Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
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, par value $0.01 per share | |
Trading Symbol | FRST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,622,739 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001325670 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 7,220 | $ 8,380 | [1] |
Interest-bearing deposits in other financial institutions | 291,010 | 521,787 | [1] |
Total cash and cash equivalents | 298,230 | 530,167 | [1] |
Securities available for sale, at fair value | 271,626 | 271,332 | [1] |
Securities held-to-maturity, at amortized cost (fair value of $15,927 and $23,364, respectively) | 16,138 | 22,940 | [1] |
Total loans | 2,393,669 | 2,339,986 | |
Less allowance for credit losses | (29,379) | (29,105) | [1] |
Net loans | 2,364,290 | 2,310,881 | [1] |
Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) | 11,927 | 15,521 | [1] |
Bank premises and equipment, net | 29,872 | 30,410 | [1] |
Operating lease right-of-use assets | 5,305 | 5,866 | [1] |
Goodwill | 101,954 | 101,954 | [1] |
Core deposit intangibles, net | 4,121 | 4,462 | [1] |
Bank-owned life insurance | 67,099 | 66,724 | [1] |
Other real estate owned | 1,041 | 1,163 | [1] |
Deferred tax assets, net | 12,380 | 9,571 | [1] |
Other assets | 35,893 | 36,362 | [1] |
Total assets | 3,219,876 | 3,407,353 | [1] |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Noninterest-bearing demand deposits | 559,682 | 530,282 | [1] |
Interest-bearing deposits: | |||
NOW accounts | 730,235 | 849,738 | [1] |
Money market accounts | 831,580 | 799,759 | [1] |
Savings accounts | 225,291 | 222,862 | [1] |
Time deposits | 339,456 | 360,575 | [1] |
Total interest-bearing deposits | 2,126,562 | 2,232,934 | [1] |
Total deposits | 2,686,244 | 2,763,216 | [1] |
Securities sold under agreements to repurchase - short term | 11,231 | 9,962 | [1] |
FHLB advances | 0 | 100,000 | [1] |
Junior subordinated debt - long term | 9,743 | 9,731 | [1] |
Senior subordinated notes - long term | 85,356 | 85,297 | [1] |
Operating lease liabilities | 5,897 | 6,498 | [1] |
Other liabilities | 17,210 | 20,768 | [1] |
Total liabilities | 2,815,681 | 2,995,472 | [1] |
Commitments and contingencies (See Note 9) | [1] | ||
Stockholders' equity: | |||
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding | [1] | ||
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,622,739 and 24,574,619 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 245 | 245 | [1] |
Additional paid in capital | 311,872 | 311,127 | [1] |
Retained earnings | 101,533 | 99,397 | [1] |
Accumulated other comprehensive income (loss) | (9,455) | 1,112 | [1] |
Total stockholders' equity | 404,195 | 411,881 | [1] |
Total liabilities and stockholders' equity | $ 3,219,876 | $ 3,407,353 | [1] |
[1] | Derived from audited consolidated financial statements |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity fair value (in dollars) | $ 15,927 | $ 23,364 |
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 | 24,622,739 | 24,574,619 |
Common stock, shares outstanding | 24,622,739 | 24,574,619 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 24,749 | $ 28,957 |
Interest and dividends on taxable securities | 1,325 | 919 |
Interest and dividends on tax exempt securities | 105 | 123 |
Interest and dividends on other earning assets | 406 | 309 |
Total interest and dividend income | 26,585 | 30,308 |
Interest expense: | ||
Interest on deposits | 2,373 | 3,816 |
Interest on repurchase agreements | 13 | 26 |
Interest on other borrowings | 1,345 | 1,511 |
Total interest expense | 3,731 | 5,353 |
Net interest income | 22,854 | 24,955 |
Provision for (recovery of) credit losses | 99 | (1,372) |
Net interest income after (recovery of) provision for credit losses | 22,755 | 26,327 |
Noninterest income: | ||
Account maintenance and deposit service fees | 1,351 | 1,664 |
Income from bank-owned life insurance | 375 | 386 |
Other | 364 | 299 |
Total noninterest income | 2,090 | 2,349 |
Noninterest expenses: | ||
Salaries and benefits | 9,625 | 9,372 |
Occupancy expenses | 1,457 | 1,539 |
Furniture and equipment expenses | 1,100 | 816 |
Amortization of core deposit intangible | 341 | 341 |
Virginia franchise tax expense | 813 | 675 |
Data processing expense | 1,490 | 799 |
Telephone and communication expense | 382 | 522 |
Net gain on other real estate owned | (59) | (60) |
Professional fees | 1,094 | 1,134 |
Other operating expenses | 2,744 | 2,885 |
Total noninterest expenses | 18,987 | 18,023 |
Income from continuing operations before income taxes | 5,858 | 10,653 |
Income tax expense | 1,265 | 2,301 |
Income from continuing operations | 4,593 | 8,352 |
Income from discontinued operation before income taxes | 1,315 | |
Income tax expense | 284 | |
Income from discontinued operation | 1,031 | |
Net income | 4,593 | 9,383 |
Other comprehensive income: | ||
Unrealized loss on available-for-sale securities | (13,376) | (1,736) |
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale | 189 | |
Net unrealized loss | (13,376) | (1,547) |
Tax effect | (2,809) | (325) |
Other comprehensive loss | (10,567) | (1,222) |
Comprehensive income (loss) | $ (5,974) | $ 8,161 |
Earnings per share from continuing operations, basic (in dollars per share) | $ 0.19 | $ 0.35 |
Earnings per share from discontinued operations, basic (in dollars per share) | 0 | 0.04 |
Earnings per share from continuing operations, diluted (in dollars per share) | 0.19 | 0.34 |
Earnings per share from discontinued operations, diluted (in dollars per share) | $ 0 | $ 0.04 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
Balance at Dec. 31, 2020 | $ 243 | $ 308,870 | $ 77,956 | $ 3,485 | $ 390,554 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 9,383 | 0 | 9,383 | |
Changes in other comprehensive loss on investment securities, net of tax | (1,222) | |||||
Changes in other comprehensive income on investment securities, net of tax | 0 | 0 | 0 | (1,222) | (1,222) | |
Dividends on common stock | 0 | 0 | (2,442) | 0 | (2,442) | |
Repurchase of restricted stock | 0 | (7) | 0 | 0 | (7) | |
Issuance of common stock under Stock Incentive Plan | 1 | 1,237 | 0 | 0 | 1,238 | |
Stock-based compensation expense | 0 | 482 | 0 | 0 | 482 | |
Balance at Mar. 31, 2021 | 244 | 310,582 | 84,897 | 2,263 | 397,986 | |
Balance at Dec. 31, 2021 | 245 | 311,127 | 99,397 | 1,112 | 411,881 | [1] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 4,593 | 0 | 4,593 | |
Changes in other comprehensive loss on investment securities, net of tax | (10,567) | |||||
Changes in other comprehensive income on investment securities, net of tax | 0 | 0 | 0 | (10,567) | (10,567) | |
Dividends on common stock | 0 | 0 | (2,457) | 0 | (2,457) | |
Repurchase of restricted stock | 0 | (6) | 0 | 0 | (6) | |
Stock-based compensation expense | 0 | 751 | 0 | 0 | 751 | |
Balance at Mar. 31, 2022 | $ 245 | $ 311,872 | $ 101,533 | $ (9,455) | $ 404,195 | |
[1] | Derived from audited consolidated financial statements |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Tax effect | $ 2,809 | $ 325 |
Common stock dividends per share (in dollars per share) | $ 0.10 | $ 0.10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net income from continuing operations | $ 4,593,000 | $ 8,352,000 |
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 1,596,000 | 1,603,000 |
Net amortization (accretion) of premiums and discounts | 166,000 | (43,000) |
Provision for (recovery of) credit losses | 99,000 | (1,372,000) |
Earnings on bank-owned life insurance | (375,000) | (380,000) |
Stock-based compensation expense | 751,000 | 482,000 |
Gain on bank-owned life insurance death benefit | 0 | (6,000) |
Gain on other real estate owned | (59,000) | (60,000) |
Provision (benefit) for deferred income taxes | 0 | (39,000) |
Net decrease in other assets | 469,000 | 2,337,000 |
Net decrease in other liabilities | (4,197,000) | (2,025,000) |
Net cash and cash equivalents provided by operating activities from continuing operations | 3,043,000 | 8,849,000 |
Investing activities: | ||
Purchases of held-to-maturity investment securities | 0 | 0 |
Purchases of available-for-sale investment securities | (22,585,000) | (28,155,000) |
Proceeds from paydowns, maturities and calls of available-for-sale investment securities | 8,516,000 | 9,096,000 |
Proceeds from paydowns, maturities and calls of held-to-maturity investment securities | 6,775,000 | 7,632,000 |
Net decrease of FRB and FHLB stock | 3,594,000 | 1,406,000 |
Net (increase) decrease in loans | (53,248,000) | 49,678,000 |
Proceeds from bank-owned life insurance death benefit | 0 | 225,000 |
Proceeds from sales of other real estate owned, net of improvements | 181,000 | 882,000 |
Purchases of bank premises and equipment | (47,000) | (383,000) |
Net cash and cash equivalents provided by (used in) investing activities from continuing operations | (56,814,000) | 40,381,000 |
Financing activities: | ||
Net (decrease) increase in deposits | (76,972,000) | 255,980,000 |
Cash dividends paid on common stock | (2,457,000) | (2,442,000) |
Proceeds from exercised stock options | 0 | 1,238,000 |
Repurchase of restricted stock | (6,000) | (7,000) |
Extinguishment of senior subordinated notes | 0 | (20,000,000) |
Repayment of FHLB advances | (100,000,000) | 0 |
Increase in securities sold under agreements to repurchase | 1,269,000 | 380,000 |
Net cash and cash equivalents provided by (used in) financing activities from continuing operations | (178,166,000) | 235,149,000 |
Net change in cash and cash equivalents from continuing operations | (231,937,000) | 284,379,000 |
Cash flows used in discontinued operation: | ||
Net cash and cash equivalents used in operating activities | 0 | (284,000) |
Net change in cash and cash equivalents from discontinued operation | 0 | (284,000) |
Net change in cash and cash equivalents | (231,937,000) | 284,095,000 |
Cash and cash equivalents at beginning of period | 530,167,000 | 196,185,000 |
Cash and cash equivalents at end of period | 298,230,000 | 480,280,000 |
Cash payments for: | ||
Interest | 4,259,000 | 6,964,000 |
Income taxes | $ 5,000 | $ 55,000 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
ACCOUNTING POLICIES [Abstract] | |
ACCOUNTING POLICIES | 1. ACCOUNTING POLICIES Primis Financial Corp. (“Primis,” “we,” “us,” “our” or the “Company”) 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 March 31, 2022, 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 is headquartered in McLean, Virginia and has administrative offices in Warrenton, Virginia and Glen Allen, Virginia. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the “FDIC”). Primis offers a wide range of commercial banking services; however, we are focused on making loans secured primarily by commercial real estate and other types of secured and unsecured commercial loans to small and medium-sized businesses in a number of industries, as well as loans to individuals for a variety of purposes, including home equity lines of credit. We are a Small Business Administration (“SBA”) lender with Preferred Lending Partner (“PLP”) status that allows us to offer this program nationwide. We also invest in real estate-related securities, including collateralized mortgage obligations and agency mortgage backed securities. Our principal sources of funds for loans and investing in securities are deposits and, to a lesser extent, borrowings. We offer a broad range of deposit products, including checking, NOW, savings, and money market accounts and certificates of deposit, supporting the needs of businesses and individuals. We actively pursue business relationships by utilizing the business contacts of our senior management, other bank officers and our directors, thereby capitalizing on our knowledge of our local market areas. 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. Discontinued Operation Primis Bank had 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 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 continued 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 March 31, 2022 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. 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. Basis of Presentation The unaudited consolidated financial statements and notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in Primis’ Annual Report on Form 10-K for the year ended December 31, 2021. 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. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or net income. Recent Accounting Pronouncements New Accounting Standards Not Yet Adopted: In March 2022, FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Residential government-sponsored mortgage-backed securities $ 127,180 $ 102 $ (6,532) $ 120,750 Obligations of states and political subdivisions 34,852 172 (1,988) 33,036 Corporate securities 16,000 147 (24) 16,123 Collateralized loan obligations 5,026 — (48) 4,978 Residential government-sponsored collateralized mortgage obligations 23,137 25 (594) 22,568 Government-sponsored agency securities 17,683 3 (1,433) 16,253 Agency commercial mortgage-backed securities 51,843 81 (1,809) 50,115 SBA pool securities 7,873 19 (89) 7,803 Total $ 283,594 $ 549 $ (12,517) $ 271,626 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 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 March 31, 2022 Residential government-sponsored mortgage-backed securities $ 12,553 $ 4 $ (238) $ — $ 12,319 Obligations of states and political subdivisions 3,123 35 (11) — 3,147 Residential government-sponsored collateralized mortgage obligations 462 5 (6) — 461 Total $ 16,138 $ 44 $ (255) $ — $ 15,927 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 During the three months ended March 31, 2022 and 2021, $22.6 million and $28.2 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased during the three months ended March 31, 2022 and 2021. No investment securities were sold during the three months ended March 31, 2022 and 2021. The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2022, 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 $ — $ — $ 404 $ 407 Due in one to five years 11,008 10,619 865 881 Due in five to ten years 26,566 26,113 1,519 1,524 Due after ten years 35,987 33,658 335 335 Residential government-sponsored mortgage-backed securities 127,180 120,750 12,553 12,319 Residential government-sponsored collateralized mortgage obligations 23,137 22,568 462 461 Agency commercial mortgage-backed securities 51,843 50,115 — — SBA pool securities 7,873 7,803 — — Total $ 283,594 $ 271,626 $ 16,138 $ 15,927 Investment securities with a carrying amount of approximately $169.5 million and $180.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, certain other deposits, a line of credit for advances from the Federal Home Loan Bank (“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 March 31, 2022, 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 March 31, 2022 and December 31, 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 104,457 $ (6,162) $ 4,171 $ (370) $ 108,628 $ (6,532) Obligations of states and political subdivisions 15,774 (1,325) 5,059 (663) 20,833 (1,988) Corporate securities 976 (24) — — 976 (24) Collateralized loan obligations 4,978 (48) — — 4,978 (48) Residential government-sponsored collateralized mortgage obligations 14,553 (371) 3,003 (223) 17,556 (594) Government-sponsored agency securities 14,750 (1,433) — — 14,750 (1,433) Agency commercial mortgage-backed securities 26,892 (1,611) 1,926 (198) 28,818 (1,809) SBA pool securities 978 (13) 4,208 (76) 5,186 (89) Total $ 183,358 $ (10,987) $ 18,367 $ (1,530) $ 201,725 $ (12,517) Less than 12 months 12 Months or More Total March 31, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 11,545 $ (237) $ 119 $ (1) $ 11,664 $ (238) Obligations of states and political subdivisions 422 (11) — — 422 (11) Residential government-sponsored collateralized mortgage obligations 256 (6) — — 256 (6) Total $ 12,223 $ (254) $ 119 $ (1) $ 12,342 $ (255) 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) Changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains on Held-to-Maturity For the three months ended March 31, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (10,567) — (10,567) Ending balance $ (9,455) $ — $ (9,455) Unrealized Holding Gains on Held-to-Maturity For the three months ended March 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 (151) $ 3,485 Current period other comprehensive income (1,371) 149 (1,222) Ending balance $ 2,265 $ (2) $ 2,263 |
LOANS AND ALLOWANCE
