Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 04, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Entity File Number | 001-33037 | ||
Entity Registrant Name | PRIMIS FINANCIAL CORP. | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 20-1417448 | ||
Entity Address, Address Line One | 6830 Old Dominion Drive | ||
Entity Address, City or Town | McLean | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22101 | ||
City Area Code | 703 | ||
Local Phone Number | 893-7400 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | FRST | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 24,575,835 | ||
Auditor Name | Dixon Hughes Goodman LLP | ||
Auditor Firm ID | 57 | ||
Auditor Location | Greenville, North Carolina | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 333.8 | ||
Entity Central Index Key | 0001325670 | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from financial institutions | $ 8,380 | $ 8,585 |
Interest-bearing deposits in other financial institutions | 521,787 | 187,600 |
Total cash and cash equivalents | 530,167 | 196,185 |
Securities available for sale, at fair value | 271,332 | 153,233 |
Securities held to maturity, at amortized cost (fair value of $23,364 and $41,832, respectively) | 22,940 | 40,721 |
Total loans | 2,339,986 | 2,440,496 |
Less allowance for credit losses | (29,105) | (36,345) |
Net loans | 2,310,881 | 2,404,151 |
Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) | 15,521 | 16,927 |
Investments in mortgage company - held for sale | 12,952 | |
Preferred investment in mortgage company | 3,005 | 3,005 |
Bank premises and equipment, net | 30,410 | 30,306 |
Operating lease right-of-use assets | 5,866 | 7,511 |
Goodwill | 101,954 | 101,954 |
Core deposit intangibles, net | 4,462 | 5,826 |
Bank-owned life insurance | 66,724 | 65,409 |
Other real estate owned | 1,163 | 3,078 |
Deferred tax assets, net | 9,571 | 14,646 |
Accrued interest receivable | 11,882 | 19,998 |
Other assets | 21,475 | 12,771 |
Total assets | 3,407,353 | 3,088,673 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing demand deposits | 530,282 | 440,674 |
Interest-bearing deposits: | ||
NOW accounts | 849,738 | 714,752 |
Money market accounts | 799,759 | 603,318 |
Savings accounts | 222,862 | 183,814 |
Time deposits | 360,575 | 490,048 |
Total interest-bearing deposits | 2,232,934 | 1,991,932 |
Total deposits | 2,763,216 | 2,432,606 |
Securities sold under agreements to repurchase - short term | 9,962 | 16,065 |
FHLB advances | 100,000 | 100,000 |
Junior subordinated debt - long term | 9,731 | 9,682 |
Senior subordinated notes - long term | 85,297 | 105,647 |
Operating lease liabilities | 6,498 | 8,238 |
Other liabilities | 20,768 | 25,881 |
Total liabilities | 2,995,472 | 2,698,119 |
Commitments and contingencies (See Note 14) | ||
Stockholders' equity: | ||
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,574,619 and 24,368,612 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 245 | 243 |
Additional paid in capital | 311,127 | 308,870 |
Retained earnings | 99,397 | 77,956 |
Accumulated other comprehensive income | 1,112 | 3,485 |
Total stockholders' equity | 411,881 | 390,554 |
Total liabilities and stockholders' equity | $ 3,407,353 | $ 3,088,673 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity fair value (in dollars) | $ 23,364 | $ 41,832 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 24,574,619 | 24,368,612 |
Common stock, shares outstanding | 24,574,619 | 24,368,612 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 107,021 | $ 111,647 | $ 112,181 |
Interest and dividends on taxable securities | 3,977 | 4,244 | 5,639 |
Interest and dividends on tax exempt securities | 463 | 486 | 585 |
Interest and dividends on other earning assets | 1,782 | 1,402 | 2,119 |
Total interest and dividend income | 113,243 | 117,779 | 120,524 |
Interest expense: | |||
Interest on deposits | 13,112 | 20,332 | 30,602 |
Interest on FRB borrowings | 424 | ||
Interest on repurchase agreements | 86 | 96 | 87 |
Interest on junior subordinated debt | 355 | 426 | 589 |
Interest on senior subordinated notes | 5,127 | 3,909 | 2,847 |
Interest on other borrowings | 360 | 952 | 2,799 |
Total interest expense | 19,040 | 26,139 | 36,924 |
Net interest income | 94,203 | 91,640 | 83,600 |
Provision for (recovery of) credit losses | (5,801) | 19,450 | 350 |
Net interest income after (recovery of) provision for credit losses | 100,004 | 72,190 | 83,250 |
Noninterest income: | |||
Account maintenance and deposit service fees | 7,309 | 6,520 | 7,159 |
Income from bank-owned life insurance | 1,687 | 1,559 | 1,699 |
Gain on debt extinguishment | 573 | ||
Realized losses on sales of investment securities | (620) | ||
Recoveries related to acquired charged-off loans and investment securities | 836 | 6,500 | 1,537 |
Other | 730 | 703 | 1,000 |
Total noninterest income | 11,135 | 14,662 | 11,395 |
Noninterest expenses: | |||
Salaries and benefits | 36,741 | 36,675 | 26,261 |
Occupancy expenses | 5,956 | 6,142 | 6,204 |
Furniture and equipment expenses | 3,622 | 2,725 | 2,719 |
Amortization of core deposit intangible | 1,364 | 1,364 | 1,418 |
Virginia franchise tax expense | 2,899 | 2,457 | 2,251 |
Data processing expense | 3,850 | 3,178 | 2,381 |
Telephone and communication expense | 1,790 | 1,497 | 1,615 |
Net (gain) loss on other real estate owned | 87 | 960 | (38) |
Professional fees | 5,467 | 4,726 | 3,612 |
Other operating expenses | 9,624 | 8,016 | 10,169 |
Total noninterest expenses | 71,400 | 67,740 | 56,592 |
Income from continuing operations before income taxes | 39,739 | 19,112 | 38,053 |
Income tax expense | 8,721 | 4,228 | 5,892 |
Income from continuing operations | 31,018 | 14,884 | 32,161 |
Income from discontinued operation before income taxes | 294 | 10,789 | 1,191 |
Income tax expense | 64 | 2,386 | 185 |
Income from discontinued operation | 230 | 8,403 | 1,006 |
Net income | 31,248 | 23,287 | 33,167 |
Other comprehensive income: | |||
Unrealized gain (loss) on available for sale securities | (3,193) | 2,789 | 4,256 |
Reclassification of loss on sales of investment securities | 620 | ||
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale | 151 | 12 | 13 |
Net unrealized gain (loss) | (3,042) | 3,421 | 4,269 |
Tax effect | (669) | 719 | 897 |
Other comprehensive income (loss) | (2,373) | 2,702 | 3,372 |
Comprehensive income | $ 28,875 | $ 25,989 | $ 36,539 |
Earnings per share from continuing operations, basic (in dollars per share) | $ 1.27 | $ 0.61 | $ 1.34 |
Earnings per share from discontinued operations, basic | 0.01 | 0.35 | 0.04 |
Earnings per share from continuing operations, diluted (in dollars per share) | 1.26 | 0.61 | 1.32 |
Earnings per share from discontinued operations, diluted | $ 0.01 | $ 0.35 | $ 0.04 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common StockCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock | Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Balance at Dec. 31, 2018 | $ 240 | $ 305,654 | $ 44,985 | $ (2,589) | $ 348,290 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 33,167 | 33,167 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | 3,372 | 3,372 | ||||||||||
Dividends on common stock | (8,690) | (8,690) | ||||||||||
Stock Option exercises | 1 | 669 | 670 | |||||||||
Stock-based compensation expense | 432 | 432 | ||||||||||
Balance at Dec. 31, 2019 | 241 | 306,755 | 69,462 | 783 | 377,241 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 23,287 | 23,287 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | 2,702 | 2,702 | ||||||||||
Dividends on common stock | (9,737) | (9,737) | ||||||||||
Stock Option exercises | 1 | 708 | 709 | |||||||||
Vesting of restricted stock | 1 | (1) | ||||||||||
Repurchase of restricted stock | (135) | (135) | ||||||||||
Stock-based compensation expense | 1,543 | 1,543 | ||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | $ (5,056) | $ (5,056) | ||||||||||
Balance at Dec. 31, 2020 | $ 241 | 243 | $ 306,755 | 308,870 | $ 64,406 | 77,956 | $ 783 | 3,485 | $ 372,185 | 390,554 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 31,248 | 31,248 | ||||||||||
Changes in other comprehensive loss on investment securities, net of tax | (2,373) | (2,373) | ||||||||||
Dividends on common stock | (9,807) | (9,807) | ||||||||||
Stock Option exercises | 2 | 1,524 | 1,526 | |||||||||
Repurchase of restricted stock | (14) | (14) | ||||||||||
Stock-based compensation expense | 747 | 747 | ||||||||||
Balance at Dec. 31, 2021 | $ 245 | $ 311,127 | $ 99,397 | $ 1,112 | $ 411,881 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Tax on change in on investment securities | $ (669) | $ 719 | $ 897 |
Common stock dividends per share (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.36 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income from continuing operations | $ 31,018,000 | $ 14,884,000 | $ 32,161,000 |
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities: | |||
Depreciation and amortization | 5,627,000 | 5,285,000 | 5,632,000 |
Amortization of operating lease right-of-use assets | 2,413,000 | 2,909,000 | 2,546,000 |
Accretion of loan discount | (1,989,000) | (4,346,000) | (3,859,000) |
Amortization of FDIC indemnification asset | 649,000 | ||
Provision for (recovery of) credit losses | (5,801,000) | 19,450,000 | 350,000 |
Earnings on bank-owned life insurance | (1,681,000) | (1,559,000) | (1,565,000) |
Stock-based compensation expense | 747,000 | 1,543,000 | 432,000 |
Loss on sales of investment securities | 620,000 | ||
Gain on bank-owned life insurance death benefit | (6,000) | (134,000) | |
(Gain) loss on other real estate owned | 87,000 | 960,000 | (38,000) |
Gain on debt extinguishment | 573,000 | ||
Provision (benefit) for deferred income taxes | 6,054,000 | (1,411,000) | 1,477,000 |
Net decrease (increase) in other assets | (588,000) | (11,942,000) | (2,203,000) |
Net increase (decrease) in other liabilities | (7,620,000) | 2,707,000 | 1,558,000 |
Net cash and cash equivalents provided by operating activities from continuing operations | 27,688,000 | 29,100,000 | 37,006,000 |
Investing activities: | |||
Proceeds from sales of held-to-maturity investment securities | 1,660,000 | ||
Proceeds from sales of available-for-sale investment securities | 1,910,000 | ||
Purchases of held-to-maturity investment securities | 0 | (15,197,000) | (15,260,000) |
Purchases of available-for-sale investment securities | (160,531,000) | (38,938,000) | (45,135,000) |
Proceeds from paydowns, maturities and calls of available-for-sale investment securities | 37,878,000 | 50,068,000 | 26,283,000 |
Proceeds from paydowns, maturities and calls of held-to-maturity investment securities | 17,652,000 | 44,738,000 | 35,006,000 |
Net decrease of FRB and FHLB stock | 1,406,000 | 905,000 | 1,690,000 |
Net (increase) decrease in loans | 109,375,000 | (251,000,000) | (7,059,000) |
Proceeds from bank-owned life insurance death benefit | 371,000 | 344,000 | |
Proceeds from sales of other real estate owned, net of improvements | 2,014,000 | 2,663,000 | 214,000 |
Purchases of bank premises and equipment | (2,456,000) | (1,082,000) | (1,101,000) |
Net cash and cash equivalents provided by (used in) investing activities from continuing operations | 5,709,000 | (204,273,000) | (5,018,000) |
Financing activities: | |||
Net increase in deposits | 330,610,000 | 307,888,000 | 27,129,000 |
Cash dividends paid on common stock | (9,807,000) | (9,737,000) | (8,690,000) |
Proceeds from exercised stock options | 1,526,000 | 709,000 | 670,000 |
Repurchase of restricted stock | (14,000) | (135,000) | |
Issuance of subordinated notes, net of cost | 58,600,000 | ||
Extinguishment of subordinated debt | (20,000,000) | ||
Net decrease in other borrowings | (6,103,000) | (18,458,000) | (47,538,000) |
Net cash and cash equivalents provided by (used in) financing activities from continuing operations | 296,212,000 | 338,867,000 | (28,429,000) |
Net change in cash and cash equivalents from continuing operations | 329,609,000 | 163,694,000 | 3,559,000 |
Cash flows provided by (used in) discontinued operation: | |||
Net cash and cash equivalents used in operating activities | (373,000) | (2,593,000) | (242,000) |
Net cash and cash equivalents provided by investing activities | 4,746,000 | 3,156,000 | 0 |
Net change in cash and cash equivalents from discontinued operation | 4,373,000 | 563,000 | (242,000) |
Net change in cash and cash equivalents | 333,982,000 | 164,257,000 | 3,317,000 |
Cash and cash equivalents at beginning of period | 196,185,000 | 31,928,000 | 28,611,000 |
Cash and cash equivalents at end of period | 530,167,000 | 196,185,000 | 31,928,000 |
Cash payments for: | |||
Interest | 20,234,000 | 27,988,000 | 36,002,000 |
Income taxes | 6,151,000 | 7,693,000 | 4,897,000 |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer from loans to other real estate owned | 186,000 | $ 477,000 | $ 1,323,000 |
Notes receivable from discontinued operation, included in loans | $ 8,500,000 |
ORGANIZATION AND SIGNIFICANT AC
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES On March 31, 2021, the Company changed its name from Southern National Bancorp of Virginia, Inc. (“Southern National”) to Primis Financial Corp. (“Primis,” “we,” “us,” “our” or the “Company”) and Sonabank changed its name to Primis Bank. Primis is the bank holding company for Primis Bank (“Primis Bank” or the “Bank”), a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium sized businesses. At December 31, 2021, Primis Bank had forty full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Thirty-five full-service retail branches are in Virginia and five full-service retail branches are in Maryland. The Company has administrative offices in Warrenton and Glen Allen, Virginia. The accounting policies and practices of Primis and its subsidiaries conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and to general practice within the banking industry. Major policies and practices are described below: Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank and EVB Statutory Trust I (the “Trust”). Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns the Trust which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis. In addition, Primis Bank has an interest in one mortgage company, Southern Trust Mortgage, LLC (“STM”). Prior to December 31, 2021, Primis Bank owned 43.28% and 100% of STM’s common and preferred stock, respectively, and STM was considered an unconsolidated affiliate of the Company. On September 23, 2021, Primis Bank announced that it entered into an agreement with STM, whereby STM agreed to purchase all of the Bank's common membership interests and a portion of the Bank's preferred interests in STM for a combination of $1.6 million in cash and a promissory note for $8.5 million. The transaction closed on December 31, 2021. Upon closing, STM continues to be a borrower of the Bank, but the Bank is no longer a minority owner of STM and STM is no longer considered an affiliate of the Company. The Company still holds 100% of STM’s preferred stock at December 31, 2021 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. Discontinued Operation As discussed above the Company disposed of all of its common stock ownership and a portion of its preferred stock ownership in STM on December 31, 2021. The common stock investment was accounted for using the equity method of accounting and efffective July 1, 2021, in accordance with the terms of the agreement, the Company no longer accrued earnings related to its common membership interests in STM; however, the Company maintain significant influence over STM until closing of the transaction. The preferrd stock investment is considered a non-marketable equity security that does not have a readily determinable fair value and is carried at cost, less impairment. The historical investments in STM that were disposed of on December 31, 2021 have been classified as held for sale on the consolidated balance sheet as of December 31, 2020 and totaled $13.0 million and consisted of $12.7 million in equity method investment and $300 thousand in preferred stock. The consolidated statements of income and comprehensive income have been adjusted to reflect the equity in earnings and income tax expense associated with the equity method investment as a discontinued operation, included in that amount for 2021 is a pre-tax impairment charge of approximately $2.9 million related to the transaction. Pre-tax equity in earnings for the years ended December 31, 2021, 2020 and 2019 were $294 thousand, after impairment, $10.8 million, and $1.2 million, respectively. For the years ended December 31, 2020 and 2019, STM was considered a reportable segment. As of December 31, 2020 and 2019, total mortgage loans held for sale by STM were $143.4 million and $100.2 million, respectively. STM’s warehouse lines of credit were $136.1 million and $92.1 million as of December 31, 2020 and 2019, respectively and total members’ equity was $26.4 million and $11.1 million as of December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, STM’s net income was $22.2 million and $2.7 million, respectively. The primary source of revenue for STM was gains on sale of mortgage loans held for sale, net of direct costs. For the years ended December 31, 2020 and 2019, gains on sale of mortgage loans held for sale, net of direct costs were $107.1 million and $45.7 million, respectively. STM’s salaries, commissions and benefits were $84.1 million and $39.0 million for the years ended December 31, 2020 and 2019, respectively. Operating Segments Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief financial officer and chief accounting officer in deciding how to allocate resources and in assessing performance. Discrete financial information is not available other than on a company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. Reclassifications In certain instances, due to the discontinued operation, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, the fair value of investment securities, credit impairment of investment securities, the valuation of goodwill and deferred tax assets. Investment Securities Securities Available-for-Sale and Held-to Maturity Debt securities that Primis has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Securities classified as available-for-sale are those debt securities that may be sold in response to changes in interest rates, liquidity needs or other similar factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses net of deferred taxes, included in accumulated other comprehensive income (loss) in stockholders’ equity. Premiums and discounts are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. Gains and losses on the sale of investment securities are recorded on the settlement date and are determined using the specific identification method. Primis purchases amortizing investment securities. The actual principal reduction on these assets varies from the expected contractual principal reduction due to principal prepayments resulting from the borrowers’ election to refinance the underlying mortgage based on market and other conditions. The purchased premiums and discounts associated with these assets are amortized or accreted to interest income over the estimated life of the related assets. The estimated life is calculated by projecting future prepayments and the resulting principal cash flows until maturity. Prepayment rate projections utilize actual prepayment speed experience and available market information on like-kind instruments. The prepayment rates form the basis for income recognition of premiums and discounts on the related assets. Changes in prepayment estimates may cause the earnings recognized on these assets to vary over the term that the assets are held, creating volatility in the net interest margin. Prepayment rate assumptions are monitored and updated monthly to reflect actual activity and the most recent market projections. Non-marketable Equity Securities Primis’ investment in STM’s preferred stock and fintech investments are considered to be non-marketable equity securities that do not have a readily determinable fair value. Equity securities with no recurring market value data available are reviewed periodically and any observable market value change are adjusting through net income. Primis evaluates these non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income. Other investments include stock acquired for regulatory purposes. The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Bank is also required to own FRB stock with a par value equal to 6% of capital and FHLB stock of 4.25% of borrowings outstanding. FHLB and FRB stock are carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Loans Primis purchases mortgage loans from mortgage loans originators. Primis also provides commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans secured by real estate throughout its market area. The ability of Primis’ debtors to honor their contracts is in varying degrees dependent upon the real estate market conditions and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances, purchased premiums and discounts and any deferred loan 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 interest method without anticipating prepayments. Commercial real estate consists of borrowings secured by owner occupied and non-owner occupied commercial real estate. Repayment of these loans is dependent upon rental income or the subsequent sale of the property for loans secured by non-owner occupied commercial real estate and by cash flows from business operations for owner occupied commercial real estate. Loans for which the source of repayment is rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial real estate loans that are dependent on cash flows from operations can also be adversely affected by current market conditions for their product or service. Construction and land development primarily consist of borrowings to purchase and develop raw land into residential and non-residential properties. Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements. Repayment of the loans to real estate developers is dependent upon the sale or lease of properties to third parties in a timely fashion upon completion. Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value which may be absorbed by Primis. Commercial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. Primis’ risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not maintain their value upon foreclosure which may require Primis to write-down the value significantly to sell. Residential real estate loans consist of loans to individuals for the purchase of primary residences with repayment primarily through wage or other income sources of the individual borrower. Primis’ loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. STM is a regional mortgage banking company headquartered in Virginia Beach, Virginia that has mortgage banking originators in Delaware, Virginia, Maryland, North Carolina and South Carolina. STM only originated retail mortgage products. Other consumer loans are comprised of loans to individuals both unsecured and secured and home equity loans secured by real estate (closed and open-end), with repayment dependent on individual wages and other income. The risk of loss on consumer loans is elevated as the collateral securing these loans, if any, rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary. Losses in this portfolio are generally relatively low, however, due to the small individual loan size and the balance outstanding as a percentage of Primis’ entire portfolio. The accrual of interest on all loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status 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 the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Most of Primis’ business activity is with customers located within Virginia and Maryland. Therefore, our exposure to credit risk is significantly affected by changes in the economy in those areas. We are not dependent on any single customer or group of customers whose insolvency would have a material adverse effect on operations. Primis has purchased, primarily through acquisitions, individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased loans are recorded at fair value such that there is no carryover of the seller’s allowance for credit losses. We adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. Allowance for Credit Losses (“ACL”) Allowance For Credit Losses - Held-to-Maturity Securities Allowance For Credit Losses - Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether (i) we intend to sell or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, which is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 3 – Loans and Allowance. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of other expenses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on off-balance-sheet credit exposures is presented in Note 14 – Financial Instruments with Off-Balance-Sheet Risks. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from Primis, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and Primis does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Bank Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives of 30 years. Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the terms of the related leases including lease renewals only when the Company is reasonably assured of the aggregate term of the lease. Furniture, fixtures, equipment and software are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. Operating Leases The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the operating lease liability, and an asset representing the right to use the underlying asset during the lease term, the right-of-use asset. In recognizing lease right-of-use assets and related right-of-use liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. The operating lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate at inception. The right-of-use asset is measured at the amount of the operating lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the operating lease liability, and any impairment of the right-of-use asset. Lease renewal options are generally not included in the calculation of the operating lease liabilities, unless they are not reasonably certain to be exercised. The Company does not recognize short-term leases on the balance sheet. Goodwill and Intangible Assets Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet and is subject to an impairment analysis when there are triggering events. Other intangible assets consist of core deposit intangible assets arising from whole-bank and branch acquisitions and are amortized over their estimated useful lives, which range from 6 to 15 years. Stock-Based Compensation Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes option-pricing model is utilized to estimate the fair value of stock options. Compensation cost for grants of restricted shares is accounted for based on the closing price of Primis’ common stock on the date the restricted shares are awarded. Compensation cost for stock options and restricted shares is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Compensation cost for performance Units is measured based on the grant date fair value of the units, adjusted for the Company’s best estimate of the outcome of vesting conditions at the end of the performance period. Bank-Owned Life Insurance Primis has purchased, and acquired through acquisitions, life insurance policies on certain former and current key executives. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Other Real Estate Owned (“OREO”) Real estate acquired through or instead of foreclosure is held for sale and initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a direct charge-off is recorded through expense. Operating costs after acquisition are expensed as incurred. Cloud Computing Arrangements Primis engaged Finxact to define, design, and develop a new cloud-based banking core. The multiple phases of the cloud computing arrangements are assessed and reviewed as the software is placed into production. Total costs paid is capitalized upon initial launch and production rollout and classified in other assets in our consolidated balance sheet. Depreciation/amortization is set up based on the estimated life of the core infrastructure as it relates to obsolescence, technology, competition, and the nature of changes in software. Operating costs such as monthly licensing, usage, and storage are expensed as incurred in data processing expense on our consolidated statements of income and comprehensive income. As of December 31, 2021, the Company had gross cloud computing arrangements totaling $5.8 million and accumulated amortization of $0.1 million. Impairment of Long-Lived Assets Premises and equipment, core deposit intangible assets, right of use assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Retirement Plans Employee 401(k) plan expense is the amount of matching contributions. Supplemental retirement plan expense allocates the benefits over years of service. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements. Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to Primis or by Primis to shareholders. Advertising Costs Advertising costs are expensed as incurred. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have no unrecognized tax benefits and do not anticipate any increase in unrecognized tax benefits during the next twelve months. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals exist as of December 31, 2021 and 2020. Restrictions on Cash No regulatory reserve or clearing requirements with the FRB were needed at December 31, 2021 and 2020. Consolidated Statements of Cash Flows For purposes of reporting cash flows, Primis defines cash and cash equivalents as cash due from financial institutions, interest-bearing deposits and federal funds sold in other financial institutions with maturities less than 90 days. Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted EPS reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to net income that would result from the assumed issuance. Potential common shares that may be issued by Primis relate solely to outstanding stock options and restricted stock units and are determined using the treasury stock method. Performance awards cannot be dilutive until the Company’s best estimate of the outcome of vesting conditions become probable. Comprehensive Income Comprehensive income consists of net income and other comprehensive (loss) income. Other comprehensive (loss) income includes unrealized gains and losses on investment securities available-for-sale which are also recognized as a separate component of equity. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, Primis has entered into commitments to extend credit and standby letters of credit. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Fair Value Measurements In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon observable market-based parameters. Valuation assumptions may be made to ensure that financial instruments are recorded at fair value. These assumptions may reflect assumptions that market participants would use in pricing an asset or liability, among other things, as well as unobservable parameters. Any such valuation assumptions are applied consistently over time. Recent Accounting Pronouncements New Accounting Standards Adopted: In December 2019, Financial Accounting Standards Board (“FASB”) Simplifying the Accounting for Income Taxes (Topic 740) In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. In October 2020, FASB issued ASU 2020-10, Codification Improvements. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 2. INVESTMENT SECURITIES The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 122,506 $ 740 $ (636) $ 122,610 Obligations of states and political subdivisions 30,728 755 (252) 31,231 Corporate securities 13,000 685 — 13,685 Collateralized loan obligations 5,026 — (16) 5,010 Residential government-sponsored collateralized mortgage obligations 19,671 297 (161) 19,807 Government-sponsored agency securities 17,671 32 (215) 17,488 Agency commercial mortgage-backed securities 52,452 513 (298) 52,667 SBA pool securities 8,870 48 (84) 8,834 Total $ 269,924 $ 3,070 $ (1,662) $ 271,332 Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2020 Residential government-sponsored mortgage-backed securities $ 35,442 $ 1,618 $ — $ 37,060 Obligations of states and political subdivisions 22,966 1,076 — 24,042 Corporate securities 15,000 81 (2) 15,079 Residential government-sponsored collateralized mortgage obligations 28,680 737 (1) 29,416 Government-sponsored agency securities 5,985 90 — 6,075 Agency commercial mortgage-backed securities 29,118 1,087 (15) 30,190 SBA pool securities 11,441 80 (150) 11,371 Total $ 148,632 $ 4,769 $ (168) $ 153,233 The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands): Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 13,616 $ 296 $ (1) $ — $ 13,911 Obligations of states and political subdivisions 3,805 93 — — 3,898 Residential government-sponsored collateralized mortgage obligations 519 13 — — 532 Government-sponsored agency securities 5,000 23 — — 5,023 Total $ 22,940 $ 425 $ (1) $ — $ 23,364 Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2020 Residential government-sponsored mortgage-backed securities $ 25,037 $ 729 $ (2) $ — $ 25,764 Obligations of states and political subdivisions 9,594 183 — (1) 9,776 Residential government-sponsored collateralized mortgage obligations 1,090 39 — — 1,129 Government-sponsored agency securities 5,000 163 — — 5,163 Total $ 40,721 $ 1,114 $ (2) $ (1) $ 41,832 During 2021 and 2020, $160.5 million and $38.9 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased in 2021. During 2020, $15.2 million of held-to-maturity investment securities were purchased. No investment securities were sold during 2021. During 2020, $1.9 million and $1.7 million, respectively, of available-for-sale investment securities and held-to-maturity investment securities were sold. Realized losses on sales of investment securities of $620 thousand were recorded for the year ended December 31, 2020. The fair value and carrying amount of available-for-sale and held-to-maturity investment securities as of December 31, 2021, by contractual maturity were as follows (in thousands). Investment securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due within one year $ 787 $ 789 $ 406 $ 413 Due in one to five years 3,814 3,946 1,545 1,587 Due in five to ten years 25,792 26,593 1,518 1,562 Due after ten years 36,032 36,086 5,336 5,359 Residential government-sponsored mortgage-backed securities 122,506 122,610 13,616 13,911 Residential government-sponsored collateralized mortgage obligations 19,671 19,807 519 532 Agency commercial mortgage-backed securities 52,452 52,667 — — SBA pool securities 8,870 8,834 — — Total $ 269,924 $ 271,332 $ 22,940 $ 23,364 Investment securities with a carrying amount of approximately $180.7 million and $125.3 million at December 31, 2021 and 2020, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the FHLB of Atlanta, and repurchase agreements. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by States and political subdivisions and other held-to-maturity securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities and (iv) internal forecasts. As of December 31, 2021, Primis did not have any allowance for credit losses on held-to-maturity securities. The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of December 31, 2021 and 2020 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 84,123 $ (636) $ — $ — $ 84,123 $ (636) Obligations of states and political subdivisions 14,472 (252) — — 14,472 (252) Collateralized loan obligations 5,010 (16) — — 5,010 (16) Residential government-sponsored collateralized mortgage obligations 5,589 (161) — — 5,589 (161) Government-sponsored agency securities 15,956 (215) — — 15,956 (215) Agency commercial mortgage-backed securities 20,786 (194) 2,027 (104) 22,813 (298) SBA pool securities — — 4,544 (84) 4,544 (84) Total $ 145,936 $ (1,474) $ 6,571 $ (188) $ 152,507 $ (1,662) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 324 $ (1) $ 324 $ (1) Total $ — $ — $ 324 $ (1) $ 324 $ (1) Less than 12 months 12 Months or More Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Corporate securities $ 998 $ (2) $ — $ — $ 998 $ (2) Residential government-sponsored collateralized mortgage obligations 954 (1) — — 954 (1) Agency commercial mortgage-backed securities 2,170 (15) — — 2,170 (15) SBA pool securities — — 8,119 (150) 8,119 (150) Total $ 4,122 $ (18) $ 8,119 $ (150) $ 12,241 $ (168) Less than 12 months 12 Months or More Total December 31, 2020 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 331 $ (1) $ 126 $ (1) $ 457 $ (2) Total $ 331 $ (1) $ 126 $ (1) $ 457 $ (2) Changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021, 2020 and 2019 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (2,524) 151 (2,373) Ending balance $ 1,112 $ — $ 1,112 Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2020 Available-for-Sale Securities Total Beginning balance $ 943 $ (160) $ 783 Current period other comprehensive income 2,693 9 2,702 Ending balance $ 3,636 $ (151) $ 3,485 Unrealized Holding Gains (Losses) on Held-to-Maturity For the year ended December 31, 2019 Available-for-Sale Securities Total Beginning balance $ (2,419) $ (170) $ (2,589) Current period other comprehensive income 3,362 10 3,372 Ending balance $ 943 $ (160) $ 783 |
LOANS AND ALLOWANCE
LOANS AND ALLOWANCE | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND ALLOWANCE [Abstract] | |
LOANS AND ALLOWANCE | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes the composition of our loan portfolio as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Loans secured by real estate: Commercial real estate - owner occupied $ 387,703 $ 434,816 Commercial real estate - non-owner occupied 588,000 599,578 Secured by farmland 8,612 11,687 Construction and land development 121,444 103,401 Residential 1-4 family 547,560 557,953 Multi-family residential 164,071 107,130 Home equity lines of credit 73,846 91,748 Total real estate loans 1,891,236 1,906,313 Commercial loans 301,980 187,797 Paycheck Protection Program loans 77,319 314,982 Consumer loans 60,996 22,496 Total Non-PCD loans 2,331,531 2,431,588 PCD loans 8,455 8,908 Total loans $ 2,339,986 $ 2,440,496 The accounting policy related to the allowance for credit losses is considered a critical policy given the level of estimation, judgment, and uncertainty in the levels of the allowance required to account for the inherent probable losses in the loan portfolio and the material effect such estimation, judgment, and uncertainty can have on the consolidated financial results. Accrued Interest Receivable Accrued interest receivable on loans totaled $10.8 million and $19.0 million at December 31, 2021 and 2020, respectively and is included in accrued interest receivable in the consolidated balance sheets. COVID-19 Loan Deferments The Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was published by banking regulators in April 2020 to clarify expectations around loan modifications and the determination of TDRs for borrowers experiencing COVID-19-related financial difficulty. Primis applied this regulatory guidance during its troubled debt restructurings (“TDR”) identification process for short-term loan forbearance agreements as a result of COVID-19 and in most cases is not recording these as TDRs, except as disclosed below. Certain borrowers were unable to meet their contractual payment obligations because of the adverse economic effects of COVID-19. To help mitigate these effects, loan customers could apply for a deferral of payments, or portions thereof, for up to six months. After six months, customers could apply for an additional deferral in 90 days increments, and a small proportion of our customers requested such an additional deferral. In the absence of other intervening factors, such short-term modifications made on a good faith basis were not categorized as TDR, nor were loans granted payment deferrals related to COVID-19 reported as past due or placed on non-accrual status (provided the loans were not past due or on non-accrual status prior to the deferral). We implemented deferral arrangements for TDRs in accordance with the Coronavirus Aid, Relief and Economic Security (“CARES” Act) and bank regulatory guidance. At December 31, 2021, there were no loans in COVID-19 related deferment. At December 31, 2020, there were 44 loans in COVID-19 related deferment with an aggregate outstanding balance of $122.0 million, all of which were current as of December 31, 2020. Accretion The accretable discount on the acquired loans totaled $4.3 million and $6.2 million at December 31, 2021 and 2020, respectively. Accretion associated with the acquired loans held for investment of $2.0 million, $4.3 million and $3.9 million was recognized during the twelve months ended December 31, 2021, 2020 and 2019, respectively. Non-Accrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on non-accrual status if (i) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or (ii) full payment of principal and interest is not expected. Loans may be placed on non-accrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on non-accrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. The following tables present the aging of the recorded investment in past due loans by class of loans as of December 31, 2021 and 2020 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2021 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 194 $ 346 $ — $ 540 $ 387,163 $ 387,703 Commercial real estate - non-owner occupied — — — — 588,000 588,000 Secured by farmland 791 — — 791 7,821 8,612 Construction and land development 204 131 4,575 4,910 116,534 121,444 Residential 1-4 family 9,384 254 137 9,775 537,785 547,560 Multi- family residential — — — — 164,071 164,071 Home equity lines of credit 331 — 171 502 73,344 73,846 Commercial loans 387 — 1,246 1,633 300,347 301,980 Paycheck Protection Program loans 4,954 8,559 283 13,796 63,523 77,319 Consumer loans 193 130 2 325 60,671 60,996 Total Non-PCD loans 16,438 9,420 6,414 32,272 2,299,259 2,331,531 PCD loans 1,717 — — 1,717 6,738 8,455 Total $ 18,155 $ 9,420 $ 6,414 $ 33,989 $ 2,305,997 $ 2,339,986 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2020 Past Due Past Due or More Past Due Past Due Loans (1) Commercial real estate - owner occupied $ — $ — $ 2,641 $ 2,641 $ 432,175 $ 434,816 Commercial real estate - non-owner occupied — — — — 599,578 599,578 Secured by farmland — — 1,098 1,098 10,589 11,687 Construction and land development 23 39 — 62 103,339 103,401 Residential 1-4 family 1,235 349 1,512 3,096 554,857 557,953 Multi- family residential — — — — 107,130 107,130 Home equity lines of credit 310 39 523 872 90,876 91,748 Commercial loans 64 33 2,104 2,201 185,596 187,797 Paycheck Protection Program loans — — — — 314,982 314,982 Consumer loans 207 4 9 220 22,276 22,496 Total Non-PCD loans 1,839 464 7,887 10,190 2,421,398 2,431,588 PCD loans — — 1,853 1,853 7,055 8,908 Total $ 1,839 $ 464 $ 9,740 $ 12,043 $ 2,428,453 $ 2,440,496 (1) Includes $122.0 million of loans that were subject to deferrals at December 31, 2020. The amortized cost, by class, of loans and leases on nonaccrual status at December 31, 2021 and 2020, were as follows (in thousands): 90 Total Days Loans Not Nonaccrual December 31, 2021 or More Past Due Loans (1) Commercial real estate - owner occupied $ — $ 842 $ 842 Secured by farmland — 836 836 Construction and land development 4,575 34 4,609 Residential 1-4 family 137 411 548 Multi- family residential — 4,301 4,301 Home equity lines of credit 171 253 424 Commercial loans 1,246 476 1,722 Consumer loans 2 16 18 Total Non-PCD loans 6,131 7,169 13,300 PCD loans — 1,729 1,729 Total $ 6,131 $ 8,898 $ 15,029 90 Total Days Loans Not Nonaccrual December 31, 2020 or More Past Due Loans (1) Commercial real estate - owner occupied $ 2,641 $ — $ 2,641 Secured by farmland 1,098 — 1,098 Residential 1-4 family 1,512 13 1,525 Multi- family residential — 4,481 4,481 Home equity lines of credit 523 — 523 Commercial loans 2,104 228 2,332 Consumer loans 9 — 9 Total Non-PCD loans 7,887 4,722 12,609 PCD loans 1,853 — 1,853 Total $ 9,740 $ 4,722 $ 14,462 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. We had $283 thousand of PPP loans greater than 90 days past due and still accruing at December 31, 2021 and did not have any loans and leases greater than 90 days past due and still accruing at December 31, 2020. The following table presents non-accrual loans as of December 31, 2021 and 2020, segregated by class of loans (in thousands): December 31, 2021 December 31, 2020 Non-Accrual With Non-Accrual With Total No Credit Total No Credit Non-Accrual (1) Loss Allowance (2) Non-Accrual (1) Loss Allowance (2) Commercial real estate - owner occupied $ 842 $ 842 $ 2,641 $ 2,641 Secured by farmland 836 836 1,098 1,098 Construction and land development 4,609 4,609 — — Residential 1-4 family 548 548 1,525 164 Multi- family residential 4,301 4,301 4,481 4,481 Home equity lines of credit 424 424 523 523 Commercial loans 1,722 745 2,332 582 Consumer loans 18 10 9 9 Total non-PCD loans 13,300 12,315 12,609 9,498 PCD loans 1,729 — 1,853 — Total non-accrual loans $ 15,029 $ 12,315 $ 14,462 $ 9,498 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $1.1 million and $1.7 million at December 31, 2021 and 2020, respectively. The following table presents non-accrual loans as of December 31, 2021 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ 476 $ — $ — $ 366 $ — $ — $ 842 Secured by farmland — — 24 — 681 — 131 — 836 Construction and land development — — 4,575 — — 34 — — 4,609 Residential 1-4 family — — — — — 252 — 296 548 Multi- family residential — — — — — 4,301 — — 4,301 Home equity lines of credit — — — — — — 398 26 424 Commercial loans — 9 — 236 — 314 1,163 — 1,722 Consumer loans — — — 8 8 2 — — 18 Total non-PCD non-accruals — 9 5,075 244 689 5,269 1,692 322 13,300 PCD loans — — — — 1,717 12 — — 1,729 Total non-accrual loans (1) $ — $ 9 $ 5,075 $ 244 $ 2,406 $ 5,281 $ 1,692 $ 322 $ 15,029 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. Interest received on non-accrual loans was $523 thousand and $469 thousand for the years ended December 31, 2021 and 2020, respectively. Troubled Debt Restructurings A modification is classified as a TDR if both of the following exist: (1) the borrower is experiencing financial difficulty and (2) the Bank has granted a concession to the borrower. The Bank determines that a borrower may be experiencing financial difficulty if the borrower is currently delinquent on any of its debt, or if the Bank is concerned that the borrower may not be able to perform in accordance with the current terms of the loan agreement in the foreseeable future. Many aspects of the borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty, particularly as it relates to commercial borrowers due to the complex nature of the loan structure, business/industry risk and borrower/guarantor structures. Concessions may include the reduction of an interest rate at a rate lower than current market rates for a new loan with similar risk, extension of the maturity date, reduction of accrued interest, or principal forgiveness. When evaluating whether a concession has been granted, the Bank also considers whether the borrower has provided additional collateral or guarantors and whether such additions adequately compensate the Bank for the restructured terms, or if the revised terms are consistent with those currently being offered to new loan customers. The assessments of whether a borrower is experiencing (or is likely to experience) financial difficulty and whether a concession has been granted is subjective in nature and management’s judgment is required when determining whether a modification is a TDR. Although each occurrence is unique to the borrower and is evaluated separately, for all portfolio segments, TDRs are typically modified through reduction in interest rates, reductions in payments, changing the payment terms from principal and interest to interest only, and/or extensions in term maturity. For the year ended December 31, 2021, there were ten TDR loans outstanding in the amount of $3.4 million primarily due to the economic impact of COVID-19. There have been no defaults of TDRs modified during the past twelve months. Credit Quality Indicators Through its system of internal controls, Primis evaluates and segments loan portfolio credit quality using regulatory definitions for Special Mention, Substandard and Doubtful. Special Mention loans are considered to be criticized. Substandard and Doubtful loans are considered to be classified. Special Mention loans are loans that have a potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Primis had no loans classified Doubtful at December 31, 2021 or 2020. In monitoring credit quality trends in the context of assessing the appropriate level of the allowance for credit losses on loans, we monitor portfolio credit quality by the weighted-average risk grade of each class of loan. The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 Revolving loans that converted to term during 2021 were as follows (in thousands): For the year ended December 31, 2021 Commercial real estate - owner occupied $ 298 Commercial real estate - non-owner occupied 601 Residential 1-4 family 1,706 Multi- family residential 302 Commercial loans 561 Total loans $ 3,468 The amount of foreclosed residential real estate property held at December 31, 2021 and 2020 was $0.9 million and $1.0 million, respectively. The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was zero and $1.4 million at December 31, 2021 and 2020, respectively. Allowance For Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information, from internal and external sources, relevant to assessing collectability over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless (i) management has a reasonable expectation that a TDR will be executed with an individual borrower or (ii) such extension or renewal options are not unconditionally cancellable by us and, in such cases, the borrower is likely to meet applicable conditions and likely to request extension or renewal. Relevant available information includes historical credit loss experience, current conditions and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Expected credit losses for collateral dependent loans, including loans where the borrower is experiencing financial difficulty but foreclosure is not probable, are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Credit loss expense related to loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, geographical similarity and historical/expected credit loss patterns. In developing these loan pools for the purposes of modeling expected credit losses, we also analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors. For allowance modeling purposes, our loan pools include (i) commercial real estate - owner occupied, (ii) commercial real estate - non-owner occupied, (iii) construction and land development, (iv) commercial, (v) agricultural loans, (vi) residential 1-4 family and (vii) consumer loans. We periodically reassess each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. For each loan pool, we measure expected credit losses over the life of each loan utilizing a combination of inputs: (i) probability of default (“PD”), which is the likelihood that the loan will stop performing/default, (ii) probability of attrition (“PA”), which is the likelihood that a loan will pay-off prior to maturity, (iii) loss given default (“LGD”), which is the expected loss rate for loans in default and (iv) exposure at default (“EAD”), which is the estimated outstanding principal balance of the loans upon default, including the expected funding of unfunded commitments outstanding as of the measurement date. Inputs are pool-specific, though not necessarily solely reliant on internally-sourced data. Internal data is supplemented by, but not replaced by, peer data when required, primarily to determine the PD input. The various pool-specific inputs may be adjusted for current macroeconomic assumptions, as further discussed below, and other factors such as differences in underwriting standards, portfolio mix, or when historical asset terms do not reflect the contractual terms of the financial assets being evaluated as of the measurement date. Each time we measure expected credit losses, we assess the relevancy of historical information and consider any necessary adjustments to address any differences in current asset-specific characteristics. Significant macroeconomic variables utilized in our allowance models include, among other things, (i) VA Gross Domestic Product, (ii) VA House Price Index, and (iii) VA unemployment rates. The macroeconomic variables utilized as inputs in forecast modeling were subjected to a variety of analysis procedures and were selected primarily based on statistical relevancy and correlation to historical credit losses, where historical credit losses may be fully internally-sourced or supplemented with peer data. PDs were estimated by analyzing the relationship between the historical performance of each loan pool and historical economic trends over a complete economic cycle. Historical performance data is either fully internally-sourced or supplemented with peer data where necessary. PDs are adjusted to reflect the current impact of certain macroeconomic variables as well as their expected changes over a reasonable and supportable forecast period. We have determined that we are reasonably able to forecast the macroeconomic variables used in our forecast modeling processes with an acceptable degree of confidence for a total of four quarters. This forecast period is followed by an additional eight quarter reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean on a straight-line basis. By reverting these economic inputs to their historical mean and considering loan/borrower specific attributes, our allowance models are intended to yield a measurement of expected credit losses that reflects average historical loss rates (which may be supplemented by peer data) for periods subsequent to the initial twelve-quarters consisting of the forecast and reversion periods. The LGD is linked to PD based on benchmark historical loss averages for each loan pool. LGD is dynamic with PD; as PD increases, so will LGD, and vice versa. In this context, “benchmark” refers to the use of third-party data, and “historical loss averages” refers to the fraction of defaulted balance that tends to be lost. By nature of its connection to PD, LGD is by extension adjusted to reflect the current impact of certain macroeconomic variables as well as their expected changes over the four-quarter forecast period and eight-quarter reversion process, which management considers to be both reasonable and supportable. This same forecast/reversion period is used for all macroeconomic variables used in all of our economic forecast models. PA and EAD are estimated using either a Discounted Cash Flow or Remaining Life model, both of which use various timing inputs to estimate the loan balance that remains at various future points in time, and thus also at the time of a default event. Management qualitatively adjusts allowance model results for risk factors that are not considered within our quantitative modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. Qualitative factor (“Q-Factor”) adjustments are driven by key risk indicators that management tracks on a pool-by-pool basis. The risk factors are large relationship concentrations, borrower debt service coverage exceptions, loan-to-value exceptions, and excessive growth |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | 4. FAIR VALUE ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: Assets Measured on a Recurring Basis: Investment Securities Available-for-sale Where quoted prices are available in an active market, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include highly liquid government bonds and mortgage products. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of investment securities with similar characteristics or discounted cash flow. Level 2 investment securities include U.S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, collateralized loan obligations and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Currently, a majority of Primis’ available-for-sale debt investment securities are considered to be Level 2 investment securities, except for a few corporate securities that are classified as Level 3 investment securities. Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 122,610 $ — $ 122,610 $ — Obligations of states and political subdivisions 31,231 — 31,231 — Corporate securities 13,685 — 13,685 — Collateralized loan obligations 5,010 — 5,010 — Residential government-sponsored collateralized mortgage obligations 19,807 — 19,807 — Government-sponsored agency securities 17,488 — 17,488 — Agency commercial mortgage-backed securities 52,667 — 52,667 — SBA pool securities 8,834 — 8,834 — Total $ 271,332 $ — $ 271,332 $ — Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 37,060 $ — $ 37,060 $ — Obligations of states and political subdivisions 24,042 — 24,042 — Corporate securities 15,079 — 14,079 1,000 Residential government-sponsored collateralized mortgage obligations 29,416 — 29,416 — Government-sponsored agency securities 6,075 — 6,075 — Agency commercial mortgage-backed securities 30,190 — 30,190 — SBA pool securities 11,371 — 11,371 — Total $ 153,233 $ — $ 152,233 $ 1,000 At December 31, 2020, the Company had $1.0 million of corporate securities that were classified as Level 3. During 2021, these securities matured and the balance at December 31, 2021 was zero. No corporate securities that are classified as Level 3 above were purchased or sold during 2020. Assets and Liabilities Measured on a Non-recurring Basis: Loans We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. Following the adoption of ASC 326, the population of loans measured at fair value on a non-recurring basis has greatly diminished and is limited to collateral-dependent loans evaluated individually. These collateral-dependent loans are deemed to be at fair value if there is an associated allowance for credit losses or if a charge-off has been recorded in the previous 12 months. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, generally between 5% and 10%, and immaterial adjustments for other external factors that may impact the marketability of the collateral. The weighted average discount for estimated selling costs applied was 6%. Other Real Estate Owned OREO is evaluated at the time of acquisition and recorded at fair value as determined by independent appraisal or evaluation less cost to sell. In some cases appraised value is net of costs to sell. Selling costs have been in the range from 5% to 10% of collateral valuation at December 31, 2021 and 2020. Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. At December 31, 2021 and 2020, the total amount of OREO was $1.2 million and $3.1 million, respectively. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 44,331 $ — $ — $ 44,331 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 897 — — 897 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,001 $ — $ — $ 47,001 Other real estate owned: Commercial real estate - non-owner occupied 865 — — 865 Construction and land development 1,221 — — 1,221 Residential 1-4 family 992 — — 992 Fair Value of Financial Instruments The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated: December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 530,167 $ 530,167 $ 196,185 $ 196,185 Securities available-for-sale Level 2 & Level 3 271,332 271,332 153,233 153,233 Securities held-to-maturity Level 2 22,940 23,364 40,721 41,832 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 15,521 15,521 16,927 16,927 Investments in mortgage company - held for sale Level 2 — — 12,952 12,952 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 2,310,881 2,278,456 2,404,151 2,435,612 Accrued interest receivable Level 2 11,882 11,882 19,998 19,998 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,380,020 $ 1,380,020 $ 1,155,426 $ 1,155,426 Money market and savings accounts Level 2 1,022,621 1,022,621 787,132 787,132 Time deposits Level 3 360,575 362,902 490,048 495,022 Securities sold under agreements to repurchase Level 1 9,962 9,962 16,065 16,065 FHLB advances Level 1 100,000 100,000 100,000 100,000 Junior subordinated debt Level 2 9,731 10,367 9,682 8,863 Senior subordinated notes Level 2 85,297 91,141 105,647 109,276 Accrued interest payable Level 2 1,864 1,864 3,057 3,057 Carrying amount is the estimated fair value for cash and cash equivalents (including federal funds sold), accrued interest receivable and payable, demand deposits, savings accounts, money market accounts and FHLB advances and securities sold under agreements to repurchase. |
