parent Corporation Only Financial Statements [Abstract] | |
Parent Company Only Balance Sheets | 2020 2019 Assets Cash $ 1,226 $ 811 Other assets 280 286 Investments in subsidiaries 172,402 158,506 Total assets $ 173,908 $ 159,603 Liabilities Other liabilities $ 130 $ — Balances due to non-bank subsidiary 4,124 4,124 Total liabilities 4,254 4,124 Shareholders’ Equity Common stock (200,000,000 shares authorized, $0.01 par value; 22,200,929 and 22,422,621 shares issued outstanding 222 224 Additional paid in capital 149,822 150,728 Retained earnings 13,419 2,562 Accumulated other comprehensive income 6,191 1,965 Total shareholders’ equity $ 169,654 $ 155,479 Total liabilities and shareholders’ equity $ 173,908 $ 159,603 |
Parent Company Only Statements of Income and comprehensive income | 2020 2019 Income: Dividends received from subsidiaries $ 6,436 $ — Other operating income 5 7 Total income 6,441 7 Expenses: Interest expense 167 228 Management fee paid to subsidiaries 283 242 Stock compensation expense 47 90 Professional and legal expenses 112 79 Other operating expenses 94 55 Total expenses 703 694 Equity in undistributed income of subsidiaries 9,670 16,252 Net income before income taxes 15,408 15,565 Income tax benefit 140 140 Net income $ 15,548 $ 15,705 Comprehensive income $ 19,774 $ 18,949 |
Parent Company Only Statements of Cash Flows | 2020 2019 Operating activities: Net income $ 15,548 $ 15,705 Adjustments to reconcile net income to net cash provided by operating activities: Stock compensation expense 1,134 1,075 Undistributed equity in income of subsidiary (9,670) (16,252) Decrease (increase) in other assets 6 (34) Increase (decrease) in other liabilities 16 (1) Net cash and cash equivalents provided by operating activities 7,034 493 Financing activities: Proceeds from issuance of common stock 73 893 Advances from subsidiary 114 — Repurchase of common stock (2,115) — Cash dividends paid (4,691) (2,899) Net cash and cash equivalents used in financing activities (6,619) (2,006) Increase (decrease) in cash and cash equivalents 415 (1,513) Cash and cash equivalents at beginning of the period 811 2,324 Cash and cash equivalents at end of the period $ 1,226 $ 811 |
Nature of Banking Activities _3
Nature of Banking Activities and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)shares | Apr. 30, 2009shares | |
Organization And Significant Accounting Policies [Line Items] | |||
Number Of Full Service Offices | property | 24 | ||
Number of Loan Production Offices | property | 2 | ||
Equity investment in BOE Statutory Trust I | $ | $ 124,000 | $ 124,000 | |
Other real estate owned | $ | 4,361,000 | 4,527,000 | |
Advertising costs expense | $ | 376,000 | 526,000 | |
Dividends declared and paid | $ | $ 4,691,000 | $ 2,899,000 | |
Virginia | |||
Organization And Significant Accounting Policies [Line Items] | |||
Number Of Full Service Offices | property | 18 | ||
Maryland | |||
Organization And Significant Accounting Policies [Line Items] | |||
Number Of Full Service Offices | property | 6 | ||
2009 Stock Option Plan [Member] | Stock Compensation Plan [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Authorized common stock for stock based compensation | shares | 2,650,000 | ||
2019 Stock Incentive Plan [Member] | Stock Compensation Plan [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Authorized common stock for stock based compensation | shares | 2,500,000 | ||
Minimum [Member] | Bank Premises [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum [Member] | Equipment, Furniture and Fixtures [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | Bank Premises [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 50 years | ||
Maximum [Member] | Equipment, Furniture and Fixtures [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Nature of Banking Activities _4
Nature of Banking Activities and Significant Accounting Policies (CARES Act) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Financing Receivable Recorded Investment [Line Items] | |
Financing Receivable, Amount of Loans Authorized, Payment Relief Granted | $ 182.4 |
Financing Receivable, Amount of Loans With Regular Payments Resumed | 143.4 |
Financing Receivable, Amount of Loans With Re-Extended Payments Relief, Resumed Regular Payments | 13.7 |
Financing Receivable, Amount of Loans With Re-Extended Payments Relief | 52.7 |
Purchase Credit Impaired (PCI) Loans [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
Financing Receivable, Amount of Loans Authorized, Payment Relief Granted | 12.2 |
Financing Receivable, Amount of Loans With Regular Payments Resumed | 8.4 |
Financing Receivable, Amount of Loans With Re-Extended Payments Relief | $ 2 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | |
Schedule Of Marketable Securities [Line Items] | ||
Proceeds from sales of securities available for sale | $ 39,400,000 | $ 64,600,000 |
Investments held having OTTI losses | $ 0 | 0 |
Number of securities with unrealized losses | security | 47 | |
Investment grade corporate obligations comprise securities with unrealized losses | security | 9 | |
Securities with amortized costs | $ 52,200,000 | 47,300,000 |
Securities purchased from single issuer other than U.S. Treasury issue and other U.S. Government agencies | $ 0 | $ 0 |
Minimum percentage of securities purchased from U.S. Treasury issue and other U.S. Government agencies | 10.00% | 10.00% |
U.S. Treasury Issue and Other U.S. Gov't Agencies [Member] | ||
Schedule Of Marketable Securities [Line Items] | ||
Securities with investment grade | security | 33 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
Schedule Of Marketable Securities [Line Items] | ||
Percentage Of Loans Guaranteed By US Government | 97.00% | |
Corporate Debt Securities [Member] | ||
Schedule Of Marketable Securities [Line Items] | ||
Investment grade corporate obligations comprise securities with unrealized losses | security | 5 | |
Federal Reserve Bank Advances [Member] | ||
Schedule Of Marketable Securities [Line Items] | ||
Debt Instrument, Collateral Amount | $ 5,000,000 | $ 5,800,000 |
Debt Instrument, Lendable Collateral Value | $ 5,000,000 |
Securities (Amortized Costs and
Securities (Amortized Costs and Fair Values of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 261,403 | $ 183,269 |
Securities Available for Sale, Gross Unrealized Gains | 10,226 | 4,159 |
Securities Available for Sale, Gross Unrealized Losses | (282) | (459) |
Securities Available for Sale, Fair Value | 271,347 | 186,969 |
Securities Held to Maturity, Amortized Cost | 21,176 | 35,733 |
Securities Held to Maturity, Gross Unrealized Gains | 1,081 | 913 |
Securities Held to Maturity, Gross Unrealized Losses | (13) | |
Securities Held to Maturity, Fair Value | 22,257 | 36,633 |
US Treasury securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 23,500 | |
Securities Available for Sale, Gross Unrealized Losses | (1) | |
Securities Available for Sale, Fair Value | 23,499 | |
US Government Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 25,880 | 22,104 |
Securities Available for Sale, Gross Unrealized Gains | 114 | 51 |
Securities Available for Sale, Gross Unrealized Losses | (141) | (219) |
Securities Available for Sale, Fair Value | 25,853 | 21,936 |
Securities Held to Maturity, Amortized Cost | 10,000 | |
Securities Held to Maturity, Gross Unrealized Losses | (12) | |
Securities Held to Maturity, Fair Value | 9,988 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 36,841 | 11,637 |
Securities Available for Sale, Gross Unrealized Gains | 704 | 49 |
Securities Available for Sale, Gross Unrealized Losses | (57) | (82) |
Securities Available for Sale, Fair Value | 37,488 | 11,604 |
Corporate bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 26,136 | 6,016 |
Securities Available for Sale, Gross Unrealized Gains | 480 | 84 |
Securities Available for Sale, Gross Unrealized Losses | (18) | (3) |
Securities Available for Sale, Fair Value | 26,598 | 6,097 |
State, County and Municipal [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 118,612 | 95,467 |
Securities Available for Sale, Gross Unrealized Gains | 7,172 | 3,167 |
Securities Available for Sale, Gross Unrealized Losses | (64) | (42) |
Securities Available for Sale, Fair Value | 125,720 | 98,592 |
Securities Held to Maturity, Amortized Cost | 21,176 | 25,733 |
Securities Held to Maturity, Gross Unrealized Gains | 1,081 | 913 |
Securities Held to Maturity, Gross Unrealized Losses | (1) | |
Securities Held to Maturity, Fair Value | 22,257 | 26,645 |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 30,434 | 48,045 |
Securities Available for Sale, Gross Unrealized Gains | 1,756 | 808 |
Securities Available for Sale, Gross Unrealized Losses | (1) | (113) |
Securities Available for Sale, Fair Value | $ 32,189 | $ 48,740 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities [Abstract] | ||
Due in one year or less, Held to Maturity, Amortized Cost | $ 2,007 | |
Due after one year through five years, Held to Maturity, Amortized Cost | 13,989 | |
Due after five years through ten years, Held to Maturity, Amortized Cost | 4,928 | |
Due after ten years, Held to Maturity, Amortized Cost | 252 | |
Total securities, Held to Maturity, Amortized Cost | 21,176 | $ 35,733 |
Due in one year or less, Held to Maturity, Fair Value | 2,028 | |
Due after one year through five years, Held to Maturity, Fair Value | 14,770 | |
Due after five years through ten years, Held to Maturity, Fair Value | 5,169 | |
Due after ten years, Held to Maturity, Fair Value | 290 | |
Securities Held to Maturity, Fair Value | 22,257 | 36,633 |
Due in one year or less, Available for Sale, Amortized Cost | 41,301 | |
Due after one year through five years, Available for Sale, Amortized Cost | 92,855 | |