LOANS AND ALLOWANCE | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Loans secured by real estate: Commercial real estate - owner occupied $ 404,957 $ 387,703 Commercial real estate - non-owner occupied 613,282 588,000 Secured by farmland 7,527 8,612 Construction and land development 116,288 121,444 Residential 1-4 family 574,688 547,560 Multi-family residential 152,266 164,071 Home equity lines of credit 72,410 73,846 Total real estate loans 1,941,418 1,891,236 Commercial loans 335,537 301,980 Paycheck Protection Program loans 31,404 77,319 Consumer loans 77,383 60,996 Total Non-PCD loans 2,385,742 2,331,531 PCD loans 7,927 8,455 Total loans $ 2,393,669 $ 2,339,986 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 $10.0 million and $10.8 million at March 31, 2022 and December 31, 2021, respectively, and is included in other assets in the consolidated balance sheets. Nonaccrual 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 nonaccrual 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 nonaccrual 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 nonaccrual 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 nonaccrual 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 March 31, 2022 and December 31, 2021 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total March 31, 2022 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 304 $ — $ — $ 304 $ 404,653 $ 404,957 Commercial real estate - non-owner occupied — — — — 613,282 613,282 Secured by farmland 790 — — 790 6,737 7,527 Construction and land development 19 — 4,575 4,594 111,694 116,288 Residential 1-4 family 9,515 503 154 10,172 564,516 574,688 Multi- family residential — — — — 152,266 152,266 Home equity lines of credit 375 — 329 704 71,706 72,410 Commercial loans 1,386 — 1,243 2,629 332,908 335,537 Paycheck Protection Program loans 98 553 1,837 2,488 28,916 31,404 Consumer loans 66 11 — 77 77,306 77,383 Total Non-PCD loans 12,553 1,067 8,138 21,758 2,363,984 2,385,742 PCD loans 1,424 12 — 1,436 6,491 7,927 Total $ 13,977 $ 1,079 $ 8,138 $ 23,194 $ 2,370,475 $ 2,393,669 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 The amortized cost, by class, of loans and leases on nonaccrual status at March 31, 2022 and December 31, 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit March 31, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 830 $ 830 $ 830 Secured by farmland — 811 811 811 Construction and land development 4,575 32 4,607 4,607 Residential 1-4 family 154 572 726 726 Multi- family residential — 4,226 4,226 4,226 Home equity lines of credit 329 247 576 576 Commercial loans 1,243 454 1,697 724 Paycheck Protection Program loans 20 — 20 20 Consumer loans — 12 12 7 Total Non-PCD loans 6,321 7,184 13,505 12,527 PCD loans — 1,436 1,436 — Total $ 6,321 $ 8,620 $ 14,941 $ 12,527 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2021 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 842 $ 842 $ 842 Secured by farmland — 836 836 836 Construction and land development 4,575 34 4,609 4,609 Residential 1-4 family 137 411 548 548 Multi- family residential — 4,301 4,301 4,301 Home equity lines of credit 171 253 424 424 Commercial loans 1,246 476 1,722 745 Consumer loans 2 16 18 10 Total Non-PCD loans 6,131 7,169 13,300 12,315 PCD loans — 1,729 1,729 — Total $ 6,131 $ 8,898 $ 15,029 $ 12,315 (1) Nonaccrual loans include SBA guaranteed amounts totaling $2.7 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.8 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. We had $1.8 million and $0.3 million of PPP loans greater than 90 days past due and still accruing at March 31, 2022 and December 31, 2021, respectively . The following table presents nonaccrual loans as of March 31, 2022 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ 469 $ — $ 361 $ — $ — $ 830 Secured by farmland — — — 21 — 659 131 — 811 Construction and land development — — — 4,575 — 32 — — 4,607 Residential 1-4 family — — — — — 451 — 274 725 Multi- family residential — — — — — 4,226 — — 4,226 Home equity lines of credit — — — — — — 553 24 577 Commercial loans — — 8 — 236 295 1,158 — 1,697 Paycheck Protection Program loans — 20 — — — — — — 20 Consumer loans — — — — 5 7 — — 12 Total non-PCD nonaccruals — 20 8 5,065 241 6,031 1,842 298 13,505 PCD loans — — — — — 1,436 — — 1,436 Total nonaccrual loans $ — $ 20 $ 8 $ 5,065 $ 241 $ 7,467 $ 1,842 $ 298 $ 14,941 Interest received on nonaccrual loans was $0.2 million and $0.05 million for the three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022, there were 10 TDR loans outstanding in the amount of $3.1 million primarily due to the economic impact of COVID-19 on certain of the Bank’s borrower’s. 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 March 31, 2022 or December 31, 2021. 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 March 31, 2022 (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 18,786 $ 62,589 $ 18,223 $ 35,051 $ 28,082 $ 227,050 $ 3,758 $ 6,887 $ 400,426 Special Mention — — — — — 1,252 — — 1,252 Substandard — — — 468 — 2,811 — — 3,279 Doubtful — — — — — — — — — $ 18,786 $ 62,589 $ 18,223 $ 35,519 $ 28,082 $ 231,113 $ 3,758 $ 6,887 $ 404,957 Weighted average risk grade 3.31 3.58 3.42 3.47 3.45 3.53 3.54 3.96 3.52 Commercial real estate - nonowner occupied Pass $ 17,975 $ 120,873 $ 55,594 $ 31,815 $ 74,741 $ 277,237 $ 3,769 $ — $ 582,004 Special Mention — — — — 926 29,751 — 601 31,278 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 17,975 $ 120,873 $ 55,594 $ 31,815 $ 75,667 $ 306,988 $ 3,769 $ 601 $ 613,282 Weighted average risk grade 3.03 3.16 3.47 3.89 3.48 3.75 2.96 5.00 3.56 Secured by farmland Pass $ — $ 304 $ 60 $ — $ — $ 3,629 $ 1,585 $ 95 $ 5,673 Special Mention — — — — — 1,043 — — 1,043 Substandard — — — 21 — 659 131 — 811 Doubtful — — — — — — — — — $ — $ 304 $ 60 $ 21 $ — $ 5,331 $ 1,716 $ 95 $ 7,527 Weighted average risk grade N/A 3.16 4.00 6.00 N/A 4.40 4.12 2.00 4.26 Construction and land development Pass $ 5,425 $ 61,664 $ 13,115 $ 1,831 $ 7,513 $ 21,125 $ 980 $ 28 $ 111,681 Special Mention — — — — — — — — — Substandard — — — 4,575 — 32 — — 4,607 Doubtful — — — — — — — — — $ 5,425 $ 61,664 $ 13,115 $ 6,406 $ 7,513 $ 21,157 $ 980 $ 28 $ 116,288 Weighted average risk grade 3.05 3.15 3.53 5.35 3.24 3.65 3.31 4.00 3.41 Residential 1-4 family Pass $ 65,324 $ 159,643 $ 48,315 $ 69,839 $ 46,723 $ 169,839 $ 1,804 $ 3,457 $ 564,944 Special Mention — — — 8,481 — — — — 8,481 Substandard — — — — — 989 — 274 1,263 Doubtful — — — — — — — — — $ 65,324 $ 159,643 $ 48,315 $ 78,320 $ 46,723 $ 170,828 $ 1,804 $ 3,731 $ 574,688 Weighted average risk grade 3.02 3.04 3.06 3.28 3.13 3.23 3.98 3.29 3.14 Multi- family residential Pass $ 3,337 $ 23,595 $ 18,733 $ 7,186 $ 5,284 $ 78,136 $ 5,385 $ — $ 141,656 Special Mention — — — — — 5,327 — — 5,327 Substandard — — — — — 4,983 — 300 5,283 Doubtful — — — — — — — — — $ 3,337 $ 23,595 $ 18,733 $ 7,186 $ 5,284 $ 88,446 $ 5,385 $ 300 $ 152,266 Weighted average risk grade 3.60 3.00 3.90 3.00 3.70 3.54 4.00 6.00 3.50 Home equity lines of credit Pass $ 56 $ 567 $ 57 $ 74 $ 239 $ 4,638 $ 65,042 $ 884 $ 71,557 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 553 24 577 Doubtful — — — — — — — — — $ 56 $ 567 $ 57 $ 74 $ 239 $ 4,638 $ 65,871 $ 908 $ 72,410 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.81 3.08 4.05 3.14 Commercial loans Pass $ 85,663 $ 70,858 $ 10,283 $ 9,287 $ 10,188 $ 27,638 $ 107,456 $ 5,242 $ 326,615 Special Mention — — — 1,997 — — 784 — 2,781 Substandard — — 8 — 1,502 1,883 2,748 — 6,141 Doubtful — — — — — — — — — $ 85,663 $ 70,858 $ 10,291 $ 11,284 $ 11,690 $ 29,521 $ 110,988 $ 5,242 $ 335,537 Weighted average risk grade 3.16 3.70 3.38 3.97 3.77 3.74 3.49 3.95 3.50 Paycheck Protection Program loans Pass $ — $ 26,803 $ 4,581 $ — $ — $ — $ — $ — $ 31,384 Special Mention — — — — — — — — — Substandard — 20 — — — — — — 20 Doubtful — — — — — — — — — $ — $ 26,823 $ 4,581 $ — $ — $ — $ — $ — $ 31,404 Weighted average risk grade N/A 4.12 2.73 N/A N/A N/A N/A N/A 3.92 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 33,232 $ 32,034 $ 2,122 $ 840 $ 782 $ 5,517 $ 2,767 $ — $ 77,294 Special Mention — — — — — 77 — — 77 Substandard — — — — 5 7 — — 12 Doubtful — — — — — — — — — $ 33,232 $ 32,034 $ 2,122 $ 840 $ 787 $ 5,601 $ 2,767 $ — $ 77,383 Weighted average risk grade 3.94 4.00 3.99 3.99 4.01 4.02 4.00 N/A 3.98 PCD Pass $ — $ — $ — $ — $ — $ 4,933 $ 30 $ — $ 4,963 Special Mention — — — — — 1,369 — — 1,369 Substandard — — — — — 1,595 — — 1,595 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 7,897 $ 30 $ — $ 7,927 Weighted average risk grade N/A N/A N/A N/A N/A 4.43 3.00 N/A 4.43 Total $ 229,798 $ 558,950 $ 171,091 $ 171,465 $ 175,985 $ 871,520 $ 197,068 $ 17,792 $ 2,393,669 Weighted average risk grade 3.24 3.33 3.38 3.55 3.40 3.58 3.37 3.88 3.44 Revolving loans that converted to term during 2022 were as follows (in thousands): For the three months ended March 31, 2022 Secured by farmland $ 95 Residential 1-4 family 257 Home equity lines of credit 746 Commercial loans 181 Total loans $ 1,279 The amount of foreclosed residential real estate property held at March 31, 2022 and December 31, 2021 was $0.8 million and $0.9 million, respectively. There were no recorded investments in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure at March 31, 2022 and December 31, 2021. 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. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. 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, (ii) probability of attrition, (iii) loss given default and (iv) exposure at default. Internal data is supplemented by, but not replaced by, peer data when required, primarily to determine the probability of default input. The various pool-specific inputs may be adjusted for current macroeconomic assumptions. 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. 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. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. The following tables present details of the allowance for credit losses on loans segregated by loan portfolio segment as of March 31, 2022 and December 31, 2021, calculated in accordance with the current expected credit losses (“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 March 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 3,875 $ 7,845 $ 9 $ 556 $ 3,228 $ 1,849 $ 275 $ 3,083 $ — $ 1,025 $ — $ 21,745 Q-factor and other qualitative adjustments 298 1,068 40 473 660 440 101 776 — — — 3,856 Specific allocations — — — — — — — 1,607 — — 2,171 3,778 Total $ 4,173 $ 8,913 $ 49 $ 1,029 $ 3,888 $ 2,289 $ 376 $ 5,466 $ — $ 1,025 $ 2,171 $ 29,379 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 No allowance for credit losses has been recognized for PPP loans as such loans are fully guaranteed by the SBA. Activity in the allowance for credit losses by class of loan for the three months ended March 31, 2022 and 2021 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 March 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Unallocated Total Allowance for credit losses: Beginning balance $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ — $ 29,105 Provision (recovery) (389) (115) (7) 31 243 (991) (47) 1,208 276 (110) — 99 Charge offs — — — — — — (14) — (47) — — (61) Recoveries — — — — 57 — — 170 9 — — 236 Ending balance $ 4,173 $ 8,913 $ 49 $ 1,029 $ 3,888 $ 2,289 $ 376 $ 5,466 $ 1,025 $ 2,171 $ — $ 29,379 March 31, 2021 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) (2,555) 2,378 7 1,251 (2,810) (166) (76) 760 (133) (28) — (1,372) Charge offs — — — — — — — (74) (36) — — (110) Recoveries — — — — 1 — — 8 21 — — 30 Ending balance $ 4,144 $ 13,804 $ 111 $ 3,066 $ 6,770 $ 1,246 $ 825 $ 2,192 $ 369 $ 2,366 $ — $ 34,893 Generally, a commercial loan, or a portion thereof, is charged-off when it is determined, through the analysis of any available current financial information with regards to the borrower, that the borrower is incapable of servicing unsecured debt, there is little or no prospect for near term improvement and no realistic strengthening action of significance is pending or, in the case of secured debt, when it is determined, through analysis of current information with regards to our collateral position, that amounts due from the borrower are in excess of the calculated current fair value of the collateral. Losses on installment loans are recognized in accordance with regulatory guidelines. All other consumer loan losses are recognized when delinquency exceeds 120 cumulative days. 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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Loan Specific Loan Specific Balance (1) Allocations Balance (1) Allocations Commercial real estate - owner occupied $ 3,279 $ — $ 3,291 $ — Commercial real estate - non-owner occupied — — 18,256 — Secured by farmland 659 — 681 — Construction and land development 4,575 — 4,575 — Residential 1-4 family 536 — 541 — Multi- family residential 10,610 — 5,378 — Home equity lines of credit 24 — — — Commercial loans 5,235 1,607 3,688 658 Consumer loans 5 — 7 1 Total non-PCD loans 24,923 1,607 36,417 659 PCD loans 7,927 2,171 8,455 2,281 Total loans $ 32,850 $ 3,778 $ 44,872 $ 2,940 (1) Includes SBA guarantees of $0.7 million at March 31, 2022 and December 31, 2021. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2022 | |
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, all of Primis’ available-for-sale debt investment securities are considered to be Level 2 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) March 31, 2022 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 120,750 $ — $ 120,750 $ — Obligations of states and political subdivisions 33,036 — 33,036 — Corporate securities 16,123 — 16,123 — Collateralized loan obligations 4,978 — 4,978 — Residential government-sponsored collateralized mortgage obligations 22,568 — 22,568 — Government-sponsored agency securities 16,253 — 16,253 — Agency commercial mortgage-backed securities 50,115 — 50,115 — SBA pool securities 7,803 — 7,803 — Total $ 271,626 $ — $ 271,626 $ — 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 $ — 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. Collateral-dependent loans are measured at fair value on a non-recurring basis and are 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”) 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 March 31, 2022 and December 31, 2021. Fair value is classified as Level 3 in the fair value hierarchy. OREO is further evaluated quarterly for any additional impairment. At March 31, 2022 and December 31, 2021, the total amount of OREO was $1.0 million and $1.2 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) March 31, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 30,868 $ — $ — $ 30,868 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 775 — — 775 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 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: March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 298,230 $ 298,230 $ 530,167 $ 530,167 Securities available-for-sale Level 2 271,626 271,626 271,332 271,332 Securities held-to-maturity Level 2 16,138 15,927 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 11,927 11,927 15,521 15,521 Net loans Level 3 2,364,290 2,320,024 2,310,881 2,278,456 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,289,917 $ 1,289,917 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,056,871 1,056,871 1,022,621 1,022,621 Time deposits Level 3 339,456 340,949 360,575 362,902 Securities sold under agreements to repurchase Level 1 11,231 11,231 9,962 9,962 FHLB advances Level 1 — — 100,000 100,000 Junior subordinated debt Level 2 9,743 10,692 9,731 10,367 Senior subordinated notes Level 2 85,356 89,522 85,297 91,141 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. Fair value of long-term debt is based on current rates for similar financing. Carrying amount of Federal Reserve Bank and FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are based on the ultimate recoverability of the par value. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
LEASES | 5. 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 March 31, 2022 and December 31, 2021, the Company had operating lease liabilities totaling $5.9 million and $6.5 million, respectively, and right-of-use assets totaling $5.3 million and $5.9 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 three months ended March 31, 2022 and 2021, our net operating lease cost was $0.6 million and was reflected in occupancy expenses on our consolidated income statements. The following table presents other information related to our operating leases: For the Three Months Ended (in thousands except for percent and period data) March 31, 2022 March 31, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.4 4.7 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) March 31, 2022 Lease payments due: 2022 $ 1,786 2023 1,700 2024 949 2025 421 2026 357 Thereafter 1,080 Total lease payments 6,293 Less: imputed interest (396) Lease liabilities $ 5,897 As of March 31, 2022 and December 31, 2021, 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. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 3 Months Ended |
Mar. 31, 2022 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 6. 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 March 31, 2022 and December 31, 2021 was $11.2 million and $10.0 million, respectively. At March 31, 2022 and December 31, 2021, we have pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $19.4 million and $21.7 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits. |
JUNIOR SUBORDINATED DEBT AND SE
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 7. 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 March 31, 2022 and December 31, 2021, there was $10.3 million outstanding, net of approximately $0.6 million 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 March 31, 2022 and December 31, 2021, the interest rate was 3.86% and 3.17%, 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 March 31, 2022, 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 March 31, 2022, all of these notes qualified as Tier 2 capital. 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 March 31, 2022, all of these notes qualified as Tier 2 capital. At March 31, 2022 and December 31, 2021, the remaining unamortized debt issuance costs related to the senior Subordinated Notes totaled $1.6 million and $1.7 million, respectively. |
STOCK- BASED COMPENSATION
STOCK- BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
STOCK- BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 8. STOCK-BASED COMPENSATION The 2017 Equity Compensation Plan (the “2017 Plan”) 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 the three months ended March 31, 2022 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 283,800 $ 10.98 2.2 $ 1,153 Expired (2,000) 6.24 Options outstanding, end of period 281,800 $ 11.01 1.9 $ 834 Exercisable at end of period 281,800 $ 11.01 1.9 $ 834 There was no stock-based compensation expense associated with stock options for the three months ended March 31, 2022 and 2021. As of March 31, 2022, we do not have any unrecognized compensation expense associated with the stock options. A summary of time vested restricted stock awards for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 98,050 $ 14.58 3.3 Granted 48,658 13.85 Vested (67,008) 14.19 Unvested restricted stock outstanding, end of period 79,700 $ 14.15 3.1 Stock-based compensation expense for time vested restricted stock awards totaled $0.8 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, unrecognized compensation expense associated with restricted stock awards was $1.0 million, which is expected to be recognized over a weighted average period of 3.1 years. A summary of performance-based restricted stock units (the “Units”) for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 59,335 $ 15.00 4.0 Granted — — Vested — — Forfeited — — Unvested Units outstanding, end of period 59,335 $ 15.00 3.8 In September 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. The Company did not recognize any stock-based compensation expense associated with these Units for the three months ended March 31, 2022 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 March 31, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES 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 $12.7 million and $13.1 million as of March 31, 2022 and December 31, 2021, 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 for Credit Losses, as if such commitments were funded. The allowance for credit losses on off-balance-sheet credit exposures is reflected in other liabilities in our consolidated balance sheets. The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures: 2022 2021 Balance as of January 1 $ 977 $ 740 Credit loss expense 260 711 Balance as of March 31, $ 1,237 $ 1,451 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. At March 31, 2022 and December 31, 2021, we had unfunded lines of credit and undisbursed construction loan funds totaling $396.7 million and $411.0 million, respectively. Virtually all of our unfunded lines of credit and undisbursed construction loan funds are variable rate. Primis also had commitments on the subscription agreements entered into for the investments in non-marketable equity securities of $4.6 million and $3.5 million at March 31, 2022 and December 31, 2021, respectively. These commitments on subscription agreements are reflected in other liabilities in our consolidated balance sheets. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the three months ended March 31, 2022 Basic EPS from continuing operations $ 4,593 24,504 $ 0.19 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from continuing operations $ 4,593 24,663 $ 0.19 Basic EPS from discontinued operation $ — 24,504 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from discontinued operation $ — 24,663 $ 0.00 For the three months ended March 31, 2021 Basic EPS from continuing operations $ 8,352 24,350 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 159 (0.01) Diluted EPS from continuing operations $ 8,352 24,509 $ 0.34 Basic EPS from discontinued operation $ 1,031 24,350 $ 0.04 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from discontinued operation $ 1,031 24,509 $ 0.04 The Company did not have any anti-dilutive options as of March 31, 2022 and 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. SUBSEQUENT EVENT On April 28, 2022, Primis Bank entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of SeaTrust Mortgage Company (“SeaTrust”), a North Carolina corporation. Primis anticipates closing the acquisition of SeaTrust in the second quarter of 2022, subject to the satisfaction or waiver of certain closing conditions. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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. |
Discontinued Operation | Discontinued Operation Primis Bank had 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 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 continued 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 March 31, 2022 but no longer has a position on STM’s board of directors and STM no longer represents a reportable operating segment of the Company. |
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. |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements and notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and instructions for Form 10-Q and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in Primis’ Annual Report on Form 10-K for the year ended December 31, 2021. |
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. |
Reclassifications | Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or net income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Standards Not Yet Adopted: In March 2022, FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Residential government-sponsored mortgage-backed securities $ 127,180 $ 102 $ (6,532) $ 120,750 Obligations of states and political subdivisions 34,852 172 (1,988) 33,036 Corporate securities 16,000 147 (24) 16,123 Collateralized loan obligations 5,026 — (48) 4,978 Residential government-sponsored collateralized mortgage obligations 23,137 25 (594) 22,568 Government-sponsored agency securities 17,683 3 (1,433) 16,253 Agency commercial mortgage-backed securities 51,843 81 (1,809) 50,115 SBA pool securities 7,873 19 (89) 7,803 Total $ 283,594 $ 549 $ (12,517) $ 271,626 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 |
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 March 31, 2022 Residential government-sponsored mortgage-backed securities $ 12,553 $ 4 $ (238) $ — $ 12,319 Obligations of states and political subdivisions 3,123 35 (11) — 3,147 Residential government-sponsored collateralized mortgage obligations 462 5 (6) — 461 Total $ 16,138 $ 44 $ (255) $ — $ 15,927 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 |
Schedule of fair value and carrying amount, if different, of debt securities, by contractual maturity | The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2022, 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 $ — $ — $ 404 $ 407 Due in one to five years 11,008 10,619 865 881 Due in five to ten years 26,566 26,113 1,519 1,524 Due after ten years 35,987 33,658 335 335 Residential government-sponsored mortgage-backed securities 127,180 120,750 12,553 12,319 Residential government-sponsored collateralized mortgage obligations 23,137 22,568 462 461 Agency commercial mortgage-backed securities 51,843 50,115 — — SBA pool securities 7,873 7,803 — — Total $ 283,594 $ 271,626 $ 16,138 $ 15,927 |
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 March 31, 2022 and December 31, 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total March 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 104,457 $ (6,162) $ 4,171 $ (370) $ 108,628 $ (6,532) Obligations of states and political subdivisions 15,774 (1,325) 5,059 (663) 20,833 (1,988) Corporate securities 976 (24) — — 976 (24) Collateralized loan obligations 4,978 (48) — — 4,978 (48) Residential government-sponsored collateralized mortgage obligations 14,553 (371) 3,003 (223) 17,556 (594) Government-sponsored agency securities 14,750 (1,433) — — 14,750 (1,433) Agency commercial mortgage-backed securities 26,892 (1,611) 1,926 (198) 28,818 (1,809) SBA pool securities 978 (13) 4,208 (76) 5,186 (89) Total $ 183,358 $ (10,987) $ 18,367 $ (1,530) $ 201,725 $ (12,517) Less than 12 months 12 Months or More Total March 31, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 11,545 $ (237) $ 119 $ (1) $ 11,664 $ (238) Obligations of states and political subdivisions 422 (11) — — 422 (11) Residential government-sponsored collateralized mortgage obligations 256 (6) — — 256 (6) Total $ 12,223 $ (254) $ 119 $ (1) $ 12,342 $ (255) 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) |
Schedule of changes in accumulated other comprehensive income by component | Changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2022 and 2021 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains on Held-to-Maturity For the three months ended March 31, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (10,567) — (10,567) Ending balance $ (9,455) $ — $ (9,455) Unrealized Holding Gains on Held-to-Maturity For the three months ended March 31, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 (151) $ 3,485 Current period other comprehensive income (1,371) 149 (1,222) Ending balance $ 2,265 $ (2) $ 2,263 |
LOANS AND ALLOWANCE (Tables)
LOANS AND ALLOWANCE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
LOANS AND ALLOWANCE [Abstract] | |
Schedule of loans, net of unearned income | The following table summarizes the composition of our loan portfolio as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Loans secured by real estate: Commercial real estate - owner occupied $ 404,957 $ 387,703 Commercial real estate - non-owner occupied 613,282 588,000 Secured by farmland 7,527 8,612 Construction and land development 116,288 121,444 Residential 1-4 family 574,688 547,560 Multi-family residential 152,266 164,071 Home equity lines of credit 72,410 73,846 Total real estate loans 1,941,418 1,891,236 Commercial loans 335,537 301,980 Paycheck Protection Program loans 31,404 77,319 Consumer loans 77,383 60,996 Total Non-PCD loans 2,385,742 2,331,531 PCD loans 7,927 8,455 Total loans $ 2,393,669 $ 2,339,986 |
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 March 31, 2022 and December 31, 2021 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total March 31, 2022 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 304 $ — $ — $ 304 $ 404,653 $ 404,957 Commercial real estate - non-owner occupied — — — — 613,282 613,282 Secured by farmland 790 — — 790 6,737 7,527 Construction and land development 19 — 4,575 4,594 111,694 116,288 Residential 1-4 family 9,515 503 154 10,172 564,516 574,688 Multi- family residential — — — — 152,266 152,266 Home equity lines of credit 375 — 329 704 71,706 72,410 Commercial loans 1,386 — 1,243 2,629 332,908 335,537 Paycheck Protection Program loans 98 553 1,837 2,488 28,916 31,404 Consumer loans 66 11 — 77 77,306 77,383 Total Non-PCD loans 12,553 1,067 8,138 21,758 2,363,984 2,385,742 PCD loans 1,424 12 — 1,436 6,491 7,927 Total $ 13,977 $ 1,079 $ 8,138 $ 23,194 $ 2,370,475 $ 2,393,669 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 The amortized cost, by class, of loans and leases on nonaccrual status at March 31, 2022 and December 31, 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit March 31, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 830 $ 830 $ 830 Secured by farmland — 811 811 811 Construction and land development 4,575 32 4,607 4,607 Residential 1-4 family 154 572 726 726 Multi- family residential — 4,226 4,226 4,226 Home equity lines of credit 329 247 576 576 Commercial loans 1,243 454 1,697 724 Paycheck Protection Program loans 20 — 20 20 Consumer loans — 12 12 7 Total Non-PCD loans 6,321 7,184 13,505 12,527 PCD loans — 1,436 1,436 — Total $ 6,321 $ 8,620 $ 14,941 $ 12,527 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit December 31, 2021 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 842 $ 842 $ 842 Secured by farmland — 836 836 836 Construction and land development 4,575 34 4,609 4,609 Residential 1-4 family 137 411 548 548 Multi- family residential — 4,301 4,301 4,301 Home equity lines of credit 171 253 424 424 Commercial loans 1,246 476 1,722 745 Consumer loans 2 16 18 10 Total Non-PCD loans 6,131 7,169 13,300 12,315 PCD loans — 1,729 1,729 — Total $ 6,131 $ 8,898 $ 15,029 $ 12,315 (1) Nonaccrual loans include SBA guaranteed amounts totaling $2.7 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.8 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. |
Schedule of nonaccrual loans | The following table presents nonaccrual loans as of March 31, 2022 by class and year of origination (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied $ — $ — $ — $ 469 $ — $ 361 $ — $ — $ 830 Secured by farmland — — — 21 — 659 131 — 811 Construction and land development — — — 4,575 — 32 — — 4,607 Residential 1-4 family — — — — — 451 — 274 725 Multi- family residential — — — — — 4,226 — — 4,226 Home equity lines of credit — — — — — — 553 24 577 Commercial loans — — 8 — 236 295 1,158 — 1,697 Paycheck Protection Program loans — 20 — — — — — — 20 Consumer loans — — — — 5 7 — — 12 Total non-PCD nonaccruals — 20 8 5,065 241 6,031 1,842 298 13,505 PCD loans — — — — — 1,436 — — 1,436 Total nonaccrual loans $ — $ 20 $ 8 $ 5,065 $ 241 $ 7,467 $ 1,842 $ 298 $ 14,941 |
Schedule of the risk category of loans by class of loans | Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 18,786 $ 62,589 $ 18,223 $ 35,051 $ 28,082 $ 227,050 $ 3,758 $ 6,887 $ 400,426 Special Mention — — — — — 1,252 — — 1,252 Substandard — — — 468 — 2,811 — — 3,279 Doubtful — — — — — — — — — $ 18,786 $ 62,589 $ 18,223 $ 35,519 $ 28,082 $ 231,113 $ 3,758 $ 6,887 $ 404,957 Weighted average risk grade 3.31 3.58 3.42 3.47 3.45 3.53 3.54 3.96 3.52 Commercial real estate - nonowner occupied Pass $ 17,975 $ 120,873 $ 55,594 $ 31,815 $ 74,741 $ 277,237 $ 3,769 $ — $ 582,004 Special Mention — — — — 926 29,751 — 601 31,278 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 17,975 $ 120,873 $ 55,594 $ 31,815 $ 75,667 $ 306,988 $ 3,769 $ 601 $ 613,282 Weighted average risk grade 3.03 3.16 3.47 3.89 3.48 3.75 2.96 5.00 3.56 Secured by farmland Pass $ — $ 304 $ 60 $ — $ — $ 3,629 $ 1,585 $ 95 $ 5,673 Special Mention — — — — — 1,043 — — 1,043 Substandard — — — 21 — 659 131 — 811 Doubtful — — — — — — — — — $ — $ 304 $ 60 $ 21 $ — $ 5,331 $ 1,716 $ 95 $ 7,527 Weighted average risk grade N/A 3.16 4.00 6.00 N/A 4.40 4.12 2.00 4.26 Construction and land development Pass $ 5,425 $ 61,664 $ 13,115 $ 1,831 $ 7,513 $ 21,125 $ 980 $ 28 $ 111,681 Special Mention — — — — — — — — — Substandard — — — 4,575 — 32 — — 4,607 Doubtful — — — — — — — — — $ 5,425 $ 61,664 $ 13,115 $ 6,406 $ 7,513 $ 21,157 $ 980 $ 28 $ 116,288 Weighted average risk grade 3.05 3.15 3.53 5.35 3.24 3.65 3.31 4.00 3.41 Residential 1-4 family Pass $ 65,324 $ 159,643 $ 48,315 $ 69,839 $ 46,723 $ 169,839 $ 1,804 $ 3,457 $ 564,944 Special Mention — — — 8,481 — — — — 8,481 Substandard — — — — — 989 — 274 1,263 Doubtful — — — — — — — — — $ 65,324 $ 159,643 $ 48,315 $ 78,320 $ 46,723 $ 170,828 $ 1,804 $ 3,731 $ 574,688 Weighted average risk grade 3.02 3.04 3.06 3.28 3.13 3.23 3.98 3.29 3.14 Multi- family residential Pass $ 3,337 $ 23,595 $ 18,733 $ 7,186 $ 5,284 $ 78,136 $ 5,385 $ — $ 141,656 Special Mention — — — — — 5,327 — — 5,327 Substandard — — — — — 4,983 — 300 5,283 Doubtful — — — — — — — — — $ 3,337 $ 23,595 $ 18,733 $ 7,186 $ 5,284 $ 88,446 $ 5,385 $ 300 $ 152,266 Weighted average risk grade 3.60 3.00 3.90 3.00 3.70 3.54 4.00 6.00 3.50 Home equity lines of credit Pass $ 56 $ 567 $ 57 $ 74 $ 239 $ 4,638 $ 65,042 $ 884 $ 71,557 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 553 24 577 Doubtful — — — — — — — — — $ 56 $ 567 $ 57 $ 74 $ 239 $ 4,638 $ 65,871 $ 908 $ 72,410 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.81 3.08 4.05 3.14 Commercial loans Pass $ 85,663 $ 70,858 $ 10,283 $ 9,287 $ 10,188 $ 27,638 $ 107,456 $ 5,242 $ 326,615 Special Mention — — — 1,997 — — 784 — 2,781 Substandard — — 8 — 1,502 1,883 2,748 — 6,141 Doubtful — — — — — — — — — $ 85,663 $ 70,858 $ 10,291 $ 11,284 $ 11,690 $ 29,521 $ 110,988 $ 5,242 $ 335,537 Weighted average risk grade 3.16 3.70 3.38 3.97 3.77 3.74 3.49 3.95 3.50 Paycheck Protection Program loans Pass $ — $ 26,803 $ 4,581 $ — $ — $ — $ — $ — $ 31,384 Special Mention — — — — — — — — — Substandard — 20 — — — — — — 20 Doubtful — — — — — — — — — $ — $ 26,823 $ 4,581 $ — $ — $ — $ — $ — $ 31,404 Weighted average risk grade N/A 4.12 2.73 N/A N/A N/A N/A N/A 3.92 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 33,232 $ 32,034 $ 2,122 $ 840 $ 782 $ 5,517 $ 2,767 $ — $ 77,294 Special Mention — — — — — 77 — — 77 Substandard — — — — 5 7 — — 12 Doubtful — — — — — — — — — $ 33,232 $ 32,034 $ 2,122 $ 840 $ 787 $ 5,601 $ 2,767 $ — $ 77,383 Weighted average risk grade 3.94 4.00 3.99 3.99 4.01 4.02 4.00 N/A 3.98 PCD Pass $ — $ — $ — $ — $ — $ 4,933 $ 30 $ — $ 4,963 Special Mention — — — — — 1,369 — — 1,369 Substandard — — — — — 1,595 — — 1,595 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 7,897 $ 30 $ — $ 7,927 Weighted average risk grade N/A N/A N/A N/A N/A 4.43 3.00 N/A 4.43 Total $ 229,798 $ 558,950 $ 171,091 $ 171,465 $ 175,985 $ 871,520 $ 197,068 $ 17,792 $ 2,393,669 Weighted average risk grade 3.24 3.33 3.38 3.55 3.40 3.58 3.37 3.88 3.44 Revolving loans that converted to term during 2022 were as follows (in thousands): For the three months ended March 31, 2022 Secured by farmland $ 95 Residential 1-4 family 257 Home equity lines of credit 746 Commercial loans 181 Total loans $ 1,279 |
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 March 31, 2022 and December 31, 2021, calculated in accordance with the current expected credit losses (“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 March 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 3,875 $ 7,845 $ 9 $ 556 $ 3,228 $ 1,849 $ 275 $ 3,083 $ — $ 1,025 $ — $ 21,745 Q-factor and other qualitative adjustments 298 1,068 40 473 660 440 101 776 — — — 3,856 Specific allocations — — — — — — — 1,607 — — 2,171 3,778 Total $ 4,173 $ 8,913 $ 49 $ 1,029 $ 3,888 $ 2,289 $ 376 $ 5,466 $ — $ 1,025 $ 2,171 $ 29,379 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 Activity in the allowance for credit losses by class of loan for the three months ended March 31, 2022 and 2021 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 March 31, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Unallocated Total Allowance for credit losses: Beginning balance $ 4,562 $ 9,028 $ 56 $ 998 $ 3,588 $ 3,280 $ 437 $ 4,088 $ 787 $ 2,281 $ — $ 29,105 Provision (recovery) (389) (115) (7) 31 243 (991) (47) 1,208 276 (110) — 99 Charge offs — — — — — — (14) — (47) — — (61) Recoveries — — — — 57 — — 170 9 — — 236 Ending balance $ 4,173 $ 8,913 $ 49 $ 1,029 $ 3,888 $ 2,289 $ 376 $ 5,466 $ 1,025 $ 2,171 $ — $ 29,379 March 31, 2021 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) (2,555) 2,378 7 1,251 (2,810) (166) (76) 760 (133) (28) — (1,372) Charge offs — — — — — — — (74) (36) — — (110) Recoveries — — — — 1 — — 8 21 — — 30 Ending balance $ 4,144 $ 13,804 $ 111 $ 3,066 $ 6,770 $ 1,246 $ 825 $ 2,192 $ 369 $ 2,366 $ — $ 34,893 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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Loan Specific Loan Specific Balance (1) Allocations Balance (1) Allocations Commercial real estate - owner occupied $ 3,279 $ — $ 3,291 $ — Commercial real estate - non-owner occupied — — 18,256 — Secured by farmland 659 — 681 — Construction and land development 4,575 — 4,575 — Residential 1-4 family 536 — 541 — Multi- family residential 10,610 — 5,378 — Home equity lines of credit 24 — — — Commercial loans 5,235 1,607 3,688 658 Consumer loans 5 — 7 1 Total non-PCD loans 24,923 1,607 36,417 659 PCD loans 7,927 2,171 8,455 2,281 Total loans $ 32,850 $ 3,778 $ 44,872 $ 2,940 (1) Includes SBA guarantees of $0.7 million at March 31, 2022 and December 31, 2021. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 (Level 1) (Level 2) (Level 3) Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 120,750 $ — $ 120,750 $ — Obligations of states and political subdivisions 33,036 — 33,036 — Corporate securities 16,123 — 16,123 — Collateralized loan obligations 4,978 — 4,978 — Residential government-sponsored collateralized mortgage obligations 22,568 — 22,568 — Government-sponsored agency securities 16,253 — 16,253 — Agency commercial mortgage-backed securities 50,115 — 50,115 — SBA pool securities 7,803 — 7,803 — Total $ 271,626 $ — $ 271,626 $ — 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 $ — |
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) March 31, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 30,868 $ — $ — $ 30,868 Other real estate owned: Construction and land development 266 — — 266 Residential 1-4 family 775 — — 775 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 |
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: March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 298,230 $ 298,230 $ 530,167 $ 530,167 Securities available-for-sale Level 2 271,626 271,626 271,332 271,332 Securities held-to-maturity Level 2 16,138 15,927 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 11,927 11,927 15,521 15,521 Net loans Level 3 2,364,290 2,320,024 2,310,881 2,278,456 Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,289,917 $ 1,289,917 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,056,871 1,056,871 1,022,621 1,022,621 Time deposits Level 3 339,456 340,949 360,575 362,902 Securities sold under agreements to repurchase Level 1 11,231 11,231 9,962 9,962 FHLB advances Level 1 — — 100,000 100,000 Junior subordinated debt Level 2 9,743 10,692 9,731 10,367 Senior subordinated notes Level 2 85,356 89,522 85,297 91,141 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of operating lease other information | The following table presents other information related to our operating leases: For the Three Months Ended (in thousands except for percent and period data) March 31, 2022 March 31, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.4 4.7 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 | The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) March 31, 2022 Lease payments due: 2022 $ 1,786 2023 1,700 2024 949 2025 421 2026 357 Thereafter 1,080 Total lease payments 6,293 Less: imputed interest (396) Lease liabilities $ 5,897 |
STOCK- BASED COMPENSATION (Tabl
STOCK- BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of activity in the stock option plan | A summary of stock option activity for the three months ended March 31, 2022 follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Exercise Contractual Value Shares Price Term (in thousands) Options outstanding, beginning of period 283,800 $ 10.98 2.2 $ 1,153 Expired (2,000) 6.24 Options outstanding, end of period 281,800 $ 11.01 1.9 $ 834 Exercisable at end of period 281,800 $ 11.01 1.9 $ 834 |
Time Vested Restricted Stock | |
Schedule of activity in the restricted stock plan | A summary of time vested restricted stock awards for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested restricted stock outstanding, beginning of period 98,050 $ 14.58 3.3 Granted 48,658 13.85 Vested (67,008) 14.19 Unvested restricted stock outstanding, end of period 79,700 $ 14.15 3.1 |
Performance Based Restricted Stock Units | |
Schedule of activity in the restricted stock plan | A summary of performance-based restricted stock units (the “Units”) for 2022 follows: Weighted Weighted Average Average Grant-Date Remaining Fair Value Contractual Shares Per Share Term Unvested Units outstanding, beginning of period 59,335 $ 15.00 4.0 Granted — — Vested — — Forfeited — — Unvested Units outstanding, end of period 59,335 $ 15.00 3.8 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of allowance for credit losses off balance sheet exposure | 2022 2021 Balance as of January 1 $ 977 $ 740 Credit loss expense 260 711 Balance as of March 31, $ 1,237 $ 1,451 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 earnings per share (“EPS”) computations (amounts in thousands, except per share data): Weighted Average Income Shares Per Share (Numerator) (Denominator) Amount For the three months ended March 31, 2022 Basic EPS from continuing operations $ 4,593 24,504 $ 0.19 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from continuing operations $ 4,593 24,663 $ 0.19 Basic EPS from discontinued operation $ — 24,504 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from discontinued operation $ — 24,663 $ 0.00 For the three months ended March 31, 2021 Basic EPS from continuing operations $ 8,352 24,350 $ 0.35 Effect of dilutive stock options and unvested restricted stock — 159 (0.01) Diluted EPS from continuing operations $ 8,352 24,509 $ 0.34 Basic EPS from discontinued operation $ 1,031 24,350 $ 0.04 Effect of dilutive stock options and unvested restricted stock — 159 — Diluted EPS from discontinued operation $ 1,031 24,509 $ 0.04 |
ACCOUNTING POLICIES (Narrative)
ACCOUNTING POLICIES (Narrative) (Details) | Dec. 31, 2021USD ($) | Mar. 31, 2022USD ($)property | Mar. 31, 2021USD ($) | Sep. 30, 2021 | Dec. 31, 2020USD ($) | |
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | property | 40 | |||||
Cumulative effect adjustment | $ 411,881,000 | [1] | $ 404,195,000 | $ 397,986,000 | $ 390,554,000 | |
Net income | 4,593,000 | 9,383,000 | ||||
Salaries and benefits | 9,625,000 | $ 9,372,000 | ||||
Securities available for sale, at fair value | 271,332,000 | [1] | 271,626,000 | |||
Notes receivable | 2,305,997,000 | $ 2,393,669,000 | ||||
Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Notes receivable | 8,500,000 | |||||
Southern Trust Mortgage [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Payments to acquire equity method investments | $ 1,600,000 | |||||
Common Stock | Southern Trust Mortgage [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Percentage of equity investment and preferred stock of STM | 43.28% | |||||
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] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Percentage of equity investment and preferred stock of STM | 100.00% | |||||
Paycheck Protection Program Loans [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Financing receivable, allowance for credit loss | $ 0 | |||||
Virginia [Member] | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | property | 35 | |||||
Maryland | ||||||
Organization And Significant Accounting Policies [Line Items] | ||||||
Number of branches | property | 5 | |||||
[1] | Derived from audited consolidated financial statements |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Called investment securities | $ 8,516,000 | $ 9,096,000 | |
Purchases of available for sale investment securities | 22,585,000 | 28,155,000 | |
Purchases of securities held to maturity | 0 | $ 0 | |
Federal Home Loan Bank of Atlanta [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Securities pledged for collateral | $ 169,500,000 | $ 180,700,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | $ 283,594 | $ 269,924 | |
Gross Unrealized Gains | 549 | 3,070 | |
Gross Unrealized Losses | (12,517) | (1,662) | |
Available for sale, fair value | 271,626 | 271,332 | [1] |
US Government Agencies Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 127,180 | 122,506 | |
Gross Unrealized Gains | 102 | 740 | |
Gross Unrealized Losses | (6,532) | (636) | |
Available for sale, fair value | 120,750 | 122,610 | |
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 | 34,852 | 30,728 | |
Gross Unrealized Gains | 172 | 755 | |
Gross Unrealized Losses | (1,988) | (252) | |
Available for sale, fair value | 33,036 | 31,231 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 16,000 | 13,000 | |
Gross Unrealized Gains | 147 | 685 | |
Gross Unrealized Losses | (24) | 0 | |
Available for sale, fair value | 16,123 | 13,685 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 23,137 | 19,671 | |
Gross Unrealized Gains | 25 | 297 | |
Gross Unrealized Losses | (594) | (161) | |
Available for sale, fair value | 22,568 | 19,807 | |
Government-Sponsored Agency Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 17,683 | 17,671 | |
Gross Unrealized Gains | 3 | 32 | |
Gross Unrealized Losses | (1,433) | (215) | |
Available for sale, fair value | 16,253 | 17,488 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 51,843 | 52,452 | |
Gross Unrealized Gains | 81 | 513 | |
Gross Unrealized Losses | (1,809) | (298) | |
Available for sale, fair value | 50,115 | 52,667 | |
Collateralized loan obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,026 | 5,026 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (48) | (16) | |
Available for sale, fair value | 4,978 | 5,010 | |
SBA Pool Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 7,873 | 8,870 | |
Gross Unrealized Gains | 19 | 48 | |
Gross Unrealized Losses | (89) | (84) | |
Available for sale, fair value | $ 7,803 | $ 8,834 | |
[1] | Derived from audited consolidated financial statements |
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 | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 16,138 | $ 22,940 | [1] |
Gross Unrecognized Gains | 44 | 425 | |
Gross Unrecognized Losses | (255) | (1) | |
Held to maturity fair value | 15,927 | 23,364 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Amortized Cost | 462 | 519 | |
Gross Unrecognized Gains | 5 | 13 | |
Gross Unrecognized Losses | (6) | 0 | |
Held to maturity fair value | 461 | 532 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Amortized Cost | 3,123 | 3,805 | |
Gross Unrecognized Gains | 35 | 93 | |
Gross Unrecognized Losses | (11) | 0 | |
Held to maturity fair value | 3,147 | 3,898 | |
US Government Agencies Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Amortized Cost | 12,553 | 13,616 | |
Gross Unrecognized Gains | 4 | 296 | |
Gross Unrecognized Losses | (238) | (1) | |
Held to maturity fair value | $ 12,319 | 13,911 | |
Government-Sponsored Agency Securities | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Amortized Cost | 5,000 | ||
Gross Unrecognized Gains | 23 | ||
Gross Unrecognized Losses | 0 | ||
Held to maturity fair value | $ 5,023 | ||
[1] | Derived from audited consolidated financial statements |
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 | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to Maturity, due in one year, amortized cost | $ 404 | ||
Held to Maturity, due in one to five years, amortized cost | 865 | ||
Held to Maturity, due in five to ten years, amortized cost | 1,519 | ||
Held to maturity, due after ten years, amortized cost | 335 | ||
Held to maturity, amortized cost | 16,138 | ||
Held to Maturity, due in one year, fair value | 407 | ||
Held to Maturity, due in one to five years, fair value | 881 | ||
Held to Maturity, due in five to ten years, fair value | 1,524 | ||
Held to maturity, due after ten years, fair value | 335 | ||
Held to maturity fair value | 15,927 | $ 23,364 | |
Available for Sale, due in one year, amortized cost | 0 | ||
Available for Sale, due in one to five years, amortized cost | 11,008 | ||
Available for Sale, due in five to ten years, amortized cost | 26,566 | ||
Available for sale, due after ten years, amortized cost | 35,987 | ||
Available for sale, amortized cost | 283,594 | 269,924 | |
Available for Sale, due in one year, fair value | 0 | ||
Available for Sale, due in one to five years, fair value | 10,619 | ||
Available for Sale, due in five to ten years, fair value | 26,113 | ||
Available for sale, due after ten years, fair value | 33,658 | ||
Available for sale, Fair value | 271,626 | 271,332 | [1] |
Corporate Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Available for sale, amortized cost | 16,000 | 13,000 | |
Available for sale, Fair value | 16,123 | 13,685 | |
US Government Agencies Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to maturity, amortized cost | 12,553 | ||
Held to maturity fair value | 12,319 | 13,911 | |
Available for sale, amortized cost | 127,180 | 122,506 | |
Available for sale, Fair value | 120,750 | 122,610 | |
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 | 3,147 | 3,898 | |
Available for sale, amortized cost | 34,852 | 30,728 | |
Available for sale, Fair value | 33,036 | 31,231 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to maturity, amortized cost | 462 | ||
Held to maturity fair value | 461 | 532 | |
Available for sale, amortized cost | 23,137 | 19,671 | |
Available for sale, Fair value | 22,568 | 19,807 | |
Collateralized loan obligations | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Available for sale, amortized cost | 5,026 | 5,026 | |
Available for sale, Fair value | 4,978 | 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 | ||
Available for sale, amortized cost | 17,683 | 17,671 | |
Available for sale, Fair value | 16,253 | 17,488 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to maturity, amortized cost | 0 | ||
Held to maturity fair value | 0 | ||
Available for sale, amortized cost | 51,843 | 52,452 | |
Available for sale, Fair value | 50,115 | 52,667 | |
SBA Pool Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to maturity, amortized cost | 0 | ||
Held to maturity fair value | 0 | ||
Available for sale, amortized cost | 7,873 | 8,870 | |
Available for sale, Fair value | $ 7,803 | $ 8,834 | |
[1] | Derived from audited consolidated financial statements |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | $ 183,358 | $ 145,936 |
Available for sale, less than 12 months, unrealized losses | (10,987) | (1,474) |
Available for sale, 12 months or more, fair value | 18,367 | 6,571 |
Available for sale, 12 months or more, unrealized losses | (1,530) | (188) |
Available for sale, total fair value | 201,725 | 152,507 |
Available for sale, total unrealized losses | (12,517) | (1,662) |
Held to maturity, less than 12 months, fair value | 12,223 | 0 |
Held to Maturity, less than 12 months unrecognized losses | (254) | 0 |
Held to Maturity, 12 months or more, fair value | 119 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (1) | (1) |
Held to maturity, total fair value | 12,342 | 324 |
Held to maturity, total unrecognized losses | (255) | (1) |
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 | 104,457 | 84,123 |
Available for sale, less than 12 months, unrealized losses | (6,162) | (636) |
Available for sale, 12 months or more, fair value | 4,171 | 0 |
Available for sale, 12 months or more, unrealized losses | (370) | 0 |
Available for sale, total fair value | 108,628 | 84,123 |
Available for sale, total unrealized losses | (6,532) | (636) |
Held to maturity, less than 12 months, fair value | 11,545 | 0 |
Held to Maturity, less than 12 months unrecognized losses | (237) | 0 |
Held to Maturity, 12 months or more, fair value | 119 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (1) | (1) |
Held to maturity, total fair value | 11,664 | 324 |
Held to maturity, total unrecognized losses | (238) | (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 | 15,774 | 14,472 |
Available for sale, less than 12 months, unrealized losses | (1,325) | (252) |
Available for sale, 12 months or more, fair value | 5,059 | 0 |
Available for sale, 12 months or more, unrealized losses | (663) | 0 |
Available for sale, total fair value | 20,833 | 14,472 |
Available for sale, total unrealized losses | (1,988) | (252) |
Held to maturity, less than 12 months, fair value | 422 | |
Held to Maturity, less than 12 months unrecognized losses | (11) | |
Held to Maturity, 12 months or more, fair value | 0 | |
Held to Maturity, 12 months or more, unrecognized losses | 0 | |
Held to maturity, total fair value | 422 | |
Held to maturity, total unrecognized losses | (11) | |
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 | 976 | |
Available for sale, less than 12 months, unrealized losses | (24) | |
Available for sale, 12 months or more, fair value | 0 | |
Available for sale, 12 months or more, unrealized losses | 0 | |
Available for sale, total fair value | 976 | |
Available for sale, total unrealized losses | (24) | |
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 | 14,553 | 5,589 |
Available for sale, less than 12 months, unrealized losses | (371) | (161) |
Available for sale, 12 months or more, fair value | 3,003 | 0 |
Available for sale, 12 months or more, unrealized losses | (223) | 0 |
Available for sale, total fair value | 17,556 | 5,589 |
Available for sale, total unrealized losses | (594) | (161) |
Held to maturity, less than 12 months, fair value | 256 | |
Held to Maturity, less than 12 months unrecognized losses | (6) | |
Held to Maturity, 12 months or more, fair value | 0 | |
Held to Maturity, 12 months or more, unrecognized losses | 0 | |
Held to maturity, total fair value | 256 | |
Held to maturity, total unrecognized losses | (6) | |
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 | 14,750 | 15,956 |
Available for sale, less than 12 months, unrealized losses | (1,433) | (215) |
Available for sale, 12 months or more, fair value | 0 | 0 |
Available for sale, 12 months or more, unrealized losses | 0 | 0 |
Available for sale, total fair value | 14,750 | 15,956 |
Available for sale, total unrealized losses | (1,433) | (215) |
Collateralized loan obligations | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 4,978 | 5,010 |
Available for sale, less than 12 months, unrealized losses | (48) | (16) |
Available for sale, 12 months or more, fair value | 0 | 0 |
Available for sale, 12 months or more, unrealized losses | 0 | 0 |
Available for sale, total fair value | 4,978 | 5,010 |
Available for sale, total unrealized losses | (48) | (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 | 26,892 | 20,786 |
Available for sale, less than 12 months, unrealized losses | (1,611) | (194) |
Available for sale, 12 months or more, fair value | 1,926 | 2,027 |
Available for sale, 12 months or more, unrealized losses | (198) | (104) |
Available for sale, total fair value | 28,818 | 22,813 |
Available for sale, total unrealized losses | (1,809) | (298) |
SBA Pool Securities [Member] | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 978 | 0 |
Available for sale, less than 12 months, unrealized losses | (13) | 0 |
Available for sale, 12 months or more, fair value | 4,208 | 4,544 |
Available for sale, 12 months or more, unrealized losses | (76) | (84) |
Available for sale, total fair value | 5,186 | 4,544 |
Available for sale, total unrealized losses | $ (89) | $ (84) |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of changes in accumulated other comprehensive income by component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | [1] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | $ 411,881 | [1] | $ 390,554 | ||
Net current-period other comprehensive income (loss) | (10,567) | (1,222) | |||
Balance | 404,195 | 397,986 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (9,455) | $ 1,112 | |||
Held-to-maturity Securities [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | 0 | (151) | |||
Other comprehensive loss before reclassifications | 0 | 149 | |||
Balance | 0 | (2) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | 1,112 | 3,485 | |||
Other comprehensive loss before reclassifications | (10,567) | (1,222) | |||
Balance | (9,455) | 2,263 | |||
Unrealized gains (losses) on securities available for sale | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance | 1,112 | 3,636 | |||
Other comprehensive loss before reclassifications | (10,567) | (1,371) | |||
Balance | $ (9,455) | $ 2,265 | |||
[1] | Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE (Narrative)
LOANS AND ALLOWANCE (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)loan | Dec. 31, 2021USD ($) | ||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,393,669,000 | $ 2,339,986,000 | |
Total loans, net | $ 2,393,669,000 | 2,339,986,000 | [1] |
TDRs during period | loan | 10 | ||
TDR, subsequent default, number of contracts | 0 | ||
TDR amount | $ 3,100,000 | ||
Loans Receivable [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accrued interest receivable | 10,000,000 | 10,800,000 | |
Doubtful [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans, net | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loans on real estate, foreclosures | 800,000 | 900,000 | |
Paycheck Protection Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Financing receivable, allowance for credit loss | 0 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1,800,000 | $ 300,000 | |
[1] | Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE (Schedule o
LOANS AND ALLOWANCE (Schedule of Loans, net of Unearned Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,393,669 | $ 2,339,986 | |
Total loans | 2,393,669 | 2,339,986 | [1] |
Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 1,941,418 | 1,891,236 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 7,927 | 8,455 | |
Total loans | 7,927 | 8,455 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 2,385,742 | 2,331,531 | |
Total loans | 2,385,742 | 2,331,531 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 404,957 | 387,703 | |
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 | 404,957 | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 613,282 | 588,000 | |
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 | 613,282 | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 7,527 | 8,612 | |
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 | 8,612 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 116,288 | 121,444 | |
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 | 116,288 | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 574,688 | 547,560 | |
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 | 574,688 | 547,560 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 152,266 | 164,071 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total real estate loans | 72,410 | 73,846 | |
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 | 72,410 | 73,846 | |
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 | 31,404 | 77,319 | |
Total loans | 31,404 | 77,319 | |
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 | 7,527 | ||
Commercial 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 | 152,266 | 164,071 | |
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 | 335,537 | 301,980 | |
Total loans | 335,537 | 301,980 | |
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 | 77,383 | 60,996 | |
Total loans | $ 77,383 | $ 60,996 | |
[1] | Derived from audited consolidated financial statements |
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 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | $ 2,393,669 | $ 2,305,997 | |
Total loans | 2,393,669 | 2,339,986 | [1] |
Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 14,941 | ||
Recorded Investment, Nonaccrual Loans | 14,941 | 15,029 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 13,977 | 18,155 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,079 | 9,420 | |
Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 8,620 | 8,898 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 8,138 | 6,414 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 6,321 | 6,131 | |
Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 23,194 | 33,989 | |
Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 2,370,475 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 404,957 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 613,282 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 7,527 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 116,288 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 574,688 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 72,410 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 152,266 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 335,537 | ||
Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 77,383 | ||
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 31,404 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 6,738 | ||
Total loans | 7,927 | 8,455 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,436 | ||
Recorded Investment, Nonaccrual Loans | 1,436 | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,424 | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 12 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,436 | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,436 | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 6,491 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 7,927 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 2,299,259 | ||
Total loans | 2,385,742 | 2,331,531 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 13,505 | ||
Recorded Investment, Nonaccrual Loans | 13,505 | 13,300 | |
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] | |||
Notes receivable | 12,553 | 16,438 | |
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] | |||
Notes receivable | 1,067 | 9,420 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 7,184 | 7,169 | |
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] | |||
Notes receivable | 8,138 | 6,414 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 6,321 | 6,131 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 21,758 | 32,272 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 2,363,984 | ||
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] | |||
Notes receivable | 387,163 | ||
Total loans | 404,957 | 387,703 | |
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] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 830 | ||
Recorded Investment, Nonaccrual Loans | 830 | 842 | |
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] | |||
Notes receivable | 304 | 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] | |||
Notes receivable | 346 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 830 | 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 | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 304 | 540 | |
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] | |||
Notes receivable | 404,653 | ||
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] | |||
Notes receivable | 588,000 | ||
Total loans | 613,282 | 588,000 | |
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] | |||
Notes receivable | 613,282 | ||
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] | |||
Notes receivable | 7,821 | ||
Total loans | 8,612 | ||
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] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 811 | ||
Recorded Investment, Nonaccrual Loans | 811 | 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] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 791 | ||
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] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 811 | 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 | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 791 | ||
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] | |||
Notes receivable | 116,534 | ||
Total loans | 116,288 | 121,444 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 4,607 | ||
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] | |||
Notes receivable | 19 | 204 | |
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] | |||
Notes receivable | 131 | ||
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] | |||
Notes receivable | 4,575 | 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] | |||
Notes receivable | 4,594 | 4,910 | |
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] | |||
Notes receivable | 111,694 | ||
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] | |||
Notes receivable | 537,785 | ||
Total loans | 574,688 | 547,560 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 725 | ||
Recorded Investment, Nonaccrual Loans | 726 | 548 | |
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] | |||
Notes receivable | 9,515 | 9,384 | |
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] | |||
Notes receivable | 503 | 254 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 572 | 411 | |
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] | |||
Notes receivable | 154 | 137 | |
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] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 154 | 137 | |
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] | |||
Notes receivable | 10,172 | 9,775 | |
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] | |||
Notes receivable | 564,516 | ||
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] | |||
Notes receivable | 73,344 | ||
Total loans | 72,410 | 73,846 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 577 | ||
Recorded Investment, Nonaccrual Loans | 576 | 424 | |
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] | |||
Notes receivable | 375 | 331 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 247 | 253 | |
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] | |||
Notes receivable | 329 | 171 | |
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] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 329 | 171 | |
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] | |||
Notes receivable | 704 | 502 | |
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] | |||
Notes receivable | 71,706 | ||
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 | 7,527 | ||
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] | |||
Notes receivable | 790 | ||
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] | |||
Notes receivable | 790 | ||
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] | |||
Notes receivable | 6,737 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Recorded Investment, Nonaccrual Loans | 4,607 | 4,609 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 32 | 34 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 4,575 | 4,575 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 164,071 | ||
Total loans | 152,266 | 164,071 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 4,226 | ||
Recorded Investment, Nonaccrual Loans | 4,226 | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 4,226 | 4,301 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 152,266 | ||
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] | |||
Notes receivable | 300,347 | ||
Total loans | 335,537 | 301,980 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,697 | ||
Recorded Investment, Nonaccrual Loans | 1,697 | 1,722 | |
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] | |||
Notes receivable | 1,386 | 387 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 454 | 476 | |
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] | |||
Notes receivable | 1,243 | 1,246 | |
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] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 1,243 | 1,246 | |
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] | |||
Notes receivable | 2,629 | 1,633 | |
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] | |||
Notes receivable | 332,908 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 60,671 | ||
Total loans | 77,383 | 60,996 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 12 | ||
Recorded Investment, Nonaccrual Loans | 12 | 18 | |
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] | |||
Notes receivable | 66 | 193 | |
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] | |||
Notes receivable | 11 | 130 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 12 | 16 | |
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] | |||
Notes receivable | 2 | ||
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] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 2 | ||
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] | |||
Notes receivable | 77 | 325 | |
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] | |||
Notes receivable | 77,306 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 20 | ||
Recorded Investment, Nonaccrual Loans | 20 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Paycheck Protection Program Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | 20 | ||
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] | |||
Notes receivable | 63,523 | ||
Total loans | 31,404 | 77,319 | |
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] | |||
Notes receivable | 98 | 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] | |||
Notes receivable | 553 | 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] | |||
Notes receivable | 1,837 | 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] | |||
Notes receivable | 2,488 | $ 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] | |||
Notes receivable | $ 28,916 | ||
[1] | Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE (Schedule_3
LOANS AND ALLOWANCE (Schedule of nonaccrual loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Recorded Investment, Loans Not Past Due | $ 2,393,669 | $ 2,305,997 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 229,798 | |
2021 | 558,950 | |
2020 | 171,091 | |
2019 | 171,465 | |
2018 | 175,985 | |
Prior | 871,520 | |
Revolving Loan | 197,068 | |
Revolving Loans Converted to Term | 17,792 | |
Total | 2,393,669 | 2,305,997 |
Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 14,941 | |
Recorded Investment, Nonaccrual Loans | 14,941 | 15,029 |
Nonaccrual with No Credit Loss Allowance | 12,527 | 12,315 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 20 | |
2020 | 8 | |
2019 | 5,065 | |
2018 | 241 | |
Prior | 7,467 | |
Revolving Loan | 1,842 | |
Revolving Loans Converted to Term | 298 | |
Total | 14,941 | |
Total Past Due | ||
Recorded Investment, Loans Not Past Due | 23,194 | 33,989 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 23,194 | 33,989 |
Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 2,370,475 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,370,475 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 404,957 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 18,786 | |
2021 | 62,589 | |
2020 | 18,223 | |
2019 | 35,519 | |
2018 | 28,082 | |
Prior | 231,113 | |
Revolving Loan | 3,758 | |
Revolving Loans Converted to Term | 6,887 | |
Total | 404,957 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 613,282 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 17,975 | |
2021 | 120,873 | |
2020 | 55,594 | |
2019 | 31,815 | |
2018 | 75,667 | |
Prior | 306,988 | |
Revolving Loan | 3,769 | |
Revolving Loans Converted to Term | 601 | |
Total | 613,282 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||
Recorded Investment, Loans Not Past Due | 7,527 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 304 | |
2020 | 60 | |
2019 | 21 | |
Prior | 5,331 | |
Revolving Loan | 1,716 | |
Revolving Loans Converted to Term | 95 | |
Total | 7,527 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 116,288 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 5,425 | |
2021 | 61,664 | |
2020 | 13,115 | |
2019 | 6,406 | |
2018 | 7,513 | |
Prior | 21,157 | |
Revolving Loan | 980 | |
Revolving Loans Converted to Term | 28 | |
Total | 116,288 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 574,688 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 65,324 | |
2021 | 159,643 | |
2020 | 48,315 | |
2019 | 78,320 | |
2018 | 46,723 | |
Prior | 170,828 | |
Revolving Loan | 1,804 | |
Revolving Loans Converted to Term | 3,731 | |
Total | 574,688 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 72,410 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 56 | |
2021 | 567 | |
2020 | 57 | |
2019 | 74 | |
2018 | 239 | |
Prior | 4,638 | |
Revolving Loan | 65,871 | |
Revolving Loans Converted to Term | 908 | |
Total | 72,410 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 152,266 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 3,337 | |
2021 | 23,595 | |
2020 | 18,733 | |
2019 | 7,186 | |
2018 | 5,284 | |
Prior | 88,446 | |
Revolving Loan | 5,385 | |
Revolving Loans Converted to Term | 300 | |
Total | 152,266 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 335,537 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 85,663 | |
2021 | 70,858 | |
2020 | 10,291 | |
2019 | 11,284 | |
2018 | 11,690 | |
Prior | 29,521 | |
Revolving Loan | 110,988 | |
Revolving Loans Converted to Term | 5,242 | |
Total | 335,537 | |
Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 77,383 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2022 | 33,232 | |
2021 | 32,034 | |
2020 | 2,122 | |
2019 | 840 | |
2018 | 787 | |
Prior | 5,601 | |
Revolving Loan | 2,767 | |
Total | 77,383 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Recorded Investment, Loans Not Past Due | 6,738 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 6,738 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,436 | |
Recorded Investment, Nonaccrual Loans | 1,436 | 1,729 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 1,436 | |
Total | 1,436 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 1,436 | 1,717 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 1,436 | 1,717 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 6,491 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 6,491 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 7,927 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 7,897 | |
Revolving Loan | 30 | |
Total | 7,927 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Recorded Investment, Loans Not Past Due | 2,299,259 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,299,259 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 13,505 | |
Recorded Investment, Nonaccrual Loans | 13,505 | 13,300 |
Nonaccrual with No Credit Loss Allowance | 12,527 | 12,315 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 20 | |
2020 | 8 | |
2019 | 5,065 | |
2018 | 241 | |
Prior | 6,031 | |
Revolving Loan | 1,842 | |
Revolving Loans Converted to Term | 298 | |
Total | 13,505 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 21,758 | 32,272 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 21,758 | 32,272 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 2,363,984 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,363,984 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||
Recorded Investment, Loans Not Past Due | 387,163 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 387,163 | |
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] | ||
Recorded Investment, Loans Not Past Due | 830 | |
Recorded Investment, Nonaccrual Loans | 830 | 842 |
Nonaccrual with No Credit Loss Allowance | 830 | 842 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 469 | |
Prior | 361 | |
Total | 830 | |
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 | 304 | 540 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 304 | 540 |
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, Loans Not Past Due | 404,653 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 404,653 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||
Recorded Investment, Loans Not Past Due | 588,000 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 588,000 | |
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, Loans Not Past Due | 613,282 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 613,282 | |
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, Loans Not Past Due | 7,821 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 7,821 | |
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] | ||
Recorded Investment, Loans Not Past Due | 811 | |
Recorded Investment, Nonaccrual Loans | 811 | 836 |
Nonaccrual with No Credit Loss Allowance | 811 | 836 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 21 | |
Prior | 659 | |
Revolving Loan | 131 | |
Total | 811 | |
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 | 791 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 791 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded Investment, Loans Not Past Due | 116,534 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 116,534 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4,607 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2019 | 4,575 | |
Prior | 32 | |
Total | 4,607 | |
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 | 4,594 | 4,910 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 4,594 | 4,910 |
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, Loans Not Past Due | 111,694 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 111,694 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Recorded Investment, Loans Not Past Due | 537,785 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 537,785 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 725 | |
Recorded Investment, Nonaccrual Loans | 726 | 548 |
Nonaccrual with No Credit Loss Allowance | 726 | 548 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 451 | |
Revolving Loans Converted to Term | 274 | |
Total | 725 | |
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 | 10,172 | 9,775 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 10,172 | 9,775 |
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, Loans Not Past Due | 564,516 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 564,516 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded Investment, Loans Not Past Due | 73,344 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 73,344 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 577 | |
Recorded Investment, Nonaccrual Loans | 576 | 424 |
Nonaccrual with No Credit Loss Allowance | 576 | 424 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Revolving Loan | 553 | |
Revolving Loans Converted to Term | 24 | |
Total | 577 | |
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 | 704 | 502 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 704 | 502 |
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, Loans Not Past Due | 71,706 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 71,706 | |
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 | 790 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 790 | |
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, Loans Not Past Due | 6,737 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 6,737 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 4,607 | 4,609 |
Nonaccrual with No Credit Loss Allowance | 4,607 | 4,609 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||
Recorded Investment, Loans Not Past Due | 164,071 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 164,071 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 4,226 | |
Recorded Investment, Nonaccrual Loans | 4,226 | 4,301 |
Nonaccrual with No Credit Loss Allowance | 4,226 | 4,301 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Prior | 4,226 | |
Total | 4,226 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 152,266 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 152,266 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||
Recorded Investment, Loans Not Past Due | 300,347 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 300,347 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 1,697 | |
Recorded Investment, Nonaccrual Loans | 1,697 | 1,722 |
Nonaccrual with No Credit Loss Allowance | 724 | 745 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2020 | 8 | |
2018 | 236 | |
Prior | 295 | |
Revolving Loan | 1,158 | |
Total | 1,697 | |
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 | 2,629 | 1,633 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,629 | 1,633 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 332,908 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 332,908 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 60,671 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 60,671 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 12 | |
Recorded Investment, Nonaccrual Loans | 12 | 18 |
Nonaccrual with No Credit Loss Allowance | 7 | 10 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2018 | 5 | |
Prior | 7 | |
Total | 12 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | ||
Recorded Investment, Loans Not Past Due | 77 | 325 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 77 | 325 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Loans Not Past Due | ||
Recorded Investment, Loans Not Past Due | 77,306 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 77,306 | |
Paycheck Protection Program Loans [Member] | ||
90 Days or More | 1,800 | 300 |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 31,404 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 26,823 | |
2020 | 4,581 | |
Total | 31,404 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Loans Not Past Due | 20 | |
Recorded Investment, Nonaccrual Loans | 20 | |
Nonaccrual with No Credit Loss Allowance | 20 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
2021 | 20 | |
Total | 20 | |
Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | ||
Recorded Investment, Loans Not Past Due | 63,523 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 63,523 | |
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 | 2,488 | 13,796 |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 2,488 | 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, Loans Not Past Due | 28,916 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | ||
Total | 28,916 | |
Small Business Administration Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Recorded Investment, Nonaccrual Loans | 2,700 | 1,100 |
Nonaccrual with No Credit Loss Allowance | $ 800 | $ 1,100 |
LOANS AND ALLOWANCE (Schedule_4
LOANS AND ALLOWANCE (Schedule of the risk category of loans by class of loans) (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)$ / shares | Dec. 31, 2021USD ($) | ||
Credit Quality Information [Abstract] | |||
2022 | $ 229,798,000 | ||
2021 | 558,950,000 | ||
2020 | 171,091,000 | ||
2019 | 171,465,000 | ||
2018 | 175,985,000 | ||
Prior | 871,520,000 | ||
Revolving Loan | 197,068,000 | ||
Revolving Loans Converted to Term | 17,792,000 | ||
Total | $ 2,393,669,000 | $ 2,305,997,000 | |
2022, Weighted average risk grade | 3.24 | ||
2021, Weighted average risk grade | 3.33 | ||
2020, Weighted average risk grade | 3.38 | ||
2019, Weighted average risk grade | 3.55 | ||
2018, Weighted average risk grade | 3.40 | ||
Prior, Weighted average risk grade | 3.58 | ||
Revolving loan, Weighted average risk grade | 3.37 | ||
Revolving loans converted to term, Weighted average risk grade | 3.88 | ||
Weighted average risk grade | 3.44 | ||
Credit Quality By Class of Loans [Abstract] | |||
Total loans, net | $ 2,393,669,000 | 2,339,986,000 | [1] |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | 1,279,000 | ||
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] | |||
2022 | 18,786,000 | ||
2021 | 62,589,000 | ||
2020 | 18,223,000 | ||
2019 | 35,519,000 | ||
2018 | 28,082,000 | ||
Prior | 231,113,000 | ||
Revolving Loan | 3,758,000 | ||
Revolving Loans Converted to Term | 6,887,000 | ||
Total | $ 404,957,000 | ||
2022, Weighted average risk grade | 3.31 | ||
2021, Weighted average risk grade | 3.58 | ||
2020, Weighted average risk grade | 3.42 | ||
2019, Weighted average risk grade | 3.47 | ||
2018, Weighted average risk grade | 3.45 | ||
Prior, Weighted average risk grade | 3.53 | ||
Revolving loan, Weighted average risk grade | 3.54 | ||
Revolving loans converted to term, Weighted average risk grade | 3.96 | ||
Weighted average risk grade | 3.52 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | $ 18,786,000 | ||
2021 | 62,589,000 | ||
2020 | 18,223,000 | ||
2019 | 35,051,000 | ||
2018 | 28,082,000 | ||
Prior | 227,050,000 | ||
Revolving Loan | 3,758,000 | ||
Revolving Loans Converted to Term | 6,887,000 | ||
Total | 400,426,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,252,000 | ||
Total | 1,252,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2019 | 468,000 | ||
Prior | 2,811,000 | ||
Total | 3,279,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Credit Quality Information [Abstract] | |||
2022 | 17,975,000 | ||
2021 | 120,873,000 | ||
2020 | 55,594,000 | ||
2019 | 31,815,000 | ||
2018 | 75,667,000 | ||
Prior | 306,988,000 | ||
Revolving Loan | 3,769,000 | ||
Revolving Loans Converted to Term | 601,000 | ||
Total | $ 613,282,000 | ||
2022, Weighted average risk grade | 3.03 | ||
2021, Weighted average risk grade | 3.16 | ||
2020, Weighted average risk grade | 3.47 | ||
2019, Weighted average risk grade | 3.89 | ||
2018, Weighted average risk grade | 3.48 | ||
Prior, Weighted average risk grade | 3.75 | ||
Revolving loan, Weighted average risk grade | 2.96 | ||
Revolving loans converted to term, Weighted average risk grade | 5 | ||
Weighted average risk grade | 3.56 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | $ 17,975,000 | ||
2021 | 120,873,000 | ||
2020 | 55,594,000 | ||
2019 | 31,815,000 | ||
2018 | 74,741,000 | ||
Prior | 277,237,000 | ||
Revolving Loan | 3,769,000 | ||
Total | 582,004,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
2018 | 926,000 | ||
Prior | 29,751,000 | ||
Revolving Loans Converted to Term | 601,000 | ||
Total | 31,278,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Credit Quality Information [Abstract] | |||
2021 | 304,000 | ||
2020 | 60,000 | ||
2019 | 21,000 | ||
Prior | 5,331,000 | ||
Revolving Loan | 1,716,000 | ||
Revolving Loans Converted to Term | 95,000 | ||
Total | $ 7,527,000 | ||
2021, Weighted average risk grade | $ / shares | 3.16 | ||
2020, Weighted average risk grade | $ / shares | 4 | ||
2019, Weighted average risk grade | $ / shares | 6 | ||
Prior, Weighted average risk grade | $ / shares | 4.40 | ||
Revolving loan, Weighted average risk grade | $ / shares | 4.12 | ||
Revolving loans converted to term, Weighted average risk grade | $ / shares | 2 | ||
Weighted average risk grade | $ / shares | 4.26 | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 95,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2021 | 304,000 | ||
2020 | 60,000 | ||
Prior | 3,629,000 | ||
Revolving Loan | 1,585,000 | ||
Revolving Loans Converted to Term | 95,000 | ||
Total | 5,673,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,043,000 | ||
Total | 1,043,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2019 | 21,000 | ||
Prior | 659,000 | ||
Revolving Loan | 131,000 | ||
Total | 811,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 5,425,000 | ||
2021 | 61,664,000 | ||
2020 | 13,115,000 | ||
2019 | 6,406,000 | ||
2018 | 7,513,000 | ||
Prior | 21,157,000 | ||
Revolving Loan | 980,000 | ||
Revolving Loans Converted to Term | 28,000 | ||
Total | $ 116,288,000 | ||
2022, Weighted average risk grade | 3.05 | ||
2021, Weighted average risk grade | 3.15 | ||
2020, Weighted average risk grade | 3.53 | ||
2019, Weighted average risk grade | 5.35 | ||
2018, Weighted average risk grade | 3.24 | ||
Prior, Weighted average risk grade | 3.65 | ||
Revolving loan, Weighted average risk grade | 3.31 | ||
Revolving loans converted to term, Weighted average risk grade | 4 | ||
Weighted average risk grade | 3.41 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | $ 5,425,000 | ||
2021 | 61,664,000 | ||
2020 | 13,115,000 | ||
2019 | 1,831,000 | ||
2018 | 7,513,000 | ||
Prior | 21,125,000 | ||
Revolving Loan | 980,000 | ||
Revolving Loans Converted to Term | 28,000 | ||
Total | 111,681,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2019 | 4,575,000 | ||
Prior | 32,000 | ||
Total | 4,607,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Credit Quality Information [Abstract] | |||
2022 | 65,324,000 | ||
2021 | 159,643,000 | ||
2020 | 48,315,000 | ||
2019 | 78,320,000 | ||
2018 | 46,723,000 | ||
Prior | 170,828,000 | ||
Revolving Loan | 1,804,000 | ||
Revolving Loans Converted to Term | 3,731,000 | ||
Total | $ 574,688,000 | ||
2022, Weighted average risk grade | 3.02 | ||
2021, Weighted average risk grade | 3.04 | ||
2020, Weighted average risk grade | 3.06 | ||
2019, Weighted average risk grade | 3.28 | ||
2018, Weighted average risk grade | 3.13 | ||
Prior, Weighted average risk grade | 3.23 | ||
Revolving loan, Weighted average risk grade | 3.98 | ||
Revolving loans converted to term, Weighted average risk grade | 3.29 | ||
Weighted average risk grade | 3.14 | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 257,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 65,324,000 | ||
2021 | 159,643,000 | ||
2020 | 48,315,000 | ||
2019 | 69,839,000 | ||
2018 | 46,723,000 | ||
Prior | 169,839,000 | ||
Revolving Loan | 1,804,000 | ||
Revolving Loans Converted to Term | 3,457,000 | ||
Total | 564,944,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
2019 | 8,481,000 | ||
Total | 8,481,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 989,000 | ||
Revolving Loans Converted to Term | 274,000 | ||
Total | 1,263,000 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 56,000 | ||
2021 | 567,000 | ||
2020 | 57,000 | ||
2019 | 74,000 | ||
2018 | 239,000 | ||
Prior | 4,638,000 | ||
Revolving Loan | 65,871,000 | ||
Revolving Loans Converted to Term | 908,000 | ||
Total | $ 72,410,000 | ||
2022, Weighted average risk grade | 3 | ||
2021, Weighted average risk grade | 3 | ||
2020, Weighted average risk grade | 3 | ||
2019, Weighted average risk grade | 3 | ||
2018, Weighted average risk grade | 3 | ||
Prior, Weighted average risk grade | 3.81 | ||
Revolving loan, Weighted average risk grade | 3.08 | ||
Revolving loans converted to term, Weighted average risk grade | 4.05 | ||
Weighted average risk grade | 3.14 | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 746,000 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 56,000 | ||
2021 | 567,000 | ||
2020 | 57,000 | ||
2019 | 74,000 | ||
2018 | 239,000 | ||
Prior | 4,638,000 | ||
Revolving Loan | 65,042,000 | ||
Revolving Loans Converted to Term | 884,000 | ||
Total | 71,557,000 | ||
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 | 553,000 | ||
Revolving Loans Converted to Term | 24,000 | ||
Total | 577,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 3,337,000 | ||
2021 | 23,595,000 | ||
2020 | 18,733,000 | ||
2019 | 7,186,000 | ||
2018 | 5,284,000 | ||
Prior | 88,446,000 | ||
Revolving Loan | 5,385,000 | ||
Revolving Loans Converted to Term | 300,000 | ||
Total | $ 152,266,000 | ||
2022, Weighted average risk grade | 3.60 | ||
2021, Weighted average risk grade | 3 | ||
2020, Weighted average risk grade | 3.90 | ||
2019, Weighted average risk grade | 3 | ||
2018, Weighted average risk grade | 3.70 | ||
Prior, Weighted average risk grade | 3.54 | ||
Revolving loan, Weighted average risk grade | 4 | ||
Revolving loans converted to term, Weighted average risk grade | 6 | ||
Weighted average risk grade | 3.50 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | $ 3,337,000 | ||
2021 | 23,595,000 | ||
2020 | 18,733,000 | ||
2019 | 7,186,000 | ||
2018 | 5,284,000 | ||
Prior | 78,136,000 | ||
Revolving Loan | 5,385,000 | ||
Total | 141,656,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 5,327,000 | ||
Total | 5,327,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 4,983,000 | ||
Revolving Loans Converted to Term | 300,000 | ||
Total | 5,283,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Credit Quality Information [Abstract] | |||
2022 | 85,663,000 | ||
2021 | 70,858,000 | ||
2020 | 10,291,000 | ||
2019 | 11,284,000 | ||
2018 | 11,690,000 | ||
Prior | 29,521,000 | ||
Revolving Loan | 110,988,000 | ||
Revolving Loans Converted to Term | 5,242,000 | ||
Total | $ 335,537,000 | ||
2022, Weighted average risk grade | 3.16 | ||
2021, Weighted average risk grade | 3.70 | ||
2020, Weighted average risk grade | 3.38 | ||
2019, Weighted average risk grade | 3.97 | ||
2018, Weighted average risk grade | 3.77 | ||
Prior, Weighted average risk grade | 3.74 | ||
Revolving loan, Weighted average risk grade | 3.49 | ||
Revolving loans converted to term, Weighted average risk grade | 3.95 | ||
Weighted average risk grade | 3.50 | ||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | |||
Revolving loans converted to term loans, during the period | $ 181,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 85,663,000 | ||
2021 | 70,858,000 | ||
2020 | 10,283,000 | ||
2019 | 9,287,000 | ||
2018 | 10,188,000 | ||
Prior | 27,638,000 | ||
Revolving Loan | 107,456,000 | ||
Revolving Loans Converted to Term | 5,242,000 | ||
Total | 326,615,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
2019 | 1,997,000 | ||
Revolving Loan | 784,000 | ||
Total | 2,781,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2020 | 8,000 | ||
2018 | 1,502,000 | ||
Prior | 1,883,000 | ||
Revolving Loan | 2,748,000 | ||
Total | 6,141,000 | ||
Consumer Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | 33,232,000 | ||
2021 | 32,034,000 | ||
2020 | 2,122,000 | ||
2019 | 840,000 | ||
2018 | 787,000 | ||
Prior | 5,601,000 | ||
Revolving Loan | 2,767,000 | ||
Total | $ 77,383,000 | ||
2022, Weighted average risk grade | 3.94 | ||
2021, Weighted average risk grade | 4 | ||
2020, Weighted average risk grade | 3.99 | ||
2019, Weighted average risk grade | 3.99 | ||
2018, Weighted average risk grade | 4.01 | ||
Prior, Weighted average risk grade | 4.02 | ||
Revolving loan, Weighted average risk grade | 4 | ||
Weighted average risk grade | 3.98 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2022 | $ 33,232,000 | ||
2021 | 32,034,000 | ||
2020 | 2,122,000 | ||
2019 | 840,000 | ||
2018 | 782,000 | ||
Prior | 5,517,000 | ||
Revolving Loan | 2,767,000 | ||
Total | 77,294,000 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 77,000 | ||
Total | 77,000 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2018 | 5,000 | ||
Prior | 7,000 | ||
Total | 12,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Credit Quality Information [Abstract] | |||
Total | 6,738,000 | ||
Credit Quality By Class of Loans [Abstract] | |||
Total loans, net | 7,927,000 | $ 8,455,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 7,897,000 | ||
Revolving Loan | 30,000 | ||
Total | $ 7,927,000 | ||
Prior, Weighted average risk grade | 4.43 | ||
Revolving loan, Weighted average risk grade | 3 | ||
Weighted average risk grade | 4.43 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | $ 4,933,000 | ||
Revolving Loan | 30,000 | ||
Total | 4,963,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,369,000 | ||
Total | 1,369,000 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
Prior | 1,595,000 | ||
Total | 1,595,000 | ||
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Credit Quality Information [Abstract] | |||
2021 | 26,823,000 | ||
2020 | 4,581,000 | ||
Total | $ 31,404,000 | ||
2021, Weighted average risk grade | $ / shares | 4.12 | ||
2020, Weighted average risk grade | $ / shares | 2.73 | ||
Weighted average risk grade | $ / shares | 3.92 | ||
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | |||
Credit Quality Information [Abstract] | |||
2021 | $ 26,803,000 | ||
2020 | 4,581,000 | ||
Total | 31,384,000 | ||
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Credit Quality Information [Abstract] | |||
2021 | 20,000 | ||
Total | $ 20,000 | ||
[1] | Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE (Schedule_5
LOANS AND ALLOWANCE (Schedule of calculation for allowance for credit losses) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Allowances for loan losses | $ 29,379,000 | $ 29,105,000 | [1] | $ 34,893,000 | $ 36,345,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||
Allowances for loan losses | 4,173,000 | 4,562,000 | 4,144,000 | 6,699,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||
Allowances for loan losses | 8,913,000 | 9,028,000 | 13,804,000 | 11,426,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowances for loan losses | 1,029,000 | 998,000 | 3,066,000 | 1,815,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Allowances for loan losses | 49,000 | 56,000 | 111,000 | 104,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Allowances for loan losses | 3,888,000 | 3,588,000 | 6,770,000 | 9,579,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowances for loan losses | 376,000 | 437,000 | 825,000 | 901,000 | |
Commercial Portfolio Segment [Member] | |||||
Allowances for loan losses | 5,466,000 | 4,088,000 | |||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||
Allowances for loan losses | 49,000 | 56,000 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowances for loan losses | 1,029,000 | 998,000 | |||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Allowances for loan losses | 2,289,000 | 3,280,000 | 1,246,000 | 1,412,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||
Allowances for loan losses | 5,466,000 | 4,088,000 | 2,192,000 | 1,498,000 | |
Consumer Portfolio Segment [Member] | |||||
Allowances for loan losses | 1,025,000 | 787,000 | 369,000 | 517,000 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||
Allowances for loan losses | 1,025,000 | 787,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowances for loan losses | 2,171,000 | 2,281,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||||
Allowances for loan losses | 2,171,000 | 2,281,000 | $ 2,366,000 | $ 2,394,000 | |
Paycheck Protection Program Loans [Member] | |||||
Financing receivable, allowance for credit loss | 0 | ||||
Modeled Expected Credit Losses [Member] | |||||
Allowances for loan losses | 21,745,000 | 20,960,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||
Allowances for loan losses | 3,875,000 | 4,281,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||
Allowances for loan losses | 7,845,000 | 8,020,000 | |||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Allowances for loan losses | 3,228,000 | 3,012,000 | |||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowances for loan losses | 275,000 | 273,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | |||||
Allowances for loan losses | 3,083,000 | 2,154,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||
Allowances for loan losses | 9,000 | 9,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowances for loan losses | 556,000 | 540,000 | |||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Allowances for loan losses | 1,849,000 | 1,885,000 | |||
Modeled Expected Credit Losses [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||
Allowances for loan losses | 1,025,000 | 786,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | |||||
Allowances for loan losses | 3,856,000 | 5,205,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||
Allowances for loan losses | 298,000 | 281,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||
Allowances for loan losses | 1,068,000 | 1,008,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Allowances for loan losses | 660,000 | 576,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowances for loan losses | 101,000 | 164,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | |||||
Allowances for loan losses | 776,000 | 1,276,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||
Allowances for loan losses | 40,000 | 47,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowances for loan losses | 473,000 | 458,000 | |||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Allowances for loan losses | 440,000 | 1,395,000 | |||
Specific Allocation [Member] | |||||
Allowances for loan losses | 3,778,000 | 2,940,000 | |||
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | |||||
Allowances for loan losses | 1,607,000 | 658,000 | |||
Specific Allocation [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||
Allowances for loan losses | 1,000 | ||||
Specific Allocation [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowances for loan losses | $ 2,171,000 | $ 2,281,000 | |||
[1] | Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE (Schedule_6
LOANS AND ALLOWANCE (Schedule of Activity for Loan and Lease Losses By Class of Loan) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 29,105 | [1] | $ 36,345 |
Provision (recovery) | 99 | (1,372) | |
Charge offs | (61) | (110) | |
Recoveries | 236 | 30 | |
Ending balance | 29,379 | 34,893 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,562 | 6,699 | |
Provision (recovery) | (389) | (2,555) | |
Ending balance | 4,173 | 4,144 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 9,028 | 11,426 | |
Provision (recovery) | (115) | 2,378 | |
Ending balance | 8,913 | 13,804 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 998 | 1,815 | |
Provision (recovery) | 31 | 1,251 | |
Ending balance | 1,029 | 3,066 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 56 | 104 | |
Provision (recovery) | (7) | 7 | |
Ending balance | 49 | 111 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,588 | 9,579 | |
Provision (recovery) | 243 | (2,810) | |
Recoveries | 57 | 1 | |
Ending balance | 3,888 | 6,770 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 437 | 901 | |
Provision (recovery) | (47) | (76) | |
Charge offs | (14) | ||
Ending balance | 376 | 825 | |
Commercial Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,088 | ||
Ending balance | 5,466 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 56 | ||
Ending balance | 49 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 998 | ||
Ending balance | 1,029 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,280 | 1,412 | |
Provision (recovery) | (991) | (166) | |
Ending balance | 2,289 | 1,246 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,088 | 1,498 | |
Provision (recovery) | 1,208 | 760 | |
Charge offs | (74) | ||
Recoveries | 170 | 8 | |
Ending balance | 5,466 | 2,192 | |
Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 787 | 517 | |
Provision (recovery) | 276 | (133) | |
Charge offs | (47) | (36) | |
Recoveries | 9 | 21 | |
Ending balance | 1,025 | 369 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 787 | ||
Ending balance | 1,025 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,281 | ||
Ending balance | 2,171 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,281 | 2,394 | |
Provision (recovery) | (110) | (28) | |
Ending balance | $ 2,171 | $ 2,366 | |
[1] | Derived from audited consolidated financial statements |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment, allowance | $ 3,778 | $ 2,940 | |||
Total ending allowance | 29,379 | 29,105 | [1] | $ 34,893 | $ 36,345 |
Loans: | |||||
Individually evaluated for impairment | 32,850 | 44,872 | |||
Total ending loans, net | 2,393,669 | 2,339,986 | [1] | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 4,173 | 4,562 | 4,144 | 6,699 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 8,913 | 9,028 | 13,804 | 11,426 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 1,029 | 998 | 3,066 | 1,815 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 49 | 56 | 111 | 104 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 3,888 | 3,588 | 6,770 | 9,579 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 376 | 437 | 825 | 901 | |
Commercial Portfolio Segment [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 5,466 | 4,088 | |||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 49 | 56 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 1,029 | 998 | |||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 2,289 | 3,280 | 1,246 | 1,412 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 5,466 | 4,088 | 2,192 | 1,498 | |
Consumer Portfolio Segment [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 1,025 | 787 | 369 | 517 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment, allowance | 2,171 | 2,281 | |||
Total ending allowance | 2,171 | 2,281 | |||
Loans: | |||||
Individually evaluated for impairment | 7,927 | 8,455 | |||
Total ending loans, net | 7,927 | 8,455 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Total ending allowance | 2,171 | 2,281 | $ 2,366 | $ 2,394 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||||
Ending allowance balance attributable to loans: | |||||
Individually evaluated for impairment, allowance | 1,607 | 659 | |||
Loans: | |||||
Individually evaluated for impairment | 24,923 | 36,417 | |||
Total ending loans, net | 2,385,742 | 2,331,531 | |||
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 | 3,279 | 3,291 | |||
Total ending loans, net | 404,957 | 387,703 | |||
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 | ||||
Total ending loans, net | 613,282 | 588,000 | |||
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 | 659 | 681 | |||
Total ending loans, net | 8,612 | ||||
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 | 116,288 | 121,444 | |||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Loans: | |||||
Individually evaluated for impairment | 536 | 541 | |||
Total ending loans, net | 574,688 | 547,560 | |||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans: | |||||
Individually evaluated for impairment | 24 | ||||
Total ending loans, net | 72,410 | 73,846 | |||
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 | 7,527 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans: | |||||
Individually evaluated for impairment | 4,575 | 4,575 | |||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Loans: | |||||
Individually evaluated for impairment | 10,610 | 5,378 | |||
Total ending loans, net | 152,266 | 164,071 | |||
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 | 1,607 | 658 | |||
Loans: | |||||
Individually evaluated for impairment | 5,235 | 3,688 | |||
Total ending loans, net | 335,537 | 301,980 | |||
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 | ||||
Loans: | |||||
Individually evaluated for impairment | 5 | 7 | |||
Total ending loans, net | 77,383 | 60,996 | |||
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 | 31,404 | $ 77,319 | |||
Small Business Administration Loan [Member] | |||||
Loans: | |||||
Individually evaluated for impairment | $ 700 | ||||
[1] | Derived from audited consolidated financial statements |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Accounts Notes And Loans Receivable [Line Items] | |||||
Allowances for loan losses | $ 29,379 | $ 29,105 | [1] | $ 34,893 | $ 36,345 |
Other real estate owned | 1,041 | 1,163 | [1] | ||
Available for sale, Fair value | $ 271,626 | $ 271,332 | [1] | ||
Minimum [Member] | Loans Payable [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Fair value of estimated costs related to selling the collateral | 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% | ||||
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% | ||||
Covered Loans [Member] | Minimum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Fair value of estimated costs related to selling the collateral | 5.00% | 5.00% | |||
Covered Loans [Member] | Maximum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Fair value of estimated costs related to selling the collateral | 10.00% | 10.00% | |||
[1] | Derived from audited consolidated financial statements |
FAIR VALUE (Schedule of assets
FAIR VALUE (Schedule of assets measured at fair value on a recurring basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Available for sale securities | |||
Available for sale, Fair value | $ 271,626 | $ 271,332 | [1] |
Fair Value, Measurements, Recurring [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 271,626 | 271,332 | |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 120,750 | 122,610 | |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 33,036 | 31,231 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 16,123 | 13,685 | |
Fair Value, Measurements, Recurring [Member] | Collateralized loan obligations | |||
Available for sale securities | |||
Available for sale, Fair value | 4,978 | 5,010 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 22,568 | 19,807 | |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Agency Securities | |||
Available for sale securities | |||
Available for sale, Fair value | 16,253 | 17,488 | |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 50,115 | 52,667 | |
Fair Value, Measurements, Recurring [Member] | SBA Pool Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 7,803 | 8,834 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized loan obligations | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Agency Securities | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA Pool Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 271,626 | 271,332 | |
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 | 120,750 | 122,610 | |
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 | 33,036 | 31,231 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 16,123 | 13,685 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | |||
Available for sale securities | |||
Available for sale, Fair value | 4,978 | 5,010 | |
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 | 22,568 | 19,807 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Agency Securities | |||
Available for sale securities | |||
Available for sale, Fair value | 16,253 | 17,488 | |
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 | 50,115 | 52,667 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pool Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 7,803 | 8,834 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized loan obligations | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Agency Securities | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA Pool Securities [Member] | |||
Available for sale securities | |||
Available for sale, Fair value | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements |
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] - Carrying (Reported) Amount, Fair Value Disclosure [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 30,868 | $ 44,331 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 30,868 | 44,331 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | 266 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 266 | 266 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 775 | 897 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 775 | $ 897 |
FAIR VALUE (Schedule of estimat
FAIR VALUE (Schedule of estimated fair values and fair value hierarchy levels of financial instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Financial assets: | |||
Securities available for sale | $ 271,626 | $ 271,332 | [1] |
Held To Maturity Securities Fair Value | 15,927 | 23,364 | |
Fair Value, Inputs, Level 1 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 298,230 | 530,167 | |
Financial liabilities: | |||
Securities sold under agreements to repurchase | 11,231 | 9,962 | |
FHLB advances | 0 | 100,000 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 298,230 | 530,167 | |
Financial liabilities: | |||
Securities sold under agreements to repurchase | 11,231 | 9,962 | |
FHLB advances | 0 | 100,000 | |
Fair Value, Inputs, Level 2 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Held To Maturity Securities Fair Value | 16,138 | 22,940 | |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 11,927 | 15,521 | |
Financial liabilities: | |||
Demand deposits | 1,289,917 | 1,380,020 | |
Money market and savings accounts | 1,056,871 | 1,022,621 | |
Junior subordinated debt | 9,743 | 9,731 | |
Senior subordinated notes | 85,356 | 85,297 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value | |||
Financial assets: | |||
Held To Maturity Securities Fair Value | 15,927 | 23,364 | |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 11,927 | 15,521 | |
Financial liabilities: | |||
Demand deposits | 1,289,917 | 1,380,020 | |
Money market and savings accounts | 1,056,871 | 1,022,621 | |
Junior subordinated debt | 10,692 | 10,367 | |
Senior subordinated notes | 89,522 | 91,141 | |
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Net loans | 2,364,290 | 2,310,881 | |
Financial liabilities: | |||
Certificate of deposits | 339,456 | 360,575 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value | |||
Financial assets: | |||
Net loans | 2,320,024 | 2,278,456 | |
Financial liabilities: | |||
Certificate of deposits | 340,949 | 362,902 | |
Fair Value Inputs Level 2 and Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Securities available for sale | 271,626 | 271,332 | |
Fair Value Inputs Level 2 and Level 3 [Member] | Fair Value | |||
Financial assets: | |||
Securities available for sale | $ 271,626 | $ 271,332 | |
[1] | Derived from audited consolidated financial statements |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 15 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | [1] | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 5,305 | $ 5,866 | |
Operating Lease, Liability | 5,897 | $ 6,498 | |
Lease, Cost | $ 600 | ||
[1] | Derived from audited consolidated financial statements |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease other information) (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases, in years | 4 years 4 months 24 days | 4 years 8 months 12 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 | Mar. 31, 2022 | Dec. 31, 2021 | [1] |
Leases [Abstract] | |||
2022 | $ 1,786 | ||
2023 | 1,700 | ||
2024 | 949 | ||
2025 | 421 | ||
2026 | 357 | ||
More than five years | 1,080 | ||
Total lease payments | 6,293 | ||
Less: imputed interest | (396) | ||
Lease liabilities | $ 5,897 | $ 6,498 | |
[1] | Derived from audited consolidated financial statements |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 11.2 | $ 10 |
Securities sold under agreements to repurchase, fair value of collateral | $ 19.4 | $ 21.7 |
JUNIOR SUBORDINATED DEBT AND _2
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES (Narrative) (Details) $ in Thousands | Aug. 25, 2020USD ($) | Jan. 20, 2017USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Jun. 23, 2017USD ($) | Apr. 22, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Junior subordinated notes | $ 9,743 | $ 9,731 | [1] | ||||
Senior subordinated notes - long term | 85,356 | 85,297 | [1] | ||||
Eastern Virginia Bankshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes assumed in merger | $ 10,300 | ||||||
Trust preferred securities pooled underwriting amount | $ 650,000 | ||||||
Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ 1,600 | $ 1,700 | |||||
Junior Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 3.86% | 3.17% | |||||
Description of variable rate basis | three-month LIBOR | ||||||
Basis spread on LIBOR | 2.95% | ||||||
Unamortized debt issuance costs | $ 600 | $ 600 | |||||
Junior subordinated notes | $ 10,300 | $ 10,300 | |||||
Junior Subordinated Debt [Member] | Eastern Virginia Bankshares Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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% | ||||||
Debt instrument, face amount | $ 27,000 | ||||||
SNBV Subordinated Notes [Member] | Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 5.40% | ||||||
Debt instrument basis points spread | 5.31 | ||||||
Debt instrument, face amount | $ 60,000 | ||||||
[1] | Derived from audited consolidated financial statements |
STOCK- BASED COMPENSATION (Narr
STOCK- BASED COMPENSATION (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | 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 | $ 0 | ||
Unrecognized compensation expense associated with the stock options | $ 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding, beginning of period | 98,050 | |||
Weighted Average Exercise Price, Granted, other than options | $ 13.85 | |||
Restricted Stock [Member] | Stock Option Plan 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ (800,000) | $ 500,000 | ||
Unrecognized compensation expense associated with the other than options | $ 1,000,000 | |||
Unrecognized compensation cost weighted average recognition period | 3 years 1 month 6 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding, beginning of period | 59,335 | |||
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 | $ 1,300,000 | |||
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares | ||
Options outstanding, beginning of period | 283,800 | |
Expired | (2,000) | |
Options outstanding, end of period | 281,800 | 283,800 |
Exercisable at end of period | 281,800 | |
Weighted Average Grant Date Fair Value Per Share | ||
Options outstanding, beginning of period | $ 10.98 | |
Expired | 6.24 | |
Options outstanding, end of period | 11.01 | $ 10.98 |
Exercisable at end of period | $ 11.01 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 1 year 10 months 24 days | 2 years 2 months 12 days |
Exercisable at end of period | 1 year 10 months 24 days | |
Options outstanding, Aggregate Intrinsic Value | $ 834 | $ 1,153 |
Exercisable at end of period - Aggregate Intrinsic Value | $ 834 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in the restricted stock plan) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | ||
Shares | ||
Unvested stock outstanding, beginning of period | 98,050 | |
Granted, other than options | 48,658 | |
Vested, other than options | (67,008) | |
Unvested stock outstanding, end of period | 79,700 | 98,050 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, beginning of period | $ 14.58 | |
Weighted Average Exercise Price, Granted, other than options | 13.85 | |
Weighted Average Exercise Price, Vested, other than options | 14.19 | |
Weighted Average Exercise Price, ending of period | $ 14.15 | $ 14.58 |
Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | 3 years 3 months 18 days |
Restricted Stock Units (RSUs) [Member] | ||
Shares | ||
Unvested stock outstanding, beginning of period | 59,335 | |
Unvested stock outstanding, end of period | 59,335 | 59,335 |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, beginning of period | $ 15 | |
Weighted Average Exercise Price, ending of period | $ 15 | $ 15 |
Weighted Average Remaining Contractual Term | 3 years 9 months 18 days | 4 years |
Performance Based Restricted Stock Units | ||
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Granted, other than options | $ 15 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Unfunded lines of credit and undisbursed construction loan funds | $ 396.7 | $ 411 |
Investment in non-marketable equity securities | 4.6 | 3.5 |
Letter Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 12.7 | $ 13.1 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of allowance for credit losses off balance sheet exposure) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ||
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 977 | $ 740 |
Credit loss expense | 260 | 711 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 1,237 | $ 1,451 |
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, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Basic EPS - Income (Numerator) (in dollars) | $ 4,593 | $ 8,352 |
Effect of dilutive stock options and and unvested restricted stock - Income (Numerator) (in dollars) | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | 4,593 | 8,352 |
Basic EPS from discontinued operations | 0 | 1,031 |
Diluted EPS from discontinued operations | $ 0 | $ 1,031 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 24,504,000 | 24,350,000 |
Effect of dilutive stock options and and unvested restricted stock- Weighted Average Shares (Denominator) (in shares) | 159,000 | 159,000 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 24,663,000 | 24,509,000 |
Basic EPS - Per Share Amount (in dollars per share) | $ 0.19 | $ 0.35 |
Effect of dilutive stock options and and unvested restricted stock- Per Share Amount (in dollars per share) | 0 | (0.01) |
Diluted EPS- Per Share Amount (in dollars per share) | 0.19 | 0.34 |
Basic EPS - Per Share Amount Discontinued Operations | 0 | 0.04 |
Gain (loss) on discontinued operations | 0 | 0 |
Diluted EPS - Per Share Amount Discontinued Operations | $ 0 | $ 0.04 |
Anti-dilutive options and warrants (in shares) | 0 | 0 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) | Apr. 28, 2022 |
Subsequent Event [Member] | SeaTrust Mortgage Company [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |