Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Cover [Abstract] | ||
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 001-37621 | |
Entity Registrant Name | FIRST GUARANTY BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 26-0513559 | |
Entity Address, Address Line One | 400 East Thomas Street | |
Entity Address, City or Town | Hammond, | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70401 | |
City Area Code | (985) | |
Local Phone Number | 345-7685 | |
Title of 12(b) Security | Common Stock, $1 par value | |
Trading Symbol | FGBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,741,253 | |
Entity Central Index Key | 0001408534 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 168,962 | $ 66,511 |
Federal funds sold | 493 | 914 |
Cash and cash equivalents | 169,455 | 67,425 |
Investment securities: | ||
Securities, available for sale | 433,926 | 339,937 |
Held to maturity, at cost (estimated fair value of $0 and $86,817 respectively) | 0 | 86,579 |
Investment securities | 433,926 | 426,516 |
Federal Home Loan Bank stock, at cost | 3,324 | 3,308 |
Loans held for sale | 476 | 0 |
Loans, net of unearned income | 1,544,132 | 1,525,490 |
Less: allowance for loan losses | 11,961 | 10,929 |
Net loans | 1,532,171 | 1,514,561 |
Premises and equipment, net | 58,081 | 56,464 |
Goodwill | 13,217 | 12,942 |
Intangible assets, net | 6,958 | 7,166 |
Other real estate, net | 4,385 | 4,879 |
Accrued interest receivable | 10,076 | 8,412 |
Other assets | 19,082 | 15,543 |
Total Assets | 2,251,151 | 2,117,216 |
Deposits: | ||
Noninterest-bearing demand | 321,158 | 325,888 |
Interest-bearing demand | 714,705 | 635,942 |
Savings | 145,390 | 135,156 |
Time | 767,352 | 756,027 |
Total deposits | 1,948,605 | 1,853,013 |
Short-term advances from Federal Home Loan Bank | 50,000 | 13,079 |
Repurchase agreements | 6,603 | 6,840 |
Accrued interest payable | 5,940 | 6,047 |
Long-term advances from Federal Home Loan Bank | 3,489 | 3,533 |
Senior long-term debt | 47,014 | 48,558 |
Junior subordinated debentures | 14,747 | 14,737 |
Other liabilities | 5,726 | 5,374 |
Total Liabilities | 2,082,124 | 1,951,181 |
Common stock: | ||
$1 par value - authorized 100,600,000 shares; issued 9,741,253 shares | 9,741 | 9,741 |
Surplus | 110,836 | 110,836 |
Retained earnings | 45,549 | 43,283 |
Accumulated other comprehensive income | 2,901 | 2,175 |
Total Shareholders' Equity | 169,027 | 166,035 |
Total Liabilities and Shareholders' Equity | $ 2,251,151 | $ 2,117,216 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 0 | $ 86,817 |
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,600,000 | 100,600,000 |
Common stock, shares, issued (in shares) | 9,741,253 | 9,741,253 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Interest Income: | |||
Loans (including fees) | $ 22,460 | $ 18,482 | |
Deposits with other banks | 235 | 636 | |
Securities (including FHLB stock) | 2,743 | 2,857 | |
Federal funds sold | 0 | 0 | |
Total Interest Income | 25,438 | 21,975 | |
Interest Expense: | |||
Demand deposits | 2,110 | 2,811 | |
Savings deposits | 116 | 138 | |
Time deposits | 4,560 | 4,007 | |
Borrowings | 728 | 426 | |
Total Interest Expense | 7,514 | 7,382 | |
Net Interest Income | 17,924 | 14,593 | |
Less: Provision for loan losses | 1,245 | 787 | |
Net Interest Income after Provision for Loan Losses | 16,679 | 13,806 | |
Noninterest Income: | |||
Service charges, commissions and fees | 729 | 608 | |
ATM and debit card fees | 609 | 528 | |
Net gains (losses) on securities | 500 | (402) | |
Net gains on sale of loans | 16 | 11 | |
Other | 571 | 556 | |
Total Noninterest Income | 2,425 | 1,301 | |
Noninterest Expense: | |||
Salaries and employee benefits | 7,399 | 5,962 | |
Occupancy and equipment expense | 1,829 | 1,485 | |
Other | 5,067 | 3,721 | |
Total Noninterest Expense | 14,295 | 11,168 | |
Income Before Income Taxes | 4,809 | 3,939 | |
Less: Provision for income taxes | 984 | 807 | |
Net Income | $ 3,825 | $ 3,132 | |
Per Common Share: | |||
Earnings (in dollars per share) | [1] | $ 0.39 | $ 0.32 |
Cash dividends paid (in dollars per share) | [1] | $ 0.16 | $ 0.15 |
Weighted Average Common Shares Outstanding (in shares) | 9,741,253 | 9,687,123 | |
[1] | All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 16, 2019 to shareholders of record as of December 9, 2019. |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Parenthetical) | Dec. 16, 2019 |
Income Statement [Abstract] | |
Dividend percent | 10.00% |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 3,825 | $ 3,132 |
Unrealized gains on securities: | ||
Unrealized holding gains arising during the period | 1,419 | 6,655 |
Reclassification adjustments for (gains) losses included in net income | (500) | 402 |
Change in unrealized gains on securities | 919 | 7,057 |
Tax impact | (193) | (1,482) |
Other comprehensive income | 726 | 5,575 |
Comprehensive Income | $ 4,551 | $ 8,707 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock $1 Par | Surplus | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | |
Beginning balance at Dec. 31, 2018 | $ 147,284 | $ 9,687 | $ 109,788 | $ 34,947 | $ (7,138) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,132 | 3,132 | ||||
Other comprehensive income | 5,575 | 5,575 | ||||
Cash dividends on common stock | [1] | (1,409) | (1,409) | |||
Ending balance at Mar. 31, 2019 | 154,582 | 9,687 | 109,788 | 36,670 | (1,563) | |
Beginning balance at Dec. 31, 2019 | 166,035 | 9,741 | 110,836 | 43,283 | 2,175 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,825 | 3,825 | ||||
Other comprehensive income | 726 | 726 | ||||
Cash dividends on common stock | [1] | (1,559) | (1,559) | |||
Ending balance at Mar. 31, 2020 | $ 169,027 | $ 9,741 | $ 110,836 | $ 45,549 | $ 2,901 | |
[1] | All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 16, 2019 to shareholders of record as of December 9, 2019. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | Dec. 16, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 | |||
Cash dividends paid (in dollars per share) | [1] | $ 0.16 | $ 0.15 | ||
Dividend percent | 10.00% | ||||
[1] | All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 16, 2019 to shareholders of record as of December 9, 2019. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net Income | $ 3,825 | $ 3,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision | 1,245 | 787 |
Depreciation and amortization | 895 | 752 |
Amortization/Accretion of investments | 582 | 316 |
(Gain) loss on sale/call of securities | (500) | 402 |
Gain on sale of assets | (15) | (11) |
Repossessed asset write downs, gains and losses on dispositions | 14 | 33 |
FHLB stock dividends | (16) | (14) |
Net increase in loans held for sale | (476) | (193) |
Change in other assets and liabilities, net | (1,325) | 1,879 |
Net Cash Provided By Operating Activities | 4,229 | 7,083 |
Cash Flows From Investing Activities | ||
Proceeds from maturities, calls and sales of HTM securities | 34,022 | 2,323 |
Proceeds from maturities, calls and sales of AFS securities | 100,327 | 25,843 |
Funds Invested in AFS securities | (144,904) | (378) |
Net increase in loans | (19,314) | (73,465) |
Purchase of premises and equipment | (2,272) | (2,603) |
Proceeds from sales of premises and equipment | 1 | 0 |
Proceeds from sales of other real estate owned | 798 | 0 |
Net Cash Used In Investing Activities | (31,342) | (48,280) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 95,596 | 81,527 |
Net increase in federal funds purchased and short-term borrowings | 36,684 | 0 |
Repayment of long-term borrowings | (1,578) | (735) |
Dividends paid | (1,559) | (1,409) |
Net Cash Provided By Financing Activities | 129,143 | 79,383 |
Net Increase In Cash and Cash Equivalents | 102,030 | 38,186 |
Cash and Cash Equivalents at the Beginning of the Period | 67,425 | 127,965 |
Cash and Cash Equivalents at the End of the Period | 169,455 | 166,151 |
Noncash Activities: | ||
Acquisition of real estate in settlement of loans | 319 | 15 |
Cash Paid During The Period: | ||
Interest on deposits and borrowed funds | 7,621 | 6,359 |
Transfer of Portfolio Loans and Leases to Held-for-sale | 52,553 | 0 |
Federal | ||
Cash Paid During The Period: | ||
Income taxes | 0 | 0 |
State | ||
Cash Paid During The Period: | ||
Income taxes | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at March 31, 2020 and for the three month periods ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty is a smaller reporting company and has delayed the adoption of ASU 2016-13. |
Merger Transaction
Merger Transaction | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Merger Transaction | Merger Transaction Effective at the close of business on November 7, 2019, First Guaranty completed its acquisition of 100% of the outstanding shares of Union Bancshares, Incorporated, a Louisiana corporation ("Union"), a single bank holding company headquartered in Marksville, Louisiana and its wholly owned subsidiary, Union Bank for $43.4 million in cash. This acquisition allowed First Guaranty to expand its presence into the Central Louisiana market area. The purchase price resulted in approximately $9.7 million in goodwill and $4.2 million in core deposit intangible, none of which is deductible for tax purposes. First Guaranty accounts for business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations. Accordingly, for each transaction, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. In conjunction with the adoption of ASU 2015-16, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date, First Guaranty records any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. First Guaranty is continuing to finalize the purchase price allocations related to the Union acquisition. Based on management's preliminary valuation of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Union acquisition is allocated in the table below. These allocations are subject to change. (in thousands) Union Bancshares, Incorporated Cash and due from banks $ 20,058 Securities available for sale 38,813 Loans 184,025 Premises and equipment 7,223 Goodwill 9,744 Intangible assets 4,213 Other real estate 1,595 Other assets 9,303 Total assets acquired $ 274,974 Deposits 204,979 FHLB borrowings 16,617 Repurchase agreements 6,863 Other liabilities 3,132 Total liabilities assumed $ 231,591 Net assets acquired $ 43,383 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary comparison of securities by type at March 31, 2020 and December 31, 2019 is shown below. March 31, 2020 December 31, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ 15,000 $ — $ — $ 15,000 $ — $ — $ — $ — U.S. Government Agencies 241 2 — 243 16,380 15 (2) 16,393 Corporate debt securities 163,368 1,378 (5,823) 158,923 94,561 1,110 (302) 95,369 Municipal bonds 31,974 2,261 (9) 34,226 30,297 1,870 (14) 32,153 Collateralized mortgage obligations 13,752 155 (134) 13,773 16,400 40 (43) 16,397 Mortgage-backed securities 205,920 5,850 (9) 211,761 179,546 317 (238) 179,625 Total available for sale securities $ 430,255 $ 9,646 $ (5,975) $ 433,926 $ 337,184 $ 3,352 $ (599) $ 339,937 Held to maturity: U.S. Government Agencies $ — $ — $ — $ — $ 18,175 $ — $ (32) $ 18,143 Municipal bonds — — — — 5,107 182 — 5,289 Mortgage-backed securities — — — — 63,297 200 (112) 63,385 Total held to maturity securities $ — $ — $ — $ — $ 86,579 $ 382 $ (144) $ 86,817 First Guaranty sold securities in the held to maturity portfolio in the first quarter of 2020 in order to manage its interest rate and liquidity risk due to changes in economic conditions. First Guaranty sold $18.2 million in U.S. Government agency securities, $13.5 million in mortgage-backed securities and $0.2 million in municipal securities. The total gain on the sale of these securities was $0.1 million. First Guaranty terminated its held to maturity portfolio after these sales. The scheduled maturities of securities at March 31, 2020, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below. At March 31, 2020 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 31,194 $ 31,186 Due after one year through five years 74,630 74,266 Due after five years through 10 years 90,828 88,232 Over 10 years 13,931 14,708 Subtotal 210,583 208,392 Collateralized mortgage obligations 13,752 13,773 Mortgage-backed securities 205,920 211,761 Total available for sale securities $ 430,255 $ 433,926 Held to maturity: Due in one year or less $ — $ — Due after one year through five years — — Due after five years through 10 years — — Over 10 years — — Subtotal — — Mortgage-backed securities — — Total held to maturity securities $ — $ — At March 31, 2020, $229.9 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $229.9 million as of March 31, 2020. The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at March 31, 2020. At March 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries 1 $ 15,000 $ — — $ — $ — 1 $ 15,000 $ — U.S. Government Agencies — — — — — — — — — Corporate debt securities 191 79,265 (5,284) 8 1,463 (539) 199 80,728 (5,823) Municipal bonds 6 1,383 (9) — — — 6 1,383 (9) Collateralized mortgage obligations 3 4,252 (134) — — — 3 4,252 (134) Mortgage-backed securities 10 631 (9) — — — 10 631 (9) Total available for sale securities 211 $ 100,531 $ (5,436) 8 $ 1,463 $ (539) 219 $ 101,994 $ (5,975) Held to maturity: U.S. Government Agencies — $ — $ — — $ — $ — — $ — $ — Municipal bonds — — — — — — — — — Mortgage-backed securities — — — — — — — — — Total held to maturity securities — $ — $ — — $ — $ — — $ — $ — The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2019. At December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 1 4,398 (1) 1 149 (1) 2 4,547 (2) Corporate debt securities 42 21,269 (174) 12 3,184 (128) 54 24,453 (302) Municipal bonds 9 4,285 (14) — — — 9 4,285 (14) Collateralized mortgage obligations 12 10,022 (43) — — — 12 10,022 (43) Mortgage-backed securities 57 91,753 (186) 9 12,121 (52) 66 103,874 (238) Total available for sale securities 121 $ 131,727 $ (418) 22 $ 15,454 $ (181) 143 $ 147,181 $ (599) Held to maturity: U.S. Government Agencies 2 $ 2,177 $ (2) 8 $ 15,965 $ (30) 10 $ 18,142 $ (32) Municipal bonds — — — 1 50 — 1 50 — Mortgage-backed securities 7 8,880 (58) 10 11,343 (54) 17 20,223 (112) Total held to maturity securities 9 $ 11,057 $ (60) 19 $ 27,358 $ (84) 28 $ 38,415 $ (144) As of March 31, 2020, 219 of First Guaranty's debt securities had unrealized losses totaling 5.5% of the individual securities' amortized cost basis and 1.4% of First Guaranty's total amortized cost basis of the investment securities portfolio. Eight of the 219 securities had been in a continuous loss position for over 12 months at such date. The eight securities had an aggregate amortized cost basis of $2.0 million and an unrealized loss of $0.5 million at March 31, 2020. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. Securities are evaluated for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be other-than-temporarily impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity. Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. No securities with an other-than-temporary impairment loss were held at March 31, 2020. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates. There were no other-than-temporary impairment losses recognized on securities during the three months ended March 31, 2020 and 2019. The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the three months ended March 31, 2020 and 2019: (in thousands) Three Months Ended Three Months Ended Beginning balance of credit losses at end of prior year $ — $ 60 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — — Ending balance of cumulative credit losses recognized in earnings at end of period $ — $ 60 In the first three months of 2020 there were no other-than-temporary impairment credit losses on securities for which we had previously recognized OTTI. For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers. At March 31, 2020, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At March 31, 2020 (in thousands) Amortized Cost Fair Value Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 84,266 86,654 Federal National Mortgage Association (Fannie Mae-FNMA) 118,891 122,318 Total $ 203,157 $ 208,972 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | Loans The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 125,201 8.1 % $ 172,247 11.3 % Farmland 21,840 1.4 % 22,741 1.5 % 1- 4 Family 286,157 18.5 % 289,635 18.9 % Multifamily 27,948 1.8 % 23,973 1.6 % Non-farm non-residential 654,081 42.3 % 616,536 40.3 % Total Real Estate 1,115,227 72.1 % 1,125,132 73.6 % Non-Real Estate: Agricultural 25,320 1.6 % 26,710 1.8 % Commercial and industrial 298,185 19.3 % 268,256 17.5 % Consumer and other 108,922 7.0 % 108,868 7.1 % Total Non-Real Estate 432,427 27.9 % 403,834 26.4 % Total Loans Before Unearned Income 1,547,654 100.0 % 1,528,966 100.0 % Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of March 31, 2020 and December 31, 2019 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. March 31, 2020 December 31, 2019 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 187,994 $ 113,308 $ 301,302 $ 205,596 $ 104,859 $ 310,455 More than one to five years 505,679 323,462 829,141 509,455 286,131 795,586 More than five to 15 years 133,002 63,398 196,400 147,502 65,713 213,215 Over 15 years 137,443 67,462 204,905 143,695 51,612 195,307 Subtotal $ 964,118 $ 567,630 1,531,748 $ 1,006,248 $ 508,315 1,514,563 Nonaccrual loans 15,906 14,403 Total Loans Before Unearned Income 1,547,654 1,528,966 Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 As of March 31, 2020, $289.8 million of floating rate loans were at their interest rate floor. At December 31, 2019, $153.3 million of floating rate loans were at the interest rate floor. Nonaccrual loans have been excluded from these totals. The following tables present the age analysis of past due loans at March 31, 2020 and December 31, 2019: As of March 31, 2020 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 3,437 $ 1,315 $ 4,752 $ 120,449 $ 125,201 $ 414 Farmland 1,832 855 2,687 19,153 21,840 — 1- 4 family 6,624 5,550 12,174 273,983 286,157 1,203 Multifamily — — — 27,948 27,948 — Non-farm non-residential 12,478 9,694 22,172 631,909 654,081 5,056 Total Real Estate 24,371 17,414 41,785 1,073,442 1,115,227 6,673 Non-Real Estate: Agricultural 1,149 4,526 5,675 19,645 25,320 46 Commercial and industrial 1,283 551 1,834 296,351 298,185 139 Consumer and other 1,485 331 1,816 107,106 108,922 58 Total Non-Real Estate 3,917 5,408 9,325 423,102 432,427 243 Total Loans Before Unearned Income $ 28,288 $ 22,822 $ 51,110 $ 1,496,544 $ 1,547,654 $ 6,916 Unearned income (3,522) Total Loans Net of Unearned Income $ 1,544,132 As of December 31, 2019 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 760 $ 429 $ 1,189 $ 171,058 $ 172,247 $ 48 Farmland 6 1,274 1,280 21,461 22,741 — 1- 4 family 8,521 3,682 12,203 277,432 289,635 923 Multifamily — — — 23,973 23,973 — Non-farm non-residential 11,279 6,249 17,528 599,008 616,536 1,603 Total Real Estate 20,566 11,634 32,200 1,092,932 1,125,132 2,574 Non-Real Estate: Agricultural 310 4,800 5,110 21,600 26,710 — Commercial and industrial 2,801 342 3,143 265,113 268,256 15 Consumer and other 794 266 1,060 107,808 108,868 50 Total Non-Real Estate 3,905 5,408 9,313 394,521 403,834 65 Total Loans Before Unearned Income $ 24,471 $ 17,042 $ 41,513 $ 1,487,453 $ 1,528,966 $ 2,639 Unearned income (3,476) Total Loans Net of Unearned Income $ 1,525,490 The tables above include $15.9 million and $14.4 million of nonaccrual loans at March 31, 2020 and December 31, 2019, respectively. See the tables below for more detail on nonaccrual loans. The following is a summary of nonaccrual loans by class at the dates indicated: (in thousands) As of March 31, 2020 As of December 31, 2019 Real Estate: Construction & land development $ 901 $ 381 Farmland 855 1,274 1- 4 family 4,347 2,759 Multifamily — — Non-farm non-residential 4,638 4,646 Total Real Estate 10,741 9,060 Non-Real Estate: Agricultural 4,480 4,800 Commercial and industrial 412 327 Consumer and other 273 216 Total Non-Real Estate 5,165 5,343 Total Nonaccrual Loans $ 15,906 $ 14,403 The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of March 31, 2020 As of December 31, 2019 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 116,288 $ 5,832 $ 3,081 $ — $ 125,201 $ 163,808 $ 6,180 $ 2,259 $ — $ 172,247 Farmland 17,597 3,353 890 — 21,840 18,223 3,177 1,341 — 22,741 1- 4 family 267,109 5,603 13,248 197 286,157 271,392 4,751 13,492 — 289,635 Multifamily 19,969 — 7,979 — 27,948 16,025 805 7,143 — 23,973 Non-farm 624,596 8,906 20,579 — 654,081 589,800 7,743 18,993 — 616,536 Total Real Estate 1,045,559 23,694 45,777 197 1,115,227 1,059,248 22,656 43,228 — 1,125,132 Non-Real Estate: Agricultural 19,898 620 4,802 — 25,320 21,529 48 5,133 — 26,710 Commercial 293,277 908 4,000 — 298,185 262,416 1,199 4,641 — 268,256 Consumer and other 108,458 288 175 1 108,922 108,618 180 70 — 108,868 Total Non-Real Estate 421,633 1,816 8,977 1 432,427 392,563 1,427 9,844 — 403,834 Total Loans Before Unearned Income $ 1,467,192 $ 25,510 $ 54,754 $ 198 1,547,654 $ 1,451,811 $ 24,083 $ 53,072 $ — 1,528,966 Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 Purchased Impaired Loans As part of the acquisition of Union Bancshares, Incorporated on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at March 31, 2020 and December 31, 2019. (in thousands) As of March 31, 2020 As of December 31, 2019 Real Estate: Construction & land development $ 415 $ 526 Farmland — — 1- 4 family 5,455 6,402 Multifamily 869 — Non-farm non-residential 2,416 2,294 Total Real Estate 9,155 9,222 Non-Real Estate: Agricultural — — Commercial and industrial 1,169 1,198 Consumer and other 4 — Total Non-Real Estate 1,173 1,198 Total $ 10,328 $ 10,420 For those purchased loans disclosed above, there was no allowance for loan losses at March 31, 2020 or December 31, 2019. Where First Guaranty can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where First Guaranty cannot reasonably estimate the cash flows expected to be collected on the loans, it has decided to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the three months ended March 31, 2020 and 2019. (in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Balance, beginning of period $ 3,647 $ 613 Acquisition accretable yield 30 — Accretion (349) (50) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 3,328 $ 563 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses A summary of changes in the allowance for loan losses, by portfolio type, for the three months ended