Due after five years through ten years, Available for Sale, Amortized Cost | 96,896 | |
Due after ten years, Available for Sale, Amortized Cost | 30,351 | |
Securities Available for Sale, Amortized Cost | 261,403 | 183,269 |
Due in one year or less, Available for Sale, Fair Value | 41,402 | |
Due after one year through five years, Available for Sale, Fair Value | 96,359 | |
Due after five years through ten years, Available for Sale, Fair Value | 102,114 | |
Due after ten years, Available for Sale, Fair Value | 31,472 | |
Securities Available for Sale, Fair Value | $ 271,347 | $ 186,969 |
Securities (Summary of Realized
Securities (Summary of Realized Gains and Losses on Sales of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Securities [Abstract] | ||
Gross realized gains | $ 388 | $ 507 |
Gross realized losses | (104) | (272) |
Net securities gain | $ 284 | $ 235 |
Securities (Summary of Fair Val
Securities (Summary of Fair Value and Gross Unrealized Losses for Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities Available for Sale | ||
Fair Value, Less than 12 Months | $ 56,189 | $ 29,594 |
Unrealized Loss, Less than 12 Months | (102) | (251) |
Fair Value, 12 Months or More | 12,977 | 13,240 |
Unrealized Loss, 12 Months or More | (180) | (208) |
Fair Value, Total | 69,166 | 42,834 |
Unrealized Loss, Total | (282) | (459) |
Securities Held to Maturity | ||
Fair Value, Less than 12 Months | 31 | |
Fair Value, 12 Months or More | 10,610 | |
Unrealized Loss, 12 Months or More | (13) | |
Fair Value, Total | 10,641 | |
Unrealized Loss, Total | (13) | |
US Treasury securities [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 23,499 | |
Unrealized Loss, Less than 12 Months | (1) | |
Fair Value, Total | 23,499 | |
Unrealized Loss, Total | (1) | |
US Government Agencies [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 6,726 | 6,396 |
Unrealized Loss, Less than 12 Months | (25) | (102) |
Fair Value, 12 Months or More | 8,266 | 8,020 |
Unrealized Loss, 12 Months or More | (116) | (117) |
Fair Value, Total | 14,992 | 14,416 |
Unrealized Loss, Total | (141) | (219) |
Securities Held to Maturity | ||
Fair Value, 12 Months or More | 9,988 | |
Unrealized Loss, 12 Months or More | (12) | |
Fair Value, Total | 9,988 | |
Unrealized Loss, Total | (12) | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 12,427 | 4,861 |
Unrealized Loss, Less than 12 Months | (8) | (74) |
Fair Value, 12 Months or More | 4,410 | 625 |
Unrealized Loss, 12 Months or More | (49) | (8) |
Fair Value, Total | 16,837 | 5,486 |
Unrealized Loss, Total | (57) | (82) |
Corporate bonds [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 7,216 | 248 |
Unrealized Loss, Less than 12 Months | (18) | (3) |
Fair Value, Total | 7,216 | 248 |
Unrealized Loss, Total | (18) | (3) |
State, County and Municipal [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 6,203 | 7,088 |
Unrealized Loss, Less than 12 Months | (49) | (32) |
Fair Value, 12 Months or More | 301 | 308 |
Unrealized Loss, 12 Months or More | (15) | (10) |
Fair Value, Total | 6,504 | 7,396 |
Unrealized Loss, Total | (64) | (42) |
Securities Held to Maturity | ||
Fair Value, Less than 12 Months | 31 | |
Fair Value, 12 Months or More | 622 | |
Unrealized Loss, 12 Months or More | (1) | |
Fair Value, Total | 653 | |
Unrealized Loss, Total | (1) | |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | ||
Securities Available for Sale | ||
Fair Value, Less than 12 Months | 118 | 11,001 |
Unrealized Loss, Less than 12 Months | (1) | (40) |
Fair Value, 12 Months or More | 4,287 | |
Unrealized Loss, 12 Months or More | (73) | |
Fair Value, Total | 118 | 15,288 |
Unrealized Loss, Total | $ (1) | $ (113) |
Loans and Related Allowance f_3
Loans and Related Allowance for Loan Losses (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 1,182,362,000 | $ 1,058,323,000 | |
Allowance for loan losses | 12,340,000 | 8,429,000 | |
Interest income recognized, cash basis | 277,000 | ||
Estimated interest income | $ 172,000 | $ 345,000 | |
Number of TDR loans | loan | 19 | 24 | |
Number of TDR loans defaulted | loan | 0 | 1 | |
Pre-modification balance | $ 438,000 | ||
Post-modification balance | 438,000 | ||
1-4 family mortgages pledged as collateral to the Federal Bank Home Loan | 84,900,000 | ||
Total borrowing capacity | $ 71,100,000 | ||
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of loans guaranteed by the USDA | 100.00% | ||
Number of TDR loans | loan | 1 | ||
Commercial [Member] | Payment Deferral [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Period Of Payment Deferral | 6 months | ||
Financing Receivable, Period of Interest Only Payment Relief | 6 months | ||
Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 10,700,000 | $ 12,700,000 | |
Percentage of loans guaranteed by the USDA | 100.00% | ||
Unamortized purchase premium | $ 804,000 | 1,000,000 | |
Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 945,541,000 | 854,925,000 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 197,228,000 | 223,538,000 | |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,662,000 | 8,346,000 | |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 78,158,000 | 72,978,000 | |
Recorded investment | 2,500,000 | ||
Mortgage Loans on Real Estate [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 474,856,000 | 396,858,000 | |
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 225,386,000 | $ 191,183,000 | |
Paycheck Protection Program Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 49,300,000 | ||
Term Of P P P Loans Receivable | 2 years | ||
Percentage Of Loans Guaranteed By S B A | 100 | ||
Unamortized purchase premium | $ 920,000 | ||
Allowance for loan losses | 0 | ||
Pass [Member] | Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Amount of Loans Authorized | 49,300,000 | ||
Pass [Member] | Guaranteed Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of loans guaranteed by the USDA | 100.00% | 100.00% | |
Purchased government-guaranteed loans | $ 10,700,000 | $ 12,700,000 |
Loans and Related Allowance f_4
Loans and Related Allowance for Loan Losses (Summary of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,182,362 | $ 1,058,323 |
Percent of loans | 100.00% | 100.00% |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 945,541 | $ 854,925 |
Percent of loans | 79.97% | 80.79% |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 197,228 | $ 223,538 |
Percent of loans | 16.68% | 21.12% |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 474,856 | $ 396,858 |
Percent of loans | 40.16% | 37.50% |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 182,277 | $ 146,566 |
Percent of loans | 15.42% | 13.85% |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,360 | $ 6,639 |
Percent of loans | 0.54% | 0.63% |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 78,158 | $ 72,978 |
Percent of loans | 6.61% | 6.90% |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,662 | $ 8,346 |
Percent of loans | 0.56% | 0.79% |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 225,386 | $ 191,183 |
Percent of loans | 19.06% | 18.06% |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 9,996 | $ 11,163 |
Percent of loans | 0.85% | 1.05% |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,439 | $ 1,052 |
Percent of loans | 0.12% | 0.10% |
Loans and Related Allowance f_5
Loans and Related Allowance for Loan Losses (Summary of Information Related to Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | $ 4,082 | $ 7,500 |
With no related allowance recorded, Unpaid Principal Balance | 4,985 | 8,607 |
With a related allowance, Recorded Investment | 5,057 | 2,385 |
With a related allowance, Unpaid Principal Balance | 6,051 | 3,298 |
Total, Recorded Investment | 9,139 | 9,885 |
Total, Unpaid Principal Balance | 11,036 | 11,905 |
Related Allowance | 1,165 | 584 |
Mortgage Loans on Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 4,082 | 7,500 |
With no related allowance recorded, Unpaid Principal Balance | 4,985 | 8,607 |
With a related allowance, Recorded Investment | 2,489 | 1,924 |
With a related allowance, Unpaid Principal Balance | 3,483 | 2,831 |
Total, Recorded Investment | 6,571 | 9,424 |
Total, Unpaid Principal Balance | 8,468 | 11,438 |
Related Allowance | 722 | 478 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 624 | 1,483 |
With no related allowance recorded, Unpaid Principal Balance | 787 | 1,850 |
With a related allowance, Recorded Investment | 2,200 | 1,498 |
With a related allowance, Unpaid Principal Balance | 2,573 | 1,808 |
Total, Recorded Investment | 2,824 | 2,981 |
Total, Unpaid Principal Balance | 3,360 | 3,658 |
Related Allowance | 640 | 380 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 3,458 | 3,226 |
With no related allowance recorded, Unpaid Principal Balance | 4,198 | 3,966 |
With a related allowance, Recorded Investment | 200 | 378 |
With a related allowance, Unpaid Principal Balance | 715 | 876 |
Total, Recorded Investment | 3,658 | 3,604 |
Total, Unpaid Principal Balance | 4,913 | 4,842 |
Related Allowance | 57 | 87 |
Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 328 | |
With no related allowance recorded, Unpaid Principal Balance | 328 | |
With a related allowance, Recorded Investment | 44 | 48 |
With a related allowance, Unpaid Principal Balance | 149 | 147 |
Total, Recorded Investment | 44 | 376 |
Total, Unpaid Principal Balance | 149 | 475 |
Related Allowance | 12 | 11 |
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded, Recorded Investment | 2,463 | |
With no related allowance recorded, Unpaid Principal Balance | 2,463 | |
Total, Recorded Investment | 2,463 | |
Total, Unpaid Principal Balance | 2,463 | |
Mortgage Loans on Real Estate [Member] | Agriculture [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 45 | |
With a related allowance, Unpaid Principal Balance | 46 | |
Total, Recorded Investment | 45 | |
Total, Unpaid Principal Balance | 46 | |
Related Allowance | 13 | |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 2,549 | 454 |
With a related allowance, Unpaid Principal Balance | 2,549 | 460 |
Total, Recorded Investment | 2,549 | 454 |
Total, Unpaid Principal Balance | 2,549 | 460 |
Related Allowance | 437 | 105 |
Consumer Installment Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With a related allowance, Recorded Investment | 19 | 7 |
With a related allowance, Unpaid Principal Balance | 19 | 7 |
Total, Recorded Investment | 19 | 7 |
Total, Unpaid Principal Balance | 19 | 7 |
Related Allowance | $ 6 | $ 1 |
Loans and Related Allowance f_6
Loans and Related Allowance for Loan Losses (Summary of Financial Receivable Impaired Average Recorded Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | $ 9,098 | $ 14,110 |
Interest Recognized | 275 | 248 |
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 7,591 | 12,719 |
Interest Recognized | 216 | 232 |
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 1,494 | 1,386 |
Interest Recognized | 59 | 16 |
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 13 | 5 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 2,987 | 3,395 |
Interest Recognized | 75 | 87 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 3,303 | 4,096 |
Interest Recognized | 141 | 145 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 778 | 2,709 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | 493 | $ 2,519 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Average Investment | $ 30 |
Loans and Related Allowance f_7
Loans and Related Allowance for Loan Losses (Reconciliation of Impaired Loans to Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Related Allowance for Loan Losses [Abstract] | ||
Nonaccruals | $ 4,460 | $ 5,292 |
Trouble debt restructure and still accruing | 4,679 | 4,593 |
Total, Recorded Investment | $ 9,139 | $ 9,885 |
Loans and Related Allowance f_8
Loans and Related Allowance for Loan Losses (Age Analysis of Past Due Status of Loans, Excluding PCI Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 1,182,362 | $ 1,058,323 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 945,541 | 854,925 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 225,386 | 191,183 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,996 | 11,163 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,439 | 1,052 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 197,228 | 223,538 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 474,856 | 396,858 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 182,277 | 146,566 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,360 | 6,639 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 78,158 | 72,978 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,662 | 8,346 |
Loans Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 4,460 | 5,292 |
Past Due | 6,711 | 9,619 |
Current | 1,175,651 | 1,048,704 |
Total Loans | 1,182,362 | 1,058,323 |
Loans Excluding PCI Loans [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,207 | 3,381 |
Loans Excluding PCI Loans [Member] | 90+ Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 45 | 946 |
Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,176 | 5,223 |
Past Due | 4,355 | 7,478 |
Current | 941,186 | 847,447 |
Total Loans | 945,541 | 854,925 |
Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,146 | 2,255 |
Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | 90+ Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 33 | |
Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,264 | 62 |
Past Due | 2,324 | 2,093 |
Current | 223,062 | 189,090 |
Total Loans | 225,386 | 191,183 |
Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 60 | 1,085 |
Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | 90+ Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 946 | |
Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 20 | 7 |
Past Due | 32 | 48 |
Current | 9,964 | 11,115 |
Total Loans | 9,996 | 11,163 |
Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 41 | |
Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | 90+ Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 12 | |
Loans Excluding PCI Loans [Member] | All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Past Due | ||
Current | 1,439 | 1,052 |
Total Loans | 1,439 | 1,052 |
Loans Excluding PCI Loans [Member] | All Other Loans [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,357 | 1,378 |
Past Due | 2,714 | 2,686 |
Current | 194,514 | 220,852 |
Total Loans | 197,228 | 223,538 |
Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,324 | 1,308 |
Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | 90+ Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 33 | |
Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 730 | 1,006 |
Past Due | 1,168 | 1,558 |
Current | 473,688 | 395,300 |
Total Loans | 474,856 | 396,858 |
Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 438 | 552 |
Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 44 | 376 |
Past Due | 201 | 542 |
Current | 182,076 | 146,024 |
Total Loans | 182,277 | 146,566 |
Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 157 | 166 |
Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | ||
Past Due | 227 | 229 |
Current | 6,133 | 6,410 |
Total Loans | 6,360 | 6,639 |
Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 227 | 229 |
Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,463 | |
Past Due | 2,463 | |
Current | 78,158 | 70,515 |
Total Loans | 78,158 | 72,978 |
Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 45 | |
Past Due | 45 | |
Current | 6,617 | 8,346 |
Total Loans | 6,662 | 8,346 |
Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due |
Loans and Related Allowance f_9
Loans and Related Allowance for Loan Losses (Allowance for Loan Losses on Loans, Excluding PCI Loans, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | $ 8,429 | |
Provision Allocation | 4,200 | $ 325 |
Allowance for loan losses, End of Period | 12,340 | 8,429 |
Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 8,429 | 8,983 |
Provision Allocation | (4,200) | (325) |
Charge-offs | (784) | (1,644) |
Recoveries | 495 | 765 |
Allowance for loan losses, End of Period | 12,340 | 8,429 |
Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 6,290 | 5,660 |
Provision Allocation | (3,708) | (832) |
Charge-offs | (667) | |
Recoveries | 319 | 465 |
Allowance for loan losses, End of Period | 10,317 | 6,290 |
Loans [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 1,980 | 1,894 |
Provision Allocation | (438) | (626) |
Charge-offs | (608) | (724) |
Recoveries | 87 | 184 |
Allowance for loan losses, End of Period | 1,897 | 1,980 |
Loans [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 114 | 152 |
Provision Allocation | (92) | (99) |
Charge-offs | (176) | (253) |
Recoveries | 89 | 116 |
Allowance for loan losses, End of Period | 119 | 114 |
Loans [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 7 | 12 |
Provision Allocation | 5 | |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | 7 | 7 |
Loans [Member] | Unallocated [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 38 | 1,265 |
Provision Allocation | 38 | 1,227 |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | 38 | |
Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 2,685 | 2,281 |
Provision Allocation | 102 | (315) |
Charge-offs | (178) | |
Recoveries | 55 | 267 |
Allowance for loan losses, End of Period | 2,638 | 2,685 |
Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 2,196 | 1,810 |
Provision Allocation | (2,283) | (583) |
Charge-offs | (277) | |
Recoveries | 89 | 80 |
Allowance for loan losses, End of Period | 4,568 | 2,196 |
Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 1,044 | 1,161 |
Provision Allocation | (1,342) | (24) |
Charge-offs | (212) | |
Recoveries | 159 | 71 |
Allowance for loan losses, End of Period | 2,545 | 1,044 |
Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 79 | 20 |
Provision Allocation | 77 | (53) |
Charge-offs | ||
Recoveries | 16 | 6 |
Allowance for loan losses, End of Period | 18 | 79 |
Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 248 | 371 |
Provision Allocation | (260) | 164 |
Charge-offs | ||
Recoveries | 41 | |
Allowance for loan losses, End of Period | 508 | 248 |
Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Allowance for loan losses, Beginning of Period | 38 | 17 |
Provision Allocation | (2) | (21) |
Charge-offs | ||
Recoveries | ||
Allowance for loan losses, End of Period | $ 40 | $ 38 |
Loans and Related Allowance _10
Loans and Related Allowance for Loan Losses (Loans Evaluated for Impairment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses | $ 12,340 | $ 8,429 |
Total Loans | 1,182,362 | 1,058,323 |
Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1,165 | 584 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 11,175 | 7,845 |
Allowance for Loan Losses | 12,340 | 8,429 |
Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 9,139 | 9,885 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,173,223 | 1,048,438 |
Total Loans | 1,182,362 | 1,058,323 |
Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 945,541 | 854,925 |
Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 722 | 478 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 9,595 | 5,812 |
Allowance for Loan Losses | 10,317 | 6,290 |
Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 6,571 | 9,424 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 938,970 | 845,501 |
Total Loans | 945,541 | 854,925 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 225,386 | 191,183 |
Commercial Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 437 | 105 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,460 | 1,875 |
Allowance for Loan Losses | 1,897 | 1,980 |
Commercial Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,549 | 454 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 222,837 | 190,729 |
Total Loans | 225,386 | 191,183 |
Consumer Installment Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,996 | 11,163 |
Consumer Installment Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 6 | 1 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 113 | 113 |
Allowance for Loan Losses | 119 | 114 |
Consumer Installment Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 19 | 7 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 9,977 | 11,156 |
Total Loans | 9,996 | 11,163 |
All Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,439 | 1,052 |
All Other Loans [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7 | 7 |
Allowance for Loan Losses | 7 | 7 |
All Other Loans [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,439 | 1,052 |
Total Loans | 1,439 | 1,052 |
Unallocated [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 38 | |
Allowance for Loan Losses | 38 | |
Unallocated [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | ||
Total Loans | ||
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 197,228 | 223,538 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 640 | 380 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,998 | 2,305 |
Allowance for Loan Losses | 2,638 | 2,685 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,824 | 2,981 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 194,404 | 220,557 |
Total Loans | 197,228 | 223,538 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 474,856 | 396,858 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 57 | 87 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,511 | 2,109 |
Allowance for Loan Losses | 4,568 | 2,196 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,658 | 3,604 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 471,198 | 393,254 |
Total Loans | 474,856 | 396,858 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 182,277 | 146,566 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 12 | 11 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,533 | 1,033 |
Allowance for Loan Losses | 2,545 | 1,044 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 44 | 376 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 182,233 | 146,190 |
Total Loans | 182,277 | 146,566 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,360 | 6,639 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 18 | 79 |
Allowance for Loan Losses | 18 | 79 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 6,360 | 6,639 |
Total Loans | 6,360 | 6,639 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 78,158 | 72,978 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 508 | 248 |
Allowance for Loan Losses | 508 | 248 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,463 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 78,158 | 70,515 |
Total Loans | 78,158 | 72,978 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 6,662 | 8,346 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Allowance for Loan Losses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 13 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 27 | 38 |
Allowance for Loan Losses | 40 | 38 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | Recorded Investment in Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 45 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 6,617 | 8,346 |
Total Loans | $ 6,662 | $ 8,346 |
Loans and Related Allowance _11
Loans and Related Allowance for Loan Losses (Loans, Excluding PCI Loans, by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | $ 1,182,362 | $ 1,058,323 |
Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 945,541 | 854,925 |
Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 225,386 | 191,183 |
Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 9,996 | 11,163 |
All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,439 | 1,052 |
Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 197,228 | 223,538 |
Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 474,856 | 396,858 |
Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 182,277 | 146,566 |
Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,360 | 6,639 |
Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 78,158 | 72,978 |
Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,662 | 8,346 |
Loans Excluding PCI Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,182,362 | 1,058,323 |
Loans Excluding PCI Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 945,541 | 854,925 |
Loans Excluding PCI Loans [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 225,386 | 191,183 |
Loans Excluding PCI Loans [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 9,996 | 11,163 |
Loans Excluding PCI Loans [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,439 | 1,052 |
Loans Excluding PCI Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 197,228 | 223,538 |
Loans Excluding PCI Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 474,856 | 396,858 |
Loans Excluding PCI Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 182,277 | 146,566 |
Loans Excluding PCI Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,360 | 6,639 |
Loans Excluding PCI Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 78,158 | 72,978 |
Loans Excluding PCI Loans [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,662 | 8,346 |
Loans Excluding PCI Loans [Member] | Pass [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,091,804 | 1,038,267 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 880,659 | 840,952 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 199,762 | 185,123 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 9,959 | 11,140 |
Loans Excluding PCI Loans [Member] | Pass [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,424 | 1,052 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 189,617 | 219,210 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 433,748 | 391,251 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 173,668 | 145,782 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 5,495 | 6,096 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 71,923 | 70,515 |
Loans Excluding PCI Loans [Member] | Pass [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,208 | 8,098 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 79,204 | 10,137 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 61,328 | 7,351 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 17,843 | 2,770 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 18 | 16 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 15 | |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,253 | 2,964 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 39,001 | 3,188 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 8,565 | 408 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 865 | 543 |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 6,235 | |
Loans Excluding PCI Loans [Member] | Special Mention [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 409 | 248 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 11,354 | 9,919 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 3,554 | 6,622 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 7,781 | 3,290 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 19 | 7 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 1,358 | 1,364 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 2,107 | 2,419 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 44 | 376 |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 2,463 | |
Loans Excluding PCI Loans [Member] | Substandard [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | 45 | |
Loans Excluding PCI Loans [Member] | Doubtful [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Commercial Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Consumer Installment Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | All Other Loans [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income | ||
Loans Excluding PCI Loans [Member] | Doubtful [Member] | Agriculture [Member] | Mortgage Loans on Real Estate [Member] | ||
Noncancelable Obligations Future Minimum Payments Due [Line Items] | ||
Loans And Leases Receivable Net Of Deferred Income |
PCI Loans and Related Allowan_3
PCI Loans and Related Allowance for Loan Losses (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 30, 2009 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | $ 24,040,000 | $ 32,528,000 | |
Allowance for loan losses, PCI loans | 0 | 0 | |
Purchase Credit Impaired (PCI) Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | 24,040,000 | 32,528,000 | |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased credit impaired (PCI) loans | $ 198,300,000 | ||
Loans met criteria of ASC 310-30 | 49,100,000 | ||
Outstanding contractual balance of PCI loans | $ 43,200,000 | $ 53,200,000 | |
Covered Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining of loans acquired | $ 149,100,000 |
PCI Loans and Related Allowan_4
PCI Loans and Related Allowance for Loan Losses (Summary of Covered Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 24,040 | $ 32,528 |
Purchase Credit Impaired (PCI) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 24,040 | $ 32,528 |
Percent of purchased credit impaired loan | 100.00% | 100.00% |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 24,040 | $ 32,528 |
Percent of purchased credit impaired loan | 100.00% | 100.00% |
Purchase Credit Impaired (PCI) Loans [Member] | Residential 1-4 Family [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 21,720 | $ 29,465 |
Percent of purchased credit impaired loan | 90.35% | 90.58% |
Purchase Credit Impaired (PCI) Loans [Member] | Commercial [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 429 | $ 490 |
Percent of purchased credit impaired loan | 1.78% | 1.51% |
Purchase Credit Impaired (PCI) Loans [Member] | Construction and Land Development [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 780 | $ 1,172 |
Percent of purchased credit impaired loan | 3.25% | 3.60% |
Purchase Credit Impaired (PCI) Loans [Member] | Second Mortgages [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 904 | $ 1,169 |
Percent of purchased credit impaired loan | 3.76% | 3.59% |
Purchase Credit Impaired (PCI) Loans [Member] | Multifamily [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit impaired (PCI) loans | $ 207 | $ 232 |
Percent of purchased credit impaired loan | 0.86% | 0.72% |
PCI Loans and Related Allowan_5
PCI Loans and Related Allowance for Loan Losses (Summary of Covered Loans Collectively Evaluated for Impairment in the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $ 156 | $ 156 |
Recorded investment in loans | 24,040 | 32,528 |
Purchase Credit Impaired (PCI) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 156 |
Recorded investment in loans | 24,040 | 32,528 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 156 |
Recorded investment in loans | 24,040 | 32,528 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | 156 | 156 |
Recorded investment in loans | 21,720 | 29,465 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 429 | 490 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 780 | 1,172 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | 904 | 1,169 |
Purchase Credit Impaired (PCI) Loans [Member] | Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | ||
Recorded investment in loans | $ 207 | $ 232 |
PCI Loans and Related Allowan_6
PCI Loans and Related Allowance for Loan Losses (Summary of Changes in Accretable Yield) (Details) - Purchase Credit Impaired (PCI) Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accretable Yield [Line Items] | ||
Beginning Balance | $ 33,466 | $ 38,107 |
Accretion | (4,024) | (6,010) |
Reclassification from nonaccretable difference | 1,369 | |
Reclassification to nonaccretable difference | (253) | |
Ending Balance | $ 29,189 | $ 33,466 |
Bank Premises and Equipment H_2
Bank Premises and Equipment Held for Sale (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)building | Dec. 31, 2019USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | ||
Number Of Buildings Related To Branch Closures | building | 2 | |
Assets Held-for-sale, Not Part of Disposal Group | $ 1,507,000 | $ 1,589,000 |
Prince Street Branch Building [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | 470,000 | 552,000 |
Impairment of Long-Lived Assets to be Disposed of | 82,000 | |
Cumberland Street Branch Building [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | 337,000 | 337,000 |
Land Held For Possible Future Branch Site [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 700,000 | $ 700,000 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Premises and Equipment [Abstract] | ||
Depreciation expense | $ 1.8 | $ 2 |
Premises and Equipment (Summary
Premises and Equipment (Summary of the Bank Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 44,900 | $ 44,658 |
Less accumulated depreciation and amortization | (17,003) | (15,186) |
Property, plant and equipment, net, total | 27,897 | 29,472 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,769 | 7,797 |
Land Improvements and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 21,409 | 21,248 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,739 | 3,739 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 11,955 | 11,652 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 28 | $ 222 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Other Real Estate Owned) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | $ 4,361,000 | $ 4,527,000 |
Residential 1-4 Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | 21,000 | 21,000 |
Construction and Land Development [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Other real estate owned | 4,340,000 | $ 4,506,000 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential 1-4 family loans and purchased credit impaired loans in the process of foreclosure | $ 289,000 |
Deposits (Summary of Interest B
Deposits (Summary of Interest Bearing Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Interest bearing checking | $ 239,628 | |
NOW | $ 170,532 | |
MMDA | 154,503 | 120,841 |
Savings | 124,384 | 96,570 |
Time deposits less than or equal to $250,000 | 452,885 | 477,461 |
Time deposits over $250,000 | 128,400 | 119,460 |
Total interest bearing deposits | $ 1,099,800 | $ 984,864 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
2021 | $ 460,700 | |
2022 | 77,485 | |
2023 | 19,247 | |
2024 | 12,909 | |
2025 | 10,944 | |
Total | 581,285 | |
Brokered deposits | $ 29,300 | $ 11,600 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Residential 1-4 Family [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Loans pledged as collateral to the FHLB for borrowing | $ 84,900,000 | |
Total borrowing capacity | 71,100,000 | |
Unused Lines of Credit [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total overnight borrowing unsecured lines of credit | 75,000,000 | |
Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Federal Home Loan Bank advances | 47,833,000 | $ 48,500,000 |
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | $ 0 |
Federal Funds Purchased [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted average interest rate | 1.55% | 2.56% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted average interest rate | 0.70% | 2.45% |
Minimum [Member] | Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate During Period | 0.56% | |
Maximum [Member] | Notes Payable to Banks [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate During Period | 2.07% |
Borrowings (Information for Bor
Borrowings (Information for Borrowings Balances, Rates, and Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Standby Letters of Credit [Line Items] | ||
Federal funds purchased | $ 24,437 | |
FHLB, Total | $ 57,833 | 68,500 |
Notes Payable to Banks [Member] | ||
Standby Letters of Credit [Line Items] | ||
FHLB, Long-term notes payable | 47,833 | 48,500 |
Federal Home Loan Bank Advances [Member] | ||
Standby Letters of Credit [Line Items] | ||
FHLB, Short-term advances | $ 10,000 | $ 20,000 |
Borrowings (Maturities of Fixed
Borrowings (Maturities of Fixed Rate Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Borrowings [Abstract] | |
2022 | $ 7,833 |
2023 | 10,000 |
2025 | 10,000 |
2030 | 20,000 |
Total long-term debt | $ 47,833 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Summary of Accumulated Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 1,965 | |
Net current period other comprehensive income (loss) | 4,226 | $ 3,244 |
Ending balance | 6,191 | 1,965 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,965 | (1,279) |
Other comprehensive income (loss) before reclassifications | 4,444 | 3,423 |
Amounts reclassified from AOCI | (218) | (179) |
Net current period other comprehensive income (loss) | 4,226 | 3,244 |
Ending balance | 6,191 | 1,965 |
Unrealized Gain (Loss) on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 2,887 | (618) |
Other comprehensive income (loss) before reclassifications | 5,093 | 3,688 |
Amounts reclassified from AOCI | (222) | (183) |
Net current period other comprehensive income (loss) | 4,871 | 3,505 |
Ending balance | 7,758 | 2,887 |
Defined Benefit Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (886) | (857) |
Other comprehensive income (loss) before reclassifications | (191) | (33) |
Amounts reclassified from AOCI | 4 | 4 |
Net current period other comprehensive income (loss) | (187) | (29) |
Ending balance | (1,073) | (886) |
Gain (Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (36) | 196 |
Other comprehensive income (loss) before reclassifications | (458) | (232) |
Net current period other comprehensive income (loss) | (458) | (232) |
Ending balance | $ (494) | $ (36) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Effects of Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on securities transactions, net | $ 284 | $ 235 |
Gain on securities transactions, net | 284 | 235 |
Amortization of prior service cost | 5 | 5 |
Income tax expense | 3,778 | 3,552 |
Unrealized Gain (Loss) on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | 222 | 183 |
Defined Benefit Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | (4) | (4) |
Amount Reclassified from AOCI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total amount recognized | (218) | (179) |
Amount Reclassified from AOCI [Member] | Unrealized Gain (Loss) on Securities [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on securities transactions, net | (284) | (235) |
Income tax expense | (62) | (52) |
Total amount recognized | 222 | 183 |
Amount Reclassified from AOCI [Member] | Defined Benefit Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service cost | 5 | 5 |
Income tax expense | (1) | (1) |
Total amount recognized | $ 4 | $ 4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Dec. 31, 2020USD ($) |
Income Taxes [Abstract] | |
Liability related to uncertain tax positions | $ 0 |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences on the Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,712 | $ 1,852 |
Deferred compensation | 831 | 762 |
Pension adjustment | 302 | 249 |
Purchase accounting adjustment | 2,492 | 2,625 |
OREO | 59 | 59 |
Right-of-use lease asset | 1,272 | 1,481 |
Other | 436 | 185 |
Deferred tax assets, Total | 8,104 | 7,213 |
Deferred tax liabilities: | ||
Accrued pension | 342 | 226 |
Unrealized gain on available for sale securities | 2,185 | 813 |
Depreciation premises and equipment | 366 | 399 |
Lease liability | 1,215 | 1,422 |
Other | 12 | 12 |
Deferred tax liabilities, Total | 4,120 | 2,872 |
Net deferred tax asset | $ 3,984 | $ 4,341 |
Income Taxes (Allocation of the
Income Taxes (Allocation of the Income Tax Expense Between Current and Deferred Portions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax provision | $ 4,612 | $ 3,132 |
Deferred tax (benefit) expense | (834) | 420 |
Income tax expense | 3,778 | 3,552 |
Parent Company [Member] | ||
Income tax expense | $ (140) | $ (140) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Expected Income Tax Expense with the Reported Expense) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
(Reduction) Increase in taxes resulting from: | ||
Municipal interest | (1.40%) | (1.50%) |
Bank owned life insurance income | (0.70%) | (0.80%) |
Stock compensation | 0.70% | (0.40%) |
Other, net | (0.10%) | 0.10% |
Effective tax rate | 19.50% | 18.40% |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Minimum eligibility criteria of full-time pre-merger bank employees for Bank of Essex noncontributory defined benefit pension plan | 21 years | |
Targeted asset allocation | 100.00% | 100.00% |
Amounts charged to expense under plans | $ 611,000 | $ 614,000 |
Combined BOE 401(k) and TFC 401(k) Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employee's contribution of compensation, subject to statutory limitations | 100.00% | |
Combined BOE 401(k) and TFC 401(k) Plans [Member] | Contribution Tier 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company's matching employee contributions | 100.00% | |
Employee's contribution | 3.00% | |
Combined BOE 401(k) and TFC 401(k) Plans [Member] | Contribution Tier 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company's matching employee contributions | 50.00% | |
Employee's contribution | 2.00% | |
Deferred Compensation Agreements [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred compensation expense | $ 147,000 | 110,000 |
Recorded liability | $ 2,100,000 | 2,100,000 |
Non-Qualified Defined Contribution Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employee's contribution vesting percent | 100.00% | |
Deferred compensation expense | $ 396,000 | 444,000 |
Recorded liability | $ 1,200,000 | $ 1,600,000 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted asset allocation | 73.00% | |
Mutual Funds - Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Targeted asset allocation | 27.00% | 26.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Benefit Obligation | ||
Benefit obligation, beginning of year | $ 4,114 | $ 4,112 |
Interest cost | 130 | 162 |
Actuarial loss/(gain) | 546 | 473 |
Benefits paid | (58) | (635) |
Settlement loss | 2 | |
Benefit obligation, ending | $ 4,732 | $ 4,114 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Defined Benefit Plans Change in Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Plan Assets | ||
Fair value of plan assets, beginning of year | $ 4,006 | $ 4,180 |
Actual return on plan assets | 467 | 461 |
Employer Contribution | 500 | |
Benefits paid | (58) | (635) |
Fair value of plan assets, ending | 4,915 | 4,006 |
Funded Status | $ 183 | $ (108) |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Defined Benefit Plans Amount Recognized in Financial Statement) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts Recognized in the Balance Sheet | ||
Other assets | $ 183 | |
Other liabilities | $ (108) | |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ||
Net loss | 1,339 | 1,095 |
Prior service cost | 36 | 40 |
Deferred tax | (302) | (249) |
Total amount recognized | 1,073 | 886 |
Accumulated benefit obligation | $ 4,732 | $ 4,114 |
Employee Benefit Plan (Componen
Employee Benefit Plan (Components of Net Periodic Benefit Cost for Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Components of net periodic cost (income) | ||
Interest cost | $ 130 | $ 162 |
Expected return on plan assets | (215) | (214) |
Amortization of prior service cost | 5 | 5 |
Recognized net loss due to settlement | 140 | |
Recognized net actuarial loss | 49 | 47 |
Net periodic (income) cost | $ (31) | $ 140 |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plan [Abstract] | ||
Net (gain) loss | $ 243 | $ 41 |
Amortization of prior service cost | (5) | (5) |
Total amount recognized | 238 | 36 |
Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income | $ 207 | $ 176 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plan [Abstract] | ||
Discount rate used for net periodic pension cost | 3.25% | 4.25% |
Discount rate used to determine obligation | 2.50% | 3.25% |
Expected return on plan assets | 5.50% | 5.50% |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension Plan's Weighted-Average Asset Allocations by Asset Category) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Pension plan's weighted-average asset allocations by asset category | ||
Total | 100.00% | 100.00% |
Mutual Funds - Fixed Income [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 73.00% | 74.00% |
Mutual Funds - Equity [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 27.00% | 26.00% |
Cash and Equivalents [Member] | ||
Pension plan's weighted-average asset allocations by asset category | ||
Total | 0.00% | 0.00% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4,915 | $ 4,006 | $ 4,180 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,915 | 4,006 | |
Cash and Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 4 | |
Mutual Funds - Fixed Income [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,583 | 2,956 | |
International Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 502 | 272 | |
Large Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 468 | 364 | |
Mid Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 166 | 137 | |
Small Cap Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51 | 79 | |
Real Estate Investment [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 144 | ||
Stock Fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 194 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Contributions and Benefit Payments, Which Reflect Expected Future Service) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Expected Employer Contributions | |
2021 | |
Expected Benefit Payments | |
2021 | 195 |
2022 | 132 |
2023 | 66 |
2024 | 188 |
2025 | 82 |
2026-2030 | $ 3,179 |
Stock Option Plans (Narrative)
Stock Option Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options grants in period | 314,500 | ||
Granted, weighted average grant date fair value | $ 2.69 | $ 3.34 | |
Cash received related to option exercises | $ 73,000 | $ 893,000 | |
Option exercises, total intrinsic value | 285,000 | 1,200,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 63,000 | 260,000 | |
Stock-based compensation expense | 1,100,000 | 1,100,000 | |
Total fair market value of shares non-option and restricted stock vested | 861,000 | 782,000 | |
Personnel Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 925,000 | 860,000 | |
Other Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 205,000 | $ 215,000 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options grants in period | 314,500 | 322,000 | |
Stock option vesting period | 4 years | ||
Options And Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to non-vested options and restricted stock | $ 1,400,000 | ||
Weighted average period | 27 months | ||
2009 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options grants in period | 314,500 | ||
2019 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares authorized under 2009 stock incentive plan | 2,500,000 | ||
Authorized annual grant of stock options per employee | 200,000 | ||
Share-based compensation arrangement by share-based payment award, expiration date | May 16, 2029 | ||
2019 Stock Incentive Plan [Member] | Non Employee Directors | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized annual grant of stock options per non-employee | 20,000 | ||
2019 Stock Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum fair value percentage, if participant owns more than 10% voting power | 110.00% | ||
Specified voting power percentage | 10.00% | ||
2019 Stock Incentive Plan [Member] | Nonstatutory Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum fair value percentage, if participant owns up to 10% voting power | 100.00% |
Stock Option Plans (Fair Value
Stock Option Plans (Fair Value of Each Option Granted is Estimated on the Date of Grant) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate | 2.66% | |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 34.00% | 40.00% |
Expected term (years) | 6 years 3 months | 6 years 3 months |
Risk free rate | 1.69% |
Stock Option Plans (Summary of
Stock Option Plans (Summary of Grants Shares Issued and Fair Market Value) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
March [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 6,599 | 6,675 |
Fair Market Value | $ 8.17 | $ 8.08 |
June [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 8,937 | 6,723 |
Fair Market Value | $ 5.48 | $ 7.28 |
September [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 9,643 | 7,459 |
Fair Market Value | $ 5.08 | $ 7.76 |
December [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 8,829 | 6,210 |
Fair Market Value | $ 6.38 | $ 8.69 |
Stock Option Plans (Summary o_2
Stock Option Plans (Summary of Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Options number of shares | 314,500 |
Forfeited, Options number of shares | (500) |
2009 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Options number of shares, Beginning Balance | 1,593,750 |
Granted, Options number of shares | 314,500 |
Forfeited, Options number of shares | (500) |
Exercised, Options number of shares | (54,000) |
Outstanding options number of shares, Ending Balance | 1,853,750 |
Options outstanding and exercisable at end of the year, options number of shares | 1,103,250 |
Weighted average remaining contractual life for outstanding and exercisable shares at year end | 58 months |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.92 |
Granted, Weighted Average Exercise Price | $ / shares | 9.45 |
Forfeited, Weighted Average Exercise Price | $ / shares | 9.45 |
Exercised, Weighted Average Exercise Price | $ / shares | 1.36 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 6.65 |
Options outstanding and exercisable at end of the year, weighted average exercise price | $ / shares | $ 5.37 |
Options outstanding, Aggregate Intrinsic Value | $ | $ 1,943,813 |
Options outstanding and exercisable, Aggregate Intrinsic value | $ | $ 1,943,813 |
Stock Option Plans (Summary o_3
Stock Option Plans (Summary of Non-Vested Options and Restricted Stock Outstanding) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Option Plans [Abstract] | ||
Options, number of shares, Beginning Balance | 707,250 | |
Granted Option number of shares | 314,500 | |
Vested, Option number of shares | (270,750) | |
Forfeited, Option number of shares | (500) | |
Options, number of shares, Ending Balance | 750,500 | 707,250 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 3.32 | |
Granted, weighted average grant date fair value | 2.69 | $ 3.34 |
Vested, Weighted Average Grant Date Fair Value | 3.18 | |
Forfeited, Weighted Average Grant Date Fair Value | 2.69 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 3.10 | $ 3.32 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common shares | 1,200,000 | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Basic EPS, Net Income (Numerator) | $ 15,548 | $ 15,705 |
Effect of dilutive stock awards, Net Income (Numerator) | ||
Diluted EPS, Net Income (Numerator) | $ 15,548 | $ 15,705 |
Basic EPS , Weighted Average Shares (Denominator) | 22,331 | 22,264 |
Effect of dilutive stock awards, Weighted Average Shares (Denominator) | 208 | 267 |
Diluted EPS, Weighted Average Shares (Denominator) | 22,539 | 22,531 |
Basic EPS, Per Share Amount | $ 0.70 | $ 0.71 |
Effect Of Dilutive Stock Awards, Per Share | (0.01) | (0.01) |
Diluted EPS, Per Share Amount | $ 0.69 | $ 0.70 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Related Party Deposit Liabilities | $ 2 | $ 2.5 |
Cash Flow Hedge (Narrative) (De
Cash Flow Hedge (Narrative) (Details) - Cash Flow Hedging [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative, Notional Amount | $ 20,000,000 | $ 10,000,000 |
Interest Rate Swap [Member] | ||
Cash pledged as collateral | 770,000 | 180,000 |
Cash flow hedge liability | $ 631,000 | $ 44,000 |
Concentration of Credit Risk (N
Concentration of Credit Risk (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Concentration of Credit Risk [Abstract] | ||
Real estate secured loan credit risk concentration percentage | 80.37% | 81.35% |
Secured accounts by the FDIC | $ 250,000 | |
Uninsured accounts by the FDIC | $ 29,300,000 | $ 9,500,000 |
Financial Instruments With Of_3
Financial Instruments With Off-Balance Sheet Risk (Summary of the Contract Amounts of the Bank's Exposure to Off-Balance Sheet Risk) (Details) - Commitments with Off-Balance Sheet Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 261,051 | $ 225,241 |
Commitments to Extend Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 245,858 | 210,086 |
Standby Letters of Credit [Member] | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 15,193 | $ 15,155 |
Minimum Regulatory Capital Re_3
Minimum Regulatory Capital Requirements (Summary of the Company's and the Banks Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer Above Minimum Risk Based Capital Thresholds | 2.50% | 2.50% |
Capital Conservation Buffer | 5.61% | 5.86% |
Minimum Required Capital Conservation Buffer | 2.50% | 2.50% |
Bank [Member] | Reportable Legal Entities [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to risk weighted assets, Actual Amount | $ 178,363 | $ 164,783 |
Total Capital to risk weighted assets, Actual Ratio | 13.61% | 13.86% |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | $ 104,874 | $ 95,137 |
Total Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 131,093 | $ 118,922 |
Total Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier 1 Capital to risk weighted assets, Actual Amount | $ 166,210 | $ 156,541 |
Tier 1 Capital to risk weighted assets, Actual Ratio | 12.68% | 13.16% |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Amount | $ 78,656 | $ 71,353 |
Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 104,874 | $ 95,137 |
Tier 1 Capital to risk weighted assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 166,210 | $ 156,541 |
Common Equity Tier One Capital Ratio | 12.68% | 13.16% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 58,992 | $ 53,515 |
Common Equity Tier 1 Capital to risk weighted assets, Required for Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital Required To Be Well Capitalized Under Prompt Corrective Action, Amount | $ 85,210 | $ 77,299 |
Common Equity Tier 1 Capital Required To Be Well Capitalized Under Prompt Corrective Action, Ratio | 6.50% | 6.50% |
Tier 1 Capital to adjusted average total assets, Actual Amount | $ 166,210 | $ 156,541 |
Tier 1 Capital to adjusted average total assets, Actual Ratio | 10.14% | 11.03% |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Amount | $ 65,546 | $ 56,750 |
Tier 1 Capital to adjusted average total assets, Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Amount | $ 81,933 | $ 70,937 |
Tier 1 Capital to adjusted average total assets, Required in Order to be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value appraisal minimum period | 18 months | |
Adjustment To Selling Costs, Market Deterioration, Any Known Liens Against Collaterial, Percentage | 10.00% | |
Weighted average adjustments related to impaired loans | 12.30% | 12.80% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Eligibility criteria of classified loans for appraisal by professional appraiser | $ 250,000 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities (Assets and Liabilities Recorded at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | $ 271,347 | $ 186,969 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 271,347 | 186,969 |
Total assets at fair value | 271,347 | 186,969 |
Cash flow hedge liability | 631 | 44 |
Total liabilities at fair value | (631) | (44) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 49,296 | 11,253 |
Total assets at fair value | 49,296 | 11,253 |
Cash flow hedge liability | ||
Total liabilities at fair value | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 222,101 | 175,716 |
Total assets at fair value | 222,101 | 175,716 |
Cash flow hedge liability | 631 | 44 |
Total liabilities at fair value | (631) | (44) |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Total assets at fair value | ||
Cash flow hedge liability | ||
Total liabilities at fair value | ||
US Treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 23,499 | |
US Treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 23,499 | |
US Treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 23,499 | |
US Treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
US Treasury securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
US Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 25,853 | 21,936 |
US Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 25,853 | 21,936 |
US Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 4,034 | |
US Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 21,819 | 21,936 |
US Government Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 125,720 | 98,592 |
State, County and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 125,720 | 98,592 |
State, County and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 5,945 | 10,072 |
State, County and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 119,775 | 88,520 |
State, County and Municipal [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 37,488 | 11,604 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 37,488 | 11,604 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 9,784 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 27,754 | 11,604 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 26,598 | 6,097 |
Corporate bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 26,598 | 6,097 |
Corporate bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 500 | |
Corporate bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 26,098 | 6,097 |
Corporate bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | ||
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 32,189 | 48,740 |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 32,189 | 48,740 |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 5,534 | 1,181 |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale | 26,655 | 47,559 |
Mortgage Backed US Government Agencies And Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investment securities available for sale |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities (Assets and Liabilities Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank premises and equipment held for sale | $ 1,507 | $ 1,589 |
Other real estate owned | 4,361 | 4,527 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,449 | 3,020 |
Loans held for sale | 501 | |
Bank premises and equipment held for sale | 1,507 | 1,589 |
Other real estate owned | 4,361 | 4,527 |
Total assets at fair value | 9,317 | 9,637 |
Total liabilities at fair value | ||
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Loans held for sale | ||
Bank premises and equipment held for sale | ||
Other real estate owned | ||
Total assets at fair value | ||
Total liabilities at fair value | ||
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Loans held for sale | 501 | |
Bank premises and equipment held for sale | ||
Other real estate owned | ||
Total assets at fair value | 501 | |
Total liabilities at fair value | ||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,449 | 3,020 |
Loans held for sale | ||
Bank premises and equipment held for sale | 1,507 | 1,589 |
Other real estate owned | 4,361 | 4,527 |
Total assets at fair value | 9,317 | 9,136 |
Total liabilities at fair value |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Securities held to maturity | $ 22,257 | $ 36,633 |
Purchased credit impaired (PCI) loans | 24,040 | 32,528 |
Carrying Value [Member] | ||
Financial assets: | ||
Securities held to maturity | 21,176 | 35,733 |
Loans, net of allowance | 1,170,022 | 1,049,894 |
Purchased credit impaired (PCI) loans | 23,884 | 32,372 |
Financial liabilities: | ||
Interest bearing deposits | 1,099,800 | 984,864 |
Borrowings | 61,957 | 72,624 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held to maturity | 22,257 | 36,633 |
Loans, net of allowance | 1,178,764 | 1,041,671 |
Purchased credit impaired (PCI) loans | 32,657 | 38,982 |
Financial liabilities: | ||
Interest bearing deposits | 1,103,112 | 985,853 |
Borrowings | 62,852 | 72,457 |
Level 1 [Member] | Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held to maturity | ||
Loans, net of allowance | ||
Purchased credit impaired (PCI) loans | ||
Financial liabilities: | ||
Interest bearing deposits | ||
Borrowings | ||
Level 2 [Member] | Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held to maturity | 22,257 | 36,633 |
Loans, net of allowance | ||
Purchased credit impaired (PCI) loans | ||
Financial liabilities: | ||
Interest bearing deposits | 1,103,112 | 985,853 |
Borrowings | 62,852 | 72,457 |
Level 3 [Member] | Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held to maturity | ||
Loans, net of allowance | 1,178,764 | 1,041,671 |
Purchased credit impaired (PCI) loans | 32,657 | 38,982 |
Financial liabilities: | ||
Interest bearing deposits | ||
Borrowings |
Trust Preferred Capital Notes (
Trust Preferred Capital Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 12, 2003 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||
Principal assets value for trust preferred securities | $ 4,124 | $ 4,124 | |
Trust Preferred Capital Notes [Member] | |||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||
Issue of trust preferred securities | $ 4,124 | ||
Preferred security average interest rate | 3.98% | 5.45% | |
Trust preferred securities redemption date | Dec. 12, 2033 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Service charges on deposit accounts | $ 1,411 | $ 1,833 |
Interchange and ATM fees | 1,183 | 999 |
Brokerage fees and commissions | 314 | 399 |
Noninterest income (in-scope of Topic 606) | 2,908 | 3,231 |
Noninterest income (out-of-scope of Topic 606) | 3,040 | 2,123 |
Total noninterest income | $ 5,948 | $ 5,354 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Lease, Practical Expedients, Package [true false] | true | ||
Lease, Practical Expedient, Use of Hindsight [true false] | true | ||
Options to renew | true | ||
Operating lease right of use asset | $ 5,530 | $ 6,472 | $ 7,400 |
Lease liabilities | $ 5,787 | $ 6,737 | $ 7,600 |
Leases (Operating lease liabili
Leases (Operating lease liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Renewal Term | 5 years | ||
Gross lease liability | $ 8,047 | $ 9,278 | |
Less: imputed interest | (2,260) | (2,541) | |
Present value of lease liability | $ 5,787 | $ 6,737 | $ 7,600 |
Minimum [Member] | |||
Lease terms | 5 years | ||
Maximum [Member] | |||
Lease terms | 20 years |
Leases (Maturities of the gross
Leases (Maturities of the gross operating lease liability) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating leases, weighted average remaining lease term (years) | 12 years | 12 years |
Operating leases, weighted average discount rate | 4.78% | 4.63% |
Operating | ||
2021 | $ 1,190,000 | |
2022 | 600,000 | |
2023 | 630,000 | |
2024 | 573,000 | |
2025 | 552,000 | |
Thereafter | 4,502,000 | |
Gross lease liability | 8,047,000 | $ 9,278,000 |
Operating lease cost | 1,300,000 | 1,500,000 |
Sublease Income | $ 119,000 | $ 191,000 |
Other Operating Expenses (Narra
Other Operating Expenses (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Other Operating Expenses [Abstract] | |
Aggregate of total net interest income and total noninterest income | 1.00% |
Other Operating Expenses (Summa
Other Operating Expenses (Summary of Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Expenses [Abstract] | ||
Bank franchise tax | $ 948 | $ 880 |
Stationery, printing and supplies | 660 | 625 |
Credit expense | 525 | 617 |
Outside vendor fees | 750 | 673 |
Other expenses | 2,922 | 3,231 |
Total other operating expenses | $ 5,805 | $ 6,026 |
Parent Corporation Only Finan_3
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | |||
Other assets | $ 17,435 | $ 16,432 | |
Total assets | 1,644,809 | 1,430,840 | |
LIABILITIES | |||
Other liabilities | 8,710 | 8,115 | |
Balances due to non-bank subsidiary | 4,124 | 4,124 | |
Total liabilities | 1,475,155 | 1,275,361 | |
SHAREHOLDERS' EQUITY | |||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,200,929 and 22,422,621 shares issued and outstanding, respectively) | 222 | 224 | |
Additional paid in capital | 149,822 | 150,728 | |
Retained earnings | 13,419 | 2,562 | |
Accumulated other comprehensive income | 6,191 | 1,965 | |
Total shareholders' equity | 169,654 | 155,479 | $ 137,461 |
Total liabilities and stockholders' equity | 1,644,809 | 1,430,840 | |
Parent Company [Member] | |||
ASSETS | |||
Cash | 1,226 | 811 | |
Other assets | 280 | 286 | |
Investments in subsidiaries | 172,402 | 158,506 | |
Total assets | 173,908 | 159,603 | |
LIABILITIES | |||
Other liabilities | 130 | ||
Balances due to non-bank subsidiary | 4,124 | 4,124 | |
Total liabilities | 4,254 | 4,124 | |
SHAREHOLDERS' EQUITY | |||
Common stock (200,000,000 shares authorized, $0.01 par value; 22,200,929 and 22,422,621 shares issued and outstanding, respectively) | 222 | 224 | |
Additional paid in capital | 149,822 | 150,728 | |
Retained earnings | 13,419 | 2,562 | |
Accumulated other comprehensive income | 6,191 | 1,965 | |
Total shareholders' equity | 169,654 | 155,479 | |
Total liabilities and stockholders' equity | $ 173,908 | $ 159,603 |
Parent Corporation Only Finan_4
Parent Corporation Only Financial Statements (Parent Company Only Balance Sheets Footnote) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,200,929 | 22,422,621 |
Common stock, shares outstanding | 22,200,929 | 22,422,621 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 22,200,929 | 22,422,621 |
Common stock, shares outstanding | 22,200,929 | 22,422,621 |
Parent Corporation Only Finan_5
Parent Corporation Only Financial Statements (Parent Company Only Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses: | ||
Interest expense | $ 12,307 | $ 15,492 |
Other operating expenses | 2,922 | 3,231 |
Income before income taxes | 19,326 | 19,257 |
Income tax benefit | (3,778) | (3,552) |
Net income | 15,548 | 15,705 |
Comprehensive income | 19,774 | 18,949 |
Parent Company [Member] | ||
Income: | ||
Dividends received from subsidiaries | 6,436 | |
Other operating income | 5 | 7 |
Total income | 6,441 | 7 |
Expenses: | ||
Interest expense | 167 | 228 |
Management fee paid to subsidiaries | 283 | 242 |
Stock compensation expense | 47 | 90 |
Professional and legal expenses | 112 | 79 |
Other operating expenses | 94 | 55 |
Total expenses | 703 | 694 |
Equity in undistributed income of subsidiaries | 9,670 | 16,252 |
Income before income taxes | 15,408 | 15,565 |
Income tax benefit | 140 | 140 |
Net income | 15,548 | 15,705 |
Comprehensive income | $ 19,774 | $ 18,949 |
Parent Corporation Only Finan_6
Parent Corporation Only Financial Statements (Parent Company Only Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | ||
Net income | $ 15,548 | $ 15,705 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock compensation expense | 1,134 | 1,075 |
Decrease (increase) in other assets | (953) | 686 |
(Increase) decrease in other liabilities | (879) | (16) |
Net cash provided by operating activities | 21,558 | 21,014 |
Financing activities: | ||
Proceeds from issuance of common stock | 73 | 893 |
Repurchase of common stock | (2,115) | |
Cash dividends paid | (4,691) | (2,899) |
Net cash provided by financing activities | 193,416 | 10,517 |
Net increase (decrease) in cash and cash equivalents | 34,501 | (5,535) |
Parent Company [Member] | ||
Operating activities: | ||
Net income | 15,548 | 15,705 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock compensation expense | 1,134 | 1,075 |
Undistributed equity in loss (income) of subsidiary | (9,670) | (16,252) |
Decrease (increase) in other assets | 6 | (34) |
(Increase) decrease in other liabilities | 16 | (1) |
Net cash provided by operating activities | 7,034 | 493 |
Financing activities: | ||
Proceeds from issuance of common stock | 73 | 893 |
Advances from subsidiary | 114 | |
Repurchase of common stock | (2,115) | |
Cash dividends paid | (4,691) | (2,899) |
Net cash provided by financing activities | (6,619) | (2,006) |
Net increase (decrease) in cash and cash equivalents | 415 | (1,513) |
Cash and cash equivalents at beginning of the period | 811 | 2,324 |
Cash and cash equivalents at end of the period | $ 1,226 | $ 811 |