BANK PREMISES AND EQUIPMENT
BANK PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |
BANK PREMISES AND EQUIPMENT | 5. BANK PREMISES AND EQUIPMENT Bank premises and equipment as of December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Land $ 8,139 $ 8,139 Land improvements 1,558 1,558 Building and improvements 23,792 23,164 Leasehold improvements 3,001 3,001 Furniture, fixtures, equipment and software 12,182 8,962 Construction in progress 12 1,441 48,684 46,265 Less accumulated depreciation and amortization 18,274 15,959 Bank premises and equipment, net $ 30,410 $ 30,306 Depreciation and amortization expense related to bank premises and equipment for 2021, 2020 and 2019 was $2.4 million, $2.0 million and $2.3 million, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | 6. LEASES The Company leases certain premises and equipment under operating leases. In recognizing lease right-of-use assets and related liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. At December 31, 2021 and 2020, the Company had operating lease liabilities totaling $6.5 million and $8.2 million, respectively, and right-of-use assets totaling $5.9 million and $7.5 million, respectively, related to these leases. Operating lease liabilities and right-of-use assets are reflected in our consolidated balance sheets. We do not currently have any financing leases. For the year ended December 31, 2021 and 2020, our net operating lease cost was $2.4 million and $2.9 million, respectively, and was reflected in occupancy expenses on our income statements. The following table presents supplemental cash flow and other information related to our operating leases: For the Year Ended (in thousands except for percent and period data) December 31, 2021 December 31, 2020 Other information: Weighted-average remaining lease term - operating leases, in years 4.4 4.8 Weighted-average discount rate - operating leases 2.5 % 2.5 % The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) December 31, 2021 Lease payments due: 2022 $ 2,424 2023 1,700 2024 950 2025 421 2026 356 Thereafter 1,080 Total lease payments 6,931 Less: imputed interest (433) Lease liabilities $ 6,498 As of December 31, 2021 and 2020, the Company did not have any operating leases that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill Primis has recorded $101.9 million of goodwill at December 31, 2021 and 2020. Goodwill is primarily related to the acquisition of other banks. Goodwill is evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Our annual assessment occurs during the third calendar quarter. For the 2021 assessment, we performed a qualitative assessment to determine if it was more likely than not that the fair value of our single reporting unit is less than its carrying amount. We concluded that the fair value of our single reporting unit exceeded its carrying amount and that it was not necessary to perform the quantitative impairment Intangible Assets Intangible assets were as follows at year end (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable core deposit intangibles $ 17,503 $ (13,041) $ 4,462 December 31, 2020 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable core deposit intangibles $ 17,503 $ (11,677) $ 5,826 Estimated amortization expense of intangibles for the years ended December 31 were as follows (in thousands): 2022 $ 1,325 2023 1,269 2024 1,266 2025 602 Total $ 4,462 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
DEPOSITS | 8 The aggregate amount of time deposits in denominations of $250 thousand or more at December 31, 2021 and 2020 was $128.0 million and $165.7 million, respectively. At December 31, 2021, the scheduled maturities of time deposits are as follows (in thousands): 2022 $ 285,223 2023 52,475 2024 14,060 2025 4,317 2026 4,500 Total $ 360,575 The following table sets forth the maturities of certificates of deposit of $250 thousand and over as of December 31, 2021 (in thousands): Within 3 to 6 6 to 12 Over 12 3 Months Months Months Months Total $ 20,968 $ 28,249 $ 51,850 $ 26,893 $ 127,960 For our deposit agreements with certain customers, we hold the collateral in a segregated custodial account. We are required to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, we will pledge additional securities. We closely monitor collateral levels to ensure adequate levels are maintained, while mitigating the potential risk of over-collateralization. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 9. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS Other borrowings can consist of FHLB convertible advances, FHLB of Atlanta overnight advances, FHLB advances maturing within one year, federal funds purchased and securities sold under agreements to repurchase (“repo”) that mature within one year, which are secured transactions with customers. The balance in repo accounts at December 31, 2021 and 2020 was $10.0 million and $16.0 million, respectively. At December 31, 2021 and 2020, we have pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $21.7 million and $31.1 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits. Other borrowings consist of the following (in thousands): December 31, 2021 2020 FHLB collateral advances maturing 3/1/2030 $ 100,000 $ 100,000 Securities sold under agreements to repurchase 9,962 16,065 Total $ 109,962 $ 116,065 Weighted average interest rate at year end 3.55 % 3.55 % Our FHLB convertible advances of $100.0 million was called on March 1, 2022. |
JUNIOR SUBORDINATED DEBT AND SE
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 10. JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES In 2017, the Company assumed $10.3 million of trust preferred securities that were issued on September 17, 2003 and placed through a trust in a pooled underwriting totaling approximately $650 million. The trust issuer invested the total proceeds from the sale of the trust preferred securities in Floating Rate Junior Subordinated Deferrable Interest Debentures. At December 31, 2021 and 2020, there was $10.3 million outstanding, net of approximately $600 thousand of debt issuance costs. These securities pay cumulative cash distributions quarterly at a variable rate per annum, reset quarterly, equal to the three-month LIBOR plus 2.95% . As of December 31, 2021 and 2020, the interest rate was 3.17% and 3.18% , respectively. The dividends paid to holders of these securities, which are recorded as interest expense, are deductible for income tax purposes. The trust preferred securities may be included in Tier 1 capital for regulatory capital adequacy determination purposes up to 25% of Tier 1 capital after its inclusion. At December 31, 2021, all of the trust preferred securities qualified as Tier 1 capital. On January 20, 2017, Primis completed the sale of $27.0 million of its fixed-to-floating rate senior Subordinated Notes due 2027. These notes initially beared interest at 5.875% per annum until January 31, 2022; interest is currently payable at an annual floating rate equal to three-month LIBOR plus a spread of 3.95% until maturity or early redemption. At December 31, 2021, all In 2017, the Company assumed a Senior Subordinated Note Purchase Agreement, dated April 22, 2015, entered into with certain institutional accredited investors, pursuant to which $20.0 million in aggregate principal amount of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2025 was sold to the investors. On February 1, 2021, the Company redeemed all of these notes. On August 25, 2020, Primis completed the sale of $60.0 million of its fixed-to-floating rate Subordinated Notes due 2030. These notes will bear interest at an initial rate of 5.40% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. From and including September 1, 2025 to, but excluding the maturity date or the date of earlier redemption (the “floating rate period”), the interest rate will reset quarterly to an annual interest rate equal to the Benchmark rate, which is expected to be three-month Term Secured Overnight Financing Rate, plus 531 basis points, for each quarterly interest period during the floating rate period, payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on December 1, 2025. Notwithstanding the foregoing, in the event that the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero. At December 31, 2021, all |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 11. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Net deferred tax assets at December 31, 2021 and 2020 consist primarily of the following (in thousands): 2021 2020 Deferred tax assets: Allowance for credit losses $ 6,522 $ 8,028 Unearned loan fees and other 1,581 2,583 Other real estate owned write-downs 450 567 Lease liability 1,407 1,779 Federal AMT credit carryforward — 1,137 Federal low income housing credit carryforward 424 444 Deferred compensation 1,684 1,734 Depreciation — 274 Other 921 1,012 Total deferred tax assets 12,989 17,558 Deferred tax liabilities: Right-of-use assets 1,315 1,576 Net unrealized gain on investment securities available-for-sale 247 916 Purchase accounting 930 420 Depreciation 926 — Total deferred tax liabilities 3,418 2,912 Net deferred tax assets $ 9,571 $ 14,646 No valuation allowance was deemed necessary on deferred tax assets in 2021 or 2020. Management believes that the realization of the deferred tax assets is more likely than not based on the expectation that Primis will generate the necessary taxable income in future periods. We have no unrecognized tax benefits and do not anticipate any increase in unrecognized tax benefits during the next twelve months. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals existed as of December 31, 2021, 2020 or 2019. Primis and its subsidiaries file a consolidated U.S. federal income tax return, and Primis files a Virginia state income tax return. Primis Bank files a Maryland and an Arkansas state income tax return. These returns are subject to examination by taxing authorities for all years after 2017. The provision for income taxes consists of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Current tax expense Federal $ 2,504 $ 5,319 $ 4,197 State 163 320 218 Total current tax expense 2,667 5,639 4,415 Deferred tax expense (benefit) Federal 5,937 (1,294) 1,406 State 117 (117) 71 Total deferred tax expense (benefit) 6,054 (1,411) 1,477 Total income tax expense from continuing operations 8,721 4,228 5,892 Total income tax expense from discontinued operation 64 2,386 185 Total income tax expense $ 8,785 $ 6,614 $ 6,077 The income tax expense differed from the amount of income tax determined by applying the U.S. Federal income tax rate of 21% to pretax income for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands): 2021 2020 2019 Computed expected tax expense at statutory rate $ 8,345 $ 4,022 $ 7,991 Increase (decrease) in tax expense resulting from: Remeasurement of deferred tax assets and liabilities 442 (31) (1,659) Low income housing tax credits, net of amortization 39 225 (255) Income from bank-owned life insurance (354) (327) (357) State taxes, net 242 200 241 Other, net 7 139 (69) Total income tax expense from continuing operations 8,721 4,228 5,892 Total income tax expense from discontinued operation 64 2,386 185 Total income tax expense $ 8,785 $ 6,614 $ 6,077 During 2021, the Company remeasured the beginning of year allowance for credit losses deferred tax asset by $0.4 million, net, to reflect an adjustment in the 2020 adoption of ASU 2016-13. During 2019, the Company completed its formal assessment of the Section 382 limitation and rebooked $1.2 million deferred tax asset stemming from a $5.5 million acquired net operating loss carryforward that was written off in the fourth quarter of 2018. Additionally, the Company remeasured the depreciation deferred tax liability by $0.6 million, net, to reflect a 2018 adjustment to the assets held for sale not previously included. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFITS | 12. EMPLOYEE BENEFITS Primis has a 401(k) plan that allows employees to make pre-tax contributions for retirement. The 401(k) plan provides for discretionary matching contributions by Primis. Expense for 2021, 2020 and 2019 was $995 thousand, $795 thousand and $704 thousand, respectively. The Bank maintains a deferred compensation plan in the form of Supplemental Executive Retirement Plan (“SERP”) for four (4) former executives. Under the plan, the Bank pays each participant, or their beneficiary, compensation deferred plus accrued interest for a period of 15 to 17 years after their retirement or age 62 depending on the terms and conditions of each plan. A liability is accrued for the obligations under these plans. |
STOCK- BASED COMPENSATION
STOCK- BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
STOCK- BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 13. STOCK-BASED COMPENSATION At the June 21, 2017 Annual Meeting of Stockholders of Primis (formerly Southern National), the 2017 Equity Compensation Plan (the “2017 Plan”) was approved as recommended by the Board of Directors. The 2017 Plan replaced the 2010 Plan and has a maximum number of 750,000 shares reserved for issuance. The purpose of the 2017 Plan is to promote the success of the Company by providing greater incentives to employees, non-employee directors, consultants and advisors to associate their personal interests with the long-term financial success of the Company, including its subsidiaries, and with growth in stockholder value, consistent with the Company’s risk management practices. A summary of stock option activity for 2021 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 450,800 $ 10.50 3.8 $ 727 Forfeited (1,500) 11.99 Expired (6,500) 11.14 Exercised (159,000) 9.60 Options outstanding, end of period 283,800 $ 10.98 2.2 $ 1,153 Exercisable at end of period 283,800 $ 10.98 2.2 $ 1,153 Stock-based compensation expense associated with stock options was zero, $188 thousand and $62 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, we do not have any unrecognized compensation expense associated with the stock options. A summary of time vested restricted stock awards for 2021 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 96,300 $ 14.17 3.8 Granted 55,250 14.96 Vested (46,300) 15.05 Forfeited (7,200) 12.11 Unvested restricted stock outstanding, end of period 98,050 $ 14.58 3.3 A summary of performance-based restricted stock units (the “Units”) for 2021 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period — $ — — Granted 59,335 15.00 Vested — — Forfeited — — Unvested Units outstanding, end of period 59,335 $ 15.00 4.0 During 2021, the Company issued 59,335 non-transferrable Units convertible, on a one-on-one basis, into shares of stock to eligible employees, granted pursuant to and subject to the provisions of the 2017 Plan. These Units are subject to service and performance conditions. These Units vest based on the achievement of both conditions. Achievement of the performance condition will be determined at the end of the five-year performance period (the “Performance Period”) by evaluating the: 1) Company’s adjusted earnings per share compound annual growth measured for the Performance Period and 2) performance factor achieved. Payouts between performance levels will be determined based on straight line interpolation. At December 31, 2021, there were 59,335 of these Units unvested and outstanding. The Company did not recognize any stock-based compensation expense associated with these Units for the year ended December 31, 2021 because it is not probable that these Units will vest. The grant date fair value of these Units was $15.00 per Unit. The potential unrecognized compensation expense associated with these Units is $1.3 million at December 31, 2021. |
FINANCIAL INSTRUMENT WITH OFF-B
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 14. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK Financial Instruments with off-balance sheet risk Primis is a 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, standby letters of credit and guarantees of credit card accounts. These instruments involve elements of credit and funding risk in excess of the amount recognized in the consolidated balance sheet. Letters of credit are written conditional commitments issued by Primis to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. We had letters of credit outstanding totaling $13.1 million and $15.9 million as of December 31, 2021 and 2020, respectively. Our exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit is based on the contractual amount of these instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Unless noted otherwise, we do not require collateral or other security to support financial instruments with credit risk. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. Off-balance-sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed above. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance-sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management's best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 3 - Loans and Allowance, as if such commitments were funded. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures: 2021 2020 Balance as of January 1 $ 740 $ — Impact of adopting ASU 2016-13 — 360 Credit loss expense 237 380 Balance as of December 31 $ 977 $ 740 Commitments 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 are made predominately for adjustable rate loans, and generally have fixed expiration dates of up to three months or other termination clauses and usually require payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. Primis also had commitments on the subscription agreements entered into for the investments in non-marketable equity securities of $3.5 million at December 31, 2021. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 15. EARNINGS PER SHARE The following is a reconciliation of the denominators of the basic and diluted EPS computations for 2021, 2020 and 2019 (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2021 Basic EPS from continuing operations $ 31,018 24,438 $ 1.27 Effect of dilutive stock options and unvested restricted stock — 163 (0.01) Diluted EPS from continuing operations $ 31,018 24,601 $ 1.26 Basic EPS from discontinued operation $ 230 24,438 $ 0.01 Effect of dilutive stock options and unvested restricted stock — 163 — Diluted EPS from discontinued operation $ 230 24,601 $ 0.01 For the year ended December 31, 2020 Basic EPS from continuing operations $ 14,884 24,239 $ 0.61 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from continuing operations $ 14,884 24,363 $ 0.61 Basic EPS from discontinued operation $ 8,403 24,239 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from discontinued operation $ 8,403 24,363 $ 0.35 For the year ended December 31, 2019 Basic EPS from continuing operations $ 32,161 24,050 $ 1.34 Effect of dilutive stock options and unvested restricted stock — 275 (0.02) Diluted EPS from continuing operations $ 32,161 24,325 $ 1.32 Basic EPS from discontinued operation $ 1,006 24,050 $ 0.04 Effect of dilutive stock options and unvested restricted stock — 275 — Diluted EPS from discontinued operation $ 1,006 24,325 $ 0.04 The Company did not have any anti-dilutive options as of December 31, 2021 and 2019 and had 226,300 anti-dilutive options as of December 31, 2020. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 16. REGULATORY MATTERS Primis Financial Corp. and its subsidiary bank are 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 our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (“PCA”), we must meet specific capital guidelines that involve quantitative measures of our 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. At December 31, 2021 and 2020, the most recent regulatory notifications categorized the Bank as well capitalized under regulatory framework for PCA. Quantitative measures established by regulation to ensure capital adequacy require Primis to maintain minimum amounts and ratios of Total and Tier I capital (as defined in the regulations) to average assets (as defined). Management believes, as of December 31, 2021, that Primis meets all capital adequacy requirements to which it is subject. The following table provides a comparison of the leverage and risk-weighted capital ratios of Primis Financial Corp. and Primis Bank at the periods indicated to the minimum and well-capitalized required regulatory standards: Required For Capital To Be Categorized as Actual Adequacy Purposes Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Primis Financial Corp. Leverage ratio $ 314,353 9.41 % $ 133,664 4.00 % n/a n/a Common equity tier 1 capital ratio 304,353 13.09 % 104,598 4.50 % n/a n/a Tier 1 risk-based capital ratio 314,353 13.52 % 139,464 6.00 % n/a n/a Total risk-based capital ratio 430,421 18.52 % 185,952 8.00 % n/a n/a Primis Bank Leverage ratio $ 372,076 11.14 % $ 137,890 4.00 % $ 114,973 5.00 % Common equity tier 1 capital ratio 372,076 16.18 % 103,476 4.50 % 149,465 6.50 % Tier 1 risk-based capital ratio 372,076 16.18 % 137,968 6.00 % 183,957 8.00 % Total risk-based capital ratio 400,836 17.43 % 183,957 8.00 % 229,947 10.00 % December 31, 2020 Primis Bank Leverage ratio $ 334,540 11.25 % $ 124,046 4.00 % $ 105,642 5.00 % Common equity tier 1 capital ratio 334,540 15.83 % 95,078 4.50 % 137,334 6.50 % Tier 1 risk-based capital ratio 334,540 15.83 % 126,770 6.00 % 169,027 8.00 % Total risk-based capital ratio 361,073 17.09 % 169,027 8.00 % 211,284 10.00 % (1) Prompt corrective action provisions are not applicable at the bank holding company level. Primis Financial Corp. and Primis Bank are required to meet minimum capital requirements set forth by regulatory authorities. Bank regulatory agencies have approved regulatory capital guidelines (“Basel III”) aimed at strengthening existing capital requirements for banking organizations. The Basel III Capital Rules require Primis Financial Corp. and Primis Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer”, (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer, (iii) a minimum ratio of Total capital to risk-weighted assets of at least 8.0%, plus the capital conservation buffer and (iv) a minimum leverage ratio of 4.0%. Failure to meet minimum capital requirements may result in certain actions by regulators which could have a direct material effect on the consolidated financial statements. Primis Financial Corp. and Primis Bank remain well-capitalized under Basel III capital requirements. Primis Bank had capital conservation buffer of 9.43% at December 31, 2021, which exceeded the 2.50% minimum requirement below which the regulators may impose limits on distributions. Primis Financial Corp. was not subject to various regulatory capital requirements administered by the federal banking agencies in 2020 as Primis did not meet the asset-sized threshold requirement in 2020. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 17. PARENT COMPANY FINANCIAL INFORMATION Condensed financial information of Primis Financial Corp. follows (in thousands): CONDENSED BALANCE SHEETS DECEMBER 31, 2021 2020 ASSETS Cash $ 23,517 $ 59,318 Investment in subsidiary 479,855 446,116 Preferred investment in mortgage company 3,064 — Investments in non-marketable equity securities 430 — Other assets 2,681 2,060 Total assets $ 509,547 $ 507,494 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Junior subordinated debt - long term $ 9,731 $ 9,682 Senior subordinated notes - long term 85,297 105,647 Other liabilities 2,638 1,611 Total liabilities 97,666 116,940 Stockholders' equity: Common stock 245 243 Additional paid in capital 311,127 308,870 Retained earnings 99,397 77,956 Accumulated other comprehensive income 1,112 3,485 Total stockholders' equity 411,881 390,554 Total liabilities and stockholders' equity $ 509,547 $ 507,494 CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 2020 2019 Income: Cash dividends received from bank subsidiary $ — $ 2,500 $ 13,300 Gain on debt extinguishment 573 — — Total income 573 2,500 13,300 Expenses: Interest on junior subordinated debt 355 426 589 Interest on senior subordinated notes 5,127 3,909 2,847 Other operating expenses 1,236 841 726 Total expenses 6,718 5,176 4,162 Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries (6,145) (2,676) 9,138 Income tax benefit (1,280) (1,084) (862) Equity in undistributed net income of subsidiaries 36,113 24,879 23,167 Net income $ 31,248 $ 23,287 $ 33,167 CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021 2020 2019 Operating activities: Net income $ 31,248 $ 23,287 $ 33,167 Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities: Equity in undistributed net income of subsidiaries (36,113) (27,379) (36,467) Gain on debt extinguishment (573) — — Other, net 1,426 8,766 (666) Net cash and cash equivalents provided by (used in) in operating activities (4,012) 4,674 (3,966) Investing activities: Increase in preferred investment in mortgage company (3,064) — — Increase in non-marketable equity securities investments (430) — — Dividend from subsidiaries — 2,500 13,300 Net cash and cash equivalents provided by (used in) investing activities (3,494) 2,500 13,300 Financing activities: Issuance of subordinated notes, net of cost — 58,600 — Extinguishment of subordinated debt (20,000) — — Proceeds from exercised stock options 1,526 574 670 Repurchase of restricted stock (14) — — Cash dividends paid on common stock (9,807) (9,737) (8,690) Net cash and cash equivalents provided by (used in) financing activities (28,295) 49,437 (8,020) Net change in cash and cash equivalents (35,801) 56,611 1,314 Cash and cash equivalents at beginning of period 59,318 2,707 1,393 Cash and cash equivalents at end of period $ 23,517 $ 59,318 $ 2,707 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Of Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 18. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Balance at Current Period Balance at December 31, 2020 Change December 31, 2021 Unrealized gain (loss) on investment securities available-for-sale $ 3,485 $ (2,373) $ 1,112 Total $ 3,485 $ (2,373) $ 1,112 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS Prior to December 31, 2021, STM was a related party of the Company. The Company continues to have a financial relationship with STM but STM is no longer a related party. The following table summarizes the changes in the loan amount outstanding with STM during the periods indicated, during which STM was considered a related party (in thousands): 2021 2020 Balance at January 1, $ 30,771 $ 26,760 Principal advances 373,151 441,044 Principal paid (366,443) (437,033) Transfers (out) of related party status (37,479) — Balance at December 31, $ — $ 30,771 We purchased loans in an aggregate amount of $30.8 million and $80.6 million during 2021 and 2020, respectively, from STM. During the year, officers, directors, principal shareholders, and their affiliates (related parties) were customers of and had transactions with the Company. Loan activity to related parties is as follows (in thousands): 2021 Balance at January 1, $ 22,709 Principal advances 21,021 Principal paid (5,250) Transfers in (out) of related party status 2,115 Balance at December 31, $ 40,595 |
LOW INCOME HOUSING TAX CREDITS
LOW INCOME HOUSING TAX CREDITS | 12 Months Ended |
Dec. 31, 2021 | |
Low Income Housing Tax Credits [Abstract] | |
LOW INCOME HOUSING TAX CREDITS | 20. LOW INCOME HOUSING TAX CREDITS |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. SUBSEQUENT EVENT On January 27, 2022, Primis’ board of directors approved the plan of branch closings and consolidation. The Company anticipates seven branch consolidations and three branch closings throughout 2022. The Company cannot estimate the potential financial impact of the plan of branch closings and consolidation. |
ORGANIZATION AND SIGNIFICANT _2