March 31, 2020 and 2019 are as follows: For the Three Months Ended March 31, 2020 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Beginning Charge-offs Recoveries Provision Ending Real Estate: Construction & land development $ 423 $ — $ — $ 266 $ 689 $ 581 $ — $ — $ 19 $ 600 Farmland 50 — — (3) 47 41 — — 3 44 1- 4 family 1,027 (10) 12 398 1,427 911 (16) 2 (18) 879 Multifamily 1,038 — — (102) 936 1,318 — — 10 1,328 Non-farm 5,277 — — 391 5,668 4,771 — 3 69 4,843 Total Real Estate 7,815 (10) 12 950 8,767 7,622 (16) 5 83 7,694 Non-Real Estate: Agricultural 95 — — — 95 339 — — 15 354 Commercial 1,909 (92) 7 368 2,192 1,909 (246) 8 305 1,976 Consumer and other 1,110 (196) 66 (85) 895 891 (374) 61 370 948 Unallocated — — — 12 12 15 — — 14 29 Total Non-Real Estate 3,114 (288) 73 295 3,194 3,154 (620) 69 704 3,307 Total $ 10,929 $ (298) $ 85 $ 1,245 $ 11,961 $ 10,776 $ (636) $ 74 $ 787 $ 11,001 Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the loan loss reserve from one category to another. A summary of the allowance and loans, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of March 31, 2020 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ 234 $ — $ 455 $ 689 $ 538 $ 415 $ 124,248 $ 125,201 Farmland — — 47 47 543 — 21,297 21,840 1- 4 family 135 — 1,292 1,427 1,156 5,455 279,546 286,157 Multifamily — — 936 936 — 869 27,079 27,948 Non-farm 1,878 — 3,790 5,668 13,356 2,416 638,309 654,081 Total Real Estate 2,247 — 6,520 8,767 15,593 9,155 1,090,479 1,115,227 Non-Real Estate: Agricultural — — 95 95 4,030 — 21,290 25,320 Commercial and industrial 105 — 2,087 2,192 2,258 1,169 294,758 298,185 Consumer and other — — 895 895 — 4 108,918 108,922 Unallocated — — 12 12 — — — — Total Non-Real Estate 105 — 3,089 3,194 6,288 1,173 424,966 432,427 Total $ 2,352 $ — $ 9,609 $ 11,961 $ 21,881 $ 10,328 $ 1,515,445 1,547,654 Unearned Income (3,522) Total Loans Net of Unearned Income $ 1,544,132 As of December 31, 2019 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 423 $ 423 $ — $ 526 $ 171,721 $ 172,247 Farmland — — 50 50 543 — 22,198 22,741 1- 4 family 34 — 993 1,027 1,058 6,402 282,175 289,635 Multifamily — — 1,038 1,038 — — 23,973 23,973 Non-farm non-residential 1,879 — 3,398 5,277 12,120 2,294 602,122 616,536 Total Real Estate 1,913 — 5,902 7,815 13,721 9,222 1,102,189 1,125,132 Non-Real Estate: Agricultural — — 95 95 4,030 — 22,680 26,710 Commercial and industrial 111 — 1,798 1,909 2,981 1,198 264,077 268,256 Consumer and other — — 1,110 1,110 — — 108,868 108,868 Unallocated — — — — — — — — Total Non-Real Estate 111 — 3,003 3,114 7,011 1,198 395,625 403,834 Total $ 2,024 $ — $ 8,905 $ 10,929 $ 20,732 $ 10,420 $ 1,497,814 1,528,966 Unearned Income (3,476) Total loans net of unearned income $ 1,525,490 A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Payment status, collateral value and the probability of collecting scheduled principal and interest payments when due are considered in evaluating loan impairment. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of March 31, 2020 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland 543 552 — 543 — — 1- 4 family 538 541 — 540 — — Multifamily — — — — — — Non-farm non-residential 9,543 9,543 — 9,610 158 160 Total Real Estate 10,624 10,636 — 10,693 158 160 Non-Real Estate: Agricultural 4,030 4,186 — 4,030 — — Commercial and industrial 1,269 1,269 — 1,616 24 35 Consumer and other — — — — — — Total Non-Real Estate 5,299 5,455 — 5,646 24 35 Total Impaired Loans with no related allowance 15,923 16,091 — 16,339 182 195 Impaired Loans with an allowance recorded: Real Estate: Construction & land development 539 539 234 538 6 — Farmland — — — — — — 1- 4 family 617 617 135 584 — — Multifamily — — — — — — Non-farm non-residential 3,813 4,162 1,878 3,813 1 1 Total Real Estate 4,969 5,318 2,247 4,935 7 1 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 989 989 105 1,000 17 15 Consumer and other — — — — — — Total Non-Real Estate 989 989 105 1,000 17 15 Total Impaired Loans with an allowance recorded 5,958 6,307 2,352 5,935 24 16 Total Impaired Loans $ 21,881 $ 22,398 $ 2,352 $ 22,274 $ 206 $ 211 The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of December 31, 2019 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland 543 552 — 550 — — 1- 4 family 541 541 — 544 27 22 Multifamily — — — — — — Non-farm non-residential 8,307 8,307 — 9,940 673 688 Total Real Estate 9,391 9,400 — 11,034 700 710 Non-Real Estate: Agricultural 4,030 4,186 — 4,031 12 — Commercial and industrial 1,962 1,962 — 1,788 81 67 Consumer and other — — — — — — Total Non-Real Estate 5,992 6,148 — 5,819 93 67 Total Impaired Loans with no related allowance 15,383 15,548 — 16,853 793 777 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland — — — — — — 1- 4 family 517 517 34 522 — — Multifamily — — — — — — Non-farm non-residential 3,813 4,162 1,879 4,134 194 212 Total Real Estate 4,330 4,679 1,913 4,656 194 212 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 1,019 1,019 111 1,039 81 77 Consumer and other — — — — — — Total Non-Real Estate 1,019 1,019 111 1,039 81 77 Total Impaired Loans with an allowance recorded 5,349 5,698 2,024 5,695 275 289 Total Impaired Loans $ 20,732 $ 21,246 $ 2,024 $ 22,548 $ 1,068 $ 1,066 Troubled Debt Restructurings A troubled debt restructuring ("TDR") is considered such if the lender for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. The modifications to First Guaranty's TDRs are generally concessions on either the interest rate charged or the amortization. The effect of the modifications to First Guaranty would be a reduction in interest income. First Guaranty has not restructured any loans that are considered TDRs in the three months ended March 31, 2020. At March 31, 2020 and at December 31, 2019, First Guaranty had no outstanding TDRs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. First Guaranty's goodwill is the difference in purchase price over the fair value of net assets acquired from its acquisition of Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. Goodwill totaled $13.2 million at March 31, 2020, and increase of $0.3 million, or 2.1%, compared with $12.9 million at December 31, 2019, respectively. No impairment charges have been recognized on First Guaranty's intangible assets since acquisition. Loan servicing assets decreased $30,000 to $0.6 million at March 31, 2020 compared to December 31, 2019. Other intangible assets recorded include core deposit intangibles, which are subject to amortization. The weighted-average amortization period remaining for First Guaranty's core deposit intangibles is 10.6 years at March 31, 2020. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. In accordance with ASC Topic 350, Intangibles - Goodwill and Other, during first quarter 2020, we evaluated recent potential triggering events that might be indicators that our goodwill was impaired. The events include, among others, the economic disruption and uncertainty surrounding the COVID-19 pandemic and the significant decline in our stock price. Based on our evaluation, we concluded that our goodwill was not impaired as of March 31, 2020. |
Other Real Estate (ORE)
Other Real Estate (ORE) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Other Real Estate (ORE) | Other Real Estate (ORE) Other real estate owned consists of the following at the dates indicated: (in thousands) March 31, 2020 December 31, 2019 Real Estate Owned Acquired by Foreclosure: Residential $ 205 $ 559 Construction & land development 669 669 Non-farm non-residential 3,511 3,651 Total Other Real Estate Owned and Foreclosed Property $ 4,385 $ 4,879 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-balance sheet commitments First Guaranty 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 and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk. Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at March 31, 2020 and December 31, 2019: Contract Amount (in thousands) March 31, 2020 December 31, 2019 Commitments to Extend Credit $ 125,083 $ 117,826 Unfunded Commitments under lines of credit $ 161,882 $ 148,127 Commercial and Standby letters of credit $ 9,706 $ 11,258 First Guaranty currently has one new facility under construction with a total construction commitment of $10.1 million of which $8.1 million has been incurred as of March 31, 2020. Litigation The nature of First Guaranty's business ordinarily results in a certain amount of claims, litigation and legal and administrative cases, all of which are considered incidental to the normal conduct of business. When First Guaranty determines it has defenses to the claims asserted, it defends itself. First Guaranty will consider settlement of cases when it is in the best interests of both First Guaranty and its shareholders. While the final outcome of legal proceedings is inherently uncertain, based on information currently available as of March 31, 2020, any incremental liability arising from First Guaranty's legal proceedings will not have a material adverse effect on First Guaranty's financial position or results of operations. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified within Level 3 in First Guaranty's portfolio as of March 31, 2020 includes corporate debt and municipal securities. Impaired loans. Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy. Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. The following table summarizes financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) March 31, 2020 December 31, 2019 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 15,000 $ — Level 2: Significant Other Observable Inputs 408,924 330,539 Level 3: Significant Unobservable Inputs 10,002 9,398 Securities available for sale measured at fair value $ 433,926 $ 339,937 First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. The change in Level 1 securities available for sale from December 31, 2019 to March 31, 2020 was due principally to a net increase in Treasury bills of $15.0 million. The change in Level 2 securities available for sale from December 31, 2019 to March 31, 2020 was due principally to transfer of mortgage-backed and municipal securities from the held for sale to available for sale portfolio. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2019 to March 31, 2020. The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3) : Level 3 Changes (in thousands) March 31, 2020 Balance, beginning of year $ 9,398 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income (340) Purchases, sales, issuances and settlements, net (56) Transfers in and/or out of Level 3 1,000 Balance as of end of period $ 10,002 There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held as of March 31, 2020. The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At March 31, 2020 At December 31, 2019 Impaired Loans - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 4,328 4,046 Impaired loans measured at fair value $ 4,328 $ 4,046 Other Real Estate Owned - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 3,564 4,158 Level 3: Significant Unobservable Inputs 821 721 Other real estate owned measured at fair value $ 4,385 $ 4,879 ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation. First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Financial Instruments | Financial Instruments Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer. Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change. Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty. Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows: Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased. These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values. Investment Securities. Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses. Loans Held for Sale. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy. Loans, net. Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy. Impaired loans. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Accrued interest receivable. The carrying amount of accrued interest receivable approximates its fair value. Deposits. The fair value of demand deposits, savings and interest-bearing demand deposits is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Deposits are classified within level 3 of the fair value hierarchy. Accrued interest payable. The carrying amount of accrued interest payable approximates its fair value. Borrowings. The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy. Other Unrecognized Financial Instruments. The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. Noninterest-bearing deposits are held at cost. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At March 31, 2020 and December 31, 2019 the fair value of guarantees under commercial and standby letters of credit was not material. The carrying amounts and estimated fair values of financial instruments at March 31, 2020 were as follows: Fair Value Measurements at March 31, 2020 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 168,962 $ 168,962 $ — $ — $ 168,962 Federal funds sold 493 493 — — 493 Securities, available for sale 433,926 15,000 408,924 10,002 433,926 Loans held for sale 476 — — 476 476 Loans, net 1,532,171 — — 1,554,351 1,554,351 Cash surrender value of BOLI 5,322 — — 5,322 5,322 Accrued interest receivable 10,076 — — 10,076 10,076 Liabilities Deposits $ 1,948,605 $ — $ — $ 1,966,531 1,966,531 Short-term advances from Federal Home Loan Bank 50,000 — — 50,000 50,000 Repurchase agreements 6,603 — — 6,603 6,603 Accrued interest payable 5,940 — — 5,940 5,940 Long-term advances from Federal Home Loan Bank 3,489 — — 3,489 3,489 Senior long-term debt 47,014 — — 46,977 46,977 Junior subordinated debentures 14,747 — — 14,969 14,969 The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows: Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 66,511 $ 66,511 $ — $ — $ 66,511 Federal funds sold 914 914 — — 914 Securities, available for sale 339,937 — 330,539 9,398 339,937 Securities, held for maturity 86,579 — 86,817 — 86,817 Loans, net 1,514,561 — — 1,515,277 1,515,277 Cash surrender value of BOLI 5,288 — — 5,288 5,288 Accrued interest receivable 8,412 — — 8,412 8,412 Liabilities Deposits $ 1,853,013 $ — $ — $ 1,863,179 1,863,179 Short-term advances from Federal Home Loan Bank 13,079 — — 13,079 13,079 Repurchase agreements 6,840 — — 6,840 6,840 Accrued interest payable 6,047 — — 6,047 6,047 Long-term advances from Federal Home Loan Bank 3,533 — — 3,533 3,533 Senior long-term debt 48,558 — — 48,517 48,517 Junior subordinated debentures 14,737 — — 14,762 14,762 There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices. |
COVID-19 and Subsequnt Events
COVID-19 and Subsequnt Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
COVID-19 and Subsequnt Events | COVID-19 and Subsequnt Events The COVID-19 pandemic has caused significant economic dislocation in the United States as many state and local governments, including in Louisiana, have ordered non-essential businesses to close and residents to shelter in place at home. This has resulted in an unprecedented slow-down in economic activity and a related increase in unemployment. Since the COVID-19 pandemic, more than 30 million people have filed claims for unemployment, and stock markets have declined in value and in particular bank stocks have significantly declined in value. Certain industries have been particularly hard-hit, including the travel and hospitality industry, the restaurant industry and the retail industry. Finally, the spread of the coronavirus has caused us to modify our business practices, including employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences. First Guaranty evaluated its March 31, 2020 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact our operational and financial performance. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and impact on our customers, employees and vendors, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact our financial condition or results of operations is uncertain. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at March 31, 2020 and for the three month periods ended March 31, 2020 and 2019 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty is a smaller reporting company and has delayed the adoption of ASU 2016-13. |
Merger Transaction (Tables)
Merger Transaction (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Based on management's preliminary valuation of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Union acquisition is allocated in the table below. These allocations are subject to change. (in thousands) Union Bancshares, Incorporated Cash and due from banks $ 20,058 Securities available for sale 38,813 Loans 184,025 Premises and equipment 7,223 Goodwill 9,744 Intangible assets 4,213 Other real estate 1,595 Other assets 9,303 Total assets acquired $ 274,974 Deposits 204,979 FHLB borrowings 16,617 Repurchase agreements 6,863 Other liabilities 3,132 Total liabilities assumed $ 231,591 Net assets acquired $ 43,383 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Comparison of Securities by Type | A summary comparison of securities by type at March 31, 2020 and December 31, 2019 is shown below. March 31, 2020 December 31, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Amortized Cost Gross Unrealized Gains Gross Fair Value Available for sale: U.S. Treasuries $ 15,000 $ — $ — $ 15,000 $ — $ — $ — $ — U.S. Government Agencies 241 2 — 243 16,380 15 (2) 16,393 Corporate debt securities 163,368 1,378 (5,823) 158,923 94,561 1,110 (302) 95,369 Municipal bonds 31,974 2,261 (9) 34,226 30,297 1,870 (14) 32,153 Collateralized mortgage obligations 13,752 155 (134) 13,773 16,400 40 (43) 16,397 Mortgage-backed securities 205,920 5,850 (9) 211,761 179,546 317 (238) 179,625 Total available for sale securities $ 430,255 $ 9,646 $ (5,975) $ 433,926 $ 337,184 $ 3,352 $ (599) $ 339,937 Held to maturity: U.S. Government Agencies $ — $ — $ — $ — $ 18,175 $ — $ (32) $ 18,143 Municipal bonds — — — — 5,107 182 — 5,289 Mortgage-backed securities — — — — 63,297 200 (112) 63,385 Total held to maturity securities $ — $ — $ — $ — $ 86,579 $ 382 $ (144) $ 86,817 |
Investments Classified by Contractual Maturity Date | For this reason they are presented separately in the maturity table below. At March 31, 2020 (in thousands) Amortized Cost Fair Value Available for sale: Due in one year or less $ 31,194 $ 31,186 Due after one year through five years 74,630 74,266 Due after five years through 10 years 90,828 88,232 Over 10 years 13,931 14,708 Subtotal 210,583 208,392 Collateralized mortgage obligations 13,752 13,773 Mortgage-backed securities 205,920 211,761 Total available for sale securities $ 430,255 $ 433,926 Held to maturity: Due in one year or less $ — $ — Due after one year through five years — — Due after five years through 10 years — — Over 10 years — — Subtotal — — Mortgage-backed securities — — Total held to maturity securities $ — $ — |
Schedule of Unrealized Loss on Investments | The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at March 31, 2020. At March 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries 1 $ 15,000 $ — — $ — $ — 1 $ 15,000 $ — U.S. Government Agencies — — — — — — — — — Corporate debt securities 191 79,265 (5,284) 8 1,463 (539) 199 80,728 (5,823) Municipal bonds 6 1,383 (9) — — — 6 1,383 (9) Collateralized mortgage obligations 3 4,252 (134) — — — 3 4,252 (134) Mortgage-backed securities 10 631 (9) — — — 10 631 (9) Total available for sale securities 211 $ 100,531 $ (5,436) 8 $ 1,463 $ (539) 219 $ 101,994 $ (5,975) Held to maturity: U.S. Government Agencies — $ — $ — — $ — $ — — $ — $ — Municipal bonds — — — — — — — — — Mortgage-backed securities — — — — — — — — — Total held to maturity securities — $ — $ — — $ — $ — — $ — $ — The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2019. At December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Number Fair Value Gross Number Fair Value Gross Number Fair Value Gross Available for sale: U.S. Treasuries — $ — $ — — $ — $ — — $ — $ — U.S. Government Agencies 1 4,398 (1) 1 149 (1) 2 4,547 (2) Corporate debt securities 42 21,269 (174) 12 3,184 (128) 54 24,453 (302) Municipal bonds 9 4,285 (14) — — — 9 4,285 (14) Collateralized mortgage obligations 12 10,022 (43) — — — 12 10,022 (43) Mortgage-backed securities 57 91,753 (186) 9 12,121 (52) 66 103,874 (238) Total available for sale securities 121 $ 131,727 $ (418) 22 $ 15,454 $ (181) 143 $ 147,181 $ (599) Held to maturity: U.S. Government Agencies 2 $ 2,177 $ (2) 8 $ 15,965 $ (30) 10 $ 18,142 $ (32) Municipal bonds — — — 1 50 — 1 50 — Mortgage-backed securities 7 8,880 (58) 10 11,343 (54) 17 20,223 (112) Total held to maturity securities 9 $ 11,057 $ (60) 19 $ 27,358 $ (84) 28 $ 38,415 $ (144) |
Credit Losses on Debt Securities for which Portion of OTTI Recognized in OCI | The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the three months ended March 31, 2020 and 2019: (in thousands) Three Months Ended Three Months Ended Beginning balance of credit losses at end of prior year $ — $ 60 Other-than-temporary impairment credit losses on securities not previously OTTI — — Increases for additional credit losses on securities previously determined to be OTTI — — Reduction for increases in cash flows — — Reduction due to credit impaired securities sold or fully settled — — Ending balance of cumulative credit losses recognized in earnings at end of period $ — $ 60 |
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholders' Equity | At March 31, 2020, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: At March 31, 2020 (in thousands) Amortized Cost Fair Value Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) 84,266 86,654 Federal National Mortgage Association (Fannie Mae-FNMA) 118,891 122,318 Total $ 203,157 $ 208,972 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Components of Loan Portfolio | The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (in thousands except for %) Balance As % of Category Balance As % of Category Real Estate: Construction & land development $ 125,201 8.1 % $ 172,247 11.3 % Farmland 21,840 1.4 % 22,741 1.5 % 1- 4 Family 286,157 18.5 % 289,635 18.9 % Multifamily 27,948 1.8 % 23,973 1.6 % Non-farm non-residential 654,081 42.3 % 616,536 40.3 % Total Real Estate 1,115,227 72.1 % 1,125,132 73.6 % Non-Real Estate: Agricultural 25,320 1.6 % 26,710 1.8 % Commercial and industrial 298,185 19.3 % 268,256 17.5 % Consumer and other 108,922 7.0 % 108,868 7.1 % Total Non-Real Estate 432,427 27.9 % 403,834 26.4 % Total Loans Before Unearned Income 1,547,654 100.0 % 1,528,966 100.0 % Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 |
Summary of Fixed and Floating Rate Loans by Contractual Maturity, Excluding Nonaccrual Loans | The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of March 31, 2020 and December 31, 2019 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered. March 31, 2020 December 31, 2019 (in thousands) Fixed Floating Total Fixed Floating Total One year or less $ 187,994 $ 113,308 $ 301,302 $ 205,596 $ 104,859 $ 310,455 More than one to five years 505,679 323,462 829,141 509,455 286,131 795,586 More than five to 15 years 133,002 63,398 196,400 147,502 65,713 213,215 Over 15 years 137,443 67,462 204,905 143,695 51,612 195,307 Subtotal $ 964,118 $ 567,630 1,531,748 $ 1,006,248 $ 508,315 1,514,563 Nonaccrual loans 15,906 14,403 Total Loans Before Unearned Income 1,547,654 1,528,966 Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 |
Past due Financing Receivables | The following tables present the age analysis of past due loans at March 31, 2020 and December 31, 2019: As of March 31, 2020 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 3,437 $ 1,315 $ 4,752 $ 120,449 $ 125,201 $ 414 Farmland 1,832 855 2,687 19,153 21,840 — 1- 4 family 6,624 5,550 12,174 273,983 286,157 1,203 Multifamily — — — 27,948 27,948 — Non-farm non-residential 12,478 9,694 22,172 631,909 654,081 5,056 Total Real Estate 24,371 17,414 41,785 1,073,442 1,115,227 6,673 Non-Real Estate: Agricultural 1,149 4,526 5,675 19,645 25,320 46 Commercial and industrial 1,283 551 1,834 296,351 298,185 139 Consumer and other 1,485 331 1,816 107,106 108,922 58 Total Non-Real Estate 3,917 5,408 9,325 423,102 432,427 243 Total Loans Before Unearned Income $ 28,288 $ 22,822 $ 51,110 $ 1,496,544 $ 1,547,654 $ 6,916 Unearned income (3,522) Total Loans Net of Unearned Income $ 1,544,132 As of December 31, 2019 (in thousands) 30-89 Days Past Due 90 Days or Greater Total Past Due Current Total Loans Recorded Investment Real Estate: Construction & land development $ 760 $ 429 $ 1,189 $ 171,058 $ 172,247 $ 48 Farmland 6 1,274 1,280 21,461 22,741 — 1- 4 family 8,521 3,682 12,203 277,432 289,635 923 Multifamily — — — 23,973 23,973 — Non-farm non-residential 11,279 6,249 17,528 599,008 616,536 1,603 Total Real Estate 20,566 11,634 32,200 1,092,932 1,125,132 2,574 Non-Real Estate: Agricultural 310 4,800 5,110 21,600 26,710 — Commercial and industrial 2,801 342 3,143 265,113 268,256 15 Consumer and other 794 266 1,060 107,808 108,868 50 Total Non-Real Estate 3,905 5,408 9,313 394,521 403,834 65 Total Loans Before Unearned Income $ 24,471 $ 17,042 $ 41,513 $ 1,487,453 $ 1,528,966 $ 2,639 Unearned income (3,476) Total Loans Net of Unearned Income $ 1,525,490 |
Summary of Nonaccrual Loans by Class | The following is a summary of nonaccrual loans by class at the dates indicated: (in thousands) As of March 31, 2020 As of December 31, 2019 Real Estate: Construction & land development $ 901 $ 381 Farmland 855 1,274 1- 4 family 4,347 2,759 Multifamily — — Non-farm non-residential 4,638 4,646 Total Real Estate 10,741 9,060 Non-Real Estate: Agricultural 4,480 4,800 Commercial and industrial 412 327 Consumer and other 273 216 Total Non-Real Estate 5,165 5,343 Total Nonaccrual Loans $ 15,906 $ 14,403 |
Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings | The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated: As of March 31, 2020 As of December 31, 2019 (in thousands) Pass Special Mention Substandard Doubtful Total Pass Special Mention Substandard Doubtful Total Real Estate: Construction & land development $ 116,288 $ 5,832 $ 3,081 $ — $ 125,201 $ 163,808 $ 6,180 $ 2,259 $ — $ 172,247 Farmland 17,597 3,353 890 — 21,840 18,223 3,177 1,341 — 22,741 1- 4 family 267,109 5,603 13,248 197 286,157 271,392 4,751 13,492 — 289,635 Multifamily 19,969 — 7,979 — 27,948 16,025 805 7,143 — 23,973 Non-farm 624,596 8,906 20,579 — 654,081 589,800 7,743 18,993 — 616,536 Total Real Estate 1,045,559 23,694 45,777 197 1,115,227 1,059,248 22,656 43,228 — 1,125,132 Non-Real Estate: Agricultural 19,898 620 4,802 — 25,320 21,529 48 5,133 — 26,710 Commercial 293,277 908 4,000 — 298,185 262,416 1,199 4,641 — 268,256 Consumer and other 108,458 288 175 1 108,922 108,618 180 70 — 108,868 Total Non-Real Estate 421,633 1,816 8,977 1 432,427 392,563 1,427 9,844 — 403,834 Total Loans Before Unearned Income $ 1,467,192 $ 25,510 $ 54,754 $ 198 1,547,654 $ 1,451,811 $ 24,083 $ 53,072 $ — 1,528,966 Unearned income (3,522) (3,476) Total Loans Net of Unearned Income $ 1,544,132 $ 1,525,490 |
Carrying Amount of Purchased Impaired Loans | As part of the acquisition of Union Bancshares, Incorporated on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at March 31, 2020 and December 31, 2019. (in thousands) As of March 31, 2020 As of December 31, 2019 Real Estate: Construction & land development $ 415 $ 526 Farmland — — 1- 4 family 5,455 6,402 Multifamily 869 — Non-farm non-residential 2,416 2,294 Total Real Estate 9,155 9,222 Non-Real Estate: Agricultural — — Commercial and industrial 1,169 1,198 Consumer and other 4 — Total Non-Real Estate 1,173 1,198 Total $ 10,328 $ 10,420 |
Accretable Yield, or Income Expected to be Collected, on Purchased Loans | The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the three months ended March 31, 2020 and 2019. (in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Balance, beginning of period $ 3,647 $ 613 Acquisition accretable yield 30 — Accretion (349) (50) Net transfers from nonaccretable difference to accretable yield — — Balance, end of period $ 3,328 $ 563 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Changes in Allowance for Loan Losses and Allowance and Loans Individually and Collectively Evaluated for Impairment | A summary of changes in the allowance for loan losses, by portfolio type, for the three months ended March 31, 2020 and 2019 are as follows: For the Three Months Ended March 31, 2020 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Beginning Charge-offs Recoveries Provision Ending Real Estate: Construction & land development $ 423 $ — $ — $ 266 $ 689 $ 581 $ — $ — $ 19 $ 600 Farmland 50 — — (3) 47 41 — — 3 44 1- 4 family 1,027 (10) 12 398 1,427 911 (16) 2 (18) 879 Multifamily 1,038 — — (102) 936 1,318 — — 10 1,328 Non-farm 5,277 — — 391 5,668 4,771 — 3 69 4,843 Total Real Estate 7,815 (10) 12 950 8,767 7,622 (16) 5 83 7,694 Non-Real Estate: Agricultural 95 — — — 95 339 — — 15 354 Commercial 1,909 (92) 7 368 2,192 1,909 (246) 8 305 1,976 Consumer and other 1,110 (196) 66 (85) 895 891 (374) 61 370 948 Unallocated — — — 12 12 15 — — 14 29 Total Non-Real Estate 3,114 (288) 73 295 3,194 3,154 (620) 69 704 3,307 Total $ 10,929 $ (298) $ 85 $ 1,245 $ 11,961 $ 10,776 $ (636) $ 74 $ 787 $ 11,001 Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the loan loss reserve from one category to another. A summary of the allowance and loans, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows: As of March 31, 2020 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ 234 $ — $ 455 $ 689 $ 538 $ 415 $ 124,248 $ 125,201 Farmland — — 47 47 543 — 21,297 21,840 1- 4 family 135 — 1,292 1,427 1,156 5,455 279,546 286,157 Multifamily — — 936 936 — 869 27,079 27,948 Non-farm 1,878 — 3,790 5,668 13,356 2,416 638,309 654,081 Total Real Estate 2,247 — 6,520 8,767 15,593 9,155 1,090,479 1,115,227 Non-Real Estate: Agricultural — — 95 95 4,030 — 21,290 25,320 Commercial and industrial 105 — 2,087 2,192 2,258 1,169 294,758 298,185 Consumer and other — — 895 895 — 4 108,918 108,922 Unallocated — — 12 12 — — — — Total Non-Real Estate 105 — 3,089 3,194 6,288 1,173 424,966 432,427 Total $ 2,352 $ — $ 9,609 $ 11,961 $ 21,881 $ 10,328 $ 1,515,445 1,547,654 Unearned Income (3,522) Total Loans Net of Unearned Income $ 1,544,132 As of December 31, 2019 (in thousands) Allowance Allowance Individually Evaluated for Purchased Credit-Impairment Allowance Total Allowance Loans Loans Individually Evaluated for Purchased Credit-Impairment Loans Total Loans Real Estate: Construction & land development $ — $ — $ 423 $ 423 $ — $ 526 $ 171,721 $ 172,247 Farmland — — 50 50 543 — 22,198 22,741 1- 4 family 34 — 993 1,027 1,058 6,402 282,175 289,635 Multifamily — — 1,038 1,038 — — 23,973 23,973 Non-farm non-residential 1,879 — 3,398 5,277 12,120 2,294 602,122 616,536 Total Real Estate 1,913 — 5,902 7,815 13,721 9,222 1,102,189 1,125,132 Non-Real Estate: Agricultural — — 95 95 4,030 — 22,680 26,710 Commercial and industrial 111 — 1,798 1,909 2,981 1,198 264,077 268,256 Consumer and other — — 1,110 1,110 — — 108,868 108,868 Unallocated — — — — — — — — Total Non-Real Estate 111 — 3,003 3,114 7,011 1,198 395,625 403,834 Total $ 2,024 $ — $ 8,905 $ 10,929 $ 20,732 $ 10,420 $ 1,497,814 1,528,966 Unearned Income (3,476) Total loans net of unearned income $ 1,525,490 |
Summary of Impaired Loans, Excluding Loans Acquired with Deteriorated Credit Quality, by Class | The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of March 31, 2020 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland 543 552 — 543 — — 1- 4 family 538 541 — 540 — — Multifamily — — — — — — Non-farm non-residential 9,543 9,543 — 9,610 158 160 Total Real Estate 10,624 10,636 — 10,693 158 160 Non-Real Estate: Agricultural 4,030 4,186 — 4,030 — — Commercial and industrial 1,269 1,269 — 1,616 24 35 Consumer and other — — — — — — Total Non-Real Estate 5,299 5,455 — 5,646 24 35 Total Impaired Loans with no related allowance 15,923 16,091 — 16,339 182 195 Impaired Loans with an allowance recorded: Real Estate: Construction & land development 539 539 234 538 6 — Farmland — — — — — — 1- 4 family 617 617 135 584 — — Multifamily — — — — — — Non-farm non-residential 3,813 4,162 1,878 3,813 1 1 Total Real Estate 4,969 5,318 2,247 4,935 7 1 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 989 989 105 1,000 17 15 Consumer and other — — — — — — Total Non-Real Estate 989 989 105 1,000 17 15 Total Impaired Loans with an allowance recorded 5,958 6,307 2,352 5,935 24 16 Total Impaired Loans $ 21,881 $ 22,398 $ 2,352 $ 22,274 $ 206 $ 211 The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated: As of December 31, 2019 (in thousands) Recorded Unpaid Related Average Interest Income Interest Income Impaired Loans with no related allowance: Real Estate: Construction & land development $ — $ — $ — $ — $ — $ — Farmland 543 552 — 550 — — 1- 4 family 541 541 — 544 27 22 Multifamily — — — — — — Non-farm non-residential 8,307 8,307 — 9,940 673 688 Total Real Estate 9,391 9,400 — 11,034 700 710 Non-Real Estate: Agricultural 4,030 4,186 — 4,031 12 — Commercial and industrial 1,962 1,962 — 1,788 81 67 Consumer and other — — — — — — Total Non-Real Estate 5,992 6,148 — 5,819 93 67 Total Impaired Loans with no related allowance 15,383 15,548 — 16,853 793 777 Impaired Loans with an allowance recorded: Real Estate: Construction & land development — — — — — — Farmland — — — — — — 1- 4 family 517 517 34 522 — — Multifamily — — — — — — Non-farm non-residential 3,813 4,162 1,879 4,134 194 212 Total Real Estate 4,330 4,679 1,913 4,656 194 212 Non-Real Estate: Agricultural — — — — — — Commercial and industrial 1,019 1,019 111 1,039 81 77 Consumer and other — — — — — — Total Non-Real Estate 1,019 1,019 111 1,039 81 77 Total Impaired Loans with an allowance recorded 5,349 5,698 2,024 5,695 275 289 Total Impaired Loans $ 20,732 $ 21,246 $ 2,024 $ 22,548 $ 1,068 $ 1,066 |
Other Real Estate (ORE) (Tables
Other Real Estate (ORE) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Other real estate owned consists of the following at the dates indicated: (in thousands) March 31, 2020 December 31, 2019 Real Estate Owned Acquired by Foreclosure: Residential $ 205 $ 559 Construction & land development 669 669 Non-farm non-residential 3,511 3,651 Total Other Real Estate Owned and Foreclosed Property $ 4,385 $ 4,879 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Notional Amounts of Financial Instruments with Off-Balance Sheet Risk | Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at March 31, 2020 and December 31, 2019: Contract Amount (in thousands) March 31, 2020 December 31, 2019 Commitments to Extend Credit $ 125,083 $ 117,826 Unfunded Commitments under lines of credit $ 161,882 $ 148,127 Commercial and Standby letters of credit $ 9,706 $ 11,258 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) March 31, 2020 December 31, 2019 Available for Sale Securities Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ 15,000 $ — Level 2: Significant Other Observable Inputs 408,924 330,539 Level 3: Significant Unobservable Inputs 10,002 9,398 Securities available for sale measured at fair value $ 433,926 $ 339,937 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3) : Level 3 Changes (in thousands) March 31, 2020 Balance, beginning of year $ 9,398 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income (340) Purchases, sales, issuances and settlements, net (56) Transfers in and/or out of Level 3 1,000 Balance as of end of period $ 10,002 |
Fair Value Measurements, Nonrecurring | The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: (in thousands) At March 31, 2020 At December 31, 2019 Impaired Loans - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs — — Level 3: Significant Unobservable Inputs 4,328 4,046 Impaired loans measured at fair value $ 4,328 $ 4,046 Other Real Estate Owned - Fair Value Measurements Using: Level 1: Quoted Prices in Active Markets For Identical Assets $ — $ — Level 2: Significant Other Observable Inputs 3,564 4,158 Level 3: Significant Unobservable Inputs 821 721 Other real estate owned measured at fair value $ 4,385 $ 4,879 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at March 31, 2020 were as follows: Fair Value Measurements at March 31, 2020 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 168,962 $ 168,962 $ — $ — $ 168,962 Federal funds sold 493 493 — — 493 Securities, available for sale 433,926 15,000 408,924 10,002 433,926 Loans held for sale 476 — — 476 476 Loans, net 1,532,171 — — 1,554,351 1,554,351 Cash surrender value of BOLI 5,322 — — 5,322 5,322 Accrued interest receivable 10,076 — — 10,076 10,076 Liabilities Deposits $ 1,948,605 $ — $ — $ 1,966,531 1,966,531 Short-term advances from Federal Home Loan Bank 50,000 — — 50,000 50,000 Repurchase agreements 6,603 — — 6,603 6,603 Accrued interest payable 5,940 — — 5,940 5,940 Long-term advances from Federal Home Loan Bank 3,489 — — 3,489 3,489 Senior long-term debt 47,014 — — 46,977 46,977 Junior subordinated debentures 14,747 — — 14,969 14,969 The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows: Fair Value Measurements at December 31, 2019 Using (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Assets Cash and due from banks $ 66,511 $ 66,511 $ — $ — $ 66,511 Federal funds sold 914 914 — — 914 Securities, available for sale 339,937 — 330,539 9,398 339,937 Securities, held for maturity 86,579 — 86,817 — 86,817 Loans, net 1,514,561 — — 1,515,277 1,515,277 Cash surrender value of BOLI 5,288 — — 5,288 5,288 Accrued interest receivable 8,412 — — 8,412 8,412 Liabilities Deposits $ 1,853,013 $ — $ — $ 1,863,179 1,863,179 Short-term advances from Federal Home Loan Bank 13,079 — — 13,079 13,079 Repurchase agreements 6,840 — — 6,840 6,840 Accrued interest payable 6,047 — — 6,047 6,047 Long-term advances from Federal Home Loan Bank 3,533 — — 3,533 3,533 Senior long-term debt 48,558 — — 48,517 48,517 Junior subordinated debentures 14,737 — — 14,762 14,762 |
Merger Transaction - Narrative
Merger Transaction - Narrative (Details) - USD ($) $ in Thousands | Nov. 07, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 13,217 | $ 12,942 | |
Premier Bancsares, Inc. | |||
Business Acquisition [Line Items] | |||
Interest acquired | 100.00% | ||
Payments to acquire businesses | $ 43,400 | ||
Goodwill | 9,744 | ||
Intangible assets | $ 4,213 |
Merger Transaction - Schedule o
Merger Transaction - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 07, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 13,217 | $ 12,942 | |
Premier Bancsares, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and due from banks | $ 20,058 | ||
Securities available for sale | 38,813 | ||
Loans | 184,025 | ||
Premises and equipment | 7,223 | ||
Goodwill | 9,744 | ||
Intangible assets | 4,213 | ||
Other real estate | 1,595 | ||
Other assets | 9,303 | ||
Total assets acquired | 274,974 | ||
Deposits | 204,979 | ||
FHLB borrowings | 16,617 | ||
Repurchase agreements | 6,863 | ||
Other liabilities | 3,132 | ||
Total liabilities assumed | 231,591 | ||
Net assets acquired | $ 43,383 |
Securities - Summary Comparison
Securities - Summary Comparison of Securities by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available for sale: | ||
Total available for sale securities | $ 430,255 | $ 337,184 |
Gross Unrealized Gains | 9,646 | 3,352 |
Gross Unrealized Losses | (5,975) | (599) |
Securities, available for sale | 433,926 | 339,937 |
Held to maturity: | ||
Amortized Cost | 0 | 86,579 |
Gross Unrealized Gains | 0 | 382 |
Gross Unrealized Losses | 0 | (144) |
Fair Value | 0 | 86,817 |
U.S. Treasuries | ||
Available for sale: | ||
Total available for sale securities | 15,000 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Securities, available for sale | 15,000 | 0 |
U.S. Government Agencies | ||
Available for sale: | ||
Total available for sale securities | 241 | 16,380 |
Gross Unrealized Gains | 2 | 15 |
Gross Unrealized Losses | 0 | (2) |
Securities, available for sale | 243 | 16,393 |
Held to maturity: | ||
Amortized Cost | 0 | 18,175 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (32) |
Fair Value | 0 | 18,143 |
Corporate debt securities | ||
Available for sale: | ||
Total available for sale securities | 163,368 | 94,561 |
Gross Unrealized Gains | 1,378 | 1,110 |
Gross Unrealized Losses | (5,823) | (302) |
Securities, available for sale | 158,923 | 95,369 |
Municipal bonds | ||
Available for sale: | ||
Total available for sale securities | 31,974 | 30,297 |
Gross Unrealized Gains | 2,261 | 1,870 |
Gross Unrealized Losses | (9) | (14) |
Securities, available for sale | 34,226 | 32,153 |
Held to maturity: | ||
Amortized Cost | 0 | 5,107 |
Gross Unrealized Gains | 0 | 182 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 5,289 |
Collateralized mortgage obligations | ||
Available for sale: | ||
Total available for sale securities | 13,752 | 16,400 |
Gross Unrealized Gains | 155 | 40 |
Gross Unrealized Losses | (134) | (43) |
Securities, available for sale | 13,773 | 16,397 |
Mortgage-backed securities | ||
Available for sale: | ||
Total available for sale securities | 205,920 | 179,546 |
Gross Unrealized Gains | 5,850 | 317 |
Gross Unrealized Losses | (9) | (238) |
Securities, available for sale | 211,761 | 179,625 |
Held to maturity: | ||
Amortized Cost | 0 | 63,297 |
Gross Unrealized Gains | 0 | 200 |
Gross Unrealized Losses | 0 | (112) |
Fair Value | $ 0 | $ 63,385 |
Securities - Scheduled Maturiti
Securities - Scheduled Maturities of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in one year or less | $ 31,194 | |
Due after one year through five years | 74,630 | |
Due after five years through 10 years | 90,828 | |
Over 10 years | 13,931 | |
Subtotal | 210,583 | |
Total available for sale securities | 430,255 | $ 337,184 |
Fair Value | ||
Due in one year or less | 31,186 | |
Due after one year through five years | 74,266 | |
Due after five years through 10 years | 88,232 | |
Over 10 years | 14,708 | |
Subtotal | 208,392 | |
Fair value | 433,926 | 339,937 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Over 10 years | 0 | |
Subtotal | 0 | |
Mortgage-backed securities | 0 | |
Amortized Cost | 0 | 86,579 |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 0 | |
Over 10 years | 0 | |
Subtotal | 0 | |
Mortgage-backed securities | 0 | |
Fair value | 0 | 86,817 |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Without single maturity date | 13,752 | |
Total available for sale securities | 13,752 | 16,400 |
Fair Value | ||
Without single maturity date | 13,773 | |
Fair value | 13,773 | 16,397 |
Mortgage-backed securities | ||
Amortized Cost | ||
Without single maturity date | 205,920 | |
Total available for sale securities | 205,920 | 179,546 |
Fair Value | ||
Without single maturity date | 211,761 | |
Fair value | 211,761 | 179,625 |
Amortized Cost | ||
Amortized Cost | 0 | 63,297 |
Fair Value | ||
Fair value | $ 0 | $ 63,385 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)numberOfSecurities | Mar. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Pledged securities as collateral for public fund deposits and borrowings | $ 229,900,000 | |
Pledged securities, market value | $ 229,900,000 | |
Number of debt securities with unrealized losses | numberOfSecurities | 219 | |
Unrealized losses on debt securities in continuous loss position as percentage of total individual securities' amortized cost basis | 5.50% | |
Unrealized losses on debt securities in continuous loss position as percentage of amortized cost basis of investment securities portfolio | 1.40% | |
Number of debt securities in continuous loss position for over 12 months | numberOfSecurities | 8 | |
Debt securities in a continuous loss position for over 12 months, amortized cost basis | $ 2,000,000 | |
Debt securities in a continuous loss position for over 12 months, unrealized loss | 500,000 | |
Other-than-temporary impairment credit losses on securities not previously OTTI | 0 | $ 0 |
Debt Securities, Available-for-sale [Line Items] | ||
Gain (loss) on sale of held to maturity debt | 100,000 | |
U.S. Government Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt hold to maturity, sold | 18,200,000 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt hold to maturity, sold | 13,500,000 | |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt hold to maturity, sold | $ 200,000 |
Securities - Summary of Securit
Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2020USD ($)numberOfSecurities | Dec. 31, 2019USD ($)numberOfSecurities |
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 211 | 121 |
Less Than 12 Months, Fair Value | $ 100,531 | $ 131,727 |
Less Than 12 Months, Gross Unrealized Losses | $ (5,436) | $ (418) |
12 Months or More, Number of Securities | numberOfSecurities | 8 | 22 |
12 Months or More, Fair Value | $ 1,463 | $ 15,454 |
12 Months or More, Gross Unrealized Losses | $ (539) | $ (181) |
Total, Number of Securities | numberOfSecurities | 219 | 143 |
Total, Fair Value | $ 101,994 | $ 147,181 |
Total, Gross Unrealized Losses | $ (5,975) | $ (599) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 0 | 9 |
Less Than 12 Months, Fair Value | $ 0 | $ 11,057 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (60) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 19 |
12 Months or More, Fair Value | $ 0 | $ 27,358 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (84) |
Total, Number of Securities | numberOfSecurities | 0 | 28 |
Total, Fair Value | $ 0 | $ 38,415 |
Total, Gross Unrealized Losses | $ 0 | $ (144) |
U.S. Treasuries | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 1 | 0 |
Less Than 12 Months, Fair Value | $ 15,000 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 0 |
12 Months or More, Fair Value | $ 0 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | numberOfSecurities | 1 | 0 |
Total, Fair Value | $ 15,000 | $ 0 |
Total, Gross Unrealized Losses | $ 0 | $ 0 |
U.S. Government Agencies | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 0 | 1 |
Less Than 12 Months, Fair Value | $ 0 | $ 4,398 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (1) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 1 |
12 Months or More, Fair Value | $ 0 | $ 149 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (1) |
Total, Number of Securities | numberOfSecurities | 0 | 2 |
Total, Fair Value | $ 0 | $ 4,547 |
Total, Gross Unrealized Losses | $ 0 | $ (2) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 0 | 2 |
Less Than 12 Months, Fair Value | $ 0 | $ 2,177 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (2) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 8 |
12 Months or More, Fair Value | $ 0 | $ 15,965 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (30) |
Total, Number of Securities | numberOfSecurities | 0 | 10 |
Total, Fair Value | $ 0 | $ 18,142 |
Total, Gross Unrealized Losses | $ 0 | $ (32) |
Corporate debt securities | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 191 | 42 |
Less Than 12 Months, Fair Value | $ 79,265 | $ 21,269 |
Less Than 12 Months, Gross Unrealized Losses | $ (5,284) | $ (174) |
12 Months or More, Number of Securities | numberOfSecurities | 8 | 12 |
12 Months or More, Fair Value | $ 1,463 | $ 3,184 |
12 Months or More, Gross Unrealized Losses | $ (539) | $ (128) |
Total, Number of Securities | numberOfSecurities | 199 | 54 |
Total, Fair Value | $ 80,728 | $ 24,453 |
Total, Gross Unrealized Losses | $ (5,823) | $ (302) |
Municipal bonds | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 6 | 9 |
Less Than 12 Months, Fair Value | $ 1,383 | $ 4,285 |
Less Than 12 Months, Gross Unrealized Losses | $ (9) | $ (14) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 0 |
12 Months or More, Fair Value | $ 0 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | numberOfSecurities | 6 | 9 |
Total, Fair Value | $ 1,383 | $ 4,285 |
Total, Gross Unrealized Losses | $ (9) | $ (14) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 0 | 0 |
Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 1 |
12 Months or More, Fair Value | $ 0 | $ 50 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | numberOfSecurities | 0 | 1 |
Total, Fair Value | $ 0 | $ 50 |
Total, Gross Unrealized Losses | $ 0 | $ 0 |
Collateralized mortgage obligations | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 3 | 12 |
Less Than 12 Months, Fair Value | $ 4,252 | $ 10,022 |
Less Than 12 Months, Gross Unrealized Losses | $ (134) | $ (43) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 0 |
12 Months or More, Fair Value | $ 0 | $ 0 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ 0 |
Total, Number of Securities | numberOfSecurities | 3 | 12 |
Total, Fair Value | $ 4,252 | $ 10,022 |
Total, Gross Unrealized Losses | $ (134) | $ (43) |
Mortgage-backed securities | ||
Available for sale | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 10 | 57 |
Less Than 12 Months, Fair Value | $ 631 | $ 91,753 |
Less Than 12 Months, Gross Unrealized Losses | $ (9) | $ (186) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 9 |
12 Months or More, Fair Value | $ 0 | $ 12,121 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (52) |
Total, Number of Securities | numberOfSecurities | 10 | 66 |
Total, Fair Value | $ 631 | $ 103,874 |
Total, Gross Unrealized Losses | $ (9) | $ (238) |
Held to maturity: | ||
Less Than 12 Months, Number of Securities | numberOfSecurities | 0 | 7 |
Less Than 12 Months, Fair Value | $ 0 | $ 8,880 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (58) |
12 Months or More, Number of Securities | numberOfSecurities | 0 | 10 |
12 Months or More, Fair Value | $ 0 | $ 11,343 |
12 Months or More, Gross Unrealized Losses | $ 0 | $ (54) |
Total, Number of Securities | numberOfSecurities | 0 | 17 |
Total, Fair Value | $ 0 | $ 20,223 |
Total, Gross Unrealized Losses | $ 0 | $ (112) |
Securities - Other Than Tempora
Securities - Other Than Temporary Impairments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit losses at end of prior year | $ 0 | $ 60,000 |
Other-than-temporary impairment credit losses on securities not previously OTTI | 0 | 0 |
Increases for additional credit losses on securities previously determined to be OTTI | 0 | 0 |
Reduction for increases in cash flows | 0 | 0 |
Reduction due to credit impaired securities sold or fully settled | 0 | 0 |
Ending balance of cumulative credit losses recognized in earnings at end of period | $ 0 | $ 60,000 |
Securities - Exposure to Bond I
Securities - Exposure to Bond Issuers that Exceeded 10% of Stockholders' Equity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 433,926 | $ 426,516 |
Stockholders' Equity, Total | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 203,157 | |
Fair Value | 208,972 | |
Stockholders' Equity, Total | Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 84,266 | |
Fair Value | 86,654 | |
Stockholders' Equity, Total | Federal National Mortgage Association (Fannie Mae-FNMA) | ||
Concentration Risk [Line Items] | ||
Amortized Cost | 118,891 | |
Fair Value | $ 122,318 |
Loans - Components of Loan Port
Loans - Components of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Balance | ||
Total Loans Before Unearned Income | $ 1,547,654 | $ 1,528,966 |
Unearned income | (3,522) | (3,476) |
Total Loans Net of Unearned Income | $ 1,544,132 | $ 1,525,490 |
As % of Category | ||
Percent of category | 100.00% | 100.00% |
Real Estate | ||
Balance | ||
Total Loans Before Unearned Income | $ 1,115,227 | $ 1,125,132 |
As % of Category | ||
Percent of category | 72.10% | 73.60% |
Real Estate | Construction & land development | ||
Balance | ||
Total Loans Before Unearned Income | $ 125,201 | $ 172,247 |
As % of Category | ||
Percent of category | 8.10% | 11.30% |
Real Estate | Farmland | ||
Balance | ||
Total Loans Before Unearned Income | $ 21,840 | $ 22,741 |
As % of Category | ||
Percent of category | 1.40% | 1.50% |
Real Estate | 1- 4 Family | ||
Balance | ||
Total Loans Before Unearned Income | $ 286,157 | $ 289,635 |
As % of Category | ||
Percent of category | 18.50% | 18.90% |
Real Estate | Multifamily | ||
Balance | ||
Total Loans Before Unearned Income | $ 27,948 | $ 23,973 |
As % of Category | ||
Percent of category | 1.80% | 1.60% |
Real Estate | Non-farm non-residential | ||
Balance | ||
Total Loans Before Unearned Income | $ 654,081 | $ 616,536 |
As % of Category | ||
Percent of category | 42.30% | 40.30% |
Non-Real Estate | ||
Balance | ||
Total Loans Before Unearned Income | $ 432,427 | $ 403,834 |
As % of Category | ||
Percent of category | 27.90% | 26.40% |
Non-Real Estate | Agricultural | ||
Balance | ||
Total Loans Before Unearned Income | $ 25,320 | $ 26,710 |
As % of Category | ||
Percent of category | 1.60% | 1.80% |
Non-Real Estate | Commercial and industrial | ||
Balance | ||
Total Loans Before Unearned Income | $ 298,185 | $ 268,256 |
As % of Category | ||
Percent of category | 19.30% | 17.50% |
Non-Real Estate | Consumer and other | ||
Balance | ||
Total Loans Before Unearned Income | $ 108,922 | $ 108,868 |
As % of Category | ||
Percent of category | 7.00% | 7.10% |
Loans - Fixed and Floating Rate
Loans - Fixed and Floating Rate Loans by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | $ 301,302 | $ 310,455 |
More than one to five years | 829,141 | 795,586 |
More than five to 15 years | 196,400 | 213,215 |
Over 15 years | 204,905 | 195,307 |
Subtotal | 1,531,748 | 1,514,563 |
Nonaccrual loans | 15,906 | 14,403 |
Total Loans Before Unearned Income | 1,547,654 | 1,528,966 |
Unearned income | (3,522) | (3,476) |
Total Loans Net of Unearned Income | 1,544,132 | 1,525,490 |
Fixed Rate Loans | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 187,994 | 205,596 |
More than one to five years | 505,679 | 509,455 |
More than five to 15 years | 133,002 | 147,502 |
Over 15 years | 137,443 | 143,695 |
Subtotal | 964,118 | 1,006,248 |
Floating Rate Loans | ||
Financing receivables, fixed and floating rate loans by contractual maturity [Abstract] | ||
One year or less | 113,308 | 104,859 |
More than one to five years | 323,462 | 286,131 |
More than five to 15 years | 63,398 | 65,713 |
Over 15 years | 67,462 | 51,612 |
Subtotal | 567,630 | 508,315 |
Loans at interest rate floor | $ 289,800 | $ 153,300 |
Loans - Receivables Past Due (D
Loans - Receivables Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | $ 51,110 | $ 41,513 |
Current | 1,496,544 | 1,487,453 |
Total Loans Before Unearned Income | 1,547,654 | 1,528,966 |
Recorded Investment 90 Days Accruing | 6,916 | 2,639 |
Unearned income | (3,522) | (3,476) |
Total Loans Net of Unearned Income | 1,544,132 | 1,525,490 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 28,288 | 24,471 |
90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 22,822 | 17,042 |
Real Estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 41,785 | 32,200 |
Current | 1,073,442 | 1,092,932 |
Total Loans Before Unearned Income | 1,115,227 | 1,125,132 |
Recorded Investment 90 Days Accruing | 6,673 | 2,574 |
Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 24,371 | 20,566 |
Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 17,414 | 11,634 |
Real Estate | Construction & land development | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 4,752 | 1,189 |
Current | 120,449 | 171,058 |
Total Loans Before Unearned Income | 125,201 | 172,247 |
Recorded Investment 90 Days Accruing | 414 | 48 |
Real Estate | Construction & land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 3,437 | 760 |
Real Estate | Construction & land development | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,315 | 429 |
Real Estate | Farmland | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 2,687 | 1,280 |
Current | 19,153 | 21,461 |
Total Loans Before Unearned Income | 21,840 | 22,741 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Real Estate | Farmland | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,832 | 6 |
Real Estate | Farmland | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 855 | 1,274 |
Real Estate | 1- 4 Family | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 12,174 | 12,203 |
Current | 273,983 | 277,432 |
Total Loans Before Unearned Income | 286,157 | 289,635 |
Recorded Investment 90 Days Accruing | 1,203 | 923 |
Real Estate | 1- 4 Family | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 6,624 | 8,521 |
Real Estate | 1- 4 Family | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 5,550 | 3,682 |
Real Estate | Multifamily | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Current | 27,948 | 23,973 |
Total Loans Before Unearned Income | 27,948 | 23,973 |
Recorded Investment 90 Days Accruing | 0 | 0 |
Real Estate | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate | Multifamily | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 22,172 | 17,528 |
Current | 631,909 | 599,008 |
Total Loans Before Unearned Income | 654,081 | 616,536 |
Recorded Investment 90 Days Accruing | 5,056 | 1,603 |
Real Estate | Non-farm non-residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 12,478 | 11,279 |
Real Estate | Non-farm non-residential | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 9,694 | 6,249 |
Non-Real Estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 9,325 | 9,313 |
Current | 423,102 | 394,521 |
Total Loans Before Unearned Income | 432,427 | 403,834 |
Recorded Investment 90 Days Accruing | 243 | 65 |
Non-Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 3,917 | 3,905 |
Non-Real Estate | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 5,408 | 5,408 |
Non-Real Estate | Agricultural | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 5,675 | 5,110 |
Current | 19,645 | 21,600 |
Total Loans Before Unearned Income | 25,320 | 26,710 |
Recorded Investment 90 Days Accruing | 46 | 0 |
Non-Real Estate | Agricultural | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,149 | 310 |
Non-Real Estate | Agricultural | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 4,526 | 4,800 |
Non-Real Estate | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,834 | 3,143 |
Current | 296,351 | 265,113 |
Total Loans Before Unearned Income | 298,185 | 268,256 |
Recorded Investment 90 Days Accruing | 139 | 15 |
Non-Real Estate | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,283 | 2,801 |
Non-Real Estate | Commercial and industrial | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 551 | 342 |
Non-Real Estate | Consumer and other | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,816 | 1,060 |
Current | 107,106 | 107,808 |
Total Loans Before Unearned Income | 108,922 | 108,868 |
Recorded Investment 90 Days Accruing | 58 | 50 |
Non-Real Estate | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,485 | 794 |
Non-Real Estate | Consumer and other | 90 Days or Greater | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | $ 331 | $ 266 |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | $ 15,906 | $ 14,403 |
Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 10,741 | 9,060 |
Real Estate | Construction & land development | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 901 | 381 |
Real Estate | Farmland | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 855 | 1,274 |
Real Estate | 1- 4 Family | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 4,347 | 2,759 |
Real Estate | Multifamily | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 4,638 | 4,646 |
Non-Real Estate | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 5,165 | 5,343 |
Non-Real Estate | Agricultural | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 4,480 | 4,800 |
Non-Real Estate | Commercial and industrial | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | 412 | 327 |
Non-Real Estate | Consumer and other | ||
Summary of nonaccrual loans by class [Abstract] | ||
Nonaccrual loans | $ 273 | $ 216 |
Loans - Credit Exposure of Port
Loans - Credit Exposure of Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | $ 1,547,654 | $ 1,528,966 |
Unearned income | (3,522) | (3,476) |
Total Loans Net of Unearned Income | 1,544,132 | 1,525,490 |
Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 1,467,192 | 1,451,811 |
Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 25,510 | 24,083 |
Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 54,754 | 53,072 |
Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 198 | 0 |
Real Estate | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 1,115,227 | 1,125,132 |
Real Estate | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 1,045,559 | 1,059,248 |
Real Estate | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 23,694 | 22,656 |
Real Estate | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 45,777 | 43,228 |
Real Estate | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 197 | 0 |
Real Estate | Construction & land development | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 125,201 | 172,247 |
Real Estate | Construction & land development | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 116,288 | 163,808 |
Real Estate | Construction & land development | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 5,832 | 6,180 |
Real Estate | Construction & land development | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 3,081 | 2,259 |
Real Estate | Construction & land development | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate | Farmland | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 21,840 | 22,741 |
Real Estate | Farmland | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 17,597 | 18,223 |
Real Estate | Farmland | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 3,353 | 3,177 |
Real Estate | Farmland | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 890 | 1,341 |
Real Estate | Farmland | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate | 1- 4 Family | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 286,157 | 289,635 |
Real Estate | 1- 4 Family | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 267,109 | 271,392 |
Real Estate | 1- 4 Family | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 5,603 | 4,751 |
Real Estate | 1- 4 Family | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 13,248 | 13,492 |
Real Estate | 1- 4 Family | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 197 | 0 |
Real Estate | Multifamily | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 27,948 | 23,973 |
Real Estate | Multifamily | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 19,969 | 16,025 |
Real Estate | Multifamily | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 805 |
Real Estate | Multifamily | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 7,979 | 7,143 |
Real Estate | Multifamily | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 654,081 | 616,536 |
Real Estate | Non-farm non-residential | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 624,596 | 589,800 |
Real Estate | Non-farm non-residential | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 8,906 | 7,743 |
Real Estate | Non-farm non-residential | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 20,579 | 18,993 |
Real Estate | Non-farm non-residential | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 432,427 | 403,834 |
Non-Real Estate | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 421,633 | 392,563 |
Non-Real Estate | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 1,816 | 1,427 |
Non-Real Estate | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 8,977 | 9,844 |
Non-Real Estate | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 1 | 0 |
Non-Real Estate | Agricultural | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 25,320 | 26,710 |
Non-Real Estate | Agricultural | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 19,898 | 21,529 |
Non-Real Estate | Agricultural | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 620 | 48 |
Non-Real Estate | Agricultural | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 4,802 | 5,133 |
Non-Real Estate | Agricultural | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate | Commercial and industrial | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 298,185 | 268,256 |
Non-Real Estate | Commercial and industrial | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 293,277 | 262,416 |
Non-Real Estate | Commercial and industrial | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 908 | 1,199 |
Non-Real Estate | Commercial and industrial | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 4,000 | 4,641 |
Non-Real Estate | Commercial and industrial | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 0 | 0 |
Non-Real Estate | Consumer and other | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 108,922 | 108,868 |
Non-Real Estate | Consumer and other | Pass | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 108,458 | 108,618 |
Non-Real Estate | Consumer and other | Special Mention | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 288 | 180 |
Non-Real Estate | Consumer and other | Substandard | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | 175 | 70 |
Non-Real Estate | Consumer and other | Doubtful | ||
Credit exposure of loan portfolio by specific credit ratings [Abstract] | ||
Total Loans Before Unearned Income | $ 1 | $ 0 |
Loans - Purchased Impaired Loan
Loans - Purchased Impaired Loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | $ 10,328,000 | $ 10,420,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 0 | 0 | |
Purchased impaired loans | |||
Balance, beginning of period | 3,647,000 | $ 613,000 | 613,000 |
Acquisition accretable yield | 30,000 | 0 | |
Accretion | (349,000) | (50,000) | |
Net transfers from nonaccretable difference to accretable yield | 0 | 0 | |
Balance, end of period | 3,328,000 | $ 563,000 | 3,647,000 |
Real Estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 9,155,000 | 9,222,000 | |
Real Estate | Construction & land development | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 415,000 | 526,000 | |
Real Estate | Farmland | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 0 | |
Real Estate | 1- 4 Family | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 5,455,000 | 6,402,000 | |
Real Estate | Multifamily | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 869,000 | 0 | |
Real Estate | Non-farm non-residential | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 2,416,000 | 2,294,000 | |
Non-Real Estate | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 1,173,000 | 1,198,000 | |
Non-Real Estate | Agricultural | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 0 | 0 | |
Non-Real Estate | Commercial and industrial | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | 1,169,000 | 1,198,000 | |
Non-Real Estate | Consumer and other | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |||
Carry amount | $ 4,000 | $ 0 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses, by Portfolio Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | $ 10,929 | $ 10,776 |
Charge-offs | (298) | (636) |
Recoveries | 85 | 74 |
Provision | 1,245 | 787 |
Ending allowance | 11,961 | 11,001 |
Real Estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 7,815 | 7,622 |
Charge-offs | (10) | (16) |
Recoveries | 12 | 5 |
Provision | 950 | 83 |
Ending allowance | 8,767 | 7,694 |
Real Estate | Construction & land development | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 423 | 581 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 266 | 19 |
Ending allowance | 689 | 600 |
Real Estate | Farmland | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 50 | 41 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (3) | 3 |
Ending allowance | 47 | 44 |
Real Estate | 1- 4 Family | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,027 | 911 |
Charge-offs | (10) | (16) |
Recoveries | 12 | 2 |
Provision | 398 | (18) |
Ending allowance | 1,427 | 879 |
Real Estate | