Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 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 $0.01 per share | |
Trading Symbol | FRST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,650,239 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001325670 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | [1] |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 8,757 | $ 8,380 | |
Interest-bearing deposits in other financial institutions | 61,964 | 521,787 | |
Total cash and cash equivalents | 70,721 | 530,167 | |
Securities available for sale, at fair value | 257,180 | 271,332 | |
Securities held-to-maturity, at amortized cost (fair value of $14,322 and $23,364, respectively) | 14,978 | 22,940 | |
Loans held for sale, at fair value | 16,096 | 0 | |
Loans held for investment | 2,628,797 | 2,339,986 | |
Less allowance for credit losses | (30,209) | (29,105) | |
Net loans | 2,598,588 | 2,310,881 | |
Stock in Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) | 12,940 | 15,521 | |
Bank premises and equipment, net | 26,113 | 30,410 | |
Assets held for sale | 3,127 | 0 | |
Operating lease right-of-use assets | 4,777 | 5,866 | |
Goodwill | 104,744 | 101,954 | |
Core deposit intangibles, net | 3,780 | 4,462 | |
Bank-owned life insurance | 67,339 | 66,724 | |
Other real estate owned | 1,041 | 1,163 | |
Deferred tax assets, net | 14,658 | 9,571 | |
Other assets | 40,496 | 36,362 | |
Total assets | 3,236,578 | 3,407,353 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Noninterest-bearing demand deposits | 653,181 | 530,282 | |
Interest-bearing deposits: | |||
NOW accounts | 677,237 | 849,738 | |
Money market accounts | 802,953 | 799,759 | |
Savings accounts | 220,211 | 222,862 | |
Time deposits | 329,223 | 360,575 | |
Total interest-bearing deposits | 2,029,624 | 2,232,934 | |
Total deposits | 2,682,805 | 2,763,216 | |
Securities sold under agreements to repurchase - short term | 10,020 | 9,962 | |
FHLB advances | 25,000 | 100,000 | |
Junior subordinated debt - long term | 9,757 | 9,731 | |
Senior subordinated notes - long term | 85,413 | 85,297 | |
Operating lease liabilities | 5,299 | 6,498 | |
Other liabilities | 19,647 | 20,768 | |
Total liabilities | 2,837,941 | 2,995,472 | |
Commitments and contingencies (See Note 10) | |||
Stockholders' equity: | |||
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued and outstanding | |||
Common stock, $0.01 par value. Authorized 45,000,000 shares; 24,650,239 and 24,574,619 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 246 | 245 | |
Additional paid in capital | 312,240 | 311,127 | |
Retained earnings | 104,077 | 99,397 | |
Accumulated other comprehensive income (loss) | (17,926) | 1,112 | |
Total stockholders' equity | 398,637 | 411,881 | |
Total liabilities and stockholders' equity | $ 3,236,578 | $ 3,407,353 | |
[1] Derived from audited consolidated financial statements |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity fair value (in dollars) | $ 14,322 | $ 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 | 24,650,239 | 24,574,619 |
Common stock, shares outstanding | 24,650,239 | 24,574,619 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 26,365 | $ 25,182 | $ 51,114 | $ 54,139 |
Interest and dividends on taxable securities | 1,340 | 959 | 2,665 | 1,878 |
Interest and dividends on tax exempt securities | 105 | 114 | 210 | 237 |
Interest and dividends on other earning assets | 448 | 376 | 854 | 685 |
Total interest and dividend income | 28,258 | 26,631 | 54,843 | 56,939 |
Interest expense: | ||||
Interest on deposits | 2,311 | 3,389 | 4,684 | 7,205 |
Interest on borrowings | 1,341 | 1,442 | 2,699 | 2,979 |
Total interest expense | 3,652 | 4,831 | 7,383 | 10,184 |
Net interest income | 24,606 | 21,800 | 47,460 | 46,755 |
Provision for (recovery of) credit losses | 422 | (4,215) | 521 | (5,587) |
Net interest income after (recovery of) provision for credit losses | 24,184 | 26,015 | 46,939 | 52,342 |
Noninterest income: | ||||
Account maintenance and deposit service fees | 1,442 | 1,586 | 2,793 | 3,250 |
Income from bank-owned life insurance | 378 | 379 | 753 | 765 |
Net gains on sale of mortgage loans | 593 | 593 | 0 | |
Other noninterest income | 217 | 453 | 581 | 752 |
Total noninterest income | 2,630 | 2,418 | 4,720 | 4,767 |
Noninterest expenses: | ||||
Salaries and benefits | 10,573 | 8,810 | 20,198 | 18,182 |
Occupancy expenses | 1,418 | 1,447 | 2,875 | 2,986 |
Furniture and equipment expenses | 1,128 | 864 | 2,228 | 1,680 |
Amortization of core deposit intangible | 341 | 341 | 682 | 682 |
Virginia franchise tax expense | 814 | 759 | 1,627 | 1,434 |
Data processing expense | 1,293 | 1,016 | 2,783 | 1,815 |
Telephone and communication expense | 366 | 414 | 748 | 936 |
Net (gain) loss on other real estate owned | 77 | (59) | 17 | |
Loss on bank premises and equipment | 620 | 620 | ||
Professional fees | 827 | 1,091 | 1,921 | 2,225 |
Other operating expenses | 3,050 | 2,376 | 5,794 | 5,261 |
Total noninterest expenses | 20,430 | 17,195 | 39,417 | 35,218 |
Income from continuing operations before income taxes | 6,384 | 11,238 | 12,242 | 21,891 |
Income tax expense | 1,375 | 2,434 | 2,640 | 4,735 |
Income from continuing operations | 5,009 | 8,804 | 9,602 | 17,156 |
Income from discontinued operation before income taxes | 1,878 | 3,193 | ||
Income tax expense | 407 | 691 | ||
Income from discontinued operation | 1,471 | 2,502 | ||
Net income | 5,009 | 10,275 | 9,602 | 19,658 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (10,723) | 1,238 | (24,099) | (498) |
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale | 189 | |||
Net unrealized gain (loss) | (10,723) | 1,238 | (24,099) | (309) |
Tax (benefit) expense | (2,252) | 260 | (5,061) | (65) |
Other comprehensive income (loss): | (8,471) | 978 | (19,038) | (244) |
Comprehensive income (loss) | $ (3,462) | $ 11,253 | $ (9,436) | $ 19,414 |
Earnings per share from continuing operations, basic (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.39 | $ 0.71 |
Earnings per share from discontinued operation, basic (in dollars per share) | 0 | 0.06 | 0 | 0.10 |
Earnings per share from continuing operations, diluted (in dollars per share) | 0.20 | 0.36 | 0.39 | 0.70 |
Earnings per share from discontinued operation, diluted (in dollars per share) | $ 0 | $ 0.06 | $ 0 | $ 0.10 |
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 | 19,658 | 19,658 | ||||
Changes in other comprehensive loss on investment securities, net of tax | (244) | (244) | ||||
Dividends on common stock | (4,895) | (4,895) | ||||
Stock option exercises | 2 | 1,322 | 1,324 | |||
Repurchase of restricted stock | (14) | (14) | ||||
Stock-based compensation expense | 557 | 557 | ||||
Balance at Jun. 30, 2021 | 245 | 310,735 | 92,719 | 3,241 | 406,940 | |
Balance at Mar. 31, 2021 | 244 | 310,582 | 84,897 | 2,263 | 397,986 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 10,275 | 0 | 10,275 | |
Changes in other comprehensive loss on investment securities, net of tax | 0 | 0 | 0 | 978 | 978 | |
Dividends on common stock | 0 | 0 | (2,453) | 0 | (2,453) | |
Stock option exercises | 1 | 85 | 0 | 0 | 86 | |
Repurchase of restricted stock | 0 | (7) | 0 | 0 | (7) | |
Stock-based compensation expense | 0 | 75 | 0 | 0 | 75 | |
Balance at Jun. 30, 2021 | 245 | 310,735 | 92,719 | 3,241 | 406,940 | |
Balance at Dec. 31, 2021 | 245 | 311,127 | 99,397 | 1,112 | 411,881 | [1] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 9,602 | 9,602 | ||||
Changes in other comprehensive loss on investment securities, net of tax | (19,038) | (19,038) | ||||
Dividends on common stock | (4,922) | (4,922) | ||||
Stock option exercises | 1 | 278 | 279 | |||
Repurchase of restricted stock | (8) | (8) | ||||
Stock-based compensation expense | 843 | 843 | ||||
Balance at Jun. 30, 2022 | 246 | 312,240 | 104,077 | (17,926) | 398,637 | |
Balance at Mar. 31, 2022 | 245 | 311,872 | 101,533 | (9,455) | 404,195 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 5,009 | 0 | 5,009 | |
Changes in other comprehensive loss on investment securities, net of tax | 0 | 0 | 0 | (8,471) | (8,471) | |
Dividends on common stock | 0 | 0 | (2,465) | 0 | (2,465) | |
Stock option exercises | 1 | 278 | 0 | 0 | 279 | |
Repurchase of restricted stock | 0 | (2) | 0 | 0 | (2) | |
Stock-based compensation expense | 0 | 92 | 0 | 0 | 92 | |
Balance at Jun. 30, 2022 | $ 246 | $ 312,240 | $ 104,077 | $ (17,926) | $ 398,637 | |
[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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||
Tax effect | $ 2,252 | $ (260) | $ 5,061 | $ 65 |
Common stock dividends per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income from continuing operations | $ 9,602 | $ 17,156 |
Adjustments to reconcile net income from continuing operations to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 3,222 | 3,128 |
Net amortization (accretion) of premiums and discounts | 312 | (137) |
Provision for (recovery of) credit losses | 521 | (5,587) |
Origination of loans held for sale | (26,998) | 0 |
Proceeds from sale of loans held for sale | 31,273 | 0 |
Loss on bank premises and equipment | 620 | 0 |
Net gains on sale of mortgage loans | (593) | 0 |
Earnings on bank-owned life insurance and gain on death benefit | (753) | (765) |
Stock-based compensation expense | 843 | 557 |
(Gain) loss on other real estate owned | (59) | 17 |
Provision (benefit) for deferred income taxes | 0 | (39) |
Net (increase) decrease in other assets | (2,168) | 916 |
Net decrease in other liabilities | (3,296) | (1,793) |
Net cash and cash equivalents provided by operating activities from continuing operations | 12,526 | 13,453 |
Investing activities: | ||
Purchases of securities available-for-sale | (27,573) | (68,519) |
Proceeds from paydowns, maturities and calls of securities available-for-sale investment securities | 16,896 | 18,528 |
Proceeds from paydowns, maturities and calls of securities held-to-maturity investment securities | 7,907 | 12,065 |
Net decrease of FRB and FHLB stock | 2,581 | 1,406 |
Net (increase) decrease in loans | (287,754) | 156,018 |
Proceeds from bank-owned life insurance death benefit | 138 | 225 |
Proceeds from sales of other real estate owned, net of improvements | 181 | 1,788 |
Purchases of bank premises and equipment | (536) | (948) |
Business acquisition, net of cash acquired | (4,554) | 0 |
Net cash and cash equivalents (used in) provided by investing activities from continuing operations | (292,714) | 120,563 |
Financing activities: | ||
Net (decrease) increase in deposits | (80,411) | 318,458 |
Cash dividends paid on common stock | (4,922) | (4,895) |
Proceeds from exercised stock options | 279 | 1,324 |
Repurchase of restricted stock | (8) | (14) |
Extinguishment of senior subordinated notes | 0 | (20,000) |
Repayment of FHLB advances | (75,000) | 0 |
Repayment of short-term borrowings acquired | (19,254) | 0 |
Increase (decrease) in securities sold under agreements to repurchase | 58 | (3,544) |
Net cash and cash equivalents (used in) provided by financing activities from continuing operations | (179,258) | 291,329 |
Net change in cash and cash equivalents from continuing operations | (459,446) | 425,345 |
Cash flows used in discontinued operation: | ||
Net cash and cash equivalents used in operating activities | 0 | (691) |
Net change in cash and cash equivalents from discontinued operation | 0 | (691) |
Net change in cash and cash equivalents | (459,446) | 424,654 |
Cash and cash equivalents at beginning of period | 530,167 | 196,185 |
Cash and cash equivalents at end of period | 70,721 | 620,839 |
Cash payments for: | ||
Interest | 7,698 | 11,211 |
Income taxes | 1,556 | 5,995 |
Supplemental disclosure of noncash investing activities: | ||
Fair value of tangible assets acquired | 24,382 | 0 |
Goodwill resulting from acquisition | 2,790 | 0 |
Fair value of liabilities assumed | $ 20,172 | $ 0 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 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 June 30, 2022, Primis Bank had thirty-four full-service branches in Virginia and Maryland and also provided services to customers through certain online and mobile applications. Thirty-two full-service retail branches are in Virginia and two 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. 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. 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. On May 31, 2022, Primis Bank completed the acquisition (the “Acquisition”) of 100% of the outstanding capital stock of SeaTrust from Community First Bank, Inc. (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of April 28, 2022 (the “Purchase Agreement”) by and among the Bank, Seller, and SeaTrust. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company (“Primis Mortgage”). Primis Mortgage originates mortgages primarily in North and South Carolina, Florida and Tennessee from eight offices. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. Primis Mortgage is a subsidiary of Primis Bank. 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 the assumption of a promissory note in the amount of $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 June 30, 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. Mortgage Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in noninterest income and direct loan origination costs are included in noninterest expense in the consolidated statements of income. Assets Held for Sale The Company classifies its assets as held for sale in accordance with FASB ASC 360, Property, Plant, and Equipment The Company assesses the net fair value of assets held for sale each reporting period the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the assets held for sale that require an adjustment to the carrying amount are recorded in the condensed consolidated statements of income, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell assets previously classified as held for sale, they are reclassified to another classification. Assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell. Derivative Assets and Liabilities Derivative assets and liabilities are recorded at fair value. Mortgage loan commitments known as interest rate lock commitments that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives accounting guidance FASB ASC 815, Derivatives and Hedging . Loan commitments that are classified as derivatives are recognized at fair value on the balance sheet as other assets and other liabilities with changes in their fair values recorded as net gains on sale of mortgage loans and included in noninterest income in the statements of income. Forward loan sale commitments are commitments to sell individual mortgage loans using both best efforts and mandatory delivery at a fixed price to an investor at a future date. Forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Forward loan sale commitments using mandatory delivery are derivatives but using best efforts are not derivatives but can be and have been accounted for at fair value. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as net gains on sale of mortgage loans in non-interest income in the consolidated statements of income. 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. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination [Abstract] | |
BUSINESS COMBINATION | 2. BUSINESS COMBINATION On April 28, 2022, Primis Bank entered into a definitive agreement to acquire 100% of the issued and outstanding capital stock of SeaTrust, a North Carolina corporation. On May 31, 2022, Primis Bank completed the acquisition of 100% of the outstanding capital stock of SeaTrust from the seller, Community First Bank, Inc. pursuant to the Purchase Agreement, dated as of April 28, 2022 by and among the Bank, Seller, and SeaTrust. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company. In connection with the acquisition, the following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, the subsequent adjustments to estimates, the final valuation of the fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, and the resulting goodwill recorded (in thousands): Original Adjustments Final (dollars in thousands) Estimates to Estimates Valuation Consideration paid: Cash $ 7,000 $ — $ 7,000 Value of consideration $ 7,000 $ — $ 7,000 Assets acquired: Cash and due from banks $ 2,446 $ — $ 2,446 Mortgage loans held for sale 20,452 — 20,452 Premises and equipment, net 124 — 124 Leases right-of-use asset 42 — 42 Derivative assets 1,199 — 1,199 Deferred tax asset, net 26 — 26 Other assets 93 — 93 Total assets 24,382 — 24,382 Liabilities assumed: Short term borrowings 19,254 — 19,254 Leases liability 42 — 42 Derivative liabilities 221 — 221 Other liabilities 655 — 655 Total liabilities 20,172 — 20,172 Net identifiable assets acquired $ 4,210 $ — $ 4,210 Goodwill resulting from acquisition (1) $ 2,790 (1) Intangibles are subject to certain post-closing adjustments. The table below illustrates the unaudited pro forma revenue and net income of the combined entities had the acquisition taken place on January 1, 2021. The unaudited combined pro forma revenue and net income combines the historical results of SeaTrust with the Company's consolidated statements of operations for the periods listed below and, while no material adjustments were made for the estimated effect of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition actually taken place on January 1, 2021. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies or other factors. For the Three Months Ended June 30, For the Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Total revenues $ 33,721 $ 30,892 $ 64,531 $ 65,959 Net income $ 5,198 $ 10,178 $ 9,648 $ 19,963 Included in the Company’s consolidated statements of income for the three and six months ended June 30, 2022 are $0.7 million of revenue and $0.1 million of net loss related to Primis Mortgage since its acquisition on June 1, 2022. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 3. 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 June 30, 2022 Residential government-sponsored mortgage-backed securities $ 127,972 $ 5 $ (11,895) $ 116,082 Obligations of states and political subdivisions 34,775 9 (3,734) 31,050 Corporate securities 16,000 4 (352) 15,652 Collateralized loan obligations 5,025 — (202) 4,823 Residential government-sponsored collateralized mortgage obligations 21,391 3 (1,140) 20,254 Government-sponsored agency securities 17,695 — (2,189) 15,506 Agency commercial mortgage-backed securities 49,919 — (3,147) 46,772 SBA pool securities 7,094 22 (75) 7,041 Total $ 279,871 $ 43 $ (22,734) $ 257,180 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 June 30, 2022 Residential government-sponsored mortgage-backed securities $ 11,451 $ — $ (628) $ — $ 10,823 Obligations of states and political subdivisions 3,121 16 (33) — 3,104 Residential government-sponsored collateralized mortgage obligations 406 — (11) — 395 Total $ 14,978 $ 16 $ (672) $ — $ 14,322 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 June 30, 2022 and 2021, $5.0 million and $40.3 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased during the three months ended June 30, 2022 and 2021. No investment securities were sold during the three months ended June 30, 2022 and 2021. During the six months ended June 30, 2022 and 2021, $27.6 million and $68.5 million, respectively, of available-for-sale investment securities were purchased. No held-to-maturity investments were purchased during the six months ended June 30, 2022 and 2021. No investment securities were sold during the six months ended June 30, 2022 and 2021. The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 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 $ 1,500 $ 1,489 $ 402 $ 402 Due in one to five years 10,012 9,413 866 875 Due in five to ten years 26,044 24,756 1,519 1,492 Due after ten years 35,939 31,373 334 335 Residential government-sponsored mortgage-backed securities 127,972 116,082 11,451 10,823 Residential government-sponsored collateralized mortgage obligations 21,391 20,254 406 395 Agency commercial mortgage-backed securities 49,919 46,772 — — SBA pool securities 7,094 7,041 — — Total $ 279,871 $ 257,180 $ 14,978 $ 14,322 Investment securities with a carrying amount of approximately $111.2 million and $180.7 million at June 30, 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 June 30, 2022, Primis did not have any allowance for credit losses on held-to-maturity securities. The unrealized losses related to investment securities available-for-sale identified as of June 30, 2022, or December 31, 2021, relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Primis performs quantitative analysis and if needed, a qualitative analysis in this determination. As a result, none of the securities were deemed to require an allowance for credit losses. Primis has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. The following tables present information regarding investment securities available-for-sale and held-to-maturity in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total June 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 111,918 $ (11,311) $ 3,809 $ (584) $ 115,727 $ (11,895) Obligations of states and political subdivisions 23,728 (2,716) 4,700 (1,018) 28,428 (3,734) Corporate securities 9,648 (352) — — 9,648 (352) Collateralized loan obligations 4,823 (202) — — 4,823 (202) Residential government-sponsored collateralized mortgage obligations 14,578 (632) 4,465 (508) 19,043 (1,140) Government-sponsored agency securities 15,506 (2,189) — — 15,506 (2,189) Agency commercial mortgage-backed securities 44,618 (2,811) 2,154 (336) 46,772 (3,147) SBA pool securities 739 (19) 3,778 (56) 4,517 (75) Total $ 225,558 $ (20,232) $ 18,906 $ (2,502) $ 244,464 $ (22,734) Less than 12 months 12 Months or More Total June 30, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 10,750 $ (624) $ 73 $ (4) $ 10,823 $ (628) Obligations of states and political subdivisions 401 (33) — — 401 (33) Residential government-sponsored collateralized mortgage obligations 395 (11) — — 395 (11) Total $ 11,546 $ (668) $ 73 $ (4) $ 11,619 $ (672) 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) Corporate securities — — — — — — 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 and six months ended June 30, 2022 and 2021 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains (Losses) on Held-to-Maturity For the three months ended June 30, 2022 Available-for-Sale Securities Total Beginning balance $ (9,455) $ — $ (9,455) Current period other comprehensive income (loss) (8,471) — (8,471) Ending balance $ (17,926) $ — $ (17,926) Unrealized Holding Gains on Held-to-Maturity For the three months ended June 30, 2021 Available-for-Sale Securities Total Beginning balance $ 2,265 (2) $ 2,263 Current period other comprehensive income 978 — 978 Ending balance $ 3,243 $ (2) $ 3,241 Unrealized Holding Gains (Losses) on Held-to-Maturity For the six months ended June 30, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (19,038) — (19,038) Ending balance $ (17,926) $ — $ (17,926) Unrealized Holding Gains (Losses) on Held-to-Maturity For the six months ended June 30, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (393) 149 (244) Ending balance $ 3,243 $ (2) $ 3,241 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2022 | |
LOANS AND ALLOWANCE [Abstract] | |
LOANS AND ALLOWANCE | 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes the composition of our loan portfolio as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Loans held for sale $ 16,096 $ — Loans secured by real estate: Commercial real estate - owner occupied 432,533 387,703 Commercial real estate - non-owner occupied 598,974 588,000 Secured by farmland 7,951 8,612 Construction and land development 117,529 121,444 Residential 1-4 family 606,303 547,560 Multi-family residential 144,406 164,071 Home equity lines of credit 69,860 73,846 Total real estate loans 1,977,556 1,891,236 Commercial loans 447,182 301,980 Paycheck Protection Program loans 17,525 77,319 Consumer loans 179,691 60,996 Total Non-PCD loans 2,621,954 2,331,531 PCD loans 6,843 8,455 Total loans $ 2,628,797 $ 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 expected 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 $9.0 million and $10.8 million at June 30, 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 June 30, 2022 and December 31, 2021 (in thousands): 30 - 59 60 - 89 90 Days Days Days Total Loans Not Total June 30, 2022 Past Due Past Due or More Past Due Past Due Loans Commercial real estate - owner occupied $ 387 $ 136 $ — $ 523 $ 432,010 $ 432,533 Commercial real estate - non-owner occupied 5,738 15,709 — 21,447 577,527 598,974 Secured by farmland — — 659 659 7,292 7,951 Construction and land development 430 32 — 462 117,067 117,529 Residential 1-4 family 1,317 303 8,682 10,302 596,001 606,303 Multi- family residential — — — — 144,406 144,406 Home equity lines of credit 223 36 170 429 69,431 69,860 Commercial loans 1,976 1,711 2,510 6,197 440,985 447,182 Paycheck Protection Program loans 57 104 1,512 1,673 15,852 17,525 Consumer loans 443 56 — 499 179,192 179,691 Total Non-PCD loans 10,571 18,087 13,533 42,191 2,579,763 2,621,954 PCD loans 135 1,361 12 1,508 5,335 6,843 Total $ 10,706 $ 19,448 $ 13,545 $ 43,699 $ 2,585,098 $ 2,628,797 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 June 30, 2022 and December 31, 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit June 30, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 356 $ 356 $ 356 Secured by farmland 659 148 807 659 Construction and land development — 32 32 — Residential 1-4 family 8,682 658 9,340 8,600 Multi- family residential — 4,151 4,151 4,151 Home equity lines of credit 170 469 639 23 Commercial loans 2,510 400 2,910 1,117 Consumer loans — 27 27 2 Total Non-PCD loans 12,021 6,241 18,262 14,908 PCD loans 12 1,361 1,373 — Total $ 12,033 $ 7,602 $ 19,635 $ 14,908 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 $0.8 million and $1.1 million at June 30, 2022 and December 31, 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.7 million and $1.1 million at June 30, 2022 and December 31, 2021, respectively. We had $1.5 million and $0.3 million of PPP loans greater than 90 days past due and still accruing at June 30, 2022 and December 31, 2021, respectively . The following table presents nonaccrual loans as of June 30, 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 $ — $ — $ — $ — $ — $ 356 $ — $ — $ 356 Secured by farmland — — — 19 — 659 — 129 807 Construction and land development — — — — — 32 — — 32 Residential 1-4 family — — — 8,600 — 475 — 265 9,340 Multi- family residential — — — — — 4,151 — — 4,151 Home equity lines of credit — — — — — — 616 23 639 Commercial loans — — 7 — 1,502 245 1,156 — 2,910 Paycheck Protection Program loans — — — — — — — — Consumer loans — — — — 2 6 19 — 27 Total non-PCD nonaccruals — — 7 8,619 1,504 5,924 1,791 417 18,262 PCD loans — — — — — 1,373 — — 1,373 Total nonaccrual loans $ — $ — $ 7 $ 8,619 $ 1,504 $ 7,297 $ 1,791 $ 417 $ 19,635 Interest received on nonaccrual loans was $0.1 million and $0.05 million for the three months ended June 30, 2022 and 2021, respectively, and $0.3 million and $0.09 million for the six months ended June 30, 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. As of June 30, 2022, there were 11 TDR loans outstanding in the amount of $2.7 million primarily due to the economic impact of COVID-19 on certain of the Bank’s borrowers. 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 June 30, 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 June 30, 2022 (in thousands): Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 48,503 $ 60,905 $ 19,728 $ 34,832 $ 27,892 $ 219,330 $ 10,509 $ 6,838 $ 428,537 Special Mention — — — — — 1,190 — — 1,190 Substandard — — — 1 — 2,805 — — 2,806 Doubtful — — — — — — — — — $ 48,503 $ 60,905 $ 19,728 $ 34,833 $ 27,892 $ 223,325 $ 10,509 $ 6,838 $ 432,533 Weighted average risk grade 3.20 3.49 3.38 3.49 3.43 3.52 3.16 3.96 3.46 Commercial real estate - nonowner occupied Pass $ 22,983 $ 122,209 $ 36,361 $ 31,382 $ 61,577 $ 262,383 $ 3,001 $ 3,099 $ 542,995 Special Mention — — — — 15,072 40,306 — 601 55,979 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 22,983 $ 122,209 $ 36,361 $ 31,382 $ 76,649 $ 302,689 $ 3,001 $ 3,700 $ 598,974 Weighted average risk grade 3.22 3.17 3.71 3.92 3.83 3.82 2.67 3.32 3.66 Secured by farmland Pass $ 857 $ 23 $ 60 $ — $ — $ 3,580 $ 1,499 $ 92 $ 6,111 Special Mention — — — — — 1,033 — — 1,033 Substandard — — — 19 — 659 — 129 807 Doubtful — — — — — — — — — $ 857 $ 23 $ 60 $ 19 $ — $ 5,272 $ 1,499 $ 221 $ 7,951 Weighted average risk grade 3.43 4.00 4.00 6.00 N/A 4.18 3.98 4.33 4.07 Construction and land development Pass $ 15,995 $ 62,404 $ 9,687 $ 1,477 $ 7,564 $ 19,385 $ 961 $ 24 $ 117,497 Special Mention — — — — — — — — — Substandard — — — — — 32 — — 32 Doubtful — — — — — — — — — $ 15,995 $ 62,404 $ 9,687 $ 1,477 $ 7,564 $ 19,417 $ 961 $ 24 $ 117,529 Weighted average risk grade 3.29 3.12 3.80 3.68 3.24 3.67 3.31 4.00 3.31 Residential 1-4 family Pass $ 120,609 $ 157,734 $ 46,431 $ 65,915 $ 43,122 $ 157,392 $ 1,935 $ 3,179 $ 596,317 Special Mention — — — — — — — — — Substandard — — — 8,599 — 1,122 — 265 9,986 Doubtful — — — — — — — — — $ 120,609 $ 157,734 $ 46,431 $ 74,514 $ 43,122 $ 158,514 $ 1,935 $ 3,444 $ 606,303 Weighted average risk grade 3.09 3.04 3.07 3.40 3.13 3.23 3.90 3.27 3.16 Multi- family residential Pass $ 3,382 $ 22,187 $ 18,604 $ 7,142 $ 2,834 $ 78,732 $ 306 $ 704 $ 133,891 Special Mention — — — — — 5,327 — — 5,327 Substandard — — — — — 4,889 — 299 5,188 Doubtful — — — — — — — — — $ 3,382 $ 22,187 $ 18,604 $ 7,142 $ 2,834 $ 88,948 $ 306 $ 1,003 $ 144,406 Weighted average risk grade 3.59 3.00 3.90 3.00 3.49 3.55 4.00 4.60 3.49 Home equity lines of credit Pass $ 168 $ 590 $ 55 $ 71 $ 231 $ 4,601 $ 62,356 $ 872 $ 68,944 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 617 23 640 Doubtful — — — — — — — — — $ 168 $ 590 $ 55 $ 71 $ 231 $ 4,601 $ 63,249 $ 895 $ 69,860 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.81 3.07 4.05 3.13 Commercial loans Pass $ 176,511 $ 68,077 $ 9,581 $ 8,472 $ 9,870 $ 23,506 $ 97,155 $ 45,432 $ 438,604 Special Mention — — — 1,997 — — 509 — 2,506 Substandard — — 7 — 1,502 1,817 2,746 — 6,072 Doubtful — — — — — — — — — $ 176,511 $ 68,077 $ 9,588 $ 10,469 $ 11,372 $ 25,323 $ 100,410 $ 45,432 $ 447,182 Weighted average risk grade 2.95 3.41 3.40 3.99 3.77 3.72 3.26 3.72 3.27 Paycheck Protection Program loans Pass $ — $ 14,440 $ 3,085 $ — $ — $ — $ — $ — $ 17,525 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ — $ 14,440 $ 3,085 $ — $ — $ — $ — $ — $ 17,525 Weighted average risk grade N/A 2.00 2.00 N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Consumer loans Pass $ 136,676 $ 31,200 $ 1,885 $ 551 $ 679 $ 5,002 $ 3,569 $ — $ 179,562 Special Mention — — — — — 72 — — 72 Substandard — 30 — — 2 6 19 — 57 Doubtful — — — — — — — — — $ 136,676 $ 31,230 $ 1,885 $ 551 $ 681 $ 5,080 $ 3,588 $ — $ 179,691 Weighted average risk grade 3.11 3.81 3.99 3.99 4.01 4.02 3.96 N/A 3.29 PCD Pass $ — $ — $ — $ — $ — $ 3,960 $ — $ — $ 3,960 Special Mention — — — — — 1,353 — — 1,353 Substandard — — — — — 1,530 — — 1,530 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 6,843 $ — $ — $ 6,843 Weighted average risk grade N/A N/A N/A N/A N/A 4.48 N/A N/A 4.48 Total $ 525,684 $ 539,799 $ 145,484 $ 160,458 $ 170,345 $ 840,012 $ 185,458 $ 61,557 $ 2,628,797 Weighted average risk grade 3.07 3.19 3.44 3.55 3.55 3.60 3.21 3.72 3.37 The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 For the three months ended June 30, 2022 For the six months ended June 30, 2022 Commercial real estate - non-owner occupied $ 3,099 $ 3,099 Secured by farmland 129 220 Residential 1-4 family 174 422 Multi- family residential 704 704 Home equity lines of credit — 740 Commercial loans 40,325 40,459 Total loans $ 44,431 $ 45,644 The amount of foreclosed residential real estate property held at June 30, 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 June 30, 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 June 30, 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 June 30, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 4,014 $ 7,411 $ 10 $ 610 $ 3,431 $ 1,715 $ 272 $ 3,592 $ — $ 1,550 $ — $ 22,605 Q-factor and other qualitative adjustments 287 506 39 414 841 445 91 809 — — — 3,432 Specific allocations — — — — — — — 2,027 — 19 2,126 4,172 Total $ 4,301 $ 7,917 $ 49 $ 1,024 $ 4,272 $ 2,160 $ 363 |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE | |
FAIR VALUE | 5. 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 and Liabilities 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. Loans Held for Sale The fair value of loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 of the fair value hierarchy. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Derivative Assets and Liabilities Interest Rate Lock Commitments (“IRLC : Best Efforts Forward Loan Sales Commitments: Mandatory Forward Loan Sales Commitments: Assets and liabilities 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) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 116,082 $ — $ 116,082 $ — Obligations of states and political subdivisions 31,050 — 31,050 — Corporate securities 15,652 — 15,652 — Collateralized loan obligations 4,823 — 4,823 — Residential government-sponsored collateralized mortgage obligations 20,254 — 20,254 — Government-sponsored agency securities 15,506 — 15,506 — Agency commercial mortgage-backed securities 46,772 — 46,772 — SBA pool securities 7,041 — 7,041 — 257,180 — 257,180 — Loans held for sale 16,096 — 16,096 — Derivative assets 863 — 839 24 Total assets $ 274,139 $ — $ 274,115 $ 24 Liabilities: Derivative liabilities $ 103 $ — $ 100 $ 3 Total liabilities $ 103 $ — $ 100 $ 3 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) Assets: 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 assets $ 271,332 $ — $ 271,332 $ — The following tables present additional information about the assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs (in thousands): For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Derivative assets: Interest Rate Lock Commitments Balance at beginning of the period $ — $ — $ — $ — Acquired 14 14 Gain included in net income 10 — 10 — Purchases — — — — Sales — — — — Issues — — — — Settlements — — — — Transfers in/out of Level 3 — — — — Balance at end of the period $ 24 $ — $ 24 $ — The following tables present additional information about the liabilities measured at fair value on a recurring basis using significant unobservable (Level 3) inputs (in thousands): For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Derivative liabilities: Interest Rate Lock Commitments Balance at beginning of the period $ — $ — $ — $ — Acquired 44 44 Loss included in net income (41) — (41) — Purchases — — — — Sales — — — — Issues — — — — Settlements — — — — Transfers in/out of Level 3 — — — — Balance at end of the period $ 3 $ — $ 3 $ — 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%. Assets Held for Sale Assets held for sale are valued based on third-party appraisals less estimated disposal costs. Primis considers third party appraisals, as well as independent fair value assessments from realtors or persons involved in selling bank premises, furniture and equipment, in determining the fair value of particular properties. Accordingly, the valuation of assets held for sale is subject to significant external and internal judgment. Primis periodically reviews premises, furniture and equipment held for sale to determine if the fair value of the property, less disposal costs, has declined below its recorded book value and records any adjustments accordingly. 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 June 30, 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 June 30, 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) June 30, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 32,992 $ — $ — $ 32,992 Assets held for sale 3,127 — — 3,127 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: June 30, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 70,721 $ 70,721 $ 530,167 $ 530,167 Securities available-for-sale Level 2 257,180 257,180 271,332 271,332 Securities held-to-maturity Level 2 14,978 14,322 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 12,940 12,940 15,521 15,521 Net loans Level 3 2,598,588 2,486,645 2,310,881 2,278,456 Loans held for sale Level 2 16,096 16,096 — — Accrued interest receivable Level 2 10,000 10,000 13,028 13,028 Derivative assets Level 2 and 3 863 863 — — Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,330,418 $ 1,330,418 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,023,164 1,023,164 1,022,621 1,022,621 Time deposits Level 3 329,223 330,876 360,575 362,902 Securities sold under agreements to repurchase Level 1 10,020 10,020 9,962 9,962 FHLB advances Level 1 25,000 25,000 100,000 100,000 Junior subordinated debt Level 2 9,757 9,836 9,731 10,367 Senior subordinated notes Level 2 85,413 86,635 85,297 91,141 Accrued interest payable Level 2 1,715 1,715 1,864 1,864 Derivative liabilities Level 2 and 3 103 103 — — 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 | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | 6. LEASES The Company leases certain premises and equipment under operating leases. In recognizing lease right-of-use assets and related liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. At June 30, 2022 and December 31, 2021, the Company had operating lease liabilities totaling $5.3 million and $6.5 million, respectively, and right-of-use assets totaling $4.8 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 June 30, 2022 and 2021, our net operating lease cost was $0.4 million and $0.6 million, respectively, and for the six months ended June 30, 2022 and 2021, was $1.0 million and $1.2 million, respectively. These net operating lease costs are reflected in occupancy expenses on our consolidated income statements. The following table presents other information related to our operating leases: For the Six Months Ended (in thousands except for percent and period data) June 30, 2022 June 30, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.5 4.6 Weighted-average discount rate - operating leases 2.8 % 2.5 % The following table summarizes the maturity of remaining lease liabilities: As of (dollars in thousands) June 30, 2022 Lease payments due: 2022 $ 1,136 2023 1,718 2024 949 2025 421 2026 357 Thereafter 1,080 Total lease payments 5,661 Less: imputed interest (362) Lease liabilities $ 5,299 As of June 30, 2022, the Company had one operating lease that has not yet commenced that will create additional lease liabilities and right-of-use assets for the Company. As of December 31, 2021, the Company did not have any operating lease 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 | 6 Months Ended |
Jun. 30, 2022 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS | 7. 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 June 30, 2022 and December 31, 2021 was $10.0 million. At June 30, 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 $17.7 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 | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES | 8. 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 June 30, 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 June 30, 2022 and December 31, 2021, the interest rate was 4.98% 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 June 30, 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 June 30, 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 June 30, 2022, all of these notes qualified as Tier 2 capital. At June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
STOCK- BASED COMPENSATION [Abstract] | |
STOCK-BASED COMPENSATION | 9. 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 six months ended June 30, 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 (13,500) 9.58 Exercised (27,500) — Options outstanding, end of period 242,800 $ 11.15 1.9 $ 603 Exercisable at end of period 242,800 $ 11.15 1.9 $ 603 There was no stock-based compensation expense associated with stock options for the three and six months ended June 30, 2022 and 2021. As of June 30, 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 (70,708) 13.99 Unvested restricted stock outstanding, end of period 76,000 $ 14.33 2.9 Stock-based compensation expense for time vested restricted stock awards totaled $0.1 million for each of the three months ended June 30, 2022 and 2021 and $0.8 million and $0.6 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, unrecognized compensation expense associated with restricted stock awards was $0.9 million, which is expected to be recognized over a weighted average period of 2.9 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 3.5 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 and six months ended June 30, 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 June 30, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 10. 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 June 30, 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 4 - 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 92 859 Balance as of June 30, $ 1,069 $ 1,599 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 June 30, 2022 and December 31, 2021, we had unfunded lines of credit and undisbursed construction loan funds totaling $448.8 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 $4.5 million and $3.5 million at June 30, 2022 and December 31, 2021, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 11. 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 June 30, 2022 Basic EPS from continuing operations $ 5,009 24,563 $ 0.20 Effect of dilutive stock options and unvested restricted stock — 118 — Diluted EPS from continuing operations $ 5,009 24,681 $ 0.20 Basic EPS from discontinued operations $ — 24,563 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 118 — Diluted EPS from discontinued operations $ — 24,681 $ 0.00 For the three months ended June 30, 2021 Basic EPS from continuing operations $ 8,804 24,451 $ 0.36 Effect of dilutive stock options and unvested restricted stock — 166 — Diluted EPS from continuing operations $ 8,804 24,617 $ 0.36 Basic EPS from discontinued operations $ 1,471 24,451 $ 0.06 Effect of dilutive stock options and unvested restricted stock — 166 — Diluted EPS from discontinued operations $ 1,471 24,617 $ 0.06 For the six months ended June 30, 2022 Basic EPS from continuing operations $ 9,602 24,534 $ 0.39 Effect of dilutive stock options and unvested restricted stock — 132 — Diluted EPS from continuing operations $ 9,602 24,666 $ 0.39 Basic EPS from discontinued operation $ — 24,534 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 132 — Diluted EPS from discontinued operation $ — 24,666 $ 0.00 For the six months ended June 30, 2021 Basic EPS from continuing operations $ 17,156 24,401 $ 0.71 Effect of dilutive stock options and unvested restricted stock — 162 (0.01) Diluted EPS from continuing operations $ 17,156 24,563 $ 0.70 Basic EPS from discontinued operation $ 2,502 24,401 $ 0.10 Effect of dilutive stock options and unvested restricted stock — 162 — Diluted EPS from discontinued operation $ 2,502 24,563 $ 0.10 The Company did not have any anti-dilutive options as of June 30, 2022 and 2021. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 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. 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. On May 31, 2022, Primis Bank completed the acquisition (the “Acquisition”) of 100% of the outstanding capital stock of SeaTrust from Community First Bank, Inc. (the “Seller”) pursuant to the Stock Purchase Agreement, dated as of April 28, 2022 (the “Purchase Agreement”) by and among the Bank, Seller, and SeaTrust. As a result, SeaTrust became a wholly owned subsidiary of Primis Bank on May 31, 2022. Following the closing of the Acquisition, on June 1, 2022, the Bank changed the name of SeaTrust to Primis Mortgage Company (“Primis Mortgage”). Primis Mortgage originates mortgages primarily in North and South Carolina, Florida and Tennessee from eight offices. Pursuant to the Purchase Agreement, the Bank paid an aggregate purchase price of $7.0 million in cash to Seller at closing and assumed $19.3 million of SeaTrust’s indebtedness under certain warehouse lending facilities. Primis Mortgage is a subsidiary of Primis Bank. |
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 the assumption of a promissory note in the amount of $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 June 30, 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. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale Loans held for sale are originated and held until sold to permanent investors. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in noninterest income and direct loan origination costs are included in noninterest expense in the consolidated statements of income. |
Assets Held for Sale | Assets Held for Sale The Company classifies its assets as held for sale in accordance with FASB ASC 360, Property, Plant, and Equipment The Company assesses the net fair value of assets held for sale each reporting period the assets remain classified as held for sale. Subsequent changes, if any, in the net fair value of the assets held for sale that require an adjustment to the carrying amount are recorded in the condensed consolidated statements of income, unless the adjustment causes the carrying amount of the assets to exceed the net carrying amount upon initial classification as held for sale. If circumstances arise that the Company previously considered unlikely and, as a result, the Company decides not to sell assets previously classified as held for sale, they are reclassified to another classification. Assets that are reclassified are measured at the lower of (a) their carrying amount before they were classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the assets remained in their previous classification, or (b) their fair value at the date of the subsequent decision not to sell. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivative assets and liabilities are recorded at fair value. Mortgage loan commitments known as interest rate lock commitments that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives accounting guidance FASB ASC 815, Derivatives and Hedging . Loan commitments that are classified as derivatives are recognized at fair value on the balance sheet as other assets and other liabilities with changes in their fair values recorded as net gains on sale of mortgage loans and included in noninterest income in the statements of income. Forward loan sale commitments are commitments to sell individual mortgage loans using both best efforts and mandatory delivery at a fixed price to an investor at a future date. Forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Forward loan sale commitments using mandatory delivery are derivatives but using best efforts are not derivatives but can be and have been accounted for at fair value. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as net gains on sale of mortgage loans in non-interest income in the consolidated statements of income. |
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. |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination [Abstract] | |
Schedule of Business Acquisitions | Original Adjustments Final (dollars in thousands) Estimates to Estimates Valuation Consideration paid: Cash $ 7,000 $ — $ 7,000 Value of consideration $ 7,000 $ — $ 7,000 Assets acquired: Cash and due from banks $ 2,446 $ — $ 2,446 Mortgage loans held for sale 20,452 — 20,452 Premises and equipment, net 124 — 124 Leases right-of-use asset 42 — 42 Derivative assets 1,199 — 1,199 Deferred tax asset, net 26 — 26 Other assets 93 — 93 Total assets 24,382 — 24,382 Liabilities assumed: Short term borrowings 19,254 — 19,254 Leases liability 42 — 42 Derivative liabilities 221 — 221 Other liabilities 655 — 655 Total liabilities 20,172 — 20,172 Net identifiable assets acquired $ 4,210 $ — $ 4,210 Goodwill resulting from acquisition (1) $ 2,790 (1) Intangibles are subject to certain post-closing adjustments. |
Schedule of unaudited pro forma | For the Three Months Ended June 30, For the Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Total revenues $ 33,721 $ 30,892 $ 64,531 $ 65,959 Net income $ 5,198 $ 10,178 $ 9,648 $ 19,963 Included in the Company’s consolidated statements of income for the three and six months ended June 30, 2022 are $0.7 million of revenue and $0.1 million of net loss related to Primis Mortgage since its acquisition on June 1, 2022. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 Residential government-sponsored mortgage-backed securities $ 127,972 $ 5 $ (11,895) $ 116,082 Obligations of states and political subdivisions 34,775 9 (3,734) 31,050 Corporate securities 16,000 4 (352) 15,652 Collateralized loan obligations 5,025 — (202) 4,823 Residential government-sponsored collateralized mortgage obligations 21,391 3 (1,140) 20,254 Government-sponsored agency securities 17,695 — (2,189) 15,506 Agency commercial mortgage-backed securities 49,919 — (3,147) 46,772 SBA pool securities 7,094 22 (75) 7,041 Total $ 279,871 $ 43 $ (22,734) $ 257,180 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 June 30, 2022 Residential government-sponsored mortgage-backed securities $ 11,451 $ — $ (628) $ — $ 10,823 Obligations of states and political subdivisions 3,121 16 (33) — 3,104 Residential government-sponsored collateralized mortgage obligations 406 — (11) — 395 Total $ 14,978 $ 16 $ (672) $ — $ 14,322 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 June 30, 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 $ 1,500 $ 1,489 $ 402 $ 402 Due in one to five years 10,012 9,413 866 875 Due in five to ten years 26,044 24,756 1,519 1,492 Due after ten years 35,939 31,373 334 335 Residential government-sponsored mortgage-backed securities 127,972 116,082 11,451 10,823 Residential government-sponsored collateralized mortgage obligations 21,391 20,254 406 395 Agency commercial mortgage-backed securities 49,919 46,772 — — SBA pool securities 7,094 7,041 — — Total $ 279,871 $ 257,180 $ 14,978 $ 14,322 |
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 June 30, 2022 and December 31, 2021 by duration of time in a loss position (in thousands): Less than 12 months 12 Months or More Total June 30, 2022 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-Sale value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 111,918 $ (11,311) $ 3,809 $ (584) $ 115,727 $ (11,895) Obligations of states and political subdivisions 23,728 (2,716) 4,700 (1,018) 28,428 (3,734) Corporate securities 9,648 (352) — — 9,648 (352) Collateralized loan obligations 4,823 (202) — — 4,823 (202) Residential government-sponsored collateralized mortgage obligations 14,578 (632) 4,465 (508) 19,043 (1,140) Government-sponsored agency securities 15,506 (2,189) — — 15,506 (2,189) Agency commercial mortgage-backed securities 44,618 (2,811) 2,154 (336) 46,772 (3,147) SBA pool securities 739 (19) 3,778 (56) 4,517 (75) Total $ 225,558 $ (20,232) $ 18,906 $ (2,502) $ 244,464 $ (22,734) Less than 12 months 12 Months or More Total June 30, 2022 Fair Unrecognized Fair Unrecognized Fair Unrecognized Held-to-Maturity value Losses value Losses value Losses Residential government-sponsored mortgage-backed securities $ 10,750 $ (624) $ 73 $ (4) $ 10,823 $ (628) Obligations of states and political subdivisions 401 (33) — — 401 (33) Residential government-sponsored collateralized mortgage obligations 395 (11) — — 395 (11) Total $ 11,546 $ (668) $ 73 $ (4) $ 11,619 $ (672) 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) Corporate securities — — — — — — 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 and six months ended June 30, 2022 and 2021 are shown in the tables below. All amounts are net of tax (in thousands). Unrealized Holding Gains (Losses) on Held-to-Maturity For the three months ended June 30, 2022 Available-for-Sale Securities Total Beginning balance $ (9,455) $ — $ (9,455) Current period other comprehensive income (loss) (8,471) — (8,471) Ending balance $ (17,926) $ — $ (17,926) Unrealized Holding Gains on Held-to-Maturity For the three months ended June 30, 2021 Available-for-Sale Securities Total Beginning balance $ 2,265 (2) $ 2,263 Current period other comprehensive income 978 — 978 Ending balance $ 3,243 $ (2) $ 3,241 Unrealized Holding Gains (Losses) on Held-to-Maturity For the six months ended June 30, 2022 Available-for-Sale Securities Total Beginning balance $ 1,112 $ — $ 1,112 Current period other comprehensive income (loss) (19,038) — (19,038) Ending balance $ (17,926) $ — $ (17,926) Unrealized Holding Gains (Losses) on Held-to-Maturity For the six months ended June 30, 2021 Available-for-Sale Securities Total Beginning balance $ 3,636 $ (151) $ 3,485 Current period other comprehensive income (loss) (393) 149 (244) Ending balance $ 3,243 $ (2) $ 3,241 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
LOANS AND ALLOWANCE [Abstract] | |
Schedule of loans, net of unearned income | The following table summarizes the composition of our loan portfolio as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Loans held for sale $ 16,096 $ — Loans secured by real estate: Commercial real estate - owner occupied 432,533 387,703 Commercial real estate - non-owner occupied 598,974 588,000 Secured by farmland 7,951 8,612 Construction and land development 117,529 121,444 Residential 1-4 family 606,303 547,560 Multi-family residential 144,406 164,071 Home equity lines of credit 69,860 73,846 Total real estate loans 1,977,556 1,891,236 Commercial loans 447,182 301,980 Paycheck Protection Program loans 17,525 77,319 Consumer loans 179,691 60,996 Total Non-PCD loans 2,621,954 2,331,531 PCD loans 6,843 8,455 Total loans $ 2,628,797 $ 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 June 30, 2022 and December 31, 2021 (in thousands): The amortized cost, by class, of loans and leases on nonaccrual status at June 30, 2022 and December 31, 2021, were as follows (in thousands): 90 Less Than Total Nonaccrual With Days 90 Days Nonaccrual No Credit June 30, 2022 or More Past Due Loans (1) Loss Allowance (2) Commercial real estate - owner occupied $ — $ 356 $ 356 $ 356 Secured by farmland 659 148 807 659 Construction and land development — 32 32 — Residential 1-4 family 8,682 658 9,340 8,600 Multi- family residential — 4,151 4,151 4,151 Home equity lines of credit 170 469 639 23 Commercial loans 2,510 400 2,910 1,117 Consumer loans — 27 27 2 Total Non-PCD loans 12,021 6,241 18,262 14,908 PCD loans 12 1,361 1,373 — Total $ 12,033 $ 7,602 $ 19,635 $ 14,908 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 $0.8 million and $1.1 million at June 30, 2022 and December 31, 2021, respectively. (2) Nonaccrual loans with no credit loss allowance include SBA guaranteed amounts totaling $0.7 million and $1.1 million at June 30, 2022 and December 31, 2021, respectively. |
Schedule of nonaccrual loans | The following table presents nonaccrual loans as of June 30, 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 $ — $ — $ — $ — $ — $ 356 $ — $ — $ 356 Secured by farmland — — — 19 — 659 — 129 807 Construction and land development — — — — — 32 — — 32 Residential 1-4 family — — — 8,600 — 475 — 265 9,340 Multi- family residential — — — — — 4,151 — — 4,151 Home equity lines of credit — — — — — — 616 23 639 Commercial loans — — 7 — 1,502 245 1,156 — 2,910 Paycheck Protection Program loans — — — — — — — — Consumer loans — — — — 2 6 19 — 27 Total non-PCD nonaccruals — — 7 8,619 1,504 5,924 1,791 417 18,262 PCD loans — — — — — 1,373 — — 1,373 Total nonaccrual loans $ — $ — $ 7 $ 8,619 $ 1,504 $ 7,297 $ 1,791 $ 417 $ 19,635 |
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 $ 48,503 $ 60,905 $ 19,728 $ 34,832 $ 27,892 $ 219,330 $ 10,509 $ 6,838 $ 428,537 Special Mention — — — — — 1,190 — — 1,190 Substandard — — — 1 — 2,805 — — 2,806 Doubtful — — — — — — — — — $ 48,503 $ 60,905 $ 19,728 $ 34,833 $ 27,892 $ 223,325 $ 10,509 $ 6,838 $ 432,533 Weighted average risk grade 3.20 3.49 3.38 3.49 3.43 3.52 3.16 3.96 3.46 Commercial real estate - nonowner occupied Pass $ 22,983 $ 122,209 $ 36,361 $ 31,382 $ 61,577 $ 262,383 $ 3,001 $ 3,099 $ 542,995 Special Mention — — — — 15,072 40,306 — 601 55,979 Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 22,983 $ 122,209 $ 36,361 $ 31,382 $ 76,649 $ 302,689 $ 3,001 $ 3,700 $ 598,974 Weighted average risk grade 3.22 3.17 3.71 3.92 3.83 3.82 2.67 3.32 3.66 Secured by farmland Pass $ 857 $ 23 $ 60 $ — $ — $ 3,580 $ 1,499 $ 92 $ 6,111 Special Mention — — — — — 1,033 — — 1,033 Substandard — — — 19 — 659 — 129 807 Doubtful — — — — — — — — — $ 857 $ 23 $ 60 $ 19 $ — $ 5,272 $ 1,499 $ 221 $ 7,951 Weighted average risk grade 3.43 4.00 4.00 6.00 N/A 4.18 3.98 4.33 4.07 Construction and land development Pass $ 15,995 $ 62,404 $ 9,687 $ 1,477 $ 7,564 $ 19,385 $ 961 $ 24 $ 117,497 Special Mention — — — — — — — — — Substandard — — — — — 32 — — 32 Doubtful — — — — — — — — — $ 15,995 $ 62,404 $ 9,687 $ 1,477 $ 7,564 $ 19,417 $ 961 $ 24 $ 117,529 Weighted average risk grade 3.29 3.12 3.80 3.68 3.24 3.67 3.31 4.00 3.31 Residential 1-4 family Pass $ 120,609 $ 157,734 $ 46,431 $ 65,915 $ 43,122 $ 157,392 $ 1,935 $ 3,179 $ 596,317 Special Mention — — — — — — — — — Substandard — — — 8,599 — 1,122 — 265 9,986 Doubtful — — — — — — — — — $ 120,609 $ 157,734 $ 46,431 $ 74,514 $ 43,122 $ 158,514 $ 1,935 $ 3,444 $ 606,303 Weighted average risk grade 3.09 3.04 3.07 3.40 3.13 3.23 3.90 3.27 3.16 Multi- family residential Pass $ 3,382 $ 22,187 $ 18,604 $ 7,142 $ 2,834 $ 78,732 $ 306 $ 704 $ 133,891 Special Mention — — — — — 5,327 — — 5,327 Substandard — — — — — 4,889 — 299 5,188 Doubtful — — — — — — — — — $ 3,382 $ 22,187 $ 18,604 $ 7,142 $ 2,834 $ 88,948 $ 306 $ 1,003 $ 144,406 Weighted average risk grade 3.59 3.00 3.90 3.00 3.49 3.55 4.00 4.60 3.49 Home equity lines of credit Pass $ 168 $ 590 $ 55 $ 71 $ 231 $ 4,601 $ 62,356 $ 872 $ 68,944 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 617 23 640 Doubtful — — — — — — — — — $ 168 $ 590 $ 55 $ 71 $ 231 $ 4,601 $ 63,249 $ 895 $ 69,860 Weighted average risk grade 3.00 3.00 3.00 3.00 3.00 3.81 3.07 4.05 3.13 Commercial loans Pass $ 176,511 $ 68,077 $ 9,581 $ 8,472 $ 9,870 $ 23,506 $ 97,155 $ 45,432 $ 438,604 Special Mention — — — 1,997 — — 509 — 2,506 Substandard — — 7 — 1,502 1,817 2,746 — 6,072 Doubtful — — — — — — — — — $ 176,511 $ 68,077 $ 9,588 $ 10,469 $ 11,372 $ 25,323 $ 100,410 $ 45,432 $ 447,182 Weighted average risk grade 2.95 3.41 3.40 3.99 3.77 3.72 3.26 3.72 3.27 Paycheck Protection Program loans Pass $ — $ 14,440 $ 3,085 $ — $ — $ — $ — $ — $ 17,525 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ — $ 14,440 $ 3,085 $ — $ — $ — $ — $ — $ 17,525 Weighted average risk grade N/A 2.00 2.00 N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2022 2021 2020 2019 2018 Prior Loans To Term Total Consumer loans Pass $ 136,676 $ 31,200 $ 1,885 $ 551 $ 679 $ 5,002 $ 3,569 $ — $ 179,562 Special Mention — — — — — 72 — — 72 Substandard — 30 — — 2 6 19 — 57 Doubtful — — — — — — — — — $ 136,676 $ 31,230 $ 1,885 $ 551 $ 681 $ 5,080 $ 3,588 $ — $ 179,691 Weighted average risk grade 3.11 3.81 3.99 3.99 4.01 4.02 3.96 N/A 3.29 PCD Pass $ — $ — $ — $ — $ — $ 3,960 $ — $ — $ 3,960 Special Mention — — — — — 1,353 — — 1,353 Substandard — — — — — 1,530 — — 1,530 Doubtful — — — — — — — — — $ — $ — $ — $ — $ — $ 6,843 $ — $ — $ 6,843 Weighted average risk grade N/A N/A N/A N/A N/A 4.48 N/A N/A 4.48 Total $ 525,684 $ 539,799 $ 145,484 $ 160,458 $ 170,345 $ 840,012 $ 185,458 $ 61,557 $ 2,628,797 Weighted average risk grade 3.07 3.19 3.44 3.55 3.55 3.60 3.21 3.72 3.37 The following table presents weighted-average risk grades for all loans, by class and year of origination/renewal as of December 31, 2021 (in thousands): Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Commercial real estate - owner occupied Pass $ 58,596 $ 18,411 $ 35,498 $ 28,163 $ 45,013 $ 187,461 $ 3,010 $ 6,937 $ 383,089 Special Mention — — — — 140 1,184 — — 1,324 Substandard — — 475 — — 2,815 — — 3,290 Doubtful — — — — — — — — $ 58,596 $ 18,411 $ 35,973 $ 28,163 $ 45,153 $ 191,460 $ 3,010 $ 6,937 $ 387,703 Weighted average risk grade 3.43 3.42 3.47 3.43 3.55 3.53 3.29 3.96 3.51 Commercial real estate - nonowner occupied Pass $ 107,572 $ 55,956 19,816 $ 76,076 $ 58,883 $ 235,676 $ 3,668 $ — $ 557,647 Special Mention — — — — — 12,097 — — 12,097 Substandard — — — — — 17,655 — 601 18,256 Doubtful — — — — — — — — — $ 107,572 $ 55,956 $ 19,816 $ 76,076 $ 58,883 $ 265,428 $ 3,668 $ 601 $ 588,000 Weighted average risk grade 3.05 3.47 3.83 3.45 3.81 3.81 2.94 6.00 3.59 Secured by farmland Pass $ 320 $ 66 $ — $ — $ 445 $ 3,734 $ 1,955 $ — $ 6,520 Special Mention — — — — 852 404 — — 1,256 Substandard — — 24 — 681 — 131 — 836 Doubtful — — — — — — — — — $ 320 $ 66 $ 24 $ — $ 1,978 $ 4,138 $ 2,086 $ — $ 8,612 Weighted average risk grade 3.17 4.00 6.00 N/A 5.04 3.61 4.09 N/A 4.05 Construction and land development Pass $ 57,320 $ 14,003 $ 13,360 $ 7,061 $ 8,414 $ 15,664 $ 982 $ 31 $ 116,835 Special Mention — — — — — — — — — Substandard — — 4,575 — — 34 — — 4,609 Doubtful — — — — — — — — — $ 57,320 $ 14,003 $ 17,935 $ 7,061 $ 8,414 $ 15,698 $ 982 $ 31 $ 121,444 Weighted average risk grade 3.15 3.56 4.48 3.26 3.91 3.54 3.31 4.00 3.50 Residential 1-4 family Pass $ 165,106 $ 54,037 $ 81,905 $ 49,694 $ 43,173 $ 138,711 $ 1,845 $ 3,484 $ 537,955 Special Mention — — 8,514 — — — — — 8,514 Substandard — — — — — 795 — 296 1,091 Doubtful — — — — — — — — — $ 165,106 $ 54,037 $ 90,419 $ 49,694 $ 43,173 $ 139,506 $ 1,845 $ 3,780 $ 547,560 Weighted average risk grade 3.04 3.06 3.24 3.13 3.07 3.26 3.98 3.30 3.15 Multi- family residential Pass $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 42,310 $ 5,031 $ — $ 153,367 Special Mention — — — — — 5,326 — — 5,326 Substandard — — — — — 5,076 — 302 5,378 Doubtful — — — — — — — — — $ 37,030 $ 18,866 $ 7,228 $ 6,328 $ 36,574 $ 52,712 $ 5,031 $ 302 $ 164,071 Weighted average risk grade 3.40 3.90 3.00 3.59 3.00 3.92 4.00 6.00 3.55 Home equity lines of credit Pass $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,157 $ 143 $ 73,146 Special Mention — — — — — — 276 — 276 Substandard — — — — — — 398 26 424 Doubtful — — — — — — — — — $ 715 $ 59 $ 75 $ 235 $ 425 $ 4,337 $ 67,831 $ 169 $ 73,846 Weighted average risk grade 3.00 3.00 3.00 3.00 3.77 3.79 3.09 4.31 3.14 Commercial loans Pass $ 95,085 $ 10,415 $ 11,923 $ 10,648 $ 10,522 $ 18,284 $ 134,302 $ 5,338 $ 296,517 Special Mention — — — — — — 845 — 845 Substandard — 9 — 1,508 — 1,938 1,163 — 4,618 Doubtful — — — — — — — — — $ 95,085 $ 10,424 $ 11,923 $ 12,156 $ 10,522 $ 20,222 $ 136,310 $ 5,338 $ 301,980 Weighted average risk grade 3.43 3.36 3.79 3.77 2.95 3.96 3.43 3.95 3.48 Paycheck Protection Program loans Pass $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — $ 56,087 $ 21,232 $ — $ — $ — $ — $ — $ — $ 77,319 Weighted average risk grade 2.00 2.00 N/A N/A N/A N/A N/A N/A 2.00 Revolving Loans Revolving Converted 2021 2020 2019 2018 2017 Prior Loans To Term Total Consumer loans Pass $ 48,107 $ 2,351 $ 1,002 $ 914 $ 237 $ 5,766 $ 2,519 $ — $ 60,896 Special Mention — — — — — 82 — — 82 Substandard — — — 7 9 2 — — 18 Doubtful — — — — — — — — — $ 48,107 $ 2,351 $ 1,002 $ 921 $ 246 $ 5,850 $ 2,519 $ — $ 60,996 Weighted average risk grade 3.55 3.99 3.99 4.02 4.07 4.01 4.00 N/A 3.65 PCD Pass $ — $ — $ — $ — $ — $ 5,145 $ 30 $ — $ 5,175 Special Mention — — — — — 1,391 — — 1,391 Substandard — — — — 1,717 172 — — 1,889 Doubtful — — — — — — — — — $ — $ — $ — $ — $ 1,717 $ 6,708 $ 30 $ — $ 8,455 Weighted average risk grade N/A N/A N/A N/A 6.00 4.08 3.00 N/A 4.47 Total $ 625,938 $ 195,405 $ 184,395 $ 180,634 $ 207,085 $ 706,059 $ 223,312 $ 17,158 $ 2,339,986 Weighted average risk grade 3.12 3.24 3.50 3.38 3.45 3.64 3.35 3.92 3.39 For the three months ended June 30, 2022 For the six months ended June 30, 2022 Commercial real estate - non-owner occupied $ 3,099 $ 3,099 Secured by farmland 129 220 Residential 1-4 family 174 422 Multi- family residential 704 704 Home equity lines of credit — 740 Commercial loans 40,325 40,459 Total loans $ 44,431 $ 45,644 |
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 June 30, 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 June 30, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Program Loans Loans Total Modeled expected credit losses $ 4,014 $ 7,411 $ 10 $ 610 $ 3,431 $ 1,715 $ 272 $ 3,592 $ — $ 1,550 $ — $ 22,605 Q-factor and other qualitative adjustments 287 506 39 414 841 445 91 809 — — — 3,432 Specific allocations — — — — — — — 2,027 — 19 2,126 4,172 Total $ 4,301 $ 7,917 $ 49 $ 1,024 $ 4,272 $ 2,160 $ 363 $ 6,428 $ — $ 1,569 $ 2,126 $ 30,209 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 June 30, 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 Three Months Ended June 30, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans Total Allowance for credit losses: Beginning balance $ 4,173 $ 8,913 $ 49 $ 1,029 $ 3,888 $ 2,289 $ 376 $ 5,466 $ 1,025 $ 2,171 $ 29,379 Provision (recovery) 142 (1,498) — (5) 384 (129) (14) 962 625 (45) 422 Charge offs (14) — — — — — — — (84) — (98) Recoveries — 502 — — — — 1 — 3 — 506 Ending balance $ 4,301 $ 7,917 $ 49 $ 1,024 $ 4,272 $ 2,160 $ 363 $ 6,428 $ 1,569 $ 2,126 $ 30,209 Three Months Ended June 30, 2021 Allowance for credit losses: Beginning balance $ 4,144 $ 13,804 $ 111 $ 3,066 $ 6,770 $ 1,246 $ 825 $ 2,192 $ 369 $ 2,366 $ 34,893 Provision (recovery) 794 (2,569) (31) (375) (2,328) (157) (224) 633 70 (28) (4,215) Charge offs (169) — — — — — — — (18) — (187) Recoveries — — — — 9 1 — 757 7 — 774 Ending balance $ 4,769 $ 11,235 $ 80 $ 2,691 $ 4,451 $ 1,090 $ 601 $ 3,582 $ 428 $ 2,338 $ 31,265 Activity in the allowance for credit losses by class of loan for the six months ended June 30, 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 Six Months Ended June 30, 2022 Occupied Occupied Farmland Development Residential Residential Credit Loans Loans Loans 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) (247) (1,613) (7) 26 627 (1,120) (61) 2,170 901 (155) 521 Charge offs (14) — — — — — (14) — (131) — (159) Recoveries — 502 — — 57 — 1 170 12 — 742 Ending balance $ 4,301 $ 7,917 $ 49 $ 1,024 $ 4,272 $ 2,160 $ 363 $ 6,428 $ 1,569 $ 2,126 $ 30,209 Six Months Ended June 30, 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) (1,761) (191) (24) 876 (5,138) (323) (300) 1,393 (63) (56) (5,587) Charge offs (169) — — — — — — (74) (54) — (297) Recoveries — — — — 10 1 — 765 28 — 804 Ending balance $ 4,769 $ 11,235 $ 80 $ 2,691 $ 4,451 $ 1,090 $ 601 $ 3,582 $ 428 $ 2,338 $ 31,265 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 June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Loan Specific Loan Specific Balance (1) Allocations Balance (1) Allocations Commercial real estate - owner occupied $ 2,805 $ — $ 3,291 $ — Commercial real estate - non-owner occupied — — 18,256 — Secured by farmland 659 — 681 — Construction and land development — — 4,575 — Residential 1-4 family 9,244 — 541 — Multi- family residential 10,516 — 5,378 — Home equity lines of credit 23 — — — Commercial loans 5,221 2,027 3,688 658 Consumer loans 32 19 7 1 Total non-PCD loans 28,500 2,046 36,417 659 PCD loans 6,843 2,126 8,455 2,281 Total loans $ 35,343 $ 4,172 $ 44,872 $ 2,940 (1) Includes SBA guarantees of $0.7 million at June 30, 2022 and December 31, 2021. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE | |
Schedule of assets measured at fair value on a recurring basis | Assets and liabilities 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) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities Residential government-sponsored mortgage-backed securities $ 116,082 $ — $ 116,082 $ — Obligations of states and political subdivisions 31,050 — 31,050 — Corporate securities 15,652 — 15,652 — Collateralized loan obligations 4,823 — 4,823 — Residential government-sponsored collateralized mortgage obligations 20,254 — 20,254 — Government-sponsored agency securities 15,506 — 15,506 — Agency commercial mortgage-backed securities 46,772 — 46,772 — SBA pool securities 7,041 — 7,041 — 257,180 — 257,180 — Loans held for sale 16,096 — 16,096 — Derivative assets 863 — 839 24 Total assets $ 274,139 $ — $ 274,115 $ 24 Liabilities: Derivative liabilities $ 103 $ — $ 100 $ 3 Total liabilities $ 103 $ — $ 100 $ 3 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) Assets: 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 assets $ 271,332 $ — $ 271,332 $ — |
Schedule present the additional information about the assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs | The following tables present additional information about the assets measured at fair value on a recurring basis using significant unobservable (Level 3) inputs (in thousands): For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Derivative assets: Interest Rate Lock Commitments Balance at beginning of the period $ — $ — $ — $ — Acquired 14 14 Gain included in net income 10 — 10 — Purchases — — — — Sales — — — — Issues — — — — Settlements — — — — Transfers in/out of Level 3 — — — — Balance at end of the period $ 24 $ — $ 24 $ — For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Derivative liabilities: Interest Rate Lock Commitments Balance at beginning of the period $ — $ — $ — $ — Acquired 44 44 Loss included in net income (41) — (41) — Purchases — — — — Sales — — — — Issues — — — — Settlements — — — — Transfers in/out of Level 3 — — — — Balance at end of the period $ 3 $ — $ 3 $ — |
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) June 30, 2022 (Level 1) (Level 2) (Level 3) Collateral dependent loans $ 32,992 $ — $ — $ 32,992 Assets held for sale 3,127 — — 3,127 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: June 30, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Hierarchy Level Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 70,721 $ 70,721 $ 530,167 $ 530,167 Securities available-for-sale Level 2 257,180 257,180 271,332 271,332 Securities held-to-maturity Level 2 14,978 14,322 22,940 23,364 Stock in Federal Reserve Bank and Federal Home Loan Bank Level 2 12,940 12,940 15,521 15,521 Net loans Level 3 2,598,588 2,486,645 2,310,881 2,278,456 Loans held for sale Level 2 16,096 16,096 — — Accrued interest receivable Level 2 10,000 10,000 13,028 13,028 Derivative assets Level 2 and 3 863 863 — — Financial liabilities: Demand deposits and NOW accounts Level 2 $ 1,330,418 $ 1,330,418 $ 1,380,020 $ 1,380,020 Money market and savings accounts Level 2 1,023,164 1,023,164 1,022,621 1,022,621 Time deposits Level 3 329,223 330,876 360,575 362,902 Securities sold under agreements to repurchase Level 1 10,020 10,020 9,962 9,962 FHLB advances Level 1 25,000 25,000 100,000 100,000 Junior subordinated debt Level 2 9,757 9,836 9,731 10,367 Senior subordinated notes Level 2 85,413 86,635 85,297 91,141 Accrued interest payable Level 2 1,715 1,715 1,864 1,864 Derivative liabilities Level 2 and 3 103 103 — — |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of operating lease other information | The following table presents other information related to our operating leases: For the Six Months Ended (in thousands except for percent and period data) June 30, 2022 June 30, 2021 Other information: Weighted-average remaining lease term - operating leases, in years 4.5 4.6 Weighted-average discount rate - operating leases 2.8 % 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) June 30, 2022 Lease payments due: 2022 $ 1,136 2023 1,718 2024 949 2025 421 2026 357 Thereafter 1,080 Total lease payments 5,661 Less: imputed interest (362) Lease liabilities $ 5,299 |
STOCK- BASED COMPENSATION (Tabl
STOCK- BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of activity in the stock option plan | A summary of stock option activity for the six months ended June 30, 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 (13,500) 9.58 Exercised (27,500) — Options outstanding, end of period 242,800 $ 11.15 1.9 $ 603 Exercisable at end of period 242,800 $ 11.15 1.9 $ 603 |
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 (70,708) 13.99 Unvested restricted stock outstanding, end of period 76,000 $ 14.33 2.9 |
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 3.5 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 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 92 859 Balance as of June 30, $ 1,069 $ 1,599 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 Basic EPS from continuing operations $ 5,009 24,563 $ 0.20 Effect of dilutive stock options and unvested restricted stock — 118 — Diluted EPS from continuing operations $ 5,009 24,681 $ 0.20 Basic EPS from discontinued operations $ — 24,563 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 118 — Diluted EPS from discontinued operations $ — 24,681 $ 0.00 For the three months ended June 30, 2021 Basic EPS from continuing operations $ 8,804 24,451 $ 0.36 Effect of dilutive stock options and unvested restricted stock — 166 — Diluted EPS from continuing operations $ 8,804 24,617 $ 0.36 Basic EPS from discontinued operations $ 1,471 24,451 $ 0.06 Effect of dilutive stock options and unvested restricted stock — 166 — Diluted EPS from discontinued operations $ 1,471 24,617 $ 0.06 For the six months ended June 30, 2022 Basic EPS from continuing operations $ 9,602 24,534 $ 0.39 Effect of dilutive stock options and unvested restricted stock — 132 — Diluted EPS from continuing operations $ 9,602 24,666 $ 0.39 Basic EPS from discontinued operation $ — 24,534 $ 0.00 Effect of dilutive stock options and unvested restricted stock — 132 — Diluted EPS from discontinued operation $ — 24,666 $ 0.00 For the six months ended June 30, 2021 Basic EPS from continuing operations $ 17,156 24,401 $ 0.71 Effect of dilutive stock options and unvested restricted stock — 162 (0.01) Diluted EPS from continuing operations $ 17,156 24,563 $ 0.70 Basic EPS from discontinued operation $ 2,502 24,401 $ 0.10 Effect of dilutive stock options and unvested restricted stock — 162 — Diluted EPS from discontinued operation $ 2,502 24,563 $ 0.10 |
ACCOUNTING POLICIES (Narrative)
ACCOUNTING POLICIES (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 01, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) property segment | Jun. 30, 2021 USD ($) | Apr. 28, 2022 | Mar. 31, 2022 USD ($) | Sep. 30, 2021 | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Organization And Significant Accounting Policies [Line Items] | |||||||||||||
Number of branches | property | 34 | ||||||||||||
Financing receivable, allowance for credit loss | $ 29,105,000 | [1] | $ 30,209,000 | $ 31,265,000 | $ 30,209,000 | $ 31,265,000 | $ 29,379,000 | $ 34,893,000 | $ 36,345,000 | ||||
Cumulative effect adjustment | 411,881,000 | [1] | 398,637,000 | 406,940,000 | $ 398,637,000 | 406,940,000 | $ 404,195,000 | $ 397,986,000 | $ 390,554,000 | ||||
Number of reportable segments | segment | 1 | ||||||||||||
Net income | 5,009,000 | 10,275,000 | $ 9,602,000 | 19,658,000 | |||||||||
Gain (loss) on sale of mortgage loans | 593,000 | 593,000 | 0 | ||||||||||
Salaries and benefits | 10,573,000 | $ 8,810,000 | 20,198,000 | $ 18,182,000 | |||||||||
Securities available for sale, at fair value | 271,332,000 | [1] | 257,180,000 | 257,180,000 | |||||||||
Loans held for investment | 2,339,986,000 | [1] | $ 2,628,797,000 | $ 2,628,797,000 | |||||||||
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] | |||||||||||||
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% | 100% | 100% | ||||||||||
Paycheck Protection Program Loans [Member] | |||||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||||
Financing receivable, allowance for credit loss | $ 0 | $ 0 | |||||||||||
Primis Mortgage (f.k.a. SeaTrust) | |||||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||||
Net income | $ (100,000) | $ (100,000) | |||||||||||
Payments to acquire business | $ 7,000,000 | $ 7,000,000 | |||||||||||
Short term borrowings | $ 19,254,000 | $ 19,254,000 | |||||||||||
Voting interest agreed to acquire (as a percent) | 100% | ||||||||||||
Capital Stock Acquired (as a percent) | 100% | ||||||||||||
Virginia [Member] | |||||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||||
Number of branches | property | 32 | ||||||||||||
Maryland | |||||||||||||
Organization And Significant Accounting Policies [Line Items] | |||||||||||||
Number of branches | property | 2 | ||||||||||||
[1] Derived from audited consolidated financial statements |
BUSINESS COMBINATION - Sea Trus
BUSINESS COMBINATION - Sea Trust Acquisition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 01, 2022 | May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Apr. 28, 2022 | |
Business Combinations | |||||||
Net loss | $ (5,009) | $ (10,275) | $ (9,602) | $ (19,658) | |||
Primis Mortgage (f.k.a. SeaTrust) | |||||||
Business Combinations | |||||||
Voting interest agreed to acquire (as a percent) | 100% | ||||||
Capital Stock Acquired (as a percent) | 100% | ||||||
Cash | $ 7,000 | $ 7,000 | |||||
Settlement of liabilities on warehouse lending facilities | $ 19,300 | ||||||
Revenue | 700 | 700 | |||||
Net loss | $ 100 | $ 100 |
BUSINESS COMBINATION - Sea Tr_2
BUSINESS COMBINATION - Sea Trust Acquisition (Details) - USD ($) $ in Thousands | Jun. 01, 2022 | May 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | [1] |
Liabilities assumed: | |||||
Goodwill resulting from acquisition | $ 104,744 | $ 101,954 | |||
Primis Mortgage (f.k.a. SeaTrust) | |||||
Consideration paid: | |||||
Cash | $ 7,000 | $ 7,000 | |||
Value of consideration | 7,000 | 7,000 | |||
Assets acquired: | |||||
Cash and due from banks | 2,446 | 2,446 | |||
Mortgage loans held for sale | 20,452 | 20,452 | |||
Premises and equipment, net | 124 | 124 | |||
Leases right-of-use asset | 42 | 42 | |||
Derivative assets | 1,199 | 1,199 | |||
Deferred tax asset, net | 26 | 26 | |||
Other assets | 93 | 93 | |||
Total assets | 24,382 | 24,382 | |||
Liabilities assumed: | |||||
Short term borrowings | 19,254 | 19,254 | |||
Leases liability | 42 | 42 | |||
Derivative liabilities | 221 | 221 | |||
Other liabilities | 655 | 655 | |||
Total liabilities | 20,172 | 20,172 | |||
Net identifiable assets acquired | 4,210 | $ 4,210 | |||
Goodwill resulting from acquisition | $ 2,790 | ||||
[1] Derived from audited consolidated financial statements |
BUSINESS COMBINATION - Proforma
BUSINESS COMBINATION - Proforma (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Combinations | ||||
Total revenues | $ 33,721 | $ 30,892 | ||
Net income | $ 5,198 | $ 10,178 | ||
Primis Mortgage (f.k.a. SeaTrust) | ||||
Business Combinations | ||||
Total revenues | $ 64,531 | $ 65,959 | ||
Net income | $ 9,648 | $ 19,963 |
INVESTMENT SECURITIES (Narrativ
INVESTMENT SECURITIES (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Called investment securities | $ 16,896,000 | $ 18,528,000 | |||
Purchases of available for sale investment securities | $ 5,000,000 | $ 40,300,000 | 27,573,000 | 68,519,000 | |
Purchases of securities held to maturity | 0 | $ 0 | 0 | $ 0 | |
Available for sale, amortized cost | 279,871,000 | 279,871,000 | $ 269,924,000 | ||
Residential Mortgage Backed Securities [Member] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | 21,391,000 | 21,391,000 | 19,671,000 | ||
Collateralized loan obligations | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | 5,025,000 | 5,025,000 | 5,026,000 | ||
US Government Agencies Debt Securities [Member] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | 127,972,000 | 127,972,000 | 122,506,000 | ||
Federal Home Loan Bank of Atlanta [Member] | Asset Pledged as Collateral [Member] | Secure Public Deposits, Other Deposits and Line of Credit Advances Federal Home Loan Banks [Member] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Available for sale, amortized cost | $ 111,200,000 | $ 111,200,000 | $ 180,700,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | $ 279,871 | $ 269,924 | |
Gross Unrealized Gains | 43 | 3,070 | |
Gross Unrealized Losses | (22,734) | (1,662) | |
Available for sale, fair value | 257,180 | 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 | 127,972 | 122,506 | |
Gross Unrealized Gains | 5 | 740 | |
Gross Unrealized Losses | (11,895) | (636) | |
Available for sale, fair value | 116,082 | 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 | 34,775 | 30,728 | |
Gross Unrealized Gains | 9 | 755 | |
Gross Unrealized Losses | (3,734) | (252) | |
Available for sale, fair value | 31,050 | 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 | 4 | 685 | |
Gross Unrealized Losses | (352) | 0 | |
Available for sale, fair value | 15,652 | 13,685 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 21,391 | 19,671 | |
Gross Unrealized Gains | 3 | 297 | |
Gross Unrealized Losses | (1,140) | (161) | |
Available for sale, fair value | 20,254 | 19,807 | |
Government-Sponsored Agency Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 17,695 | 17,671 | |
Gross Unrealized Gains | 0 | 32 | |
Gross Unrealized Losses | (2,189) | (215) | |
Available for sale, fair value | 15,506 | 17,488 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 49,919 | 52,452 | |
Gross Unrealized Gains | 0 | 513 | |
Gross Unrealized Losses | (3,147) | (298) | |
Available for sale, fair value | 46,772 | 52,667 | |
Collateralized loan obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 5,025 | 5,026 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (202) | (16) | |
Available for sale, fair value | 4,823 | 5,010 | |
SBA Pool Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 7,094 | 8,870 | |
Gross Unrealized Gains | 22 | 48 | |
Gross Unrealized Losses | (75) | (84) | |
Available for sale, fair value | $ 7,041 | $ 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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held-to-maturity Securities, Total | $ 14,978 | $ 22,940 | [1] |
Gross Unrecognized Gains | 16 | 425 | |
Gross Unrecognized Losses | (672) | (1) | |
Held to maturity fair value | 14,322 | 23,364 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held-to-maturity Securities, Total | 406 | 519 | |
Gross Unrecognized Gains | 0 | 13 | |
Gross Unrecognized Losses | (11) | 0 | |
Held to maturity fair value | 395 | 532 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held-to-maturity Securities, Total | 3,121 | 3,805 | |
Gross Unrecognized Gains | 16 | 93 | |
Gross Unrecognized Losses | (33) | 0 | |
Held to maturity fair value | 3,104 | 3,898 | |
US Government Agencies Debt Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held-to-maturity Securities, Total | 11,451 | 13,616 | |
Gross Unrecognized Gains | 0 | 296 | |
Gross Unrecognized Losses | (628) | (1) | |
Held to maturity fair value | $ 10,823 | 13,911 | |
Government-Sponsored Agency Securities | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held-to-maturity Securities, Total | 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 | Jun. 30, 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 | $ 402 | ||
Held to Maturity, due in one to five years, amortized cost | 866 | ||
Held to Maturity, due in five to ten years, amortized cost | 1,519 | ||
Held to maturity, due after ten years, amortized cost | 334 | ||
Held to maturity, amortized cost | 14,978 | ||
Held to Maturity, due in one year, fair value | 402 | ||
Held to Maturity, due in one to five years, fair value | 875 | ||
Held to Maturity, due in five to ten years, fair value | 1,492 | ||
Held to maturity, due after ten years, fair value | 335 | ||
Held to maturity fair value | 14,322 | $ 23,364 | |
Available for Sale, due in one year, amortized cost | 1,500 | ||
Available for Sale, due in one to five years, amortized cost | 10,012 | ||
Available for Sale, due in five to ten years, amortized cost | 26,044 | ||
Available for sale, due after ten years, amortized cost | 35,939 | ||
Available for sale, amortized cost | 279,871 | 269,924 | |
Available for Sale, due in one year, fair value | 1,489 | ||
Available for Sale, due in one to five years, fair value | 9,413 | ||
Available for Sale, due in five to ten years, fair value | 24,756 | ||
Available for sale, due after ten years, fair value | 31,373 | ||
Available for sale, Fair value | 257,180 | 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 | 15,652 | 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 | 11,451 | ||
Held to maturity fair value | 10,823 | 13,911 | |
Available for sale, amortized cost | 127,972 | 122,506 | |
Available for sale, Fair value | 116,082 | 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 | 3,104 | 3,898 | |
Available for sale, amortized cost | 34,775 | 30,728 | |
Available for sale, Fair value | 31,050 | 31,231 | |
Residential Mortgage Backed Securities [Member] | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Held to maturity, amortized cost | 406 | ||
Held to maturity fair value | 395 | 532 | |
Available for sale, amortized cost | 21,391 | 19,671 | |
Available for sale, Fair value | 20,254 | 19,807 | |
Collateralized loan obligations | |||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | |||
Available for sale, amortized cost | 5,025 | 5,026 | |
Available for sale, Fair value | 4,823 | 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 | 17,695 | 17,671 | |
Available for sale, Fair value | 15,506 | 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 | 49,919 | 52,452 | |
Available for sale, Fair value | 46,772 | 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 | 7,094 | 8,870 | |
Available for sale, Fair value | $ 7,041 | $ 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 | Jun. 30, 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 | $ 225,558 | $ 145,936 |
Available for sale, less than 12 months, unrealized losses | (20,232) | (1,474) |
Available for sale, 12 months or more, fair value | 18,906 | 6,571 |
Available for sale, 12 months or more, unrealized losses | (2,502) | (188) |
Available for sale, total fair value | 244,464 | 152,507 |
Available for sale, total unrealized losses | (22,734) | (1,662) |
Held to maturity, less than 12 months, fair value | 11,546 | 0 |
Held to Maturity, Less than 12 months, unrecognized losses | (668) | 0 |
Held to Maturity, 12 months or more, fair value | 73 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (4) | (1) |
Held to maturity, total fair value | 11,619 | 324 |
Held to maturity, total unrecognized losses | 672 | 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 | 111,918 | 84,123 |
Available for sale, less than 12 months, unrealized losses | (11,311) | (636) |
Available for sale, 12 months or more, fair value | 3,809 | 0 |
Available for sale, 12 months or more, unrealized losses | (584) | 0 |
Available for sale, total fair value | 115,727 | 84,123 |
Available for sale, total unrealized losses | (11,895) | (636) |
Held to maturity, less than 12 months, fair value | 10,750 | 0 |
Held to Maturity, Less than 12 months, unrecognized losses | (624) | 0 |
Held to Maturity, 12 months or more, fair value | 73 | 324 |
Held to Maturity, 12 months or more, unrecognized losses | (4) | (1) |
Held to maturity, total fair value | 10,823 | 324 |
Held to maturity, total unrecognized losses | 628 | 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 | 23,728 | 14,472 |
Available for sale, less than 12 months, unrealized losses | (2,716) | (252) |
Available for sale, 12 months or more, fair value | 4,700 | 0 |
Available for sale, 12 months or more, unrealized losses | (1,018) | 0 |
Available for sale, total fair value | 28,428 | 14,472 |
Available for sale, total unrealized losses | (3,734) | (252) |
Held to maturity, less than 12 months, fair value | 401 | |
Held to Maturity, Less than 12 months, unrecognized losses | (33) | |
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 | 401 | |
Held to maturity, total unrecognized losses | 33 | |
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 | 9,648 | 0 |
Available for sale, less than 12 months, unrealized losses | (352) | 0 |
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 | 9,648 | 0 |
Available for sale, total unrealized losses | (352) | 0 |
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 | 14,578 | 5,589 |
Available for sale, less than 12 months, unrealized losses | (632) | (161) |
Available for sale, 12 months or more, fair value | 4,465 | 0 |
Available for sale, 12 months or more, unrealized losses | (508) | 0 |
Available for sale, total fair value | 19,043 | 5,589 |
Available for sale, total unrealized losses | (1,140) | (161) |
Held to maturity, less than 12 months, fair value | 395 | |
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 | 395 | |
Held to maturity, total unrecognized losses | 11 | |
Government-Sponsored Agency Securities | ||
Schedule Of Available For Sale and Held To Maturity Securities [Line Items] | ||
Available for sale, less than 12 months, fair value | 15,506 | 15,956 |
Available for sale, less than 12 months, unrealized losses | (2,189) | (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 | 15,506 | 15,956 |
Available for sale, total unrealized losses | (2,189) | (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 | 4,823 | 5,010 |
Available for sale, less than 12 months, unrealized losses | (202) | (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 | 4,823 | 5,010 |
Available for sale, total unrealized losses | (202) | (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 | 44,618 | 20,786 |
Available for sale, less than 12 months, unrealized losses | (2,811) | (194) |
Available for sale, 12 months or more, fair value | 2,154 | 2,027 |
Available for sale, 12 months or more, unrealized losses | (336) | (104) |
Available for sale, total fair value | 46,772 | 22,813 |
Available for sale, total unrealized losses | (3,147) | (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 | 739 | 0 |
Available for sale, less than 12 months, unrealized losses | (19) | 0 |
Available for sale, 12 months or more, fair value | 3,778 | 4,544 |
Available for sale, 12 months or more, unrealized losses | (56) | (84) |
Available for sale, total fair value | 4,517 | 4,544 |
Available for sale, total unrealized losses | $ (75) | $ (84) |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of changes in accumulated other comprehensive income by component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | [1] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance | $ 404,195 | $ 397,986 | $ 411,881 | [1] | $ 390,554 | ||
Net current-period other comprehensive income (loss) | (8,471) | 978 | (19,038) | (244) | |||
Balance | 398,637 | 406,940 | 398,637 | 406,940 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17,926) | (17,926) | $ 1,112 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance | (9,455) | 2,263 | 1,112 | 3,485 | |||
Other comprehensive loss before reclassifications | (8,471) | ||||||
Net current-period other comprehensive income (loss) | (8,471) | 978 | (19,038) | (244) | |||
Balance | (17,926) | 3,241 | (17,926) | 3,241 | |||
Unrealized gains (losses) on securities available for sale | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance | (9,455) | 2,265 | 1,112 | 3,636 | |||
Other comprehensive loss before reclassifications | (8,471) | ||||||
Net current-period other comprehensive income (loss) | 978 | (19,038) | (393) | ||||
Balance | (17,926) | 3,243 | (17,926) | 3,243 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Held To Maturity, Parent [Member] | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance | 0 | (2) | (151) | ||||
Other comprehensive loss before reclassifications | 0 | ||||||
Net current-period other comprehensive income (loss) | 149 | ||||||
Balance | $ 0 | $ (2) | $ 0 | $ (2) | |||
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | $ 2,628,797,000 | $ 2,628,797,000 | $ 2,339,986,000 | [1] | |||||
Loans held for investment | 2,628,797,000 | $ 2,628,797,000 | 2,339,986,000 | [1] | |||||
TDRs during period | loan | 11 | ||||||||
TDR, subsequent default, number of contracts | 0 | ||||||||
TDR amount | 2,700,000 | $ 2,700,000 | |||||||
Additional income from interest if recognized | 100,000 | $ 50,000 | 300,000 | $ 90,000 | |||||
Financing receivable, allowance for credit loss | 30,209,000 | 31,265,000 | 30,209,000 | 31,265,000 | 29,105,000 | [1] | $ 29,379,000 | $ 34,893,000 | $ 36,345,000 |
Loans Receivable [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Accrued interest receivable | 9,000,000 | 9,000,000 | 10,800,000 | ||||||
Doubtful [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | 0 | 0 | 0 | ||||||
Loans held for investment | 0 | 0 | 0 | ||||||
Residential Portfolio Segment [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Mortgage loans on real estate, foreclosures | 800,000 | 900,000 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Recorded Investment, Loans Not Past Due | 179,691,000 | 179,691,000 | 60,996,000 | ||||||
Loans held for investment | 179,691,000 | 179,691,000 | 60,996,000 | ||||||
Mortgage loans in process of foreclosure, amount | 0 | 0 | 0 | ||||||
Financing receivable, allowance for credit loss | 1,569,000 | $ 428,000 | 1,569,000 | $ 428,000 | 787,000 | $ 1,025,000 | $ 369,000 | $ 517,000 | |
Paycheck Protection Program Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Financing receivable, allowance for credit loss | 0 | 0 | |||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1,500,000 | $ 1,500,000 | $ 300,000 | ||||||
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans, net of Unearned Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | $ 16,096 | ||
Loans held for investment | 2,628,797 | $ 2,339,986 | [1] |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 6,843 | 8,455 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,621,954 | 2,331,531 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,977,556 | 1,891,236 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 432,533 | 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] | |||
Loans held for investment | 432,533 | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 432,533 | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 598,974 | 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] | |||
Loans held for investment | 598,974 | 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] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 598,974 | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 7,951 | 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] | |||
Loans held for investment | 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] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 7,951 | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 117,529 | 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] | |||
Loans held for investment | 117,529 | 121,444 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 117,529 | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 606,303 | 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] | |||
Loans held for investment | 606,303 | 547,560 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 606,303 | 547,560 | |
Residential Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 144,406 | 164,071 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 69,860 | 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] | |||
Loans held for investment | 69,860 | 73,846 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 69,860 | 73,846 | |
Commercial Portfolio Segment [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 6,843 | ||
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 17,525 | 77,319 | |
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] | |||
Loans held for investment | 17,525 | 77,319 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 17,525 | 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] | |||
Loans held for investment | 7,951 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 144,406 | 164,071 | |
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] | |||
Loans held for investment | 144,406 | 164,071 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 447,182 | 301,980 | |
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] | |||
Loans held for investment | 447,182 | 301,980 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 447,182 | 301,980 | |
Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 179,691 | 60,996 | |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 179,691 | 60,996 | |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Uncollateralized [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 179,691 | $ 60,996 | |
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Details of Aging of the Recorded Investment in Past Due loans by Class of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 2,628,797 | $ 2,339,986 | [1] |
Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 19,635 | ||
Recorded Investment, Nonaccrual Loans | 19,635 | 15,029 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 10,706 | 18,155 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 19,448 | 9,420 | |
Financial Asset, 1 to 89 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 7,602 | 8,898 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 13,545 | 6,414 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 12,033 | 6,131 | |
Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 43,699 | 33,989 | |
Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,585,098 | 2,305,997 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 432,533 | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 598,974 | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 7,951 | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 117,529 | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 606,303 | 547,560 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 69,860 | 73,846 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 144,406 | 164,071 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 447,182 | 301,980 | |
Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 179,691 | 60,996 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 17,525 | 77,319 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 6,843 | 8,455 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,373 | ||
Recorded Investment, Nonaccrual Loans | 1,373 | 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] | |||
Loans held for investment | 135 | 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] | |||
Loans held for investment | 1,361 | ||
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] | |||
Loans held for investment | 1,361 | 1,729 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 12 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 12 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,508 | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 5,335 | 6,738 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 6,843 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,621,954 | 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] | |||
Loans held for investment | 18,262 | ||
Recorded Investment, Nonaccrual Loans | 18,262 | 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] | |||
Loans held for investment | 10,571 | 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] | |||
Loans held for investment | 18,087 | 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] | |||
Loans held for investment | 6,241 | 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] | |||
Loans held for investment | 13,533 | 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] | |||
Loans held for investment | 12,021 | 6,131 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 42,191 | 32,272 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,579,763 | 2,299,259 | |
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] | |||
Loans held for investment | 432,533 | 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] | |||
Loans held for investment | 356 | ||
Recorded Investment, Nonaccrual Loans | 356 | 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] | |||
Loans held for investment | 387 | 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] | |||
Loans held for investment | 136 | 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] | |||
Loans held for investment | 356 | 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] | |||
Loans held for investment | 523 | 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] | |||
Loans held for investment | 432,010 | 387,163 | |
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] | |||
Loans held for investment | 598,974 | 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 | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 5,738 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 15,709 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Total Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 21,447 | ||
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] | |||
Loans held for investment | 577,527 | 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] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 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] | |||
Loans held for investment | 807 | ||
Recorded Investment, Nonaccrual Loans | 807 | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 148 | 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, Equal to Greater than 90 Days Past Due [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 659 | ||
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] | |||
Loans held for investment | 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] | Loans Not Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 7,821 | ||
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] | |||
Loans held for investment | 117,529 | 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] | |||
Loans held for investment | 32 | ||
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] | |||
Loans held for investment | 430 | 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] | |||
Loans held for investment | 32 | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 462 | 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] | |||
Loans held for investment | 117,067 | 116,534 | |
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] | |||
Loans held for investment | 606,303 | 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] | |||
Loans held for investment | 9,340 | ||
Recorded Investment, Nonaccrual Loans | 9,340 | 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] | |||
Loans held for investment | 1,317 | 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] | |||
Loans held for investment | 303 | 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] | |||
Loans held for investment | 658 | 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] | |||
Loans held for investment | 8,682 | 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] | |||
Loans held for investment | 8,682 | 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] | |||
Loans held for investment | 10,302 | 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] | |||
Loans held for investment | 596,001 | 537,785 | |
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] | |||
Loans held for investment | 69,860 | 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] | |||
Loans held for investment | 639 | ||
Recorded Investment, Nonaccrual Loans | 639 | 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] | |||
Loans held for investment | 223 | 331 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 36 | ||
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] | |||
Loans held for investment | 469 | 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] | |||
Loans held for investment | 170 | 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] | |||
Loans held for investment | 170 | 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] | |||
Loans held for investment | 429 | 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] | |||
Loans held for investment | 69,431 | 73,344 | |
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] | |||
Loans held for investment | 7,951 | ||
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, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 659 | ||
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] | |||
Loans held for investment | 659 | ||
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] | |||
Loans held for investment | 7,292 | ||
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 | 32 | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 144,406 | 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] | |||
Loans held for investment | 4,151 | ||
Recorded Investment, Nonaccrual Loans | 4,151 | 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] | |||
Loans held for investment | 4,151 | 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] | |||
Loans held for investment | 144,406 | 164,071 | |
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] | |||
Loans held for investment | 447,182 | 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] | |||
Loans held for investment | 2,910 | ||
Recorded Investment, Nonaccrual Loans | 2,910 | 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] | |||
Loans held for investment | 1,976 | 387 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,711 | ||
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] | |||
Loans held for investment | 400 | 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] | |||
Loans held for investment | 2,510 | 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] | |||
Loans held for investment | 2,510 | 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] | |||
Loans held for investment | 6,197 | 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] | |||
Loans held for investment | 440,985 | 300,347 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 179,691 | 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] | |||
Loans held for investment | 27 | ||
Recorded Investment, Nonaccrual Loans | 27 | 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] | |||
Loans held for investment | 443 | 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] | |||
Loans held for investment | 56 | 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] | |||
Loans held for investment | 27 | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 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] | |||
Loans held for investment | 499 | 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] | |||
Loans held for investment | 179,192 | 60,671 | |
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] | |||
Loans held for investment | 17,525 | 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] | |||
Loans held for investment | 57 | 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] | |||
Loans held for investment | 104 | 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] | |||
Loans held for investment | 1,512 | 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] | |||
Loans held for investment | 1,673 | 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] | |||
Loans held for investment | $ 15,852 | $ 63,523 | |
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of nonaccrual loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Recorded Investment, Loans Not Past Due | $ 2,628,797 | $ 2,339,986 | [1] |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 525,684 | 625,938 | |
Year two originated | 539,799 | 195,405 | |
Year three originated | 145,484 | 184,395 | |
Year four originated | 160,458 | 180,634 | |
Year five originated | 170,345 | 207,085 | |
Prior | 840,012 | 706,059 | |
Revolving Loan | 185,458 | 223,312 | |
Revolving Loans Converted to Term | 61,557 | 17,158 | |
Total | 2,628,797 | 2,339,986 | [1] |
Nonperforming Financial Instruments [Member] | |||
Recorded Investment, Loans Not Past Due | 19,635 | ||
Recorded Investment, Nonaccrual Loans | 19,635 | 15,029 | |
Nonaccrual with No Credit Loss Allowance | 14,908 | 12,315 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year three originated | 7 | ||
Year four originated | 1,504 | ||
Year five originated | 8,619 | ||
Prior | 7,297 | ||
Revolving Loan | 1,791 | ||
Revolving Loans Converted to Term | 417 | ||
Total | 19,635 | ||
Total Past Due | |||
Recorded Investment, Loans Not Past Due | 43,699 | 33,989 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 43,699 | 33,989 | |
Loans Not Past Due | |||
Recorded Investment, Loans Not Past Due | 2,585,098 | 2,305,997 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 2,585,098 | 2,305,997 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||
Recorded Investment, Loans Not Past Due | 432,533 | 387,703 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 48,503 | 58,596 | |
Year two originated | 60,905 | 18,411 | |
Year three originated | 19,728 | 35,973 | |
Year four originated | 34,833 | 28,163 | |
Year five originated | 27,892 | 45,153 | |
Prior | 223,325 | 191,460 | |
Revolving Loan | 10,509 | 3,010 | |
Revolving Loans Converted to Term | 6,838 | 6,937 | |
Total | 432,533 | 387,703 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||
Recorded Investment, Loans Not Past Due | 598,974 | 588,000 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 22,983 | 107,572 | |
Year two originated | 122,209 | 55,956 | |
Year three originated | 36,361 | 19,816 | |
Year four originated | 31,382 | 76,076 | |
Year five originated | 76,649 | 58,883 | |
Prior | 302,689 | 265,428 | |
Revolving Loan | 3,001 | 3,668 | |
Revolving Loans Converted to Term | 3,700 | 601 | |
Total | 598,974 | 588,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Recorded Investment, Loans Not Past Due | 7,951 | 8,612 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 857 | 320 | |
Year two originated | 23 | 66 | |
Year three originated | 60 | 24 | |
Year four originated | 19 | ||
Year five originated | 1,978 | ||
Prior | 5,272 | 4,138 | |
Revolving Loan | 1,499 | 2,086 | |
Revolving Loans Converted to Term | 221 | ||
Total | 7,951 | 8,612 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded Investment, Loans Not Past Due | 117,529 | 121,444 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 15,995 | 57,320 | |
Year two originated | 62,404 | 14,003 | |
Year three originated | 9,687 | 17,935 | |
Year four originated | 1,477 | 7,061 | |
Year five originated | 7,564 | 8,414 | |
Prior | 19,417 | 15,698 | |
Revolving Loan | 961 | 982 | |
Revolving Loans Converted to Term | 24 | 31 | |
Total | 117,529 | 121,444 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||
Recorded Investment, Loans Not Past Due | 606,303 | 547,560 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 120,609 | 165,106 | |
Year two originated | 157,734 | 54,037 | |
Year three originated | 46,431 | 90,419 | |
Year four originated | 74,514 | 49,694 | |
Year five originated | 43,122 | 43,173 | |
Prior | 158,514 | 139,506 | |
Revolving Loan | 1,935 | 1,845 | |
Revolving Loans Converted to Term | 3,444 | 3,780 | |
Total | 606,303 | 547,560 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Recorded Investment, Loans Not Past Due | 69,860 | 73,846 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 168 | 715 | |
Year two originated | 590 | 59 | |
Year three originated | 55 | 75 | |
Year four originated | 71 | 235 | |
Year five originated | 231 | 425 | |
Prior | 4,601 | 4,337 | |
Revolving Loan | 63,249 | 67,831 | |
Revolving Loans Converted to Term | 895 | 169 | |
Total | 69,860 | 73,846 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||
Recorded Investment, Loans Not Past Due | 144,406 | 164,071 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 3,382 | 37,030 | |
Year two originated | 22,187 | 18,866 | |
Year three originated | 18,604 | 7,228 | |
Year four originated | 7,142 | 6,328 | |
Year five originated | 2,834 | 36,574 | |
Prior | 88,948 | 52,712 | |
Revolving Loan | 306 | 5,031 | |
Revolving Loans Converted to Term | 1,003 | 302 | |
Total | 144,406 | 164,071 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Recorded Investment, Loans Not Past Due | 447,182 | 301,980 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 176,511 | 95,085 | |
Year two originated | 68,077 | 10,424 | |
Year three originated | 9,588 | 11,923 | |
Year four originated | 10,469 | 12,156 | |
Year five originated | 11,372 | 10,522 | |
Prior | 25,323 | 20,222 | |
Revolving Loan | 100,410 | 136,310 | |
Revolving Loans Converted to Term | 45,432 | 5,338 | |
Total | 447,182 | 301,980 | |
Consumer Portfolio Segment [Member] | |||
Recorded Investment, Loans Not Past Due | 179,691 | 60,996 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 136,676 | 48,107 | |
Year two originated | 31,230 | 2,351 | |
Year three originated | 1,885 | 1,002 | |
Year four originated | 551 | 921 | |
Year five originated | 681 | 246 | |
Prior | 5,080 | 5,850 | |
Revolving Loan | 3,588 | 2,519 | |
Total | 179,691 | 60,996 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Recorded Investment, Loans Not Past Due | 6,843 | 8,455 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year five originated | 1,717 | ||
Prior | 6,708 | ||
Revolving Loan | 30 | ||
Total | 6,843 | 8,455 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financial Instruments [Member] | |||
Recorded Investment, Loans Not Past Due | 1,373 | ||
Recorded Investment, Nonaccrual Loans | 1,373 | 1,729 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Prior | 1,373 | ||
Total | 1,373 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Total Past Due | |||
Recorded Investment, Loans Not Past Due | 1,508 | 1,717 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 1,508 | 1,717 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Not Past Due | |||
Recorded Investment, Loans Not Past Due | 5,335 | 6,738 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 5,335 | 6,738 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | |||
Recorded Investment, Loans Not Past Due | 6,843 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Prior | 6,843 | ||
Total | 6,843 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Recorded Investment, Loans Not Past Due | 2,621,954 | 2,331,531 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 2,621,954 | 2,331,531 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | |||
Recorded Investment, Loans Not Past Due | 18,262 | ||
Recorded Investment, Nonaccrual Loans | 18,262 | 13,300 | |
Nonaccrual with No Credit Loss Allowance | 14,908 | 12,315 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year three originated | 7 | ||
Year four originated | 1,504 | ||
Year five originated | 8,619 | ||
Prior | 5,924 | ||
Revolving Loan | 1,791 | ||
Revolving Loans Converted to Term | 417 | ||
Total | 18,262 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Total Past Due | |||
Recorded Investment, Loans Not Past Due | 42,191 | 32,272 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 42,191 | 32,272 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans Not Past Due | |||
Recorded Investment, Loans Not Past Due | 2,579,763 | 2,299,259 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 2,579,763 | 2,299,259 | |
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 | 432,533 | 387,703 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 432,533 | 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] | |||
Recorded Investment, Loans Not Past Due | 356 | ||
Recorded Investment, Nonaccrual Loans | 356 | 842 | |
Nonaccrual with No Credit Loss Allowance | 356 | 842 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Prior | 356 | ||
Total | 356 | ||
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 | 523 | 540 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 523 | 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 | 432,010 | 387,163 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 432,010 | 387,163 | |
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 | 598,974 | 588,000 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 598,974 | 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 | Total Past Due | |||
Recorded Investment, Loans Not Past Due | 21,447 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 21,447 | ||
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 | 577,527 | 588,000 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 577,527 | 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] | |||
Recorded Investment, Loans Not Past Due | 8,612 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 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] | |||
Recorded Investment, Loans Not Past Due | 807 | ||
Recorded Investment, Nonaccrual Loans | 807 | 836 | |
Nonaccrual with No Credit Loss Allowance | 659 | 836 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year five originated | 19 | ||
Prior | 659 | ||
Revolving Loans Converted to Term | 129 | ||
Total | 807 | ||
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] | Loans And Leases Receivable Secured By Farmland [Member] | Loans Not Past Due | |||
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] | Construction Loans [Member] | |||
Recorded Investment, Loans Not Past Due | 117,529 | 121,444 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 117,529 | 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] | |||
Recorded Investment, Loans Not Past Due | 32 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Prior | 32 | ||
Total | 32 | ||
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 | 462 | 4,910 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 462 | 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 | 117,067 | 116,534 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 117,067 | 116,534 | |
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 | 606,303 | 547,560 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 606,303 | 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] | |||
Recorded Investment, Loans Not Past Due | 9,340 | ||
Recorded Investment, Nonaccrual Loans | 9,340 | 548 | |
Nonaccrual with No Credit Loss Allowance | 8,600 | 548 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year five originated | 8,600 | ||
Prior | 475 | ||
Revolving Loans Converted to Term | 265 | ||
Total | 9,340 | ||
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 | 10,302 | 9,775 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 10,302 | 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 | 596,001 | 537,785 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 596,001 | 537,785 | |
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 | 69,860 | 73,846 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 69,860 | 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] | |||
Recorded Investment, Loans Not Past Due | 639 | ||
Recorded Investment, Nonaccrual Loans | 639 | 424 | |
Nonaccrual with No Credit Loss Allowance | 23 | 424 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Revolving Loan | 616 | ||
Revolving Loans Converted to Term | 23 | ||
Total | 639 | ||
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 | 429 | 502 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 429 | 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 | 69,431 | 73,344 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 69,431 | 73,344 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||
Recorded Investment, Loans Not Past Due | 7,951 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 7,951 | ||
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 | 659 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 659 | ||
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 | 7,292 | ||
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 7,292 | ||
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 | 32 | 4,609 | |
Nonaccrual with No Credit Loss Allowance | 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 | 144,406 | 164,071 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 144,406 | 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 | 4,151 | ||
Recorded Investment, Nonaccrual Loans | 4,151 | 4,301 | |
Nonaccrual with No Credit Loss Allowance | 4,151 | 4,301 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Prior | 4,151 | ||
Total | 4,151 | ||
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 | 144,406 | 164,071 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 144,406 | 164,071 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||
Recorded Investment, Loans Not Past Due | 447,182 | 301,980 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 447,182 | 301,980 | |
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 | 2,910 | ||
Recorded Investment, Nonaccrual Loans | 2,910 | 1,722 | |
Nonaccrual with No Credit Loss Allowance | 1,117 | 745 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year three originated | 7 | ||
Year four originated | 1,502 | ||
Prior | 245 | ||
Revolving Loan | 1,156 | ||
Total | 2,910 | ||
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 | 6,197 | 1,633 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 6,197 | 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 | 440,985 | 300,347 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 440,985 | 300,347 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Recorded Investment, Loans Not Past Due | 179,691 | 60,996 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 179,691 | 60,996 | |
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 | 27 | ||
Recorded Investment, Nonaccrual Loans | 27 | 18 | |
Nonaccrual with No Credit Loss Allowance | 2 | 10 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year four originated | 2 | ||
Prior | 6 | ||
Revolving Loan | 19 | ||
Total | 27 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | Total Past Due | |||
Recorded Investment, Loans Not Past Due | 499 | 325 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 499 | 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 | 179,192 | 60,671 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 179,192 | 60,671 | |
Paycheck Protection Program Loans [Member] | |||
90 Days or More | 1,500 | 300 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | |||
Recorded Investment, Loans Not Past Due | 17,525 | 77,319 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Year originated | 56,087 | ||
Year two originated | 14,440 | 21,232 | |
Year three originated | 3,085 | ||
Total | 17,525 | 77,319 | |
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 | 17,525 | 77,319 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 17,525 | 77,319 | |
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 | 1,673 | 13,796 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 1,673 | 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 | 15,852 | 63,523 | |
Nonaccrual Loans By Class And Year Of Origination [Abstract] | |||
Total | 15,852 | 63,523 | |
Small Business Administration Loan [Member] | Nonperforming Financial Instruments [Member] | |||
Recorded Investment, Nonaccrual Loans | 800 | 1,100 | |
Nonaccrual with No Credit Loss Allowance | $ 700 | $ 1,100 | |
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of the risk category of loans by class of loans) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | ||
Credit Quality Information [Abstract] | ||||
Year originated | $ 525,684,000 | $ 525,684,000 | $ 625,938,000 | |
Year two originated | 539,799,000 | 539,799,000 | 195,405,000 | |
Year three originated | 145,484,000 | 145,484,000 | 184,395,000 | |
Year four originated | 160,458,000 | 160,458,000 | 180,634,000 | |
Year five originated | 170,345,000 | 170,345,000 | 207,085,000 | |
Prior | 840,012,000 | 840,012,000 | 706,059,000 | |
Revolving Loan | 185,458,000 | 185,458,000 | 223,312,000 | |
Revolving Loans Converted to Term | 61,557,000 | 61,557,000 | 17,158,000 | |
Total | $ 2,628,797,000 | $ 2,628,797,000 | $ 2,339,986,000 | [1] |
Year originated, Weighted average risk grade | 3.07 | 3.07 | 3.12 | |
Year two originated, Weighted average risk grade | 3.19 | 3.19 | 3.24 | |
Year three originated, Weighted average risk grade | 3.44 | 3.44 | 3.50 | |
Year four originated, Weighted average risk grade | 3.55 | 3.55 | 3.38 | |
Year five originated, Weighted average risk grade | 3.55 | 3.55 | 3.45 | |
Prior, Weighted average risk grade | 3.60 | 3.60 | 3.64 | |
Revolving loan, Weighted average risk grade | 3.21 | 3.21 | 3.35 | |
Revolving loans converted to term, Weighted average risk grade | 3.72 | 3.72 | 3.92 | |
Weighted average risk grade | 3.37 | 3.37 | 3.39 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 44,431,000 | $ 45,644,000 | ||
Doubtful [Member] | ||||
Credit Quality Information [Abstract] | ||||
Total | 0 | 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 48,503,000 | 48,503,000 | 58,596,000 | |
Year two originated | 60,905,000 | 60,905,000 | 18,411,000 | |
Year three originated | 19,728,000 | 19,728,000 | 35,973,000 | |
Year four originated | 34,833,000 | 34,833,000 | 28,163,000 | |
Year five originated | 27,892,000 | 27,892,000 | 45,153,000 | |
Prior | 223,325,000 | 223,325,000 | 191,460,000 | |
Revolving Loan | 10,509,000 | 10,509,000 | 3,010,000 | |
Revolving Loans Converted to Term | 6,838,000 | 6,838,000 | 6,937,000 | |
Total | $ 432,533,000 | $ 432,533,000 | $ 387,703,000 | |
Year originated, Weighted average risk grade | 3.20 | 3.20 | 3.43 | |
Year two originated, Weighted average risk grade | 3.49 | 3.49 | 3.42 | |
Year three originated, Weighted average risk grade | 3.38 | 3.38 | 3.47 | |
Year four originated, Weighted average risk grade | 3.49 | 3.49 | 3.43 | |
Year five originated, Weighted average risk grade | 3.43 | 3.43 | 3.55 | |
Prior, Weighted average risk grade | 3.52 | 3.52 | 3.53 | |
Revolving loan, Weighted average risk grade | 3.16 | 3.16 | 3.29 | |
Revolving loans converted to term, Weighted average risk grade | 3.96 | 3.96 | 3.96 | |
Weighted average risk grade | 3.46 | 3.46 | 3.51 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | $ 48,503,000 | $ 48,503,000 | $ 58,596,000 | |
Year two originated | 60,905,000 | 60,905,000 | 18,411,000 | |
Year three originated | 19,728,000 | 19,728,000 | 35,498,000 | |
Year four originated | 34,832,000 | 34,832,000 | 28,163,000 | |
Year five originated | 27,892,000 | 27,892,000 | 45,013,000 | |
Prior | 219,330,000 | 219,330,000 | 187,461,000 | |
Revolving Loan | 10,509,000 | 10,509,000 | 3,010,000 | |
Revolving Loans Converted to Term | 6,838,000 | 6,838,000 | 6,937,000 | |
Total | 428,537,000 | 428,537,000 | 383,089,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year five originated | 140,000 | |||
Prior | 1,190,000 | 1,190,000 | 1,184,000 | |
Total | 1,190,000 | 1,190,000 | 1,324,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year three originated | 475,000 | |||
Year four originated | 1,000 | 1,000 | ||
Prior | 2,805,000 | 2,805,000 | 2,815,000 | |
Total | 2,806,000 | 2,806,000 | 3,290,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 22,983,000 | 22,983,000 | 107,572,000 | |
Year two originated | 122,209,000 | 122,209,000 | 55,956,000 | |
Year three originated | 36,361,000 | 36,361,000 | 19,816,000 | |
Year four originated | 31,382,000 | 31,382,000 | 76,076,000 | |
Year five originated | 76,649,000 | 76,649,000 | 58,883,000 | |
Prior | 302,689,000 | 302,689,000 | 265,428,000 | |
Revolving Loan | 3,001,000 | 3,001,000 | 3,668,000 | |
Revolving Loans Converted to Term | 3,700,000 | 3,700,000 | 601,000 | |
Total | $ 598,974,000 | $ 598,974,000 | $ 588,000,000 | |
Year originated, Weighted average risk grade | 3.22 | 3.22 | 3.05 | |
Year two originated, Weighted average risk grade | 3.17 | 3.17 | 3.47 | |
Year three originated, Weighted average risk grade | 3.71 | 3.71 | 3.83 | |
Year four originated, Weighted average risk grade | 3.92 | 3.92 | 3.45 | |
Year five originated, Weighted average risk grade | 3.83 | 3.83 | 3.81 | |
Prior, Weighted average risk grade | 3.82 | 3.82 | 3.81 | |
Revolving loan, Weighted average risk grade | 2.67 | 2.67 | 2.94 | |
Revolving loans converted to term, Weighted average risk grade | 3.32 | 3.32 | 6 | |
Weighted average risk grade | 3.66 | 3.66 | 3.59 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 3,099,000 | $ 3,099,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 22,983,000 | 22,983,000 | $ 107,572,000 | |
Year two originated | 122,209,000 | 122,209,000 | 55,956,000 | |
Year three originated | 36,361,000 | 36,361,000 | 19,816,000 | |
Year four originated | 31,382,000 | 31,382,000 | 76,076,000 | |
Year five originated | 61,577,000 | 61,577,000 | 58,883,000 | |
Prior | 262,383,000 | 262,383,000 | 235,676,000 | |
Revolving Loan | 3,001,000 | 3,001,000 | 3,668,000 | |
Revolving Loans Converted to Term | 3,099,000 | 3,099,000 | ||
Total | 542,995,000 | 542,995,000 | 557,647,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year five originated | 15,072,000 | 15,072,000 | ||
Prior | 40,306,000 | 40,306,000 | 12,097,000 | |
Revolving Loans Converted to Term | 601,000 | 601,000 | ||
Total | 55,979,000 | 55,979,000 | 12,097,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 17,655,000 | |||
Revolving Loans Converted to Term | 601,000 | |||
Total | 18,256,000 | |||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 857,000 | 857,000 | 320,000 | |
Year two originated | 23,000 | 23,000 | 66,000 | |
Year three originated | 60,000 | 60,000 | 24,000 | |
Year four originated | 19,000 | 19,000 | ||
Year five originated | 1,978,000 | |||
Prior | 5,272,000 | 5,272,000 | 4,138,000 | |
Revolving Loan | 1,499,000 | 1,499,000 | 2,086,000 | |
Revolving Loans Converted to Term | 221,000 | 221,000 | ||
Total | $ 7,951,000 | $ 7,951,000 | $ 8,612,000 | |
Year originated, Weighted average risk grade | 3.43 | 3.43 | 3.17 | |
Year two originated, Weighted average risk grade | 4 | 4 | 4 | |
Year three originated, Weighted average risk grade | 4 | 4 | 6 | |
Year four originated, Weighted average risk grade | $ / shares | 6 | 6 | ||
Year five originated, Weighted average risk grade | 5.04 | |||
Prior, Weighted average risk grade | 4.18 | 4.18 | 3.61 | |
Revolving loan, Weighted average risk grade | 3.98 | 3.98 | 4.09 | |
Revolving loans converted to term, Weighted average risk grade | $ / shares | 4.33 | 4.33 | ||
Weighted average risk grade | 4.07 | 4.07 | 4.05 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 129,000 | $ 220,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 857,000 | 857,000 | $ 320,000 | |
Year two originated | 23,000 | 23,000 | 66,000 | |
Year three originated | 60,000 | 60,000 | ||
Year five originated | 445,000 | |||
Prior | 3,580,000 | 3,580,000 | 3,734,000 | |
Revolving Loan | 1,499,000 | 1,499,000 | 1,955,000 | |
Revolving Loans Converted to Term | 92,000 | 92,000 | ||
Total | 6,111,000 | 6,111,000 | 6,520,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year five originated | 852,000 | |||
Prior | 1,033,000 | 1,033,000 | 404,000 | |
Total | 1,033,000 | 1,033,000 | 1,256,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year three originated | 24,000 | |||
Year four originated | 19,000 | 19,000 | ||
Year five originated | 681,000 | |||
Prior | 659,000 | 659,000 | ||
Revolving Loan | 131,000 | |||
Revolving Loans Converted to Term | 129,000 | 129,000 | ||
Total | 807,000 | 807,000 | 836,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 15,995,000 | 15,995,000 | 57,320,000 | |
Year two originated | 62,404,000 | 62,404,000 | 14,003,000 | |
Year three originated | 9,687,000 | 9,687,000 | 17,935,000 | |
Year four originated | 1,477,000 | 1,477,000 | 7,061,000 | |
Year five originated | 7,564,000 | 7,564,000 | 8,414,000 | |
Prior | 19,417,000 | 19,417,000 | 15,698,000 | |
Revolving Loan | 961,000 | 961,000 | 982,000 | |
Revolving Loans Converted to Term | 24,000 | 24,000 | 31,000 | |
Total | $ 117,529,000 | $ 117,529,000 | $ 121,444,000 | |
Year originated, Weighted average risk grade | 3.29 | 3.29 | 3.15 | |
Year two originated, Weighted average risk grade | 3.12 | 3.12 | 3.56 | |
Year three originated, Weighted average risk grade | 3.80 | 3.80 | 4.48 | |
Year four originated, Weighted average risk grade | 3.68 | 3.68 | 3.26 | |
Year five originated, Weighted average risk grade | 3.24 | 3.24 | 3.91 | |
Prior, Weighted average risk grade | 3.67 | 3.67 | 3.54 | |
Revolving loan, Weighted average risk grade | 3.31 | 3.31 | 3.31 | |
Revolving loans converted to term, Weighted average risk grade | 4 | 4 | 4 | |
Weighted average risk grade | 3.31 | 3.31 | 3.50 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | $ 15,995,000 | $ 15,995,000 | $ 57,320,000 | |
Year two originated | 62,404,000 | 62,404,000 | 14,003,000 | |
Year three originated | 9,687,000 | 9,687,000 | 13,360,000 | |
Year four originated | 1,477,000 | 1,477,000 | 7,061,000 | |
Year five originated | 7,564,000 | 7,564,000 | 8,414,000 | |
Prior | 19,385,000 | 19,385,000 | 15,664,000 | |
Revolving Loan | 961,000 | 961,000 | 982,000 | |
Revolving Loans Converted to Term | 24,000 | 24,000 | 31,000 | |
Total | 117,497,000 | 117,497,000 | 116,835,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year three originated | 4,575,000 | |||
Prior | 32,000 | 32,000 | 34,000 | |
Total | 32,000 | 32,000 | 4,609,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 120,609,000 | 120,609,000 | 165,106,000 | |
Year two originated | 157,734,000 | 157,734,000 | 54,037,000 | |
Year three originated | 46,431,000 | 46,431,000 | 90,419,000 | |
Year four originated | 74,514,000 | 74,514,000 | 49,694,000 | |
Year five originated | 43,122,000 | 43,122,000 | 43,173,000 | |
Prior | 158,514,000 | 158,514,000 | 139,506,000 | |
Revolving Loan | 1,935,000 | 1,935,000 | 1,845,000 | |
Revolving Loans Converted to Term | 3,444,000 | 3,444,000 | 3,780,000 | |
Total | $ 606,303,000 | $ 606,303,000 | $ 547,560,000 | |
Year originated, Weighted average risk grade | 3.09 | 3.09 | 3.04 | |
Year two originated, Weighted average risk grade | 3.04 | 3.04 | 3.06 | |
Year three originated, Weighted average risk grade | 3.07 | 3.07 | 3.24 | |
Year four originated, Weighted average risk grade | 3.40 | 3.40 | 3.13 | |
Year five originated, Weighted average risk grade | 3.13 | 3.13 | 3.07 | |
Prior, Weighted average risk grade | 3.23 | 3.23 | 3.26 | |
Revolving loan, Weighted average risk grade | 3.90 | 3.90 | 3.98 | |
Revolving loans converted to term, Weighted average risk grade | 3.27 | 3.27 | 3.30 | |
Weighted average risk grade | 3.16 | 3.16 | 3.15 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 174,000 | $ 422,000 | ||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 120,609,000 | 120,609,000 | $ 165,106,000 | |
Year two originated | 157,734,000 | 157,734,000 | 54,037,000 | |
Year three originated | 46,431,000 | 46,431,000 | 81,905,000 | |
Year four originated | 65,915,000 | 65,915,000 | 49,694,000 | |
Year five originated | 43,122,000 | 43,122,000 | 43,173,000 | |
Prior | 157,392,000 | 157,392,000 | 138,711,000 | |
Revolving Loan | 1,935,000 | 1,935,000 | 1,845,000 | |
Revolving Loans Converted to Term | 3,179,000 | 3,179,000 | 3,484,000 | |
Total | 596,317,000 | 596,317,000 | 537,955,000 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year three originated | 8,514,000 | |||
Total | 8,514,000 | |||
Residential Portfolio Segment [Member] | 1-4 Family Residential | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year four originated | 8,599,000 | 8,599,000 | ||
Prior | 1,122,000 | 1,122,000 | 795,000 | |
Revolving Loans Converted to Term | 265,000 | 265,000 | 296,000 | |
Total | 9,986,000 | 9,986,000 | 1,091,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 168,000 | 168,000 | 715,000 | |
Year two originated | 590,000 | 590,000 | 59,000 | |
Year three originated | 55,000 | 55,000 | 75,000 | |
Year four originated | 71,000 | 71,000 | 235,000 | |
Year five originated | 231,000 | 231,000 | 425,000 | |
Prior | 4,601,000 | 4,601,000 | 4,337,000 | |
Revolving Loan | 63,249,000 | 63,249,000 | 67,831,000 | |
Revolving Loans Converted to Term | 895,000 | 895,000 | 169,000 | |
Total | $ 69,860,000 | $ 69,860,000 | $ 73,846,000 | |
Year originated, Weighted average risk grade | 3 | 3 | 3 | |
Year two originated, Weighted average risk grade | 3 | 3 | 3 | |
Year three originated, Weighted average risk grade | 3 | 3 | 3 | |
Year four originated, Weighted average risk grade | 3 | 3 | 3 | |
Year five originated, Weighted average risk grade | 3 | 3 | 3.77 | |
Prior, Weighted average risk grade | 3.81 | 3.81 | 3.79 | |
Revolving loan, Weighted average risk grade | 3.07 | 3.07 | 3.09 | |
Revolving loans converted to term, Weighted average risk grade | 4.05 | 4.05 | 4.31 | |
Weighted average risk grade | 3.13 | 3.13 | 3.14 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | $ 168,000 | $ 168,000 | $ 715,000 | |
Year two originated | 590,000 | 590,000 | 59,000 | |
Year three originated | 55,000 | 55,000 | 75,000 | |
Year four originated | 71,000 | 71,000 | 235,000 | |
Year five originated | 231,000 | 231,000 | 425,000 | |
Prior | 4,601,000 | 4,601,000 | 4,337,000 | |
Revolving Loan | 62,356,000 | 62,356,000 | 67,157,000 | |
Revolving Loans Converted to Term | 872,000 | 872,000 | 143,000 | |
Total | 68,944,000 | 68,944,000 | 73,146,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Revolving Loan | 276,000 | 276,000 | 276,000 | |
Total | 276,000 | 276,000 | 276,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Revolving Loan | 617,000 | 617,000 | 398,000 | |
Revolving Loans Converted to Term | 23,000 | 23,000 | 26,000 | |
Total | 640,000 | 640,000 | 424,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 3,382,000 | 3,382,000 | 37,030,000 | |
Year two originated | 22,187,000 | 22,187,000 | 18,866,000 | |
Year three originated | 18,604,000 | 18,604,000 | 7,228,000 | |
Year four originated | 7,142,000 | 7,142,000 | 6,328,000 | |
Year five originated | 2,834,000 | 2,834,000 | 36,574,000 | |
Prior | 88,948,000 | 88,948,000 | 52,712,000 | |
Revolving Loan | 306,000 | 306,000 | 5,031,000 | |
Revolving Loans Converted to Term | 1,003,000 | 1,003,000 | 302,000 | |
Total | $ 144,406,000 | $ 144,406,000 | $ 164,071,000 | |
Year originated, Weighted average risk grade | 3.59 | 3.59 | 3.40 | |
Year two originated, Weighted average risk grade | 3 | 3 | 3.90 | |
Year three originated, Weighted average risk grade | 3.90 | 3.90 | 3 | |
Year four originated, Weighted average risk grade | 3 | 3 | 3.59 | |
Year five originated, Weighted average risk grade | 3.49 | 3.49 | 3 | |
Prior, Weighted average risk grade | 3.55 | 3.55 | 3.92 | |
Revolving loan, Weighted average risk grade | 4 | 4 | 4 | |
Revolving loans converted to term, Weighted average risk grade | 4.60 | 4.60 | 6 | |
Weighted average risk grade | 3.49 | 3.49 | 3.55 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 704,000 | $ 704,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 3,382,000 | 3,382,000 | $ 37,030,000 | |
Year two originated | 22,187,000 | 22,187,000 | 18,866,000 | |
Year three originated | 18,604,000 | 18,604,000 | 7,228,000 | |
Year four originated | 7,142,000 | 7,142,000 | 6,328,000 | |
Year five originated | 2,834,000 | 2,834,000 | 36,574,000 | |
Prior | 78,732,000 | 78,732,000 | 42,310,000 | |
Revolving Loan | 306,000 | 306,000 | 5,031,000 | |
Revolving Loans Converted to Term | 704,000 | 704,000 | ||
Total | 133,891,000 | 133,891,000 | 153,367,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 5,327,000 | 5,327,000 | 5,326,000 | |
Total | 5,327,000 | 5,327,000 | 5,326,000 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 4,889,000 | 4,889,000 | 5,076,000 | |
Revolving Loans Converted to Term | 299,000 | 299,000 | 302,000 | |
Total | 5,188,000 | 5,188,000 | 5,378,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 176,511,000 | 176,511,000 | 95,085,000 | |
Year two originated | 68,077,000 | 68,077,000 | 10,424,000 | |
Year three originated | 9,588,000 | 9,588,000 | 11,923,000 | |
Year four originated | 10,469,000 | 10,469,000 | 12,156,000 | |
Year five originated | 11,372,000 | 11,372,000 | 10,522,000 | |
Prior | 25,323,000 | 25,323,000 | 20,222,000 | |
Revolving Loan | 100,410,000 | 100,410,000 | 136,310,000 | |
Revolving Loans Converted to Term | 45,432,000 | 45,432,000 | 5,338,000 | |
Total | $ 447,182,000 | $ 447,182,000 | $ 301,980,000 | |
Year originated, Weighted average risk grade | 2.95 | 2.95 | 3.43 | |
Year two originated, Weighted average risk grade | 3.41 | 3.41 | 3.36 | |
Year three originated, Weighted average risk grade | 3.40 | 3.40 | 3.79 | |
Year four originated, Weighted average risk grade | 3.99 | 3.99 | 3.77 | |
Year five originated, Weighted average risk grade | 3.77 | 3.77 | 2.95 | |
Prior, Weighted average risk grade | 3.72 | 3.72 | 3.96 | |
Revolving loan, Weighted average risk grade | 3.26 | 3.26 | 3.43 | |
Revolving loans converted to term, Weighted average risk grade | 3.72 | 3.72 | 3.95 | |
Weighted average risk grade | 3.27 | 3.27 | 3.48 | |
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | $ 40,325,000 | $ 40,459,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 176,511,000 | 176,511,000 | $ 95,085,000 | |
Year two originated | 68,077,000 | 68,077,000 | 10,415,000 | |
Year three originated | 9,581,000 | 9,581,000 | 11,923,000 | |
Year four originated | 8,472,000 | 8,472,000 | 10,648,000 | |
Year five originated | 9,870,000 | 9,870,000 | 10,522,000 | |
Prior | 23,506,000 | 23,506,000 | 18,284,000 | |
Revolving Loan | 97,155,000 | 97,155,000 | 134,302,000 | |
Revolving Loans Converted to Term | 45,432,000 | 45,432,000 | 5,338,000 | |
Total | 438,604,000 | 438,604,000 | 296,517,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year four originated | 1,997,000 | 1,997,000 | ||
Revolving Loan | 509,000 | 509,000 | 845,000 | |
Total | 2,506,000 | 2,506,000 | 845,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year two originated | 9,000 | |||
Year three originated | 7,000 | 7,000 | ||
Year four originated | 1,508,000 | |||
Year five originated | 1,502,000 | 1,502,000 | ||
Prior | 1,817,000 | 1,817,000 | 1,938,000 | |
Revolving Loan | 2,746,000 | 2,746,000 | 1,163,000 | |
Total | 6,072,000 | 6,072,000 | 4,618,000 | |
Consumer Portfolio Segment [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 136,676,000 | 136,676,000 | 48,107,000 | |
Year two originated | 31,230,000 | 31,230,000 | 2,351,000 | |
Year three originated | 1,885,000 | 1,885,000 | 1,002,000 | |
Year four originated | 551,000 | 551,000 | 921,000 | |
Year five originated | 681,000 | 681,000 | 246,000 | |
Prior | 5,080,000 | 5,080,000 | 5,850,000 | |
Revolving Loan | 3,588,000 | 3,588,000 | 2,519,000 | |
Total | $ 179,691,000 | $ 179,691,000 | $ 60,996,000 | |
Year originated, Weighted average risk grade | 3.11 | 3.11 | 3.55 | |
Year two originated, Weighted average risk grade | 3.81 | 3.81 | 3.99 | |
Year three originated, Weighted average risk grade | 3.99 | 3.99 | 3.99 | |
Year four originated, Weighted average risk grade | 3.99 | 3.99 | 4.02 | |
Year five originated, Weighted average risk grade | 4.01 | 4.01 | 4.07 | |
Prior, Weighted average risk grade | 4.02 | 4.02 | 4.01 | |
Revolving loan, Weighted average risk grade | 3.96 | 3.96 | 4 | |
Weighted average risk grade | 3.29 | 3.29 | 3.65 | |
Consumer Portfolio Segment [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | $ 136,676,000 | $ 136,676,000 | $ 48,107,000 | |
Year two originated | 31,200,000 | 31,200,000 | 2,351,000 | |
Year three originated | 1,885,000 | 1,885,000 | 1,002,000 | |
Year four originated | 551,000 | 551,000 | 914,000 | |
Year five originated | 679,000 | 679,000 | 237,000 | |
Prior | 5,002,000 | 5,002,000 | 5,766,000 | |
Revolving Loan | 3,569,000 | 3,569,000 | 2,519,000 | |
Total | 179,562,000 | 179,562,000 | 60,896,000 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 72,000 | 72,000 | 82,000 | |
Total | 72,000 | 72,000 | 82,000 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year two originated | 30,000 | 30,000 | ||
Year four originated | 7,000 | |||
Year five originated | 2,000 | 2,000 | 9,000 | |
Prior | 6,000 | 6,000 | 2,000 | |
Revolving Loan | 19,000 | 19,000 | ||
Total | 57,000 | 57,000 | 18,000 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Credit Quality Revolving Loans Converted to Term Loans [Abstract] | ||||
Revolving loans converted to term loans, during the period | 740,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year five originated | 1,717,000 | |||
Prior | 6,708,000 | |||
Revolving Loan | 30,000 | |||
Total | 6,843,000 | 6,843,000 | $ 8,455,000 | |
Year five originated, Weighted average risk grade | 6 | |||
Prior, Weighted average risk grade | 4.08 | |||
Revolving loan, Weighted average risk grade | 3 | |||
Weighted average risk grade | 4.47 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 6,843,000 | 6,843,000 | ||
Total | $ 6,843,000 | $ 6,843,000 | ||
Prior, Weighted average risk grade | 4.48 | 4.48 | ||
Weighted average risk grade | 4.48 | 4.48 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | $ 3,960,000 | $ 3,960,000 | $ 5,145,000 | |
Revolving Loan | 30,000 | |||
Total | 3,960,000 | 3,960,000 | 5,175,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Credit Quality Information [Abstract] | ||||
Prior | 1,353,000 | 1,353,000 | 1,391,000 | |
Total | 1,353,000 | 1,353,000 | 1,391,000 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year five originated | 1,717,000 | |||
Prior | 1,530,000 | 1,530,000 | 172,000 | |
Total | 1,530,000 | 1,530,000 | 1,889,000 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | 56,087,000 | |||
Year two originated | 14,440,000 | 14,440,000 | 21,232,000 | |
Year three originated | 3,085,000 | 3,085,000 | ||
Total | $ 17,525,000 | $ 17,525,000 | $ 77,319,000 | |
Year originated, Weighted average risk grade | 2 | |||
Year two originated, Weighted average risk grade | 2 | 2 | 2 | |
Year three originated, Weighted average risk grade | $ / shares | 2 | 2 | ||
Weighted average risk grade | 2 | 2 | 2 | |
Paycheck Protection Program Loans [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Credit Quality Information [Abstract] | ||||
Year originated | $ 56,087,000 | |||
Year two originated | $ 14,440,000 | $ 14,440,000 | 21,232,000 | |
Year three originated | 3,085,000 | 3,085,000 | ||
Total | $ 17,525,000 | $ 17,525,000 | $ 77,319,000 | |
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of calculation for allowance for credit losses) (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Financing receivable, allowance for credit loss | $ 30,209,000 | $ 29,379,000 | $ 29,105,000 | [1] | $ 31,265,000 | $ 34,893,000 | $ 36,345,000 |
Allowances for loan losses | 30,209,000 | 29,379,000 | 29,105,000 | [1] | 31,265,000 | 34,893,000 | 36,345,000 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||
Financing receivable, allowance for credit loss | 4,301,000 | 4,173,000 | 4,562,000 | 4,769,000 | 4,144,000 | 6,699,000 | |
Allowances for loan losses | 4,301,000 | 4,173,000 | 4,562,000 | 4,769,000 | 4,144,000 | 6,699,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||||
Financing receivable, allowance for credit loss | 7,917,000 | 8,913,000 | 9,028,000 | 11,235,000 | 13,804,000 | 11,426,000 | |
Allowances for loan losses | 7,917,000 | 8,913,000 | 9,028,000 | 11,235,000 | 13,804,000 | 11,426,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||||
Financing receivable, allowance for credit loss | 49,000 | 49,000 | 56,000 | 80,000 | 111,000 | ||
Allowances for loan losses | 49,000 | 49,000 | 56,000 | 80,000 | 111,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Financing receivable, allowance for credit loss | 1,024,000 | 998,000 | 2,691,000 | 1,815,000 | |||
Allowances for loan losses | 1,024,000 | 998,000 | 2,691,000 | 1,815,000 | |||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Financing receivable, allowance for credit loss | 49,000 | 56,000 | 80,000 | 104,000 | |||
Allowances for loan losses | 49,000 | 56,000 | 80,000 | 104,000 | |||
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||
Financing receivable, allowance for credit loss | 4,272,000 | 3,888,000 | 3,588,000 | 4,451,000 | 6,770,000 | 9,579,000 | |
Allowances for loan losses | 4,272,000 | 3,888,000 | 3,588,000 | 4,451,000 | 6,770,000 | 9,579,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Financing receivable, allowance for credit loss | 363,000 | 376,000 | 437,000 | 601,000 | 825,000 | 901,000 | |
Allowances for loan losses | 363,000 | 376,000 | 437,000 | 601,000 | 825,000 | 901,000 | |
Commercial Portfolio Segment [Member] | |||||||
Financing receivable, allowance for credit loss | 6,428,000 | 4,088,000 | |||||
Allowances for loan losses | 6,428,000 | 4,088,000 | |||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Financing receivable, allowance for credit loss | 1,024,000 | 1,029,000 | 998,000 | 2,691,000 | 3,066,000 | ||
Allowances for loan losses | 1,024,000 | 1,029,000 | 998,000 | 2,691,000 | 3,066,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Financing receivable, allowance for credit loss | 2,160,000 | 2,289,000 | 3,280,000 | 1,090,000 | 1,246,000 | 1,412,000 | |
Allowances for loan losses | 2,160,000 | 2,289,000 | 3,280,000 | 1,090,000 | 1,246,000 | 1,412,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||||
Financing receivable, allowance for credit loss | 6,428,000 | 5,466,000 | 4,088,000 | 3,582,000 | 2,192,000 | 1,498,000 | |
Allowances for loan losses | 6,428,000 | 5,466,000 | 4,088,000 | 3,582,000 | 2,192,000 | 1,498,000 | |
Consumer Portfolio Segment [Member] | |||||||
Financing receivable, allowance for credit loss | 1,569,000 | 1,025,000 | 787,000 | 428,000 | 369,000 | 517,000 | |
Allowances for loan losses | 1,569,000 | 1,025,000 | 787,000 | 428,000 | 369,000 | 517,000 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||||
Financing receivable, allowance for credit loss | 1,569,000 | 787,000 | |||||
Allowances for loan losses | 1,569,000 | 787,000 | |||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Financing receivable, allowance for credit loss | 2,126,000 | 2,171,000 | 2,281,000 | 2,338,000 | 2,366,000 | 2,394,000 | |
Allowances for loan losses | 2,126,000 | $ 2,171,000 | 2,281,000 | $ 2,338,000 | $ 2,366,000 | $ 2,394,000 | |
Paycheck Protection Program Loans [Member] | |||||||
Financing receivable, allowance for credit loss | 0 | ||||||
Allowances for loan losses | 0 | ||||||
Modeled Expected Credit Losses [Member] | |||||||
Financing receivable, allowance for credit loss | 22,605,000 | 20,960,000 | |||||
Allowances for loan losses | 22,605,000 | 20,960,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||
Financing receivable, allowance for credit loss | 4,014,000 | 4,281,000 | |||||
Allowances for loan losses | 4,014,000 | 4,281,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||||
Financing receivable, allowance for credit loss | 7,411,000 | 8,020,000 | |||||
Allowances for loan losses | 7,411,000 | 8,020,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||||
Financing receivable, allowance for credit loss | 10,000 | 9,000 | |||||
Allowances for loan losses | 10,000 | 9,000 | |||||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||
Financing receivable, allowance for credit loss | 3,431,000 | 3,012,000 | |||||
Allowances for loan losses | 3,431,000 | 3,012,000 | |||||
Modeled Expected Credit Losses [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Financing receivable, allowance for credit loss | 272,000 | 273,000 | |||||
Allowances for loan losses | 272,000 | 273,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | |||||||
Financing receivable, allowance for credit loss | 3,592,000 | 2,154,000 | |||||
Allowances for loan losses | 3,592,000 | 2,154,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Financing receivable, allowance for credit loss | 610,000 | 540,000 | |||||
Allowances for loan losses | 610,000 | 540,000 | |||||
Modeled Expected Credit Losses [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Financing receivable, allowance for credit loss | 1,715,000 | 1,885,000 | |||||
Allowances for loan losses | 1,715,000 | 1,885,000 | |||||
Modeled Expected Credit Losses [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||||
Financing receivable, allowance for credit loss | 1,550,000 | 786,000 | |||||
Allowances for loan losses | 1,550,000 | 786,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | |||||||
Financing receivable, allowance for credit loss | 3,432,000 | 5,205,000 | |||||
Allowances for loan losses | 3,432,000 | 5,205,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||
Financing receivable, allowance for credit loss | 287,000 | 281,000 | |||||
Allowances for loan losses | 287,000 | 281,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||||
Financing receivable, allowance for credit loss | 506,000 | 1,008,000 | |||||
Allowances for loan losses | 506,000 | 1,008,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||||
Financing receivable, allowance for credit loss | 39,000 | 47,000 | |||||
Allowances for loan losses | 39,000 | 47,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||
Financing receivable, allowance for credit loss | 841,000 | 576,000 | |||||
Allowances for loan losses | 841,000 | 576,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Financing receivable, allowance for credit loss | 91,000 | 164,000 | |||||
Allowances for loan losses | 91,000 | 164,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | |||||||
Financing receivable, allowance for credit loss | 809,000 | 1,276,000 | |||||
Allowances for loan losses | 809,000 | 1,276,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Financing receivable, allowance for credit loss | 414,000 | 458,000 | |||||
Allowances for loan losses | 414,000 | 458,000 | |||||
Q Factor And Other Qualitative Adjustments [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Financing receivable, allowance for credit loss | 445,000 | 1,395,000 | |||||
Allowances for loan losses | 445,000 | 1,395,000 | |||||
Specific Allocation [Member] | |||||||
Financing receivable, allowance for credit loss | 4,172,000 | 2,940,000 | |||||
Allowances for loan losses | 4,172,000 | 2,940,000 | |||||
Specific Allocation [Member] | Commercial Portfolio Segment [Member] | |||||||
Financing receivable, allowance for credit loss | 2,027,000 | 658,000 | |||||
Allowances for loan losses | 2,027,000 | 658,000 | |||||
Specific Allocation [Member] | Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||||
Financing receivable, allowance for credit loss | 19,000 | 1,000 | |||||
Allowances for loan losses | 19,000 | 1,000 | |||||
Specific Allocation [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Financing receivable, allowance for credit loss | 2,126,000 | 2,281,000 | |||||
Allowances for loan losses | $ 2,126,000 | $ 2,281,000 | |||||
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity for Loan and Lease Losses By Class of Loan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 29,379 | $ 34,893 | $ 29,105 | [1] | $ 36,345 |
Provision (recovery) | 422 | (4,215) | 521 | (5,587) | |
Charge offs | (98) | (187) | (159) | (297) | |
Recoveries | 506 | 774 | 742 | 804 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 30,209 | 31,265 | 30,209 | 31,265 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 4,173 | 4,144 | 4,562 | 6,699 | |
Provision (recovery) | 142 | 794 | (247) | (1,761) | |
Charge offs | (14) | (169) | (14) | (169) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,301 | 4,769 | 4,301 | 4,769 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 8,913 | 13,804 | 9,028 | 11,426 | |
Provision (recovery) | (1,498) | (2,569) | (1,613) | (191) | |
Recoveries | 502 | 502 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7,917 | 11,235 | 7,917 | 11,235 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 49 | 111 | 56 | ||
Provision (recovery) | (31) | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 49 | 80 | 49 | 80 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 998 | 1,815 | |||
Provision (recovery) | 26 | 876 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,024 | 2,691 | 1,024 | 2,691 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 56 | 104 | |||
Provision (recovery) | (7) | (24) | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 49 | 80 | 49 | 80 | |
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3,888 | 6,770 | 3,588 | 9,579 | |
Provision (recovery) | 384 | (2,328) | 627 | (5,138) | |
Recoveries | 9 | 57 | 10 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,272 | 4,451 | 4,272 | 4,451 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 376 | 825 | 437 | 901 | |
Provision (recovery) | (14) | (224) | (61) | (300) | |
Charge offs | (14) | ||||
Recoveries | 1 | 1 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 363 | 601 | 363 | 601 | |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 4,088 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 6,428 | 6,428 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1,029 | 3,066 | 998 | ||
Provision (recovery) | (5) | (375) | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,024 | 2,691 | 1,024 | 2,691 | |
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,289 | 1,246 | 3,280 | 1,412 | |
Provision (recovery) | (129) | (157) | (1,120) | (323) | |
Recoveries | 1 | 1 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 2,160 | 1,090 | 2,160 | 1,090 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 5,466 | 2,192 | 4,088 | 1,498 | |
Provision (recovery) | 962 | 633 | 2,170 | 1,393 | |
Charge offs | (74) | ||||
Recoveries | 757 | 170 | 765 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 6,428 | 3,582 | 6,428 | 3,582 | |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1,025 | 369 | 787 | 517 | |
Provision (recovery) | 625 | 70 | 901 | (63) | |
Charge offs | (84) | (18) | (131) | (54) | |
Recoveries | 3 | 7 | 12 | 28 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,569 | 428 | 1,569 | 428 | |
Consumer Portfolio Segment [Member] | Consumer Borrower [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 787 | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,569 | 1,569 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,171 | 2,366 | 2,281 | 2,394 | |
Provision (recovery) | (45) | (28) | (155) | (56) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 2,126 | $ 2,338 | $ 2,126 | $ 2,338 | |
[1] Derived from audited consolidated financial statements |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Allowance for Loan Losses and the Recorded Investment by Portfolio Segment) (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Ending allowance balance attributable to loans: | |||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | $ 4,172,000 | $ 2,940,000 | |||||
Total ending allowance | 30,209,000 | $ 29,379,000 | 29,105,000 | [1] | $ 31,265,000 | $ 34,893,000 | $ 36,345,000 |
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 35,343,000 | 44,872,000 | |||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 4,301,000 | 4,173,000 | 4,562,000 | 4,769,000 | 4,144,000 | 6,699,000 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 7,917,000 | 8,913,000 | 9,028,000 | 11,235,000 | 13,804,000 | 11,426,000 | |
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Secured By Farmland [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 49,000 | 49,000 | 56,000 | 80,000 | 111,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 1,024,000 | 998,000 | 2,691,000 | 1,815,000 | |||
Commercial Real Estate Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 49,000 | 56,000 | 80,000 | 104,000 | |||
Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 4,272,000 | 3,888,000 | 3,588,000 | 4,451,000 | 6,770,000 | 9,579,000 | |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 363,000 | 376,000 | 437,000 | 601,000 | 825,000 | 901,000 | |
Commercial Portfolio Segment [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 6,428,000 | 4,088,000 | |||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 1,024,000 | 1,029,000 | 998,000 | 2,691,000 | 3,066,000 | ||
Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 2,160,000 | 2,289,000 | 3,280,000 | 1,090,000 | 1,246,000 | 1,412,000 | |
Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 6,428,000 | 5,466,000 | 4,088,000 | 3,582,000 | 2,192,000 | 1,498,000 | |
Consumer Portfolio Segment [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 1,569,000 | 1,025,000 | 787,000 | 428,000 | 369,000 | 517,000 | |
Paycheck Protection Program Loans [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Total ending allowance | 0 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,126,000 | 2,281,000 | |||||
Total ending allowance | 2,126,000 | $ 2,171,000 | 2,281,000 | $ 2,338,000 | $ 2,366,000 | $ 2,394,000 | |
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 6,843,000 | 8,455,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,046,000 | 659,000 | |||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 28,500,000 | 36,417,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 2,805,000 | 3,291,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Non-owner Occupied | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 18,256,000 | ||||||
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: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 659,000 | 681,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | 1-4 Family Residential | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 9,244,000 | 541,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 23,000 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 4,575,000 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Loans And Leases Receivable Multi Family Residential [Member] | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 10,516,000 | 5,378,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Commercial Mortgage Loan | |||||||
Ending allowance balance attributable to loans: | |||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 2,027,000 | 658,000 | |||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 5,221,000 | 3,688,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||||||
Ending allowance balance attributable to loans: | |||||||
Financing Receivable, Individually Evaluated for Impairment, Allowance For Credit Losses | 19,000 | 1,000 | |||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | 32,000 | $ 7,000 | |||||
Small Business Administration Loan [Member] | |||||||
Loans: | |||||||
Financing Receivable, Individually Evaluated Loan Balance for Credit Losses | $ 700,000 | ||||||
[1] Derived from audited consolidated financial statements |
FAIR VALUE (Narrative) (Details
FAIR VALUE (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Allowances for loan losses | $ 30,209 | $ 29,105 | [1] | $ 29,379 | $ 31,265 | $ 34,893 | $ 36,345 |
Other real estate owned | 1,041 | 1,163 | [1] | ||||
Available for sale, Fair value | 257,180 | 271,332 | [1] | ||||
Corporate Debt Securities [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Available for sale, Fair value | $ 15,652 | $ 13,685 | |||||
Minimum [Member] | Loans Payable [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Fair value of estimated costs related to selling the collateral | 5% | ||||||
Maximum [Member] | Loans Payable [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Fair value of estimated costs related to selling the collateral | 10% | ||||||
Weighted Average [Member] | Loans Payable [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Fair value of estimated costs related to selling the collateral | 6% | ||||||
Covered Loans [Member] | Minimum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Fair value of estimated costs related to selling the collateral | 5% | 5% | |||||
Covered Loans [Member] | Maximum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Fair value of estimated costs related to selling the collateral | 10% | 10% | |||||
[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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Financial assets: | |||
Available for sale, Fair value | $ 257,180 | $ 271,332 | [1] |
Loans held for sale, at fair value | 16,096 | 0 | [1] |
US Government Agencies Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 116,082 | 122,610 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 31,050 | 31,231 | |
Corporate Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 15,652 | 13,685 | |
Collateralized loan obligations | |||
Financial assets: | |||
Available for sale, Fair value | 4,823 | 5,010 | |
Residential Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 20,254 | 19,807 | |
Government-Sponsored Agency Securities | |||
Financial assets: | |||
Available for sale, Fair value | 15,506 | 17,488 | |
Commercial Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 46,772 | 52,667 | |
SBA Pool Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 7,041 | 8,834 | |
Estimated Fair Value | Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Loans held for sale, at fair value | 16,096 | 0 | |
Fair Value, Measurements, Recurring [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 257,180 | 271,332 | |
Loans held for sale, at fair value | 16,096 | ||
Derivative asset | 863 | ||
Assets, Fair Value Disclosure | 274,139 | ||
Financial liabilities: | |||
Derivative liabilities | 103 | ||
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 116,082 | 122,610 | |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 31,050 | 31,231 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 15,652 | 13,685 | |
Fair Value, Measurements, Recurring [Member] | Collateralized loan obligations | |||
Financial assets: | |||
Available for sale, Fair value | 4,823 | 5,010 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 20,254 | 19,807 | |
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Agency Securities | |||
Financial assets: | |||
Available for sale, Fair value | 15,506 | 17,488 | |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 46,772 | 52,667 | |
Fair Value, Measurements, Recurring [Member] | SBA Pool Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 7,041 | 8,834 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Loans held for sale, at fair value | 0 | ||
Derivative asset | 0 | ||
Assets, Fair Value Disclosure | 0 | ||
Financial liabilities: | |||
Derivative liabilities | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | |||
Financial assets: | |||
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] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized loan obligations | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Agency Securities | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA Pool Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 257,180 | 271,332 | |
Loans held for sale, at fair value | 16,096 | ||
Derivative asset | 839 | ||
Assets, Fair Value Disclosure | 274,115 | ||
Financial liabilities: | |||
Derivative liabilities | 100 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 116,082 | 122,610 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 31,050 | 31,231 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 15,652 | 13,685 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | |||
Financial assets: | |||
Available for sale, Fair value | 4,823 | 5,010 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 20,254 | 19,807 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Agency Securities | |||
Financial assets: | |||
Available for sale, Fair value | 15,506 | 17,488 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 46,772 | 52,667 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Pool Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 7,041 | 8,834 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Loans held for sale, at fair value | 0 | ||
Derivative asset | 24 | ||
Assets, Fair Value Disclosure | 24 | ||
Financial liabilities: | |||
Derivative liabilities | 3 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | |||
Financial assets: | |||
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] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized loan obligations | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Agency Securities | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA Pool Securities [Member] | |||
Financial assets: | |||
Available for sale, Fair value | $ 0 | $ 0 | |
[1] Derived from audited consolidated financial statements |
FAIR VALUE - Level three Reconc
FAIR VALUE - Level three Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Derivative assets: | ||
Acquired | $ 14 | $ 14 |
Gain included in net income | 10 | 10 |
Balance at end of the period | 24 | 24 |
Derivative liabilities: | ||
Acquired | 44 | 44 |
Loss included in net income | (41) | (41) |
Balance at end of the period | $ 3 | $ 3 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 32,992 | $ 44,331 |
Assets held for sale | 3,127 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Assets held for sale | 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 |
Assets held for sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 32,992 | 44,331 |
Assets held for sale | 3,127 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Financial assets: | |||
Securities available for sale | $ 257,180 | $ 271,332 | [1] |
Held To Maturity Securities Fair Value | 14,322 | 23,364 | |
Loans held for sale, at fair value | 16,096 | 0 | [1] |
Fair Value, Inputs, Level 1 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 70,721 | 530,167 | |
Financial liabilities: | |||
Securities sold under agreements to repurchase | 10,020 | 9,962 | |
FHLB advances | 25,000 | 100,000 | |
Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 70,721 | 530,167 | |
Financial liabilities: | |||
Securities sold under agreements to repurchase | 10,020 | 9,962 | |
FHLB advances | 25,000 | 100,000 | |
Fair Value, Inputs, Level 2 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Held To Maturity Securities Fair Value | 14,978 | 22,940 | |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 12,940 | 15,521 | |
Loans held for sale, at fair value | 16,096 | 0 | |
Accrued interest receivable | 10,000 | 13,028 | |
Financial liabilities: | |||
Demand deposits | 1,330,418 | 1,380,020 | |
Money market and savings accounts | 1,023,164 | 1,022,621 | |
Junior subordinated debt | 9,757 | 9,731 | |
Senior subordinated notes | 85,413 | 85,297 | |
Accrued interest payable | 1,715 | 1,864 | |
Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | |||
Financial assets: | |||
Held To Maturity Securities Fair Value | 14,322 | 23,364 | |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 12,940 | 15,521 | |
Loans held for sale, at fair value | 16,096 | 0 | |
Accrued interest receivable | 10,000 | 13,028 | |
Financial liabilities: | |||
Demand deposits | 1,330,418 | 1,380,020 | |
Money market and savings accounts | 1,023,164 | 1,022,621 | |
Junior subordinated debt | 9,836 | 10,367 | |
Senior subordinated notes | 86,635 | 91,141 | |
Accrued interest payable | 1,715 | 1,864 | |
Fair Value, Inputs, Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Net loans | 2,598,588 | 2,310,881 | |
Financial liabilities: | |||
Time deposits | 329,223 | 360,575 | |
Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | |||
Financial assets: | |||
Net loans | 2,486,645 | 2,278,456 | |
Financial liabilities: | |||
Time deposits | 330,876 | 362,902 | |
Fair Value Inputs Level 2 and Level 3 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Financial assets: | |||
Securities available for sale | 257,180 | 271,332 | |
Derivative asset | 863 | 0 | |
Financial liabilities: | |||
Derivative liabilities | 103 | 0 | |
Fair Value Inputs Level 2 and Level 3 [Member] | Estimated Fair Value | |||
Financial assets: | |||
Securities available for sale | 257,180 | 271,332 | |
Derivative asset | 863 | 0 | |
Financial liabilities: | |||
Derivative liabilities | $ 103 | $ 0 | |
[1] Derived from audited consolidated financial statements |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | [1] | |
Leases [Abstract] | ||||||
Operating lease right-of-use assets | $ 4,777 | $ 4,777 | $ 5,866 | |||
Operating Lease, Liability | 5,299 | 5,299 | $ 6,498 | |||
Lease, Cost | $ 400 | $ 600 | $ 1,000 | $ 1,200 | ||
[1] Derived from audited consolidated financial statements |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease other information) (Details) | Jun. 30, 2022 | Jun. 30, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases, in years | 4 years 6 months | 4 years 7 months 6 days |
Weighted-average discount rate - operating leases | 2.80% | 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 | Jun. 30, 2022 | Dec. 31, 2021 | [1] |
Leases [Abstract] | |||
2022 | $ 1,136 | ||
2023 | 1,718 | ||
2024 | 949 | ||
2025 | 421 | ||
2026 | 357 | ||
More than five years | 1,080 | ||
Total lease payments | 5,661 | ||
Less: imputed interest | (362) | ||
Lease liabilities | $ 5,299 | $ 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 | Jun. 30, 2022 | Dec. 31, 2021 |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWINGS [Abstract] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 10 | $ 10 |
Securities sold under agreements to repurchase, fair value of collateral | $ 17.7 | $ 21.7 |
JUNIOR SUBORDINATED DEBT AND _2
JUNIOR SUBORDINATED DEBT AND SENIOR SUBORDINATED NOTES (Narrative) (Details) $ in Thousands | 6 Months Ended | ||||||
Aug. 25, 2020 USD ($) | Jan. 20, 2017 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 23, 2017 USD ($) | Apr. 22, 2015 USD ($) | ||
Debt Instrument [Line Items] | |||||||
Junior subordinated notes | $ 9,757 | $ 9,731 | [1] | ||||
Senior subordinated notes - long term | 85,413 | 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 | 4.98% | 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% | ||||||
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 | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 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 | $ 0 | $ 0 | ||
Unrecognized compensation expense associated with the stock options | 0 | $ 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 | (100,000) | $ (100,000) | $ 800,000 | $ 600,000 | ||
Unrecognized compensation expense associated with the other than options | 900,000 | $ 900,000 | ||||
Unrecognized compensation cost weighted average recognition period | 2 years 10 months 24 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 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Shares | ||
Options outstanding, beginning of period | 283,800 | |
Expired | (13,500) | |
Exercised | (27,500) | |
Options outstanding, end of period | 242,800 | 283,800 |
Exercisable at end of period | 242,800 | |
Weighted Average Grant Date Fair Value Per Share | ||
Options outstanding, beginning of period | $ 10.98 | |
Expired | 9.58 | |
Exercised | 0 | |
Options outstanding, end of period | 11.15 | $ 10.98 |
Exercisable at end of period | $ 11.15 | |
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 | $ 603 | $ 1,153 |
Exercisable at end of period - Aggregate Intrinsic Value | $ 603 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in the restricted stock plan) (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | (70,708) | |
Unvested stock outstanding, end of period | 76,000 | 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 | 13.99 | |
Weighted Average Exercise Price, ending of period | $ 14.33 | $ 14.58 |
Weighted Average Remaining Contractual Term | 2 years 10 months 24 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 6 months | 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Unfunded lines of credit and undisbursed construction loan funds | $ 448.8 | $ 411 |
Investment in non-marketable equity securities | 4.5 | 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 | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ||
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance | $ 977 | $ 740 |
Credit loss expense | 92 | 859 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 1,069 | $ 1,599 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic EPS - Income (Numerator) (in dollars) | $ 5,009 | $ 8,804 | $ 9,602 | $ 17,156 |
Effect of dilutive stock options and and unvested restricted stock - Income (Numerator) (in dollars) | 0 | 0 | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | 5,009 | 8,804 | 9,602 | 17,156 |
Basic EPS from discontinued operations | 0 | 1,471 | 0 | 2,502 |
Diluted EPS from discontinued operations | $ 0 | $ 1,471 | $ 0 | $ 2,502 |
Basic EPS- Weighted Average Shares (Denominator) (in shares) | 24,563,000 | 24,451,000 | 24,534,000 | 24,401,000 |
Effect of dilutive stock options and and unvested restricted stock- Weighted Average Shares (Denominator) (in shares) | 118,000 | 166,000 | 132,000 | 162,000 |
Diluted EPS- Weighted Average Shares (Denominator) (in shares) | 24,681,000 | 24,617,000 | 24,666,000 | 24,563,000 |
Basic EPS - Per Share Amount (in dollars per share) | $ 0.20 | $ 0.36 | $ 0.39 | $ 0.71 |
Effect of dilutive stock options and and unvested restricted stock- Per Share Amount (in dollars per share) | 0 | 0 | 0 | (0.01) |
Diluted EPS- Per Share Amount (in dollars per share) | 0.20 | 0.36 | 0.39 | 0.70 |
Basic EPS - Per Share Amount Discontinued Operations | 0 | 0.06 | 0 | 0.10 |
Gain (loss) on discontinued operations | 0 | 0 | 0 | 0 |
Diluted EPS - Per Share Amount Discontinued Operations | $ 0 | $ 0.06 | $ 0 | $ 0.10 |
Anti-dilutive options and warrants (in shares) | 0 | 0 |