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Primis and its subsidiaries Primis Bank and EVB Statutory Trust I (the “Trust”). Significant inter-company accounts and transactions have been eliminated in consolidation. Primis consolidates subsidiaries in which it holds, directly or indirectly, more than 50 percent of the voting rights or where it exercises control. Entities where Primis holds 20 to 50 percent of the voting rights, or has the ability to exercise significant influence, or both, are accounted for under the equity method. Primis owns the Trust which is an unconsolidated subsidiary and the junior subordinated debt owed to the Trust is reported as a liability of Primis. In addition, Primis Bank has an interest in one mortgage company, Southern Trust Mortgage, LLC (“STM”). Prior to December 31, 2021, Primis Bank owned 43.28% and 100% of STM’s common and preferred stock, respectively, and STM was considered an unconsolidated affiliate of the Company. On September 23, 2021, Primis Bank announced that it entered into an agreement with STM, whereby STM agreed to purchase all of the Bank's common membership interests and a portion of the Bank's preferred interests in STM for a combination of $1.6 million in cash and a promissory note for $8.5 million. The transaction closed on December 31, 2021. Upon closing, STM continues to be a borrower of the Bank, but the Bank is no longer a minority owner of STM and STM is no longer considered an affiliate of the Company. The Company still holds 100% of STM’s preferred stock at December 31, 2021 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. |
Discontinued Operation | Discontinued Operation As discussed above the Company disposed of all of its common stock ownership and a portion of its preferred stock ownership in STM on December 31, 2021. The common stock investment was accounted for using the equity method of accounting and efffective July 1, 2021, in accordance with the terms of the agreement, the Company no longer accrued earnings related to its common membership interests in STM; however, the Company maintain significant influence over STM until closing of the transaction. The preferrd stock investment is considered a non-marketable equity security that does not have a readily determinable fair value and is carried at cost, less impairment. The historical investments in STM that were disposed of on December 31, 2021 have been classified as held for sale on the consolidated balance sheet as of December 31, 2020 and totaled $13.0 million and consisted of $12.7 million in equity method investment and $300 thousand in preferred stock. The consolidated statements of income and comprehensive income have been adjusted to reflect the equity in earnings and income tax expense associated with the equity method investment as a discontinued operation, included in that amount for 2021 is a pre-tax impairment charge of approximately $2.9 million related to the transaction. Pre-tax equity in earnings for the years ended December 31, 2021, 2020 and 2019 were $294 thousand, after impairment, $10.8 million, and $1.2 million, respectively. For the years ended December 31, 2020 and 2019, STM was considered a reportable segment. As of December 31, 2020 and 2019, total mortgage loans held for sale by STM were $143.4 million and $100.2 million, respectively. STM’s warehouse lines of credit were $136.1 million and $92.1 million as of December 31, 2020 and 2019, respectively and total members’ equity was $26.4 million and $11.1 million as of December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, STM’s net income was $22.2 million and $2.7 million, respectively. The primary source of revenue for STM was gains on sale of mortgage loans held for sale, net of direct costs. For the years ended December 31, 2020 and 2019, gains on sale of mortgage loans held for sale, net of direct costs were $107.1 million and $45.7 million, respectively. STM’s salaries, commissions and benefits were $84.1 million and $39.0 million for the years ended December 31, 2020 and 2019, respectively. |
Operating Segments | Operating Segments Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief financial officer and chief accounting officer in deciding how to allocate resources and in assessing performance. Discrete financial information is not available other than on a company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. |
Reclassifications | Reclassifications In certain instances, due to the discontinued operation, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. 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 revenue and expenses during the reporting period. Actual results could differ from these estimates. Estimates that are particularly susceptible to change in the near term include: the determination of the allowance for credit losses, the fair value of investment securities, credit impairment of investment securities, the valuation of goodwill and deferred tax assets. |
Investment Securities | Investment Securities Securities Available-for-Sale and Held-to Maturity Debt securities that Primis has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Securities classified as available-for-sale are those debt securities that may be sold in response to changes in interest rates, liquidity needs or other similar factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses net of deferred taxes, included in accumulated other comprehensive income (loss) in stockholders’ equity. Premiums and discounts are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. Gains and losses on the sale of investment securities are recorded on the settlement date and are determined using the specific identification method. Primis purchases amortizing investment securities. The actual principal reduction on these assets varies from the expected contractual principal reduction due to principal prepayments resulting from the borrowers’ election to refinance the underlying mortgage based on market and other conditions. The purchased premiums and discounts associated with these assets are amortized or accreted to interest income over the estimated life of the related assets. The estimated life is calculated by projecting future prepayments and the resulting principal cash flows until maturity. Prepayment rate projections utilize actual prepayment speed experience and available market information on like-kind instruments. The prepayment rates form the basis for income recognition of premiums and discounts on the related assets. Changes in prepayment estimates may cause the earnings recognized on these assets to vary over the term that the assets are held, creating volatility in the net interest margin. Prepayment rate assumptions are monitored and updated monthly to reflect actual activity and the most recent market projections. Non-marketable Equity Securities Primis’ investment in STM’s preferred stock and fintech investments are considered to be non-marketable equity securities that do not have a readily determinable fair value. Equity securities with no recurring market value data available are reviewed periodically and any observable market value change are adjusting through net income. Primis evaluates these non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest income. Other investments include stock acquired for regulatory purposes. The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. The Bank is also required to own FRB stock with a par value equal to 6% of capital and FHLB stock of 4.25% of borrowings outstanding. FHLB and FRB stock are carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans | Loans Primis purchases mortgage loans from mortgage loans originators. Primis also provides commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans secured by real estate throughout its market area. The ability of Primis’ debtors to honor their contracts is in varying degrees dependent upon the real estate market conditions and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances, purchased premiums and discounts and any deferred loan 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 interest method without anticipating prepayments. Commercial real estate consists of borrowings secured by owner occupied and non-owner occupied commercial real estate. Repayment of these loans is dependent upon rental income or the subsequent sale of the property for loans secured by non-owner occupied commercial real estate and by cash flows from business operations for owner occupied commercial real estate. Loans for which the source of repayment is rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial real estate loans that are dependent on cash flows from operations can also be adversely affected by current market conditions for their product or service. Construction and land development primarily consist of borrowings to purchase and develop raw land into residential and non-residential properties. Construction loans are extended to individuals as well as corporations for the construction of an individual or multiple properties and are secured by raw land and the subsequent improvements. Repayment of the loans to real estate developers is dependent upon the sale or lease of properties to third parties in a timely fashion upon completion. Should there be delays in construction or a downturn in the market for those properties, there may be significant erosion in value which may be absorbed by Primis. Commercial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. Primis’ risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not maintain their value upon foreclosure which may require Primis to write-down the value significantly to sell. Residential real estate loans consist of loans to individuals for the purchase of primary residences with repayment primarily through wage or other income sources of the individual borrower. Primis’ loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. STM is a regional mortgage banking company headquartered in Virginia Beach, Virginia that has mortgage banking originators in Delaware, Virginia, Maryland, North Carolina and South Carolina. STM only originated retail mortgage products. Other consumer loans are comprised of loans to individuals both unsecured and secured and home equity loans secured by real estate (closed and open-end), with repayment dependent on individual wages and other income. The risk of loss on consumer loans is elevated as the collateral securing these loans, if any, rapidly depreciate in value or may be worthless and/or difficult to locate if repossession is necessary. Losses in this portfolio are generally relatively low, however, due to the small individual loan size and the balance outstanding as a percentage of Primis’ entire portfolio. The accrual of interest on all loans is discontinued at the time the loan is 90 days delinquent unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal and interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual status 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 the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Most of Primis’ business activity is with customers located within Virginia and Maryland. Therefore, our exposure to credit risk is significantly affected by changes in the economy in those areas. We are not dependent on any single customer or group of customers whose insolvency would have a material adverse effect on operations. Primis has purchased, primarily through acquisitions, individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased loans are recorded at fair value such that there is no carryover of the seller’s allowance for credit losses. We adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. |
Allowance for Credit Losses ("ACL") | Allowance for Credit Losses (“ACL”) Allowance For Credit Losses - Held-to-Maturity Securities Allowance For Credit Losses - Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether (i) we intend to sell or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Allowance for Credit Losses – Loans The allowance for credit losses on loans is a contra-asset valuation account, calculated in accordance with ASC 326, which is deducted from the amortized cost basis of loans to present management's best estimate of the net amount expected to be collected. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on loans is presented in Note 3 – Loans and Allowance. Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of other expenses. Further information regarding our policies and methodology used to estimate the allowance for credit losses on off-balance-sheet credit exposures is presented in Note 14 – Financial Instruments with Off-Balance-Sheet Risks. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from Primis, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and Primis does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Bank Premises and Equipment | Bank Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives of 30 years. Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the terms of the related leases including lease renewals only when the Company is reasonably assured of the aggregate term of the lease. Furniture, fixtures, equipment and software are depreciated using the straight-line method with useful lives ranging from 3 to 10 years. |
Operating Leases | Operating Leases The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the operating lease liability, and an asset representing the right to use the underlying asset during the lease term, the right-of-use asset. In recognizing lease right-of-use assets and related right-of-use liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. The operating lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate at inception. The right-of-use asset is measured at the amount of the operating lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the operating lease liability, and any impairment of the right-of-use asset. Lease renewal options are generally not included in the calculation of the operating lease liabilities, unless they are not reasonably certain to be exercised. The Company does not recognize short-term leases on the balance sheet. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill resulting from business combinations after January 1, 2009, is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but evaluated for impairment on an annual basis or more frequently if events or circumstances warrant. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet and is subject to an impairment analysis when there are triggering events. Other intangible assets consist of core deposit intangible assets arising from whole-bank and branch acquisitions and are amortized over their estimated useful lives, which range from 6 to 15 years. |
Stock Based Compensation | Stock-Based Compensation Compensation cost is recognized for stock options issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes option-pricing model is utilized to estimate the fair value of stock options. Compensation cost for grants of restricted shares is accounted for based on the closing price of Primis’ common stock on the date the restricted shares are awarded. Compensation cost for stock options and restricted shares is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Compensation cost for performance Units is measured based on the grant date fair value of the units, adjusted for the Company’s best estimate of the outcome of vesting conditions at the end of the performance period. |
Bank Owned Life Insurance | Bank-Owned Life Insurance Primis has purchased, and acquired through acquisitions, life insurance policies on certain former and current key executives. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”) Real estate acquired through or instead of foreclosure is held for sale and initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a direct charge-off is recorded through expense. Operating costs after acquisition are expensed as incurred. |
Cloud Computing Arrangements | Cloud Computing Arrangements Primis engaged Finxact to define, design, and develop a new cloud-based banking core. The multiple phases of the cloud computing arrangements are assessed and reviewed as the software is placed into production. Total costs paid is capitalized upon initial launch and production rollout and classified in other assets in our consolidated balance sheet. Depreciation/amortization is set up based on the estimated life of the core infrastructure as it relates to obsolescence, technology, competition, and the nature of changes in software. Operating costs such as monthly licensing, usage, and storage are expensed as incurred in data processing expense on our consolidated statements of income and comprehensive income. As of December 31, 2021, the Company had gross cloud computing arrangements totaling $5.8 million and accumulated amortization of $0.1 million. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Premises and equipment, core deposit intangible assets, right of use assets, and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Retirement Plans | Retirement Plans Employee 401(k) plan expense is the amount of matching contributions. Supplemental retirement plan expense allocates the benefits over years of service. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements. |
Dividend Restriction | Dividend Restriction Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to Primis or by Primis to shareholders. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We have no unrecognized tax benefits and do not anticipate any increase in unrecognized tax benefits during the next twelve months. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals exist as of December 31, 2021 and 2020. |
Restrictions on Cash | Restrictions on Cash No regulatory reserve or clearing requirements with the FRB were needed at December 31, 2021 and 2020. |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows For purposes of reporting cash flows, Primis defines cash and cash equivalents as cash due from financial institutions, interest-bearing deposits and federal funds sold in other financial institutions with maturities less than 90 days. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted EPS reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to net income that would result from the assumed issuance. Potential common shares that may be issued by Primis relate solely to outstanding stock options and restricted stock units and are determined using the treasury stock method. Performance awards cannot be dilutive until the Company’s best estimate of the outcome of vesting conditions become probable. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive (loss) income. Other comprehensive (loss) income includes unrealized gains and losses on investment securities available-for-sale which are also recognized as a separate component of equity. |
Off Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, Primis has entered into commitments to extend credit and standby letters of credit. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. |
Fair Value Measurements | Fair Value Measurements In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon observable market-based parameters. Valuation assumptions may be made to ensure that financial instruments are recorded at fair value. These assumptions may reflect assumptions that market participants would use in pricing an asset or liability, among other things, as well as unobservable parameters. Any such valuation assumptions are applied consistently over time. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Standards Adopted: In December 2019, Financial Accounting Standards Board (“FASB”) Simplifying the Accounting for Income Taxes (Topic 740) In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. In October 2020, FASB issued ASU 2020-10, Codification Improvements. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities available-for-sale | The amortized cost and fair value of available-for-sale investment securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows (in thousands): Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 122,506 $ 740 $ (636) $ 122,610 Obligations of states and political subdivisions 30,728 755 (252) 31,231 Corporate securities 13,000 685 — 13,685 Collateralized loan obligations 5,026 — (16) 5,010 Residential government-sponsored collateralized mortgage obligations 19,671 297 (161) 19,807 Government-sponsored agency securities 17,671 32 (215) 17,488 Agency commercial mortgage-backed securities 52,452 513 (298) 52,667 SBA pool securities 8,870 48 (84) 8,834 Total $ 269,924 $ 3,070 $ (1,662) $ 271,332 Amortized Gross Unrealized Fair Cost Gains Losses Value December 31, 2020 Residential government-sponsored mortgage-backed securities $ 35,442 $ 1,618 $ — $ 37,060 Obligations of states and political subdivisions 22,966 1,076 — 24,042 Corporate securities 15,000 81 (2) 15,079 Residential government-sponsored collateralized mortgage obligations 28,680 737 (1) 29,416 Government-sponsored agency securities 5,985 90 — 6,075 Agency commercial mortgage-backed securities 29,118 1,087 (15) 30,190 SBA pool securities 11,441 80 (150) 11,371 Total $ 148,632 $ 4,769 $ (168) $ 153,233 |
Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities | The amortized cost, gross unrecognized gains and losses, allowance for credit losses and fair value of investment securities held-to-maturity were as follows (in thousands): Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2021 Residential government-sponsored mortgage-backed securities $ 13,616 $ 296 $ (1) $ — $ 13,911 Obligations of states and political subdivisions 3,805 93 — — 3,898 Residential government-sponsored collateralized mortgage obligations 519 13 — — 532 Government-sponsored agency securities 5,000 23 — — 5,023 Total $ 22,940 $ 425 $ (1) $ — $ 23,364 Amortized Gross Unrecognized Allowance for Fair Cost Gains Losses Credit Losses Value December 31, 2020 Residential government-sponsored mortgage-backed securities $ 25,037 $ 729 $ (2) $ — $ 25,764 Obligations of states and political subdivisions 9,594 183 — (1) 9,776 Residential government-sponsored collateralized mortgage obligations 1,090 39 — — 1,129 Government-sponsored agency securities 5,000 163 — — 5,163 Total $ 40,721 $ 1,114 $ (2) $ (1) $ 41,832 |
Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity | The fair value and carrying amount of available-for-sale and held-to-maturity investment securities as of December 31, 2021, by contractual maturity were as follows (in thousands). Investment securities not due at a single maturity date are shown separately. Available-for-Sale Held-to-Maturity Amortized Amortized Cost Fair Value Cost Fair Value Due within one year $ 787 $ 789 $ 406 $ 413 Due in one to five years 3,814 3,946 1,545 1,587 Due in five to ten years 25,792 26,593 1,518 1,562 Due after ten years 36,032 36,086 5,336 5,359 Residential government-sponsored mortgage-backed securities 122,506 122,610 13,616 13,911 Residential government-sponsored collateralized mortgage obligations 19,671 19,807 519 532 Agency commercial mortgage-backed securities 52,452 52,667 — — SBA pool securities 8,870 8,834 — — Total $ 269,924 $ 271,332 $ 22,940 $ 23,364 |
Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position | The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of December 31, 2021 and 2020 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 84,123 $ (636) $ — $ — $ 84,123 $ (636) Obligations of states and political subdivisions 14,472 (252) — — 14,472 (252) Collateralized loan obligations 5,010 (16) — — 5,010 (16) Residential government-sponsored collateralized mortgage obligations 5,589 (161) — — 5,589 (161) Government-sponsored agency securities 15,956 (215) — — 15,956 (215) Agency commercial mortgage-backed securities 20,786 (194) 2,027 (104) 22,813 (298) SBA pool securities — — 4,544 (84) 4,544 (84) Total $ 145,936 $ (1,474) $ 6,571 $ (188) $ 152,507 $ (1,662) Less than 12 months 12 Months or More Total December 31, 2021 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ — $ — $ 324 $ (1) $ 324 $ (1) Total $ — $ — $ 324 $ (1) $ 324 $ (1) Less than 12 months 12 Months or More Total December 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Corporate securities $ 998 $ (2) $ — $ — $ 998 $ (2) Residential government-sponsored collateralized mortgage obligations 954 (1) — — 954 (1) Agency commercial mortgage-backed securities 2,170 (15) — — 2,170 (15) SBA pool securities — — 8,119 (150) 8,119 (150) Total $ 4,122 $ (18) $ 8,119 $ (150) $ 12,241 $ (168) Less than 12 months 12 Months or More Total December 31, 2020 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 331 $ (1) $ 126 $ (1) $ 457 $ (2) Total $ 331 $ (1) $ 126 $ (1) $ 457 $ (2) |
Schedule of changes in accumulated other comprehensive income by component | Changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021, 2020 and 2019 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (2,524) 151 (2,373) Ending balance $ 1,112 $ — $ 1,112 Unrealized Holding Gains on Held-to-Maturity For the year ended December 31, 2020 Available-for-Sale Securities Total Beginning balance $ 943 $ (160) $ 783 Current period other comprehensive income 2,693 9 2,702 Ending balance $ 3,636 $ (151) $ 3,485 Unrealized Holding Gains (Losses) on Held-to-Maturity For the year ended December 31, 2019 Available-for-Sale Securities Total Beginning balance $ (2,419) $ (170) $ (2,589) Current period other comprehensive income 3,362 10 3,372 Ending balance $ 943 $ (160) $ 783 |
LOANS AND ALLOWANCE (Tables)
LOANS AND ALLOWANCE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND ALLOWANCE [Abstract] | |
Schedule of loans, net of unearned income | The following table summarizes the composition of our loan portfolio as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Loans secured by real estate: Commercial real estate - owner occupied $ 387,703 $ 434,816 Commercial real estate - non-owner occupied 588,000 599,578 Secured by farmland 8,612 11,687 Construction and land development 121,444 103,401 Residential 1-4 family 547,560 557,953 Multi-family residential 164,071 107,130 Home equity lines of credit 73,846 91,748 Total real estate loans 1,891,236 1,906,313 Commercial loans 301,980 187,797 Paycheck Protection Program loans 77,319 314,982 Consumer loans 60,996 22,496 Total Non-PCD loans 2,331,531 2,431,588 PCD loans 8,455 8,908 Total loans $ 2,339,986 $ 2,440,496 |
Schedule of details of aging of the recorded investment in past due loans by class of loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of December 31, 2021 and 2020 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2021 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 194 $ 346 $ — $ 540 $ 387,163 $ 387,703 Commercial real estate - non-owner occupied — — — — 588,000 588,000 Secured by farmland 791 — — 791 7,821 8,612 Construction and land development 204 131 4,575 4,910 116,534 121,444 Residential 1-4 family 9,384 254 137 9,775 537,785 547,560 Multi- family residential — — — — 164,071 164,071 Home equity lines of credit 331 — 171 502 73,344 73,846 Commercial loans 387 — 1,246 1,633 300,347 301,980 Paycheck Protection Program loans 4,954 8,559 283 13,796 63,523 77,319 Consumer loans 193 130 2 325 60,671 60,996 Total Non-PCD loans 16,438 9,420 6,414 32,272 2,299,259 2,331,531 PCD loans 1,717 — — 1,717 6,738 8,455 Total $ 18,155 $ 9,420 $ 6,414 $ 33,989 $ 2,305,997 $ 2,339,986 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total December 31, 2020 Past Due Past Due or More Past Due Past Due Loans (1) Commercial real estate - owner occupied $ — $ — $ 2,641 $ 2,641 $ 432,175 $ 434,816 Commercial real estate - non-owner occupied — — — — 599,578 599,578 Secured by farmland — — 1,098 1,098 10,589 11,687 Construction and land development 23 39 — 62 103,339 103,401 Residential 1-4 family 1,235 349 1,512 3,096 554,857 557,953 Multi- family residential — — — — 107,130 107,130 Home equity lines of credit 310 39 523 872 90,876 91,748 Commercial loans 64 33 2,104 2,201 185,596 187,797 Paycheck Protection Program loans — — — — 314,982 314,982 Consumer loans 207 4 9 220 22,276 22,496 Total Non-PCD loans 1,839 464 7,887 10,190 2,421,398 2,431,588 PCD loans — — 1,853 1,853 7,055 8,908 Total $ 1,839 $ 464 $ 9,740 $ 12,043 $ 2,428,453 $ 2,440,496 (1) Includes $122.0 million of loans that were subject to deferrals at December 31, 2020. The amortized cost, by class, of loans and leases on nonaccrual status at December 31, 2021 and 2020, were as follows (in thousands): 90 Total Days Loans Not Nonaccrual December 31, 2021 or More Past Due Loans (1) Commercial real estate - owner occupied $ — $ 842 $ 842 Secured by farmland — 836 836 Construction and land development 4,575 34 4,609 Residential 1-4 family 137 411 548 Multi- family residential — 4,301 4,301 Home equity lines of credit 171 253 424 Commercial loans 1,246 476 1,722 Consumer loans 2 16 18 Total Non-PCD loans 6,131 7,169 13,300 PCD loans — 1,729 1,729 Total $ 6,131 $ 8,898 $ 15,029 90 Total Days Loans Not Nonaccrual December 31, 2020 or More Past Due Loans (1) Commercial real estate - owner occupied $ 2,641 $ — $ 2,641 Secured by farmland 1,098 — 1,098 Residential 1-4 family 1,512 13 1,525 Multi- family residential — 4,481 4,481 Home equity lines of credit 523 — 523 Commercial loans 2,104 228 2,332 Consumer loans 9 — 9 Total Non-PCD loans 7,887 4,722 12,609 PCD loans 1,853 — 1,853 Total $ 9,740 $ 4,722 $ 14,462 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. |
Schedule of non accrual loans | The following table presents non-accrual loans as of December 31, 2021 and 2020, segregated by class of loans (in thousands): December 31, 2021 December 31, 2020 Non-Accrual With Non-Accrual With Total No Credit Total No Credit Non-Accrual (1) Loss Allowance (2) Non-Accrual (1) Loss Allowance (2) Commercial real estate - owner occupied $ 842 $ 842 $ 2,641 $ 2,641 Secured by farmland 836 836 1,098 1,098 Construction and land development 4,609 4,609 — — Residential 1-4 family 548 548 1,525 164 Multi- family residential 4,301 4,301 4,481 4,481 Home equity lines of credit 424 424 523 523 Commercial loans 1,722 745 2,332 582 Consumer loans 18 10 9 9 Total non-PCD loans 13,300 12,315 12,609 9,498 PCD loans 1,729 — 1,853 — Total non-accrual loans $ 15,029 $ 12,315 $ 14,462 $ 9,498 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $1.1 million and $1.7 million at December 31, 2021 and 2020, respectively. The following table presents non-accrual loans as of December 31, 2021 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ 476 $ — $ — $ 366 $ — $ — $ 842 Secured by farmland — — 24 — 681 — 131 — 836 Construction and land development — — 4,575 — — 34 — — 4,609 Residential 1-4 family — — — — — 252 — 296 548 Multi- family residential — — — — — 4,301 — — 4,301 Home equity lines of credit — — — — — — 398 26 424 Commercial loans — 9 — 236 — 314 1,163 — 1,722 Consumer loans — — — 8 8 2 — — 18 Total non-PCD non-accruals — 9 5,075 244 689 5,269 1,692 322 13,300 PCD loans — — — — 1,717 12 — — 1,729 Total non-accrual loans (1) $ — $ 9 $ 5,075 $ 244 $ 2,406 $ 5,281 $ 1,692 $ 322 $ 15,029 (1) Nonaccrual loans include SBA guaranteed amounts totaling $1.1 million and $3.1 million at December 31, 2021 and 2020, respectively. |
Schedule of the risk category of loans by class of loans | The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 Revolving loans that converted to term during 2021 were as follows (in thousands): For the year ended December 31, 2021 Commercial real estate - owner occupied $ 298 Commercial real estate - non-owner occupied 601 Residential 1-4 family 1,706 Multi- family residential 302 Commercial loans 561 Total loans $ 3,468 |
Schedule of allowance for loan losses and the recorded investment by portfolio segment | The following tables present details of the allowance for credit losses on loans segregated by loan portfolio segment as of December 31, 2021 and 2020, calculated in accordance with the CECL methodology described above (in thousands). Commercial Commercial Home Real Estate Real Estate Construction Equity Paycheck Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Protection Consumer PCD December 31, 2021 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 4,281 $ 8,020 $ 9 $ 540 $ 3,012 $ 1,885 $ 273 $ 2,154 $ — $ 786 $ — $ 20,960 Q-factor and other qualitative adjustments 281 1,008 47 458 576 1,395 164 1,276 — — — 5,205 Specific allocations — — — — — — — 658 — 1 2,281 2,940 Total $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ — $ 787 $ 2,281 $ 29,105 Commercial Commercial Home Real Estate Real Estate Construction Equity Paycheck Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Protection Consumer PCD December 31, 2020 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 2,565 $ 3,959 $ 58 $ 1,297 $ 4,579 $ 649 $ 534 $ 544 $ — $ 306 $ — $ 14,491 Q-factor and other qualitative adjustments 4,134 7,467 46 516 4,963 763 367 917 — 194 — 19,367 Specific allocations — — — 2 37 — — 37 — 17 2,394 2,487 Total $ 6,699 $ 11,426 $ 104 $ 1,815 $ 9,579 $ 1,412 $ 901 $ 1,498 $ — $ 517 $ 2,394 $ 36,345 Activity in the allowance for credit losses by class of loan for the years ended December 31, 2021 and 2020 is summarized below (in thousands): Commercial Commercial Real Estate Real Estate Construction Home Equity Owner Non-owner Secured by and Land 1-4 Family Multi-Family Lines Of Commercial Consumer PCD December 31, 2021 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Unallocated Total Allowance for credit losses: Beginning balance $ 6,699 $ 11,426 $ 104 $ 1,815 $ 9,579 $ 1,412 $ 901 $ 1,498 $ 517 $ 2,394 $ — $ 36,345 Provision (recovery) (1,961) (2,398) (48) (817) (5,533) 1,868 (466) 3,291 376 (113) — (5,801) Charge offs (176) — — — (469) — — (1,706) (145) — — (2,496) Recoveries — — — — 11 — 2 1,005 39 — — 1,057 Ending balance $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ — $ 29,105 December 31, 2020 Allowance for credit losses: Beginning balance $ 810 $ 1,596 $ 5 $ 683 $ 1,049 $ 119 $ 217 $ 5,418 $ 190 $ — $ 174 $ 10,261 Adoption of ASC 326 1,704 2,497 201 674 4,185 209 (217) (3,246) 187 2,272 (174) 8,292 Balance 2,514 4,093 206 1,357 5,234 328 — 2,172 377 2,272 — 18,553 Provision (recovery) 4,232 7,198 (102) 458 4,291 1,084 970 966 231 122 — 19,450 Charge offs (52) — — — (308) — (125) (1,734) (124) — — (2,343) Recoveries 5 135 — — 362 — 56 94 33 — — 685 Ending balance $ 6,699 $ 11,426 $ 104 $ 1,815 $ 9,579 $ 1,412 $ 901 $ 1,498 $ 517 $ 2,394 $ — $ 36,345 The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific allocations, by loan portfolio segment as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Loan Specific Loan Specific Balance (1) Allocations Balance (1) Allocations Commercial real estate - owner occupied $ 3,291 $ — $ 23,397 $ — Commercial real estate - non-owner occupied 18,256 — 7,467 — Secured by farmland 681 — 1,069 — Construction and land development 4,575 — 77 2 Residential 1-4 family 541 — 1,918 37 Multi- family residential 5,378 — — — Home equity lines of credit — — 481 — Commercial loans 3,688 658 5,515 37 Consumer loans 7 1 17 17 Total non-PCD loans 36,417 659 39,941 93 PCD loans 8,455 2,281 8,908 2,394 Total loans $ 44,872 $ 2,940 $ 48,849 $ 2,487 (1) Includes SBA guarantees of $681 thousand and $2.5 million as of December 31, 2021 and 2020, respectively. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 122,610 $ — $ 122,610 $ — Obligations of states and political subdivisions 31,231 — 31,231 — Corporate securities 13,685 — 13,685 — Collateralized loan obligations 5,010 — 5,010 — Residential government-sponsored collateralized mortgage obligations 19,807 — 19,807 — Government-sponsored agency securities 17,488 — 17,488 — Agency commercial mortgage-backed securities 52,667 — 52,667 — SBA pool securities 8,834 — 8,834 — Total $ 271,332 $ — $ 271,332 $ — Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 37,060 $ — $ 37,060 $ — Obligations of states and political subdivisions 24,042 — 24,042 — Corporate securities 15,079 — 14,079 1,000 Residential government-sponsored collateralized mortgage obligations 29,416 — 29,416 — Government-sponsored agency securities 6,075 — 6,075 — Agency commercial mortgage-backed securities 30,190 — 30,190 — SBA pool securities 11,371 — 11,371 — Total $ 153,233 $ — $ 152,233 $ 1,000 |
Schedule of assets measured at fair value on non recurring basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 44,331 $ — $ — $ 44,331 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 897 — — 897 Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Total at Identical Assets Inputs Inputs (dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 47,001 $ — $ — $ 47,001 Other real estate owned: Commercial real estate - non-owner occupied 865 — — 865 Construction and land development 1,221 — — 1,221 Residential 1-4 family 992 — — 992 |
Schedule of estimated fair values and fair value hierarchy levels of financial instruments | The carrying amount, estimated fair values and fair value hierarchy levels (previously defined) of financial instruments were as follows (in thousands) for the periods indicated: December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 530,167 $ 530,167 $ 196,185 $ 196,185 Securities available-for-sale Level 2 & Level 3 271,332 271,332 153,233 153,233 Securities held-to-maturity Level 2 22,940 23,364 40,721 41,832 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 15,521 15,521 16,927 16,927 Investments in mortgage company - held for sale Level 2 — — 12,952 12,952 Preferred investment in mortgage company Level 2 3,005 3,005 3,005 3,005 Net loans Level 3 2,310,881 2,278,456 2,404,151 2,435,612 Accrued interest receivable Level 2 11,882 11,882 19,998 19,998 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,380,020 $ 1,380,020 $ 1,155,426 $ 1,155,426 Money market and savings accounts Level 2 1,022,621 1,022,621 787,132 787,132 Time deposits Level 3 360,575 362,902 490,048 495,022 Securities sold under agreements to repurchase Level 1 9,962 9,962 16,065 16,065 FHLB advances Level 1 100,000 100,000 100,000 100,000 Junior subordinated debt Level 2 9,731 10,367 9,682 8,863 Senior subordinated notes Level 2 85,297 91,141 105,647 109,276 Accrued interest payable Level 2 1,864 1,864 3,057 3,057 |
BANK PREMISES AND EQUIPMENT (Ta
BANK PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |
Schedule of bank premises and equipment | Bank premises and equipment as of December 31, 2021 and 2020 were as follows (in thousands): 2021 2020 Land $ 8,139 $ 8,139 Land improvements 1,558 1,558 Building and improvements 23,792 23,164 Leasehold improvements 3,001 3,001 Furniture, fixtures, equipment and software 12,182 8,962 Construction in progress 12 1,441 48,684 46,265 Less accumulated depreciation and amortization 18,274 15,959 Bank premises and equipment, net $ 30,410 $ 30,306 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of operating lease other information | For the Year Ended (in thousands except for percent and period data) December 31, 2021 December 31, 2020 Other information: Weighted-average remaining lease term - operating leases, in years 4.4 4.8 Weighted-average discount rate - operating leases 2.5 % 2.5 % |
Schedule of future minimum rental payments required under non-cancelable operating leases for bank premises | As of (dollars in thousands) December 31, 2021 Lease payments due: 2022 $ 2,424 2023 1,700 2024 950 2025 421 2026 356 Thereafter 1,080 Total lease payments 6,931 Less: imputed interest (433) Lease liabilities $ 6,498 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of acquired intangible assets | Intangible assets were as follows at year end (in thousands): December 31, 2021 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable core deposit intangibles $ 17,503 $ (13,041) $ 4,462 December 31, 2020 Gross Carrying Accumulated Net Carrying Value Amortization Value Amortizable core deposit intangibles $ 17,503 $ (11,677) $ 5,826 |
Schedule of estimated amortization expense of intangibles | Estimated amortization expense of intangibles for the years ended December 31 were as follows (in thousands): 2022 $ 1,325 2023 1,269 2024 1,266 2025 602 Total $ 4,462 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of scheduled maturities of time deposits | At December 31, 2021, the scheduled maturities of time deposits are as follows (in thousands): 2022 $ 285,223 2023 52,475 2024 14,060 2025 4,317 2026 4,500 Total $ 360,575 |
Schedule of maturities of certificates of deposit | The following table sets forth the maturities of certificates of deposit of $250 thousand and over as of December 31, 2021 (in thousands): Within 3 to 6 6 to 12 Over 12 3 Months Months Months Months Total $ 20,968 $ 28,249 $ 51,850 $ 26,893 $ 127,960 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
Schedule of other short-term borrowings | Other borrowings consist of the following (in thousands): December 31, 2021 2020 FHLB collateral advances maturing 3/1/2030 $ 100,000 $ 100,000 Securities sold under agreements to repurchase 9,962 16,065 Total $ 109,962 $ 116,065 Weighted average interest rate at year end 3.55 % 3.55 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES [Abstract] | |
Schedule of net deferred tax assets | Net deferred tax assets at December 31, 2021 and 2020 consist primarily of the following (in thousands): 2021 2020 Deferred tax assets: Allowance for credit losses $ 6,522 $ 8,028 Unearned loan fees and other 1,581 2,583 Other real estate owned write-downs 450 567 Lease liability 1,407 1,779 Federal AMT credit carryforward — 1,137 Federal low income housing credit carryforward 424 444 Deferred compensation 1,684 1,734 Depreciation — 274 Other 921 1,012 Total deferred tax assets 12,989 17,558 Deferred tax liabilities: Right-of-use assets 1,315 1,576 Net unrealized gain on investment securities available-for-sale 247 916 Purchase accounting 930 420 Depreciation 926 — Total deferred tax liabilities 3,418 2,912 Net deferred tax assets $ 9,571 $ 14,646 |
Schedule of provision for income taxes | The provision for income taxes consists of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019 Current tax expense Federal $ 2,504 $ 5,319 $ 4,197 State 163 320 218 Total current tax expense 2,667 5,639 4,415 Deferred tax expense (benefit) Federal 5,937 (1,294) 1,406 State 117 (117) 71 Total deferred tax expense (benefit) 6,054 (1,411) 1,477 Total income tax expense from continuing operations 8,721 4,228 5,892 Total income tax expense from discontinued operation 64 2,386 185 Total income tax expense $ 8,785 $ 6,614 $ 6,077 |
Schedule of income tax expense determined by applying the U.S. Federal income tax rate | The income tax expense differed from the amount of income tax determined by applying the U.S. Federal income tax rate of 21% to pretax income for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands): 2021 2020 2019 Computed expected tax expense at statutory rate $ 8,345 $ 4,022 $ 7,991 Increase (decrease) in tax expense resulting from: Remeasurement of deferred tax assets and liabilities 442 (31) (1,659) Low income housing tax credits, net of amortization 39 225 (255) Income from bank-owned life insurance (354) (327) (357) State taxes, net 242 200 241 Other, net 7 139 (69) Total income tax expense from continuing operations 8,721 4,228 5,892 Total income tax expense from discontinued operation 64 2,386 185 Total income tax expense $ 8,785 $ 6,614 $ 6,077 |
STOCK- BASED COMPENSATION (Tabl
STOCK- BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of activity in the stock option plan | Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 450,800 $ 10.50 3.8 $ 727 Forfeited (1,500) 11.99 Expired (6,500) 11.14 Exercised (159,000) 9.60 Options outstanding, end of period 283,800 $ 10.98 2.2 $ 1,153 Exercisable at end of period 283,800 $ 10.98 2.2 $ 1,153 |
Time Vested Restricted Stock | |
Schedule of activity in the restricted stock plan | Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 96,300 $ 14.17 3.8 Granted 55,250 14.96 Vested (46,300) 15.05 Forfeited (7,200) 12.11 Unvested restricted stock outstanding, end of period 98,050 $ 14.58 3.3 |
Performance Based Restricted Stock Units | |
Schedule of activity in the restricted stock plan | Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period — $ — — Granted 59,335 15.00 Vested — — Forfeited — — Unvested Units outstanding, end of period 59,335 $ 15.00 4.0 |
FINANCIAL INSTRUMENT WITH OFF_2
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |
Schedule of allowance for credit losses off balance sheet exposure | 2021 2020 Balance as of January 1 $ 740 $ — Impact of adopting ASU 2016-13 — 360 Credit loss expense 237 380 Balance as of December 31 $ 977 $ 740 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the denominators of the basic and diluted earnings per share | The following is a reconciliation of the denominators of the basic and diluted EPS computations for 2021, 2020 and 2019 (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the year ended December 31, 2021 Basic EPS from continuing operations $ 31,018 24,438 $ 1.27 Effect of dilutive stock options and unvested restricted stock — 163 (0.01) Diluted EPS from continuing operations $ 31,018 24,601 $ 1.26 Basic EPS from discontinued operation $ 230 24,438 $ 0.01 Effect of dilutive stock options and unvested restricted stock — 163 — Diluted EPS from discontinued operation $ 230 24,601 $ 0.01 For the year ended December 31, 2020 Basic EPS from continuing operations $ 14,884 24,239 $ 0.61 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from continuing operations $ 14,884 24,363 $ 0.61 Basic EPS from discontinued operation $ 8,403 24,239 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 124 — Diluted EPS from discontinued operation $ 8,403 24,363 $ 0.35 For the year ended December 31, 2019 Basic EPS from continuing operations $ 32,161 24,050 $ 1.34 Effect of dilutive stock options and unvested restricted stock — 275 (0.02) Diluted EPS from continuing operations $ 32,161 24,325 $ 1.32 Basic EPS from discontinued operation $ 1,006 24,050 $ 0.04 Effect of dilutive stock options and unvested restricted stock — 275 — Diluted EPS from discontinued operation $ 1,006 24,325 $ 0.04 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Schedule of capital amounts and ratios for southern national and sonabank | The following table provides a comparison of the leverage and risk-weighted capital ratios of Primis Financial Corp. and Primis Bank at the periods indicated to the minimum and well-capitalized required regulatory standards: Required For Capital To Be Categorized as Actual Adequacy Purposes Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Primis Financial Corp. Leverage ratio $ 314,353 9.41 % $ 133,664 4.00 % n/a n/a Common equity tier 1 capital ratio 304,353 13.09 % 104,598 4.50 % n/a n/a Tier 1 risk-based capital ratio 314,353 13.52 % 139,464 6.00 % n/a n/a Total risk-based capital ratio 430,421 18.52 % 185,952 8.00 % n/a n/a Primis Bank Leverage ratio $ 372,076 11.14 % $ 137,890 4.00 % $ 114,973 5.00 % Common equity tier 1 capital ratio 372,076 16.18 % 103,476 4.50 % 149,465 6.50 % Tier 1 risk-based capital ratio 372,076 16.18 % 137,968 6.00 % 183,957 8.00 % Total risk-based capital ratio 400,836 17.43 % 183,957 8.00 % 229,947 10.00 % December 31, 2020 Primis Bank Leverage ratio $ 334,540 11.25 % $ 124,046 4.00 % $ 105,642 5.00 % Common equity tier 1 capital ratio 334,540 15.83 % 95,078 4.50 % 137,334 6.50 % Tier 1 risk-based capital ratio 334,540 15.83 % 126,770 6.00 % 169,027 8.00 % Total risk-based capital ratio 361,073 17.09 % 169,027 8.00 % 211,284 10.00 % (1) Prompt corrective action provisions are not applicable at the bank holding company level. |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed balance sheet of Southern National Bancorp of Virginia, Inc. | 2021 2020 ASSETS Cash $ 23,517 $ 59,318 Investment in subsidiary 479,855 446,116 Preferred investment in mortgage company 3,064 — Investments in non-marketable equity securities 430 — Other assets 2,681 2,060 Total assets $ 509,547 $ 507,494 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Junior subordinated debt - long term $ 9,731 $ 9,682 Senior subordinated notes - long term 85,297 105,647 Other liabilities 2,638 1,611 Total liabilities 97,666 116,940 Stockholders' equity: Common stock 245 243 Additional paid in capital 311,127 308,870 Retained earnings 99,397 77,956 Accumulated other comprehensive income 1,112 3,485 Total stockholders' equity 411,881 390,554 Total liabilities and stockholders' equity $ 509,547 $ 507,494 |
Schedule of condensed statements of income of Southern National Bancorp of Virginia, Inc. | 2021 2020 2019 Income: Cash dividends received from bank subsidiary $ — $ 2,500 $ 13,300 Gain on debt extinguishment 573 — — Total income 573 2,500 13,300 Expenses: Interest on junior subordinated debt 355 426 589 Interest on senior subordinated notes 5,127 3,909 2,847 Other operating expenses 1,236 841 726 Total expenses 6,718 5,176 4,162 Income (loss) before income tax benefit and equity in undistributed net income of subsidiaries (6,145) (2,676) 9,138 Income tax benefit (1,280) (1,084) (862) Equity in undistributed net income of subsidiaries 36,113 24,879 23,167 Net income $ 31,248 $ 23,287 $ 33,167 |
Schedule of condensed statements of cash flows information of Southern National Bancorp of Virginia, Inc. | 2021 2020 2019 Operating activities: Net income $ 31,248 $ 23,287 $ 33,167 Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities: Equity in undistributed net income of subsidiaries (36,113) (27,379) (36,467) Gain on debt extinguishment (573) — — Other, net 1,426 8,766 (666) Net cash and cash equivalents provided by (used in) in operating activities (4,012) 4,674 (3,966) Investing activities: Increase in preferred investment in mortgage company (3,064) — — Increase in non-marketable equity securities investments (430) — — Dividend from subsidiaries — 2,500 13,300 Net cash and cash equivalents provided by (used in) investing activities (3,494) 2,500 13,300 Financing activities: Issuance of subordinated notes, net of cost — 58,600 — Extinguishment of subordinated debt (20,000) — — Proceeds from exercised stock options 1,526 574 670 Repurchase of restricted stock (14) — — Cash dividends paid on common stock (9,807) (9,737) (8,690) Net cash and cash equivalents provided by (used in) financing activities (28,295) 49,437 (8,020) Net change in cash and cash equivalents (35,801) 56,611 1,314 Cash and cash equivalents at beginning of period 59,318 2,707 1,393 Cash and cash equivalents at end of period $ 23,517 $ 59,318 $ 2,707 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement Of Other Comprehensive Income [Abstract] | |
Schedule of the accumulated other comprehensive loss balances, net of tax | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Balance at Current Period Balance at December 31, 2020 Change December 31, 2021 Unrealized gain (loss) on investment securities available-for-sale $ 3,485 $ (2,373) $ 1,112 Total $ 3,485 $ (2,373) $ 1,112 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Southern Trust Mortgage [Member] | |
Related Party Transaction [Line Items] | |
Schedule of changes in the loan amount outstanding during the periods | The following table summarizes the changes in the loan amount outstanding with STM during the periods indicated, during which STM was considered a related party (in thousands): 2021 2020 Balance at January 1, $ 30,771 $ 26,760 Principal advances 373,151 441,044 Principal paid (366,443) (437,033) Transfers (out) of related party status (37,479) — Balance at December 31, $ — $ 30,771 |
Officers and Directors and Principal Shareholders and Their Affiliates [Member]. | |
Related Party Transaction [Line Items] | |
Schedule of changes in the loan amount outstanding during the periods | Loan activity to related parties is as follows (in thousands): 2021 Balance at January 1, $ 22,709 Principal advances 21,021 Principal paid (5,250) Transfers in (out) of related party status 2,115 Balance at December 31, $ 40,595 |
ORGANIZATION AND SIGNIFICANT _3
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2021USD ($)itemsegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 30, 2021 | Sep. 23, 2021USD ($) | Dec. 31, 2018USD ($) | |
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | item | 40 | |||||
Percentage of capital, par value FRB stock required to own | 6.00% | |||||
Percentage of federal home loan bank stock required to own | 4.25% | |||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | |||
Cumulative effect adjustment | $ 411,881,000 | 390,554,000 | 377,241,000 | $ 348,290,000 | ||
Number of reportable segments | segment | 1 | |||||
Net income | $ 31,248,000 | 23,287,000 | 33,167,000 | |||
Salaries and benefits | 36,741,000 | 36,675,000 | 26,261,000 | |||
Securities available for sale, at fair value | 271,332,000 | 153,233,000 | ||||
Notes receivable | $ 2,339,986,000 | |||||
Discontinued Operations, Disposed of by Sale | Southern Trust Mortgage, LLC | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Consideration in cash | $ 1,600,000 | |||||
Consideration in promissory notes | $ 8,500,000 | |||||
Discontinued Operations, Held-for-sale | Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Net income | 22,200,000 | 2,700,000 | ||||
Gain (loss) on sale of mortgage loans | 107,100,000 | 45,700,000 | ||||
Salaries and benefits | 84,100,000 | 39,000,000 | ||||
Securities available for sale, at fair value | 143,400,000 | 100,200,000 | ||||
Warehouse lines of credit | 136,100,000 | 92,100,000 | ||||
Members' Equity | 26,400,000 | 11,100,000 | ||||
Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Percentage of equity investment and preferred stock of STM | 100.00% | |||||
Southern Trust Mortgage [Member] | Discontinued Operations, Held-for-sale | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Pre-tax impairment charge | $ 2,900,000 | |||||
Equity method investments | 13,000,000 | |||||
Equity income from mortgage affiliate | 294,000 | 10,800,000 | $ 1,200,000 | |||
Common Stock | Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Percentage of equity investment and preferred stock of STM | 43.28% | |||||
Common Stock | Southern Trust Mortgage [Member] | Discontinued Operations, Held-for-sale | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Equity method investments | 12,700,000 | |||||
Preferred Stock | Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Percentage of equity investment and preferred stock of STM | 100.00% | |||||
Preferred Stock | Southern Trust Mortgage [Member] | Discontinued Operations, Held-for-sale | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Equity method investments | 300,000 | |||||
Paycheck Protection Program Loans [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Financing receivable, allowance for credit loss | 0 | |||||
Notes receivable | $ 77,319,000 | |||||
Virginia [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | item | 35 | |||||
Maryland | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | item | 5 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Cumulative effect adjustment | $ (5,056,000) |
ORGANIZATION AND SIGNIFICANT _4
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative 2) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line method |
Useful lives | 30 years |
Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line method |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
ORGANIZATION AND SIGNIFICANT _5
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Property, gross | $ 48,684 | $ 46,265 |
Accumulated amortization | 18,274 | $ 15,959 |
Cloud Computing Arrangements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Property, gross | 5,800 | |
Accumulated amortization | $ 100 | |
Core Deposits [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 6 years | |
Core Deposits [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives of intangible assets | 15 years |
ORGANIZATION AND SIGNIFICANT _6
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative 4) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Percentage of capital, par value FRB stock required to own | 6.00% | ||
Number of reportable segment | segment | 1 | ||
Unrecognized tax benefits | $ 0 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | $ 0 | $ 0 |
U.S. Federal income tax rate | 21.00% | 21.00% | 21.00% |
Operating Lease, Right-of-Use Asset | $ 5,866,000 | $ 7,511,000 | |
Operating Lease, Liability | $ 6,498,000 | $ 8,238,000 |
ORGANIZATION AND SIGNIFICANT _7
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule for allowance for credit losses on held to maturity debt securities and financing receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 1 | |
Off-Balance Sheet, Credit Loss, Liability | $ 977 | 740 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 1 | |
Revision of Prior Period, Adjustment [Member] | ||
Off-Balance Sheet, Credit Loss, Liability | $ 360 | |
Paycheck Protection Program Loans [Member] | ||
Financing receivable, allowance for credit loss | $ 0 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sale of investment available-for-sale | $ 1,910,000 | ||
Proceeds from sales of held-to-maturity investment securities | 1,660,000 | ||
Called investment securities | $ 37,878,000 | 50,068,000 | $ 26,283,000 |
Securities pledged for collateral | 180,700,000 | 125,300,000 | |
Debt Securities, Unrealized Gain (Loss), Total | (620,000) | ||
Purchases of available for sale investment securities | 160,531,000 | 38,938,000 | 45,135,000 |
Purchases of securities held to maturity | $ 0 | 15,197,000 | $ 15,260,000 |
Allowance for Credit Losses | 1,000 | ||
Realized losses on sales of investment securities | $ 620,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | $ 269,924 | $ 148,632 |
Gross Unrealized Gains | 3,070 | 4,769 |
Gross Unrealized Losses | (1,662) | (168) |
Available for sale, fair value | 271,332 | 153,233 |
US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 122,506 | 35,442 |
Gross Unrealized Gains | 740 | 1,618 |
Gross Unrealized Losses | (636) | |
Available for sale, fair value | 122,610 | 37,060 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 30,728 | 22,966 |
Gross Unrealized Gains | 755 | 1,076 |
Gross Unrealized Losses | (252) | |
Available for sale, fair value | 31,231 | 24,042 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 13,000 | 15,000 |
Gross Unrealized Gains | 685 | 81 |
Gross Unrealized Losses | (2) | |
Available for sale, fair value | 13,685 | 15,079 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 19,671 | 28,680 |
Gross Unrealized Gains | 297 | 737 |
Gross Unrealized Losses | (161) | (1) |
Available for sale, fair value | 19,807 | 29,416 |
Government-Sponsored Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 17,671 | 5,985 |
Gross Unrealized Gains | 32 | 90 |
Gross Unrealized Losses | (215) | |
Available for sale, fair value | 17,488 | 6,075 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 52,452 | 29,118 |
Gross Unrealized Gains | 513 | 1,087 |
Gross Unrealized Losses | (298) | (15) |
Available for sale, fair value | 52,667 | 30,190 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,026 | |
Gross Unrealized Losses | (16) | |
Available for sale, fair value | 5,010 | |
SBA Pool Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 8,870 | 11,441 |
Gross Unrealized Gains | 48 | 80 |
Gross Unrealized Losses | (84) | (150) |
Available for sale, fair value | $ 8,834 | $ 11,371 |
INVESTMENT SECURITIES (Schedu_2
INVESTMENT SECURITIES (Schedule of amortized cost, unrecognized gains and losses, and fair value of held to maturity securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 22,940 | $ 40,721 |
Gross Unrecognized Gains | 425 | 1,114 |
Gross Unrecognized Losses | (1) | (2) |
Allowance for Credit Losses | (1) | |
Held to maturity fair value | 23,364 | 41,832 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Amortized Cost | 519 | 1,090 |
Gross Unrecognized Gains | 13 | 39 |
Held to maturity fair value | 532 | 1,129 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Amortized Cost | 3,805 | 9,594 |
Gross Unrecognized Gains | 93 | 183 |
Allowance for Credit Losses | (1) | |
Held to maturity fair value | 3,898 | 9,776 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Amortized Cost | 13,616 | 25,037 |
Gross Unrecognized Gains | 296 | 729 |
Gross Unrecognized Losses | (1) | (2) |
Held to maturity fair value | 13,911 | 25,764 |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Amortized Cost | 5,000 | 5,000 |
Gross Unrecognized Gains | 23 | 163 |
Held to maturity fair value | $ 5,023 | $ 5,163 |
INVESTMENT SECURITIES (Schedu_3
INVESTMENT SECURITIES (Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to Maturity, due in one year, amortized cost | $ 406 | |
Held to Maturity, due in one to five years, amortized cost | 1,545 | |
Held to Maturity, due in five to ten years, amortized cost | 1,518 | |
Held to maturity, due after ten years, amortized cost | 5,336 | |
Held to maturity, amortized cost | 22,940 | |
Held to Maturity, due in one year, fair value | 413 | |
Held to Maturity, due in one to five years, fair value | 1,587 | |
Held to Maturity, due in five to ten years, fair value | 1,562 | |
Held to maturity, due after ten years, fair value | 5,359 | |
Held to maturity fair value | 23,364 | $ 41,832 |
Available for Sale, due in one year, amortized cost | 787 | |
Available for Sale, due in one to five years, amortized cost | 3,814 | |
Available for Sale, due in five to ten years, amortized cost | 25,792 | |
Available for sale, due after ten years, amortized cost | 36,032 | |
Available for sale, amortized cost | 269,924 | 148,632 |
Available for Sale, due in one year, fair value | 789 | |
Available for Sale, due in one to five years, fair value | 3,946 | |
Available for Sale, due in five to ten years, fair value | 26,593 | |
Available for sale, due after ten years, fair value | 36,086 | |
Available for sale, Fair value | 271,332 | 153,233 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 13,000 | 15,000 |
Available for sale, Fair value | 13,685 | 15,079 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 13,616 | |
Held to maturity fair value | 13,911 | 25,764 |
Available for sale, amortized cost | 122,506 | 35,442 |
Available for sale, Fair value | 122,610 | 37,060 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity fair value | 3,898 | 9,776 |
Available for sale, amortized cost | 30,728 | 22,966 |
Available for sale, Fair value | 31,231 | 24,042 |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 519 | |
Held to maturity fair value | 532 | 1,129 |
Available for sale, amortized cost | 19,671 | 28,680 |
Available for sale, Fair value | 19,807 | 29,416 |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 5,026 | |
Available for sale, Fair value | 5,010 | |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Held to maturity fair value | 5,023 | 5,163 |
Available for sale, amortized cost | 17,671 | 5,985 |
Available for sale, Fair value | 17,488 | 6,075 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 52,452 | 29,118 |
Available for sale, Fair value | 52,667 | 30,190 |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, amortized cost | 8,870 | 11,441 |
Available for sale, Fair value | $ 8,834 | $ 11,371 |
INVESTMENT SECURITIES (Schedu_4
INVESTMENT SECURITIES (Schedule of present information regarding securities in a continuous unrealized loss position by duration of time in a loss position) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | $ 145,936 | $ 4,122 |
Available for sale, less than 12 months, unrealized losses | (1,474) | (18) |
Available for sale, 12 months or more, fair value | 6,571 | 8,119 |
Available for sale, 12 months or more, unrealized losses | (188) | (150) |
Available for sale, total fair value | 152,507 | 12,241 |
Available for sale, total unrealized losses | (1,662) | (168) |
Held to maturity, less than 12 months, fair value | 331 | |
Held to Maturity, less than 12 months unrecognized losses | (1) | |
Held to Maturity, 12 months or more, fair value | 324 | 126 |
Held to Maturity, 12 months or more, unrecognized losses | (1) | (1) |
Held to maturity, total fair value | 324 | 457 |
Held to maturity, total unrecognized losses | (1) | (2) |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 84,123 | 954 |
Available for sale, less than 12 months, unrealized losses | (636) | (1) |
Available for sale, total fair value | 84,123 | 954 |
Available for sale, total unrealized losses | (636) | (1) |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 14,472 | |
Available for sale, less than 12 months, unrealized losses | (252) | |
Available for sale, total fair value | 14,472 | |
Available for sale, total unrealized losses | (252) | |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 998 | |
Available for sale, less than 12 months, unrealized losses | (2) | |
Available for sale, total fair value | 998 | |
Available for sale, total unrealized losses | (2) | |
Residential Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 5,589 | |
Available for sale, less than 12 months, unrealized losses | (161) | |
Available for sale, total fair value | 5,589 | |
Available for sale, total unrealized losses | (161) | |
Held to maturity, less than 12 months, fair value | 331 | |
Held to Maturity, less than 12 months unrecognized losses | (1) | |
Held to Maturity, 12 months or more, fair value | 324 | 126 |
Held to Maturity, 12 months or more, unrecognized losses | (1) | (1) |
Held to maturity, total fair value | 324 | 457 |
Held to maturity, total unrecognized losses | (1) | (2) |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 15,956 | 2,170 |
Available for sale, less than 12 months, unrealized losses | (215) | (15) |
Available for sale, total fair value | 15,956 | 2,170 |
Available for sale, total unrealized losses | (215) | (15) |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 5,010 | |
Available for sale, less than 12 months, unrealized losses | (16) | |
Available for sale, total fair value | 5,010 | |
Available for sale, total unrealized losses | (16) | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 20,786 | |
Available for sale, less than 12 months, unrealized losses | (194) | |
Available for sale, 12 months or more, fair value | 2,027 | |
Available for sale, 12 months or more, unrealized losses | (104) | |
Available for sale, total fair value | 22,813 | |
Available for sale, total unrealized losses | (298) | |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, 12 months or more, fair value | 4,544 | 8,119 |
Available for sale, 12 months or more, unrealized losses | (84) | (150) |
Available for sale, total fair value | 4,544 | 8,119 |
Available for sale, total unrealized losses | $ (84) | $ (150) |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of changes in accumulated other comprehensive income by component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 390,554 | $ 377,241 | $ 348,290 |
Net current-period other comprehensive income (loss) | (2,373) | 2,702 | 3,372 |
Balance | 411,881 | 390,554 | 377,241 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,112 | 3,485 | |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 372,185 | ||
Balance | 372,185 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 3,485 | 783 | (2,589) |
Other comprehensive loss before reclassifications | (2,373) | ||
Net current-period other comprehensive income (loss) | (2,373) | 2,702 | 3,372 |
Balance | 1,112 | 3,485 | 783 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,112 | 3,485 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 783 | ||
Balance | 783 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | Held-to-maturity Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (151) | (160) | (170) |
Other comprehensive loss before reclassifications | 151 | ||
Net current-period other comprehensive income (loss) | 9 | 10 | |
Balance | (151) | (160) | |
Unrealized gains (losses) on securities available for sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 3,485 | ||
Net current-period other comprehensive income (loss) | (2,373) | ||
Balance | 1,112 | 3,485 | |
Unrealized gains (losses) on securities available for sale | Available-for-sale Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 3,636 | 943 | (2,419) |
Other comprehensive loss before reclassifications | (2,524) | ||
Net current-period other comprehensive income (loss) | 2,693 | 3,362 | |
Balance | $ 1,112 | $ 3,636 | $ 943 |
LOANS AND ALLOWANCE (Narrative)
LOANS AND ALLOWANCE (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,339,986 | $ 2,440,496 | |
Total loans, net | $ 2,339,986 | 2,440,496 | |
TDRs during period | loan | 10 | ||
TDR, subsequent default, number of contracts | loan | 0 | ||
TDR amount | $ 3,400 | ||
Accrued interest receivable | 11,882 | 19,998 | |
Additional income from interest if recognized | 523,000 | 469,000 | |
Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accretable discount on loans | 2,000 | 4,300 | $ 3,900 |
Accrued interest receivable | 10,800 | 19,000 | |
Doubtful [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans, net | 0 | 0 | |
Eastern Virginia Bankshares Inc and Greater Atlantic Bank and Harvest Bank of Maryland and Prince George Federal Savings Bank [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accretable discount on loans | 4,300 | 6,200 | |
Residential Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loans on real estate, foreclosures | 900 | 1,000 | |
Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loans in process of foreclosure, amount | 0 | $ 1,400 | |
Paycheck Protection Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans, net | $ 122,000 | ||
Loans in deferment | loan | 44 | ||
Financing receivable, allowance for credit loss | $ 0 |
LOANS AND ALLOWANCE (Schedule o
LOANS AND ALLOWANCE (Schedule of Loans, net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 2,339,986 | $ 2,440,496 |
Total loans | 2,339,986 | 2,440,496 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 8,455 | 8,908 |
Total loans | 8,455 | 8,908 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 2,331,531 | 2,431,588 |
Total loans | 2,331,531 | 2,431,588 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 1,891,236 | 1,906,313 |
Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 122,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 387,703 | 434,816 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 387,703 | 434,816 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 588,000 | 599,578 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 588,000 | 599,578 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 11,687 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 8,612 | 11,687 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 121,444 | 103,401 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 121,444 | 103,401 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 547,560 | 557,953 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 547,560 | 557,953 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 164,071 | 107,130 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 73,846 | 91,748 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 73,846 | 91,748 |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 77,319 | 314,982 |
Total loans | 77,319 | 314,982 |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 8,612 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 164,071 | 107,130 |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 301,980 | 187,797 |
Total loans | 301,980 | 187,797 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total real estate loans | 60,996 | 22,496 |
Total loans | $ 60,996 | $ 22,496 |
LOANS AND ALLOWANCE (Schedule_2
LOANS AND ALLOWANCE (Schedule of Details of Aging of the Recorded Investment in Past Due loans by Class of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | $ 2,339,986 | |
Recorded Investment, Nonaccrual Loans | 15,029 | $ 14,462 |
Total loans | 2,339,986 | 2,440,496 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 18,155 | 1,839 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 9,420 | 464 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 6,414 | 9,740 |
Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 33,989 | 12,043 |
Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,305,997 | 2,428,453 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 547,560 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 164,071 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 73,846 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 301,980 | |
Other Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 60,996 | |
Paycheck Protection Program Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 77,319 | |
Total loans | 122,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 8,455 | |
Recorded Investment, Nonaccrual Loans | 1,729 | 1,853 |
Total loans | 8,455 | 8,908 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,853 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,717 | 1,853 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 6,738 | 7,055 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 13,300 | 12,609 |
Total loans | 2,331,531 | 2,431,588 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 16,438 | 1,839 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 9,420 | 464 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 6,414 | 7,887 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 32,272 | 10,190 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 2,299,259 | 2,421,398 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 842 | 2,641 |
Total loans | 387,703 | 434,816 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 194 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 346 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 2,641 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 540 | 2,641 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 387,163 | 432,175 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 588,000 | 599,578 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 588,000 | 599,578 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 836 | 1,098 |
Total loans | 11,687 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,098 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,098 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 10,589 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 4,609 | |
Total loans | 121,444 | 103,401 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 204 | 23 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 131 | 39 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 4,575 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 4,910 | 62 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 116,534 | 103,339 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 548 | 1,525 |
Total loans | 547,560 | 557,953 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 9,384 | 1,235 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 254 | 349 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 137 | 1,512 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 9,775 | 3,096 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 537,785 | 554,857 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 4,301 | 4,481 |
Total loans | 164,071 | 107,130 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 164,071 | 107,130 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 424 | 523 |
Total loans | 73,846 | 91,748 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 331 | 310 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 39 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 171 | 523 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 502 | 872 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 73,344 | 90,876 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 8,612 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 7,821 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 1,722 | 2,332 |
Total loans | 301,980 | 187,797 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 387 | 64 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 33 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,246 | 2,104 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 1,633 | 2,201 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 300,347 | 185,596 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 18 | 9 |
Total loans | 60,996 | 22,496 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 193 | 207 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 130 | 4 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 2 | 9 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 325 | 220 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | 60,671 | 22,276 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 77,319 | 314,982 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 4,954 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 8,559 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 283 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Total Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Loans Not Past Due | 13,796 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Recorded Investment, Nonaccrual Loans | $ 63,523 | $ 314,982 |
LOANS AND ALLOWANCE (Schedule_3
LOANS AND ALLOWANCE (Schedule of non accrual loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Recorded Investment, Loans Not Past Due | $ 2,339,986 | |
Recorded Investment, Nonaccrual Loans | 15,029 | $ 14,462 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 625,938 | |
2020 | 195,405 | |
2019 | 184,395 | |
2018 | 180,634 | |
2017 | 207,085 | |
Prior | 706,059 | |
Revolving Loan | 223,312 | |
Revolving Loans Converted to Term | 17,158 | |
Total | 2,339,986 | |
Nonperforming Financial Instruments [Member] | ||
90 Days or More | 6,131 | 9,740 |
Recorded Investment, Loans Not Past Due | 15,029 | |
Recorded Investment, Nonaccrual Loans | 15,029 | 14,462 |
Non-Accrual with No Credit Loss Allowance | 12,315 | 9,498 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2020 | 9 | |
2019 | 5,075 | |
2018 | 244 | |
2017 | 2,406 | |
Prior | 5,281 | |
Revolving Loan | 1,692 | |
Revolving Loans Converted to Term | 322 | |
Total | 15,029 | |
Total Past Due | ||
Recorded Investment, Loans Not Past Due | 33,989 | 12,043 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 33,989 | 12,043 |
Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 2,305,997 | 2,428,453 |
Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 8,898 | 4,722 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 8,898 | 4,722 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 387,703 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 58,596 | |
2020 | 18,411 | |
2019 | 35,973 | |
2018 | 28,163 | |
2017 | 45,153 | |
Prior | 191,460 | |
Revolving Loan | 3,010 | |
Revolving Loans Converted to Term | 6,937 | |
Total | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 588,000 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 107,572 | |
2020 | 55,956 | |
2019 | 19,816 | |
2018 | 76,076 | |
2017 | 58,883 | |
Prior | 265,428 | |
Revolving Loan | 3,668 | |
Revolving Loans Converted to Term | 601 | |
Total | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 8,612 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 320 | |
2020 | 66 | |
2019 | 24 | |
2017 | 1,978 | |
Prior | 4,138 | |
Revolving Loan | 2,086 | |
Total | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 121,444 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 57,320 | |
2020 | 14,003 | |
2019 | 17,935 | |
2018 | 7,061 | |
2017 | 8,414 | |
Prior | 15,698 | |
Revolving Loan | 982 | |
Revolving Loans Converted to Term | 31 | |
Total | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 547,560 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 165,106 | |
2020 | 54,037 | |
2019 | 90,419 | |
2018 | 49,694 | |
2017 | 43,173 | |
Prior | 139,506 | |
Revolving Loan | 1,845 | |
Revolving Loans Converted to Term | 3,780 | |
Total | 547,560 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 164,071 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 37,030 | |
2020 | 18,866 | |
2019 | 7,228 | |
2018 | 6,328 | |
2017 | 36,574 | |
Prior | 52,712 | |
Revolving Loan | 5,031 | |
Revolving Loans Converted to Term | 302 | |
Total | 164,071 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 73,846 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 715 | |
2020 | 59 | |
2019 | 75 | |
2018 | 235 | |
2017 | 425 | |
Prior | 4,337 | |
Revolving Loan | 67,831 | |
Revolving Loans Converted to Term | 169 | |
Total | 73,846 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 301,980 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 95,085 | |
2020 | 10,424 | |
2019 | 11,923 | |
2018 | 12,156 | |
2017 | 10,522 | |
Prior | 20,222 | |
Revolving Loan | 136,310 | |
Revolving Loans Converted to Term | 5,338 | |
Total | 301,980 | |
Other Consumer Loans | ||
Recorded Investment, Loans Not Past Due | 60,996 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 48,107 | |
2020 | 2,351 | |
2019 | 1,002 | |
2018 | 921 | |
2017 | 246 | |
Prior | 5,850 | |
Revolving Loan | 2,519 | |
Total | 60,996 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Recorded Investment, Loans Not Past Due | 8,455 | |
Recorded Investment, Nonaccrual Loans | 1,729 | 1,853 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2017 | 1,717 | |
Prior | 6,708 | |
Revolving Loan | 30 | |
Total | 8,455 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 1,853 | |
Recorded Investment, Loans Not Past Due | 1,729 | |
Recorded Investment, Nonaccrual Loans | 1,729 | 1,853 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2017 | 1,717 | |
Prior | 12 | |
Total | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 1,717 | 1,853 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,717 | 1,853 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 6,738 | 7,055 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,729 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 836 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 836 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Recorded Investment, Nonaccrual Loans | 13,300 | 12,609 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 6,131 | 7,887 |
Recorded Investment, Loans Not Past Due | 13,300 | |
Recorded Investment, Nonaccrual Loans | 13,300 | 12,609 |
Non-Accrual with No Credit Loss Allowance | 12,315 | 9,498 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2020 | 9 | |
2019 | 5,075 | |
2018 | 244 | |
2017 | 689 | |
Prior | 5,269 | |
Revolving Loan | 1,692 | |
Revolving Loans Converted to Term | 322 | |
Total | 13,300 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 32,272 | 10,190 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 32,272 | 10,190 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 2,299,259 | 2,421,398 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 7,169 | 4,722 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 7,169 | 4,722 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Nonaccrual Loans | 842 | 2,641 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 2,641 | |
Recorded Investment, Loans Not Past Due | 842 | |
Recorded Investment, Nonaccrual Loans | 842 | 2,641 |
Non-Accrual with No Credit Loss Allowance | 842 | 2,641 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 476 | |
Prior | 366 | |
Total | 842 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 540 | 2,641 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 540 | 2,641 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 387,163 | 432,175 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 842 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 842 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 588,000 | 599,578 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Nonaccrual Loans | 836 | 1,098 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 1,098 | |
Recorded Investment, Loans Not Past Due | 836 | |
Recorded Investment, Nonaccrual Loans | 1,098 | |
Non-Accrual with No Credit Loss Allowance | 836 | 1,098 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 24 | |
2017 | 681 | |
Revolving Loan | 131 | |
Total | 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 1,098 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,098 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 10,589 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Nonaccrual Loans | 4,609 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 4,575 | |
Recorded Investment, Loans Not Past Due | 4,609 | |
Recorded Investment, Nonaccrual Loans | 4,609 | |
Non-Accrual with No Credit Loss Allowance | 4,609 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 4,575 | |
Prior | 34 | |
Total | 4,609 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 4,910 | 62 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,910 | 62 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 116,534 | 103,339 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 34 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 34 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Nonaccrual Loans | 548 | 1,525 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 137 | 1,512 |
Recorded Investment, Loans Not Past Due | 548 | |
Recorded Investment, Nonaccrual Loans | 548 | 1,525 |
Non-Accrual with No Credit Loss Allowance | 548 | 164 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 252 | |
Revolving Loans Converted to Term | 296 | |
Total | 548 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 9,775 | 3,096 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 9,775 | 3,096 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 537,785 | 554,857 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 411 | 13 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 411 | 13 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Nonaccrual Loans | 4,301 | 4,481 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4,301 | |
Recorded Investment, Nonaccrual Loans | 4,301 | 4,481 |
Non-Accrual with No Credit Loss Allowance | 4,301 | 4,481 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 4,301 | |
Total | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 164,071 | 107,130 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4,301 | 4,481 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,301 | 4,481 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Nonaccrual Loans | 424 | 523 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 171 | 523 |
Recorded Investment, Loans Not Past Due | 424 | |
Recorded Investment, Nonaccrual Loans | 424 | 523 |
Non-Accrual with No Credit Loss Allowance | 424 | 523 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Revolving Loan | 398 | |
Revolving Loans Converted to Term | 26 | |
Total | 424 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 502 | 872 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 502 | 872 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 73,344 | 90,876 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 253 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 253 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 791 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 7,821 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Nonaccrual Loans | 1,722 | 2,332 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 1,246 | 2,104 |
Recorded Investment, Loans Not Past Due | 1,722 | |
Recorded Investment, Nonaccrual Loans | 1,722 | 2,332 |
Non-Accrual with No Credit Loss Allowance | 745 | 582 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2020 | 9 | |
2018 | 236 | |
Prior | 314 | |
Revolving Loan | 1,163 | |
Total | 1,722 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 1,633 | 2,201 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,633 | 2,201 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 300,347 | 185,596 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 476 | 228 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 476 | 228 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Recorded Investment, Nonaccrual Loans | 18 | 9 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 9 | |
Recorded Investment, Loans Not Past Due | 18 | |
Recorded Investment, Nonaccrual Loans | 9 | |
Non-Accrual with No Credit Loss Allowance | 10 | 9 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2018 | 8 | |
2017 | 8 | |
Prior | 2 | |
Total | 18 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 325 | 220 |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 325 | 220 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 60,671 | 22,276 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | Nonperforming Financial Instruments [Member] | ||
90 Days or More | 2 | |
Recorded Investment, Nonaccrual Loans | 18 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Other Consumer Loans | Loans Not Past Due | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 16 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 16 | |
Paycheck Protection Program Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 77,319 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 56,087 | |
2020 | 21,232 | |
Total | 77,319 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
90 Days or More | 283 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 13,796 | |
Non Accrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 13,796 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Nonaccrual Loans | 63,523 | 314,982 |
Small Business Administration Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 1,100 | 3,100 |
Non-Accrual with No Credit Loss Allowance | $ 1,100 | $ 1,700 |
LOANS AND ALLOWANCE (Schedule_4
LOANS AND ALLOWANCE (Schedule of the risk category of loans by class of loans) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Credit Quality Information [Abstract] | ||
2021 | $ 625,938,000 | |
2020 | 195,405,000 | |
2019 | 184,395,000 | |
2018 | 180,634,000 | |
2017 | 207,085,000 | |
Prior | 706,059,000 | |
Revolving Loan | 223,312,000 | |
Revolving Loans Converted to Term | 17,158,000 | |
Total | $ 2,339,986,000 | |
2021, Weighted average risk grade | 3.12 | |
2020, Weighted average risk grade | 3.24 | |
2019, Weighted average risk grade | 3.50 | |
2018, Weighted average risk grade | 3.38 | |
2017, Weighted average risk grade | 3.45 | |
Prior, Weighted average risk grade | 3.64 | |
Revolving loan, Weighted average risk grade | 3.35 | |
Revolving loans converted to term, Weighted average risk grade | 3.92 | |
Weighted average risk grade | 3.39 | |
Credit Quality By Class of Loans [Abstract] | ||
Total loans, net | $ 2,339,986,000 | $ 2,440,496,000 |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | 3,468,000 | |
Doubtful [Member] | ||
Credit Quality By Class of Loans [Abstract] | ||
Total loans, net | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Credit Quality Information [Abstract] | ||
2021 | 58,596,000 | |
2020 | 18,411,000 | |
2019 | 35,973,000 | |
2018 | 28,163,000 | |
2017 | 45,153,000 | |
Prior | 191,460,000 | |
Revolving Loan | 3,010,000 | |
Revolving Loans Converted to Term | 6,937,000 | |
Total | $ 387,703,000 | |
2021, Weighted average risk grade | 3.43 | |
2020, Weighted average risk grade | 3.42 | |
2019, Weighted average risk grade | 3.47 | |
2018, Weighted average risk grade | 3.43 | |
2017, Weighted average risk grade | 3.55 | |
Prior, Weighted average risk grade | 3.53 | |
Revolving loan, Weighted average risk grade | 3.29 | |
Revolving loans converted to term, Weighted average risk grade | 3.96 | |
Weighted average risk grade | 3.51 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 298,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 58,596,000 | |
2020 | 18,411,000 | |
2019 | 35,498,000 | |
2018 | 28,163,000 | |
2017 | 45,013,000 | |
Prior | 187,461,000 | |
Revolving Loan | 3,010,000 | |
Revolving Loans Converted to Term | 6,937,000 | |
Total | 383,089,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
2017 | 140,000 | |
Prior | 1,184,000 | |
Total | 1,324,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2019 | 475,000 | |
Prior | 2,815,000 | |
Total | 3,290,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Credit Quality Information [Abstract] | ||
2021 | 107,572,000 | |
2020 | 55,956,000 | |
2019 | 19,816,000 | |
2018 | 76,076,000 | |
2017 | 58,883,000 | |
Prior | 265,428,000 | |
Revolving Loan | 3,668,000 | |
Revolving Loans Converted to Term | 601,000 | |
Total | $ 588,000,000 | |
2021, Weighted average risk grade | 3.05 | |
2020, Weighted average risk grade | 3.47 | |
2019, Weighted average risk grade | 3.83 | |
2018, Weighted average risk grade | 3.45 | |
2017, Weighted average risk grade | 3.81 | |
Prior, Weighted average risk grade | 3.81 | |
Revolving loan, Weighted average risk grade | 2.94 | |
Revolving loans converted to term, Weighted average risk grade | 6 | |
Weighted average risk grade | 3.59 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 601,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 107,572,000 | |
2020 | 55,956,000 | |
2019 | 19,816,000 | |
2018 | 76,076,000 | |
2017 | 58,883,000 | |
Prior | 235,676,000 | |
Revolving Loan | 3,668,000 | |
Total | 557,647,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 12,097,000 | |
Total | 12,097,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 17,655,000 | |
Revolving Loans Converted to Term | 601,000 | |
Total | 18,256,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 320,000 | |
2020 | 66,000 | |
2019 | 24,000 | |
2017 | 1,978,000 | |
Prior | 4,138,000 | |
Revolving Loan | 2,086,000 | |
Total | $ 8,612,000 | |
2021, Weighted average risk grade | 3.17 | |
2020, Weighted average risk grade | 4 | |
2019, Weighted average risk grade | 6 | |
2017, Weighted average risk grade | 5.04 | |
Prior, Weighted average risk grade | 3.61 | |
Revolving loan, Weighted average risk grade | 4.09 | |
Weighted average risk grade | 4.05 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | $ 320,000 | |
2020 | 66,000 | |
2017 | 445,000 | |
Prior | 3,734,000 | |
Revolving Loan | 1,955,000 | |
Total | 6,520,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
2017 | 852,000 | |
Prior | 404,000 | |
Total | 1,256,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2019 | 24,000 | |
2017 | 681,000 | |
Revolving Loan | 131,000 | |
Total | 836,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 57,320,000 | |
2020 | 14,003,000 | |
2019 | 17,935,000 | |
2018 | 7,061,000 | |
2017 | 8,414,000 | |
Prior | 15,698,000 | |
Revolving Loan | 982,000 | |
Revolving Loans Converted to Term | 31,000 | |
Total | $ 121,444,000 | |
2021, Weighted average risk grade | 3.15 | |
2020, Weighted average risk grade | 3.56 | |
2019, Weighted average risk grade | 4.48 | |
2018, Weighted average risk grade | 3.26 | |
2017, Weighted average risk grade | 3.91 | |
Prior, Weighted average risk grade | 3.54 | |
Revolving loan, Weighted average risk grade | 3.31 | |
Revolving loans converted to term, Weighted average risk grade | 4 | |
Weighted average risk grade | 3.50 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | $ 57,320,000 | |
2020 | 14,003,000 | |
2019 | 13,360,000 | |
2018 | 7,061,000 | |
2017 | 8,414,000 | |
Prior | 15,664,000 | |
Revolving Loan | 982,000 | |
Revolving Loans Converted to Term | 31,000 | |
Total | 116,835,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2019 | 4,575,000 | |
Prior | 34,000 | |
Total | 4,609,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Credit Quality Information [Abstract] | ||
2021 | 165,106,000 | |
2020 | 54,037,000 | |
2019 | 90,419,000 | |
2018 | 49,694,000 | |
2017 | 43,173,000 | |
Prior | 139,506,000 | |
Revolving Loan | 1,845,000 | |
Revolving Loans Converted to Term | 3,780,000 | |
Total | $ 547,560,000 | |
2021, Weighted average risk grade | 3.04 | |
2020, Weighted average risk grade | 3.06 | |
2019, Weighted average risk grade | 3.24 | |
2018, Weighted average risk grade | 3.13 | |
2017, Weighted average risk grade | 3.07 | |
Prior, Weighted average risk grade | 3.26 | |
Revolving loan, Weighted average risk grade | 3.98 | |
Revolving loans converted to term, Weighted average risk grade | 3.30 | |
Weighted average risk grade | 3.15 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 1,706,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 165,106,000 | |
2020 | 54,037,000 | |
2019 | 81,905,000 | |
2018 | 49,694,000 | |
2017 | 43,173,000 | |
Prior | 138,711,000 | |
Revolving Loan | 1,845,000 | |
Revolving Loans Converted to Term | 3,484,000 | |
Total | 537,955,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
2019 | 8,514,000 | |
Total | 8,514,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 795,000 | |
Revolving Loans Converted to Term | 296,000 | |
Total | 1,091,000 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 37,030,000 | |
2020 | 18,866,000 | |
2019 | 7,228,000 | |
2018 | 6,328,000 | |
2017 | 36,574,000 | |
Prior | 52,712,000 | |
Revolving Loan | 5,031,000 | |
Revolving Loans Converted to Term | 302,000 | |
Total | $ 164,071,000 | |
2021, Weighted average risk grade | 3.40 | |
2020, Weighted average risk grade | 3.90 | |
2019, Weighted average risk grade | 3 | |
2018, Weighted average risk grade | 3.59 | |
2017, Weighted average risk grade | 3 | |
Prior, Weighted average risk grade | 3.92 | |
Revolving loan, Weighted average risk grade | 4 | |
Revolving loans converted to term, Weighted average risk grade | 6 | |
Weighted average risk grade | 3.55 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 302,000 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 37,030,000 | |
2020 | 18,866,000 | |
2019 | 7,228,000 | |
2018 | 6,328,000 | |
2017 | 36,574,000 | |
Prior | 42,310,000 | |
Revolving Loan | 5,031,000 | |
Total | 153,367,000 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 5,326,000 | |
Total | 5,326,000 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 5,076,000 | |
Revolving Loans Converted to Term | 302,000 | |
Total | 5,378,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 715,000 | |
2020 | 59,000 | |
2019 | 75,000 | |
2018 | 235,000 | |
2017 | 425,000 | |
Prior | 4,337,000 | |
Revolving Loan | 67,831,000 | |
Revolving Loans Converted to Term | 169,000 | |
Total | $ 73,846,000 | |
2021, Weighted average risk grade | 3 | |
2020, Weighted average risk grade | 3 | |
2019, Weighted average risk grade | 3 | |
2018, Weighted average risk grade | 3 | |
2017, Weighted average risk grade | 3.77 | |
Prior, Weighted average risk grade | 3.79 | |
Revolving loan, Weighted average risk grade | 3.09 | |
Revolving loans converted to term, Weighted average risk grade | 4.31 | |
Weighted average risk grade | 3.14 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | $ 715,000 | |
2020 | 59,000 | |
2019 | 75,000 | |
2018 | 235,000 | |
2017 | 425,000 | |
Prior | 4,337,000 | |
Revolving Loan | 67,157,000 | |
Revolving Loans Converted to Term | 143,000 | |
Total | 73,146,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Revolving Loan | 276,000 | |
Total | 276,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
Revolving Loan | 398,000 | |
Revolving Loans Converted to Term | 26,000 | |
Total | 424,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Credit Quality Information [Abstract] | ||
2021 | 95,085,000 | |
2020 | 10,424,000 | |
2019 | 11,923,000 | |
2018 | 12,156,000 | |
2017 | 10,522,000 | |
Prior | 20,222,000 | |
Revolving Loan | 136,310,000 | |
Revolving Loans Converted to Term | 5,338,000 | |
Total | $ 301,980,000 | |
2021, Weighted average risk grade | 3.43 | |
2020, Weighted average risk grade | 3.36 | |
2019, Weighted average risk grade | 3.79 | |
2018, Weighted average risk grade | 3.77 | |
2017, Weighted average risk grade | 2.95 | |
Prior, Weighted average risk grade | 3.96 | |
Revolving loan, Weighted average risk grade | 3.43 | |
Revolving loans converted to term, Weighted average risk grade | 3.95 | |
Weighted average risk grade | 3.48 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||
Revolving loans converted to term loans, during the period | $ 561,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 95,085,000 | |
2020 | 10,415,000 | |
2019 | 11,923,000 | |
2018 | 10,648,000 | |
2017 | 10,522,000 | |
Prior | 18,284,000 | |
Revolving Loan | 134,302,000 | |
Revolving Loans Converted to Term | 5,338,000 | |
Total | 296,517,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Revolving Loan | 845,000 | |
Total | 845,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2020 | 9,000 | |
2018 | 1,508,000 | |
Prior | 1,938,000 | |
Revolving Loan | 1,163,000 | |
Total | 4,618,000 | |
Other Consumer Loans | ||
Credit Quality Information [Abstract] | ||
2021 | 48,107,000 | |
2020 | 2,351,000 | |
2019 | 1,002,000 | |
2018 | 921,000 | |
2017 | 246,000 | |
Prior | 5,850,000 | |
Revolving Loan | 2,519,000 | |
Total | $ 60,996,000 | |
2021, Weighted average risk grade | 3.55 | |
2020, Weighted average risk grade | 3.99 | |
2019, Weighted average risk grade | 3.99 | |
2018, Weighted average risk grade | 4.02 | |
2017, Weighted average risk grade | 4.07 | |
Prior, Weighted average risk grade | 4.01 | |
Revolving loan, Weighted average risk grade | 4 | |
Weighted average risk grade | 3.65 | |
Other Consumer Loans | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | $ 48,107,000 | |
2020 | 2,351,000 | |
2019 | 1,002,000 | |
2018 | 914,000 | |
2017 | 237,000 | |
Prior | 5,766,000 | |
Revolving Loan | 2,519,000 | |
Total | 60,896,000 | |
Other Consumer Loans | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 82,000 | |
Total | 82,000 | |
Other Consumer Loans | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2018 | 7,000 | |
2017 | 9,000 | |
Prior | 2,000 | |
Total | 18,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Credit Quality Information [Abstract] | ||
2017 | 1,717,000 | |
Prior | 6,708,000 | |
Revolving Loan | 30,000 | |
Total | $ 8,455,000 | |
2017, Weighted average risk grade | 6 | |
Prior, Weighted average risk grade | 4.08 | |
Revolving loan, Weighted average risk grade | 3 | |
Weighted average risk grade | 4.47 | |
Credit Quality By Class of Loans [Abstract] | ||
Total loans, net | $ 8,455,000 | $ 8,908,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 5,145,000 | |
Revolving Loan | 30,000 | |
Total | 5,175,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Special Mention [Member] | ||
Credit Quality Information [Abstract] | ||
Prior | 1,391,000 | |
Total | 1,391,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Substandard [Member] | ||
Credit Quality Information [Abstract] | ||
2017 | 1,717,000 | |
Prior | 172,000 | |
Total | 1,889,000 | |
Paycheck Protection Program Loans [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 56,087,000 | |
2020 | 21,232,000 | |
Total | $ 77,319,000 | |
2021, Weighted average risk grade | 2 | |
2020, Weighted average risk grade | 2 | |
Weighted average risk grade | 2 | |
Credit Quality By Class of Loans [Abstract] | ||
Total loans, net | $ 122,000,000 | |
Paycheck Protection Program Loans [Member] | Pass [Member] | ||
Credit Quality Information [Abstract] | ||
2021 | 56,087,000 | |
2020 | 21,232,000 | |
Total | $ 77,319,000 |
LOANS AND ALLOWANCE (Schedule_5
LOANS AND ALLOWANCE (Schedule of calculation for allowance for credit losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowances for loan losses | $ 29,105 | $ 36,345 | $ 10,261 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowances for loan losses | 4,562 | 6,699 | 810 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowances for loan losses | 9,028 | 11,426 | 1,596 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowances for loan losses | 56 | 104 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowances for loan losses | 998 | 1,815 | 683 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowances for loan losses | 56 | 104 | 5 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowances for loan losses | 3,588 | 9,579 | 1,049 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowances for loan losses | 3,280 | 1,412 | 119 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowances for loan losses | 437 | 901 | 217 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowances for loan losses | 998 | 1,815 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowances for loan losses | 4,088 | 1,498 | 5,418 |
Consumer Portfolio Segment [Member] | |||
Allowances for loan losses | 787 | 517 | 190 |
Unallocated | |||
Allowances for loan losses | $ 174 | ||
Other Consumer Loans | |||
Allowances for loan losses | 787 | 517 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowances for loan losses | 2,281 | 2,394 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Allowances for loan losses | 2,281 | 2,394 | |
Paycheck Protection Program Loans [Member] | |||
Financing receivable, allowance for credit loss | 0 | ||
Modeled Expected Credit Losses [Member] | |||
Allowances for loan losses | 20,960 | 14,491 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowances for loan losses | 4,281 | 2,565 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowances for loan losses | 8,020 | 3,959 | |
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowances for loan losses | 9 | 58 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowances for loan losses | 3,012 | 4,579 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowances for loan losses | 1,885 | 649 | |
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowances for loan losses | 273 | 534 | |
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowances for loan losses | 540 | 1,297 | |
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowances for loan losses | 2,154 | 544 | |
Modeled Expected Credit Losses [Member] | Other Consumer Loans | |||
Allowances for loan losses | 786 | 306 | |
Q Factor And Other Qualitative Adjustments [Member] | |||
Allowances for loan losses | 5,205 | 19,367 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowances for loan losses | 281 | 4,134 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowances for loan losses | 1,008 | 7,467 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowances for loan losses | 47 | 46 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowances for loan losses | 576 | 4,963 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowances for loan losses | 1,395 | 763 | |
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowances for loan losses | 164 | 367 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowances for loan losses | 458 | 516 | |
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowances for loan losses | 1,276 | 917 | |
Q Factor And Other Qualitative Adjustments [Member] | Other Consumer Loans | |||
Allowances for loan losses | 194 | ||
Specific Allocation [Member] | |||
Allowances for loan losses | 2,940 | 2,487 | |
Specific Allocation [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowances for loan losses | 37 | ||
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowances for loan losses | 2 | ||
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowances for loan losses | 658 | 37 | |
Specific Allocation [Member] | Other Consumer Loans | |||
Allowances for loan losses | 1 | 17 | |
Specific Allocation [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowances for loan losses | $ 2,281 | $ 2,394 |
LOANS AND ALLOWANCE (Schedule_6
LOANS AND ALLOWANCE (Schedule of Activity for Loan and Lease Losses By Class of Loan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 36,345 | $ 10,261 | |
Provision (recovery) | (5,801) | 19,450 | $ 350 |
Provision (recovery) | 19,450 | ||
Charge offs | (2,496) | (2,343) | |
Recoveries | 1,057 | 685 | |
Ending balance | 29,105 | 36,345 | 10,261 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 6,699 | 810 | |
Provision (recovery) | (1,961) | ||
Provision (recovery) | 4,232 | ||
Charge offs | (176) | (52) | |
Recoveries | 5 | ||
Ending balance | 4,562 | 6,699 | 810 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 11,426 | 1,596 | |
Provision (recovery) | (2,398) | ||
Provision (recovery) | 7,198 | ||
Recoveries | 135 | ||
Ending balance | 9,028 | 11,426 | 1,596 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 104 | ||
Ending balance | 56 | 104 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,815 | 683 | |
Provision (recovery) | (817) | ||
Provision (recovery) | 458 | ||
Ending balance | 998 | 1,815 | 683 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 104 | 5 | |
Provision (recovery) | (48) | ||
Provision (recovery) | (102) | ||
Ending balance | 56 | 104 | 5 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 9,579 | 1,049 | |
Provision (recovery) | (5,533) | ||
Provision (recovery) | 4,291 | ||
Charge offs | (469) | (308) | |
Recoveries | 11 | 362 | |
Ending balance | 3,588 | 9,579 | 1,049 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,412 | 119 | |
Provision (recovery) | 1,868 | ||
Provision (recovery) | 1,084 | ||
Ending balance | 3,280 | 1,412 | 119 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 901 | 217 | |
Provision (recovery) | (466) | ||
Provision (recovery) | 970 | ||
Charge offs | (125) | ||
Recoveries | 2 | 56 | |
Ending balance | 437 | 901 | 217 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,815 | ||
Ending balance | 998 | 1,815 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,498 | 5,418 | |
Provision (recovery) | 3,291 | ||
Provision (recovery) | 966 | ||
Charge offs | (1,706) | (1,734) | |
Recoveries | 1,005 | 94 | |
Ending balance | 4,088 | 1,498 | 5,418 |
Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 517 | 190 | |
Provision (recovery) | 376 | ||
Provision (recovery) | 231 | ||
Charge offs | (145) | (124) | |
Recoveries | 39 | 33 | |
Ending balance | 787 | 517 | 190 |
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 174 | ||
Ending balance | 174 | ||
Other Consumer Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 517 | ||
Ending balance | 787 | 517 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,394 | ||
Ending balance | 2,281 | 2,394 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,394 | ||
Provision (recovery) | (113) | ||
Provision (recovery) | 122 | ||
Ending balance | $ 2,281 | 2,394 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 8,292 | ||
Ending balance | 8,292 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,704 | ||
Ending balance | 1,704 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,497 | ||
Ending balance | 2,497 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 674 | ||
Ending balance | 674 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 201 | ||
Ending balance | 201 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,185 | ||
Ending balance | 4,185 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 209 | ||
Ending balance | 209 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (217) | ||
Ending balance | (217) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (3,246) | ||
Ending balance | (3,246) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 187 | ||
Ending balance | 187 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (174) | ||
Ending balance | (174) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,272 | ||
Ending balance | 2,272 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 18,553 | ||
Ending balance | 18,553 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,514 | ||
Ending balance | 2,514 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,093 | ||
Ending balance | 4,093 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,357 | ||
Ending balance | 1,357 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 206 | ||
Ending balance | 206 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 5,234 | ||
Ending balance | 5,234 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 328 | ||
Ending balance | 328 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,172 | ||
Ending balance | 2,172 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 377 | ||
Ending balance | 377 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 2,272 | ||
Ending balance | $ 2,272 |
LOANS AND ALLOWANCE (Schedule_7
LOANS AND ALLOWANCE (Schedule of Allowance for Loan Losses and the Recorded Investment by Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | $ 2,940 | $ 2,487 | |
Total ending allowance | 29,105 | 36,345 | $ 10,261 |
Loans: | |||
Individually evaluated for impairment | 44,872 | 48,849 | |
Total ending loans, net | 2,339,986 | 2,440,496 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 4,562 | 6,699 | 810 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 9,028 | 11,426 | 1,596 |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 56 | 104 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 998 | 1,815 | 683 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 56 | 104 | 5 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 3,588 | 9,579 | 1,049 |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 3,280 | 1,412 | 119 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 437 | 901 | 217 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 998 | 1,815 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 4,088 | 1,498 | 5,418 |
Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 787 | 517 | 190 |
Other Consumer Loans | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 787 | 517 | |
Unallocated | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | $ 174 | ||
Paycheck Protection Program Loans [Member] | |||
Loans: | |||
Total ending loans, net | 122,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 2,281 | 2,394 | |
Total ending allowance | 2,281 | 2,394 | |
Loans: | |||
Individually evaluated for impairment | 8,455 | 8,908 | |
Total ending loans, net | 8,455 | 8,908 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Total ending allowance | 2,281 | 2,394 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 659 | 93 | |
Loans: | |||
Individually evaluated for impairment | 36,417 | 39,941 | |
Total ending loans, net | 2,331,531 | 2,431,588 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Loans: | |||
Individually evaluated for impairment | 3,291 | 23,397 | |
Total ending loans, net | 387,703 | 434,816 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Loans: | |||
Individually evaluated for impairment | 18,256 | 7,467 | |
Total ending loans, net | 588,000 | 599,578 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Loans: | |||
Individually evaluated for impairment | 681 | 1,069 | |
Total ending loans, net | 11,687 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans: | |||
Total ending loans, net | 121,444 | 103,401 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 37 | ||
Loans: | |||
Individually evaluated for impairment | 541 | 1,918 | |
Total ending loans, net | 547,560 | 557,953 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Loans: | |||
Individually evaluated for impairment | 5,378 | ||
Total ending loans, net | 164,071 | 107,130 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans: | |||
Individually evaluated for impairment | 481 | ||
Total ending loans, net | 73,846 | 91,748 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Loans: | |||
Total ending loans, net | 8,612 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 2 | ||
Loans: | |||
Individually evaluated for impairment | 4,575 | 77 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 658 | 37 | |
Loans: | |||
Individually evaluated for impairment | 3,688 | 5,515 | |
Total ending loans, net | 301,980 | 187,797 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Ending allowance balance attributable to loans: | |||
Individually evaluated for impairment, allowance | 1 | 17 | |
Loans: | |||
Individually evaluated for impairment | 7 | 17 | |
Total ending loans, net | 60,996 | 22,496 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Loans: | |||
Total ending loans, net | 77,319 | 314,982 | |
Small Business Administration Loan [Member] | |||
Loans: | |||
Individually evaluated for impairment | $ 681 | $ 2,500 |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Allowances for loan losses | $ 29,105 | $ 36,345 | $ 10,261 |
Other real estate owned | 1,163 | 3,078 | |
Available for sale, Fair value | $ 271,332 | $ 153,233 | |
Minimum [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 5.00% | ||
Minimum [Member] | Other Real Estate Owned [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of discount rate on other real estate owned | 5.00% | 5.00% | |
Maximum [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 10.00% | ||
Maximum [Member] | Other Real Estate Owned [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of discount rate on other real estate owned | 10.00% | 10.00% | |
Weighted Average [Member] | Loans Payable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of estimated costs related to selling the collateral | 6.00% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other real estate owned | $ 1,200 | ||
Covered other real estate owned | $ 3,100 | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Available for sale, Fair value | $ 0 | $ 1,000 |
FAIR VALUE (Schedule of assets
FAIR VALUE (Schedule of assets measured at fair value on a recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale securities | ||
Available for sale, Fair value | $ 271,332 | $ 153,233 |
Collateralized loan obligations | ||
Available for sale securities | ||
Available for sale, Fair value | 5,010 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | ||
Available for sale securities | ||
Available for sale, Fair value | 5,010 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 0 | 1,000 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 271,332 | 153,233 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 122,610 | 37,060 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 31,231 | 24,042 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 13,685 | 15,079 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 19,807 | 29,416 |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Agency Securities | ||
Available for sale securities | ||
Available for sale, Fair value | 17,488 | 6,075 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 52,667 | 30,190 |
Fair Value, Measurements, Recurring [Member] | SBA Pool Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 8,834 | 11,371 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 271,332 | 152,233 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 122,610 | 37,060 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 31,231 | 24,042 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 13,685 | 14,079 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 19,807 | 29,416 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Agency Securities | ||
Available for sale securities | ||
Available for sale, Fair value | 17,488 | 6,075 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 52,667 | 30,190 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pool Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | $ 8,834 | 11,371 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | 1,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available for sale securities | ||
Available for sale, Fair value | $ 1,000 |
FAIR VALUE (Schedule of Asset_2
FAIR VALUE (Schedule of Assets Measured at Fair Value on Non-recurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 44,331 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 44,331 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 47,001 | |
Other real estate owned | 865 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 47,001 | |
Other real estate owned | 865 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | 1,221 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | 1,221 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 897 | 992 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 897 | $ 992 |
FAIR VALUE (Schedule of estimat
FAIR VALUE (Schedule of estimated fair values and fair value hierarchy levels of financial instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available for sale | $ 271,332 | $ 153,233 |
Held To Maturity Securities Fair Value | 23,364 | 41,832 |
Investments in mortgage company - held for sale | 12,952 | |
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Fair Value, Inputs, Level 1 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 530,167 | 196,185 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 9,962 | 16,065 |
FHLB advances | 100,000 | 100,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 530,167 | 196,185 |
Financial liabilities: | ||
Securities sold under agreements to repurchase | 9,962 | 16,065 |
FHLB advances | 100,000 | 100,000 |
Fair Value, Inputs, Level 2 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Held To Maturity Securities Fair Value | 22,940 | 40,721 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 15,521 | 16,927 |
Investments in mortgage company - held for sale | 12,952 | |
Accrued interest receivable | 11,882 | 19,998 |
Financial liabilities: | ||
Demand deposits | 1,380,020 | 1,155,426 |
Money market and savings accounts | 1,022,621 | 787,132 |
Junior subordinated debt | 9,731 | 9,682 |
Senior subordinated notes | 85,297 | 105,647 |
Accrued interest payable | 1,864 | 3,057 |
Fair Value, Inputs, Level 2 [Member] | Fair Value | ||
Financial assets: | ||
Held To Maturity Securities Fair Value | 23,364 | 41,832 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 15,521 | 16,927 |
Investments in mortgage company - held for sale | 12,952 | |
Accrued interest receivable | 11,882 | 19,998 |
Financial liabilities: | ||
Demand deposits | 1,380,020 | 1,155,426 |
Money market and savings accounts | 1,022,621 | 787,132 |
Junior subordinated debt | 10,367 | 8,863 |
Senior subordinated notes | 91,141 | 109,276 |
Accrued interest payable | 1,864 | 3,057 |
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Net loans | 2,310,881 | 2,404,151 |
Financial liabilities: | ||
Certificate of deposits | 360,575 | 490,048 |
Fair Value, Inputs, Level 3 [Member] | Fair Value | ||
Financial assets: | ||
Preferred investment in mortgage affiliate | 3,005 | 3,005 |
Net loans | 2,278,456 | 2,435,612 |
Financial liabilities: | ||
Certificate of deposits | 362,902 | 495,022 |
Fair Value Inputs Level 2 and Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Financial assets: | ||
Securities available for sale | 271,332 | 153,233 |
Fair Value Inputs Level 2 and Level 3 [Member] | Fair Value | ||
Financial assets: | ||
Securities available for sale | $ 271,332 | $ 153,233 |
BANK PREMISES AND EQUIPMENT (Na
BANK PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
BANK PREMISES AND EQUIPMENT [Abstract] | |||
Depreciation and amortization expense | $ 2.4 | $ 2 | $ 2.3 |
BANK PREMISES AND EQUIPMENT (Sc
BANK PREMISES AND EQUIPMENT (Schedule of bank premises and equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 48,684 | $ 46,265 |
Less accumulated depreciation and amortization | 18,274 | 15,959 |
Bank premises and equipment, net | 30,410 | 30,306 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 8,139 | 8,139 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 1,558 | 1,558 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 23,792 | 23,164 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 3,001 | 3,001 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 12,182 | 8,962 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 12 | $ 1,441 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 5,866 | $ 7,511 |
Operating Lease, Liability | 6,498 | 8,238 |
Lease, Cost | $ 2,400 | $ 2,900 |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease other information) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases, in years | 4 years 4 months 24 days | 4 years 9 months 18 days |
Weighted-average discount rate - operating leases | 2.50% | 2.50% |
LEASES (Schedule of future mini
LEASES (Schedule of future minimum rental payments required under non-cancelable operating leases for bank premises) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 2,424 | |
2023 | 1,700 | |
2024 | 950 | |
2025 | 421 | |
2026 | 356 | |
Thereafter | 1,080 | |
Total lease payments | 6,931 | |
Less: imputed interest | (433) | |
Lease liabilities | $ 6,498 | $ 8,238 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 101,954,000 | $ 101,954,000 | |
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of acquired intangible assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles, net carrying value | $ 4,462 | $ 5,826 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles, gross carrying value | 17,503 | 17,503 |
Accumulated Amortization | (13,041) | (11,677) |
Amortizable intangibles, net carrying value | $ 4,462 | $ 5,826 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS (Schedule of estimated amortization expense of intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, net | $ 4,462 | $ 5,826 |
Core Deposits and Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 1,325 | |
2023 | 1,269 | |
2024 | 1,266 | |
2025 | 602 | |
Intangibles, net | $ 4,462 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Aggregate amount of time deposits in denominations of $250,000 or more | $ 128 | $ 165.7 |
DEPOSITS (Scheduled maturities
DEPOSITS (Scheduled maturities of time deposits) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
2022 | $ 285,223 |
2023 | 52,475 |
2024 | 14,060 |
2025 | 4,317 |
2026 | 4,500 |
Time deposits, total | $ 360,575 |
DEPOSITS (Scheduled maturitie_2
DEPOSITS (Scheduled maturities of certificates of deposits) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
Within 3 Months | $ 20,968 |
3 to 6 Months | 28,249 |
6 to 12 Months | 51,850 |
Over 12 Months | 26,893 |
Total | $ 127,960 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | Mar. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 10 | $ 16 | |
Securities sold under agreements to repurchase, fair value of collateral | 21.7 | 31.1 | |
Potential amount that could be collateralized | 763.2 | ||
Federal Home Loan Bank Advances [Member] | Subsequent Event [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB repayment/called | $ 100 | ||
Home Equity Loan [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 28.3 | 37.2 | |
1-4 Family Residential | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 382.7 | 390.7 | |
Commercial Mortgage Loan | Commercial Portfolio Segment [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | 155.4 | 189 | |
Securities Investment [Member] | Federal Home Loan Bank Advances [Member] | |||
Federal Home Loan Bank, Advances, Branch Of Fhlb Bank [Line Items] | |||
FHLB advances, pledged as collateral | $ 3.5 | $ 6.4 |
SECURITIES SOLD UNDER AGREEME_4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Summary of Other short-term borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 9,962 | $ 16,065 |
Total | $ 109,962 | $ 116,065 |
Federal Home Loan Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate at year end | 3.55% | 3.55% |
FHLB collateral advances maturity 3/1/2030 [Member] | ||
Short-term Debt [Line Items] | ||
Amount of advances, FHLB | $ 100,000 | $ 100,000 |
Due date, FHLB | Mar. 1, 2030 |
JUNIOR SUBORDINATED DEBT AND _2
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES (Narrative) (Details) $ in Thousands | Aug. 25, 2020USD ($) | Jan. 20, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 23, 2017USD ($) | Apr. 22, 2015USD ($) | Sep. 17, 2003USD ($) |
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of subordinated long-term debt | $ 58,600 | ||||||
Junior subordinated notes | $ 9,731 | 9,682 | |||||
Senior subordinated notes - long term | $ 85,297 | $ 105,647 | |||||
Eastern Virginia Bankshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes assumed in merger | $ 10,300 | ||||||
Trust preferred securities pooled underwriting amount | $ 650,000 | ||||||
Junior Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Description of variable rate basis | three-month LIBOR | ||||||
Unamortized debt issuance costs | $ 600 | ||||||
Junior subordinated notes | $ 10,300 | ||||||
Junior Subordinated Debt [Member] | Eastern Virginia Bankshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 3.17% | 3.18% | |||||
Basis spread on LIBOR | 2.95% | ||||||
Percentage of tier one capital for regulatory capital adequacy | 25.00% | ||||||
Senior Subordinated Notes [Member] | Eastern Virginia Bankshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 6.50% | ||||||
Debt instrument, face amount | $ 20,000 | ||||||
SNBV Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 5.875% | ||||||
Description of variable rate basis | three-month LIBOR | ||||||
Basis spread on LIBOR | 3.95% | ||||||
Percentage of subordinated notes considered tier 2 | 100.00% | ||||||
Debt instrument, face amount | $ 27,000 | ||||||
SNBV Subordinated Notes [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ 1,700 | $ 1,900 | |||||
Percentage of subordinated notes considered tier 2 | 100.00% | ||||||
Debt instrument, face amount | $ 60,000 | ||||||
SNBV Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 5.40% | ||||||
Debt instrument basis points spread | 5.31 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES [Abstract] | ||||
Deferred tax assets, valuation allowance | $ 0 | $ 0 | ||
Unrecognized tax benefits | 0 | |||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | $ 0 | $ 0 | |
U.S. Federal income tax rate | 21.00% | 21.00% | 21.00% | |
Income Tax Examination, Description | Primis and its subsidiaries file a consolidated U.S. federal income tax return, and Primis files a Virginia state income tax return. Primis Bank files a Maryland and an Arkansas state income tax return. These returns are subject to examination by taxing authorities for all years after 2017. | |||
Allowance for credit losses deferred tax | $ 400,000 | |||
Increase (decrease) to deferred tax liabilities | $ 600,000 | |||
Increase (decrease) to deferred tax assets | $ 1,200,000 | |||
Operating loss carryforward write-off (reversal) | $ 5,500,000 |
INCOME TAXES (Schedule of net d
INCOME TAXES (Schedule of net deferred tax assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 6,522 | $ 8,028 |
Unearned loan fees and other | 1,581 | 2,583 |
Other real estate owned write-downs | 450 | 567 |
Lease liability | 1,407 | 1,779 |
Federal AMT credit carryforward | 1,137 | |
Federal low income housing credit carryforward | 424 | 444 |
Deferred compensation | 1,684 | 1,734 |
Depreciation | 274 | |
Other | 921 | 1,012 |
Total deferred tax assets | 12,989 | 17,558 |
Deferred tax liabilities: | ||
Right-of-use assets | 1,315 | 1,576 |
Net unrealized gain on investment securities available for sale | 247 | 916 |
Purchase accounting | 930 | 420 |
Depreciation | 926 | |
Total deferred tax liabilities | 3,418 | 2,912 |
Net deferred tax assets | $ 9,571 | $ 14,646 |
INCOME TAXES (Schedule of provi
INCOME TAXES (Schedule of provision for income taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense | |||
Federal | $ 2,504 | $ 5,319 | $ 4,197 |
State | 163 | 320 | 218 |
Total current tax expense | 2,667 | 5,639 | 4,415 |
Deferred tax benefit | |||
Federal | 5,937 | (1,294) | 1,406 |
State | 117 | (117) | 71 |
Total deferred tax expense | 6,054 | (1,411) | 1,477 |
Total income tax expense from continuing operations | 8,721 | 4,228 | 5,892 |
Total income tax expense from discontinued operation | 64 | 2,386 | 185 |
Total income tax expense | $ 8,785 | $ 6,614 | $ 6,077 |
INCOME TAXES (Schedule of incom
INCOME TAXES (Schedule of income tax expense determined by applying the U.S. Federal income tax rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES [Abstract] | |||
Computed expected tax expense at statutory rate | $ 8,345 | $ 4,022 | $ 7,991 |
Increase (decrease) in tax expense resulting from: | |||
Remeasurement of deferred tax assets and liabilities | 442 | (31) | (1,659) |
Low income housing tax credits, net of amortization | 39 | 225 | (255) |
Income from bank-owned life insurance | (354) | (327) | (357) |
State taxes, net | 242 | 200 | 241 |
Other, net | 7 | 139 | (69) |
Total income tax expense from continuing operations | 8,721 | 4,228 | 5,892 |
Total income tax expense from discontinued operation | 64 | 2,386 | 185 |
Total income tax expense | $ 8,785 | $ 6,614 | $ 6,077 |
EMPLOYEE BENEFITS (Narrative) (
EMPLOYEE BENEFITS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer discretionary matching contributions in 401(k) plan | $ 995 | $ 795 | $ 704 |
Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation expense | 361 | 1,300 | $ 1,200 |
Deferred compensation liability | $ 7,800 | $ 8,000 |
STOCK- BASED COMPENSATION (Narr
STOCK- BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 21, 2017 | |
Stock Option Plan 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for reservation (in shares) | 750,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 188 | $ 62 | |
Time Vested Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 747 | $ 1,400 | $ 370 | |
Unrecognized compensation expense associated with the other than options | $ 1,100 | |||
Unrecognized compensation cost weighted average recognition period | 3 years 3 months 18 days | |||
Unvested stock outstanding, beginning of period | 96,300 | |||
Weighted Average Exercise Price, Granted, other than options | $ 14.96 | |||
Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense associated with the other than options | $ 1,300 | |||
Non transferrable performance-based restricted stock units | 59,335 | |||
Weighted Average Exercise Price, Granted, other than options | $ 15 |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of Activity in the Stock Option Plan) (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | ||
Options outstanding, beginning of period | 450,800 | |
Forfeited | (1,500) | |
Expired | (6,500) | |
Exercised | (159,000) | |
Options outstanding, end of period | 283,800 | 450,800 |
Exercisable at end of period | 283,800 | |
Weighted Average Grant Date Fair Value Per Share | ||
Options outstanding, beginning of period | $ 10.50 | |
Forfeited | 11.99 | |
Expired | 11.14 | |
Exercised | 9.60 | |
Options outstanding, end of period | 10.98 | $ 10.50 |
Exercisable at end of period | $ 10.98 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 2 years 2 months 12 days | 3 years 9 months 18 days |
Exercisable at end of period | 2 years 2 months 12 days | |
Options outstanding, Aggregate Intrinsic Value | $ 1,153 | $ 727 |
Exercisable at end of period - Aggregate Intrinsic Value | $ 1,153 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in the restricted stock plan) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Time Vested Restricted Stock | ||
Shares | ||
Unvested stock outstanding, beginning of period | 96,300 | |
Granted, other than options | 55,250 | |
Vested, other than options | (46,300) | |
Forfeited other than options | (7,200) | |
Unvested stock outstanding, end of period | 98,050 | 96,300 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, beginning of period | $ 14.17 | |
Weighted Average Exercise Price, Granted, other than options | 14.96 | |
Weighted Average Exercise Price, Vested, other than options | 15.05 | |
Weighted Average Exercise Price, Forfeited, other than options | 12.11 | |
Weighted Average Exercise Price, ending of period | $ 14.58 | $ 14.17 |
Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | 3 years 9 months 18 days |
Performance Based Restricted Stock Units | ||
Shares | ||
Granted, other than options | 59,335 | |
Unvested stock outstanding, end of period | 59,335 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Granted, other than options | $ 15 | |
Weighted Average Exercise Price, ending of period | $ 15 | |
Weighted Average Remaining Contractual Term | 4 years |
FINANCIAL INSTRUMENT WITH OFF_3
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | ||
Letters of credit outstanding | $ 13.1 | $ 15.9 |
Unfunded lines of credit and undisbursed construction loan funds | 411 | $ 355.3 |
Investment in non-marketable equity securities | $ 3.5 |
FINANCIAL INSTRUMENT WITH OFF_4
FINANCIAL INSTRUMENT WITH OFF-BALANCE SHEET RISK (Schedule of allowance for credit losses off balance sheet exposure) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 740 | |
Credit loss expense | 237 | $ 380 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | 977 | 740 |
Revision of Prior Period, Adjustment [Member] | ||
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 360 | |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 360 |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options and warrants (in shares) | 0 | 226,300 | 0 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Reconciliation of the Denominators of the Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Basic EPS - Income (Numerator) (in dollars) | $ 31,018 | $ 14,884 | $ 32,161 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | 31,018 | 14,884 | 32,161 |
Basic EPS from discontinued operations | 230 | 8,403 | 1,006 |
Diluted EPS from discontinued operations | $ 230 | $ 8,403 | $ 1,006 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 24,438 | 24,239 | 24,050 |
Effect of dilutive stock options and and unvested restricted stock- Weighted Average Shares (Denominator) (in shares) | 163 | 124 | 275 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 24,601 | 24,363 | 24,325 |
Basic EPS - Per Share Amount (in dollars per share) | $ 1.27 | $ 0.61 | $ 1.34 |
Effect of dilutive stock options and and unvested restricted stock- Per Share Amount (in dollars per share) | (0.01) | (0.02) | |
Diluted EPS- Per Share Amount (in dollars per share) | 1.26 | 0.61 | 1.32 |
Basic EPS - Per Share Amount Discontinued Operations | 0.01 | 0.35 | 0.04 |
Diluted EPS - Per Share Amount Discontinued Operations | $ 0.01 | $ 0.35 | $ 0.04 |
REGULATORY MATTERS (Schedule of
REGULATORY MATTERS (Schedule of capital amounts and ratios for southern national and sonabank) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital ratio, Actual Amount | $ 304,353 | |
Common equity tier 1 capital ratio, Actual Ratio | 13.09 | |
Common equity tier 1 capital ratio required for capital adequacy purposes amount | $ 104,598 | |
Common equity tier 1 capital ratio required for capital adequacy purposes ratio | 4.50% | |
Tier 1 risk-based capital ratio, Actual Amount | $ 314,353 | |
Tier 1 risk-based capital ratio, Actual Ratio | 13.52 | |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 139,464 | |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 6 | |
Total risk-based capital ratio, Actual Amount | $ 430,421 | |
Total risk-based capital ratio, Actual Ratio | 18.52 | |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 185,952 | |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 8 | |
Leverage ratio, Actual Amount | $ 314,353 | |
Leverage ratio, Actual Ratio | 9.41 | |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 133,664 | |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 4 | |
Capital conservation buffer | 9.43% | |
Primis Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital ratio, Actual Amount | $ 372,076 | $ 334,540 |
Common equity tier 1 capital ratio, Actual Ratio | 16.18 | 15.83 |
Common equity tier 1 capital ratio required for capital adequacy purposes amount | $ 103,476 | $ 95,078 |
Common equity tier 1 capital ratio required for capital adequacy purposes ratio | 4.50% | 4.50% |
Common equity tier 1 capital ratio, To Be Categorized as Well Capitalized Amount | $ 149,465 | $ 137,334 |
Common equity tier 1 capital ratio, To Be Categorized as Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital ratio, Actual Amount | $ 372,076 | $ 334,540 |
Tier 1 risk-based capital ratio, Actual Ratio | 16.18 | 15.83 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 137,968 | $ 126,770 |
Tier 1 risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 6 | 6 |
Tier 1 risk-based capital ratio, To Be Categorized as Well Capitalized, Amount | $ 183,957 | $ 169,027 |
Tier 1 risk-based capital ratio, To Be Categorized as Well Capitalized, Ratio | 8 | 8 |
Total risk-based capital ratio, Actual Amount | $ 400,836 | $ 361,073 |
Total risk-based capital ratio, Actual Ratio | 17.43 | 17.09 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 183,957 | $ 169,027 |
Total risk-based capital ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 8 | 8 |
Total risk-based capital ratio, To Be Categorized as Well Capitalized, Amount | $ 229,947 | $ 211,284 |
Total risk-based capital ratio, To Be Categorized as Well Capitalized, Ratio | 10 | 10 |
Leverage ratio, Actual Amount | $ 372,076 | $ 334,540 |
Leverage ratio, Actual Ratio | 11.14 | 11.25 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Amount | $ 137,890 | $ 124,046 |
Leverage ratio, Actual Ratio Required For Capital Adequacy Purposes, Ratio | 4 | 4 |
Leverage ratio, To Be Categorized as Well Capitalized, Amount | $ 114,973 | $ 105,642 |
Leverage ratio, To Be Categorized as Well Capitalized, Ratio | 5 | 5 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed balance sheet of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Cash | $ 530,167 | $ 196,185 | ||
Preferred investment in mortgage company | 3,005 | 3,005 | ||
Other assets | 21,475 | 12,771 | ||
Total assets | 3,407,353 | 3,088,673 | ||
Liabilities [Abstract] | ||||
Junior subordinated debt - long term | 9,731 | 9,682 | ||
Senior subordinated notes - long term | 85,297 | 105,647 | ||
Other liabilities | 20,768 | 25,881 | ||
Total liabilities | 2,995,472 | 2,698,119 | ||
Stockholders' equity: | ||||
Common stock | 245 | 243 | ||
Additional paid in capital | 311,127 | 308,870 | ||
Retained earnings | 99,397 | 77,956 | ||
Accumulated other comprehensive income | 1,112 | 3,485 | ||
Total stockholders' equity | 411,881 | 390,554 | $ 377,241 | $ 348,290 |
Total liabilities and stockholders' equity | 3,407,353 | 3,088,673 | ||
Southern National | Reportable Legal Entities | ||||
ASSETS | ||||
Cash | 23,517 | 59,318 | ||
Investment in subsidiary | 479,855 | 446,116 | ||
Preferred investment in mortgage company | 3,064 | |||
Investments in non-marketable equity securities | 430 | |||
Other assets | 2,681 | 2,060 | ||
Total assets | 509,547 | 507,494 | ||
Liabilities [Abstract] | ||||
Junior subordinated debt - long term | 9,731 | 9,682 | ||
Senior subordinated notes - long term | 85,297 | 105,647 | ||
Other liabilities | 2,638 | 1,611 | ||
Total liabilities | 97,666 | 116,940 | ||
Stockholders' equity: | ||||
Common stock | 245 | 243 | ||
Additional paid in capital | 311,127 | 308,870 | ||
Retained earnings | 99,397 | 77,956 | ||
Accumulated other comprehensive income | 1,112 | 3,485 | ||
Total stockholders' equity | 411,881 | 390,554 | ||
Total liabilities and stockholders' equity | $ 509,547 | $ 507,494 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed statements of income of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Gain on debt extinguishment | $ 573 | ||
Total interest and dividend income | 113,243 | $ 117,779 | $ 120,524 |
Interest on junior subordinated debt | 355 | 426 | 589 |
Interest on senior subordinated notes | 5,127 | 3,909 | 2,847 |
Other operating expenses | 9,624 | 8,016 | 10,169 |
Income from continuing operations before income taxes | 39,739 | 19,112 | 38,053 |
Income tax benefit | (8,721) | (4,228) | (5,892) |
Net income | 31,248 | 23,287 | 33,167 |
Southern National | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends received from Sonabank | 2,500 | 13,300 | |
Gain on debt extinguishment | 573 | ||
Total interest and dividend income | 573 | 2,500 | 13,300 |
Interest on junior subordinated debt | 355 | 426 | 589 |
Interest on senior subordinated notes | 5,127 | 3,909 | 2,847 |
Other operating expenses | 1,236 | 841 | 726 |
Total expense | 6,718 | 5,176 | 4,162 |
Income from continuing operations before income taxes | (6,145) | (2,676) | 9,138 |
Income tax benefit | 1,280 | 1,084 | 862 |
Equity in undistributed net income of Sonabank | 36,113 | 24,879 | 23,167 |
Net income | $ 31,248 | $ 23,287 | $ 33,167 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Schedule of condensed statements of cash flows information of Southern National Bancorp of Virginia, Inc.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 31,248 | $ 23,287 | $ 33,167 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Gain on debt extinguishment | (573) | ||
Other, net | (588) | (11,942) | (2,203) |
Financing activities: | |||
Issuance of subordinated notes, net of cost | 58,600 | ||
Extinguishment of subordinated debt | (20,000) | ||
Proceeds from exercised stock options | 1,526 | 709 | 670 |
Repurchase of restricted stock | (14) | (135) | |
Cash dividends paid on common stock | (9,807) | (9,737) | (8,690) |
Net cash and cash equivalents provided by (used in) financing activities | 296,212 | 338,867 | (28,429) |
Increase (decrease) in cash and cash equivalents | 333,982 | 164,257 | 3,317 |
Cash and cash equivalents at beginning of period | 196,185 | 31,928 | 28,611 |
Cash and cash equivalents at end of period | 530,167 | 196,185 | 31,928 |
Southern National | Reportable Legal Entities | |||
Operating activities: | |||
Net income | 31,248 | 23,287 | 33,167 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (36,113) | (27,379) | (36,467) |
Gain on debt extinguishment | (573) | ||
Other, net | 1,426 | 8,766 | (666) |
Net cash and cash equivalents provided by (used in) in operating activities | (4,012) | 4,674 | (3,966) |
Investing activities: | |||
Increase in preferred investment in mortgage company | (3,064) | ||
Increase in non-marketable equity securities investments | (430) | ||
Dividend from subsidiary | 2,500 | 13,300 | |
Net cash and cash equivalents provided by investing activities | (3,494) | 2,500 | 13,300 |
Financing activities: | |||
Issuance of subordinated notes, net of cost | 58,600 | ||
Extinguishment of subordinated debt | (20,000) | ||
Proceeds from exercised stock options | 1,526 | 574 | 670 |
Repurchase of restricted stock | (14) | ||
Cash dividends paid on common stock | (9,807) | (9,737) | (8,690) |
Net cash and cash equivalents provided by (used in) financing activities | (28,295) | 49,437 | (8,020) |
Increase (decrease) in cash and cash equivalents | (35,801) | 56,611 | 1,314 |
Cash and cash equivalents at beginning of period | 59,318 | 2,707 | 1,393 |
Cash and cash equivalents at end of period | $ 23,517 | $ 59,318 | $ 2,707 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of the accumulated other comprehensive loss balances, net of tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | $ 390,554 | $ 377,241 | $ 348,290 |
Current Period Change | (2,373) | 2,702 | 3,372 |
Balance | 411,881 | 390,554 | 377,241 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 3,485 | 783 | (2,589) |
Current Period Change | (2,373) | 2,702 | 3,372 |
Balance | 1,112 | 3,485 | $ 783 |
Unrealized gains (losses) on securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 3,485 | ||
Current Period Change | (2,373) | ||
Balance | $ 1,112 | $ 3,485 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $ 22.4 | $ 25.2 |
Southern Trust Mortgage [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, purchases from related party | $ 30.8 | $ 80.6 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of changes in the loan amount outstanding during the periods) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Principal paid | $ (366,443) | $ (437,033) |
Transfers in (out) of related party status | (37,479) | |
Southern Trust Mortgage [Member] | ||
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Loans outstanding at January 1 | 30,771 | 26,760 |
Principal advances | 373,151 | 441,044 |
Balance at December 31 | 30,771 | |
Officers and Directors and Principal Shareholders and Their Affiliates [Member]. | ||
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Loans outstanding at January 1 | 22,709 | |
Principal advances | 21,021 | |
Principal paid | (5,250) | |
Transfers in (out) of related party status | 2,115 | |
Balance at December 31 | $ 40,595 | $ 22,709 |
LOW INCOME HOUSING TAX CREDITS
LOW INCOME HOUSING TAX CREDITS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax credits and other tax benefits recognized related to investments | $ (39) | $ (225) |
Total projected tax credits to be received | 446 | |
Other liabilities | 20,768 | 25,881 |
Investments [Member] | ||
Other liabilities | 400 | 2,900 |
Other Assets [Member] | ||
Investments in equity | $ 4,200 | $ 5,100 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - Subsequent Event [Member] | Jan. 27, 2022building |
Subsequent Event [Line Items] | |
Potential branches consolidated | 7 |
Number of branches being closed | 3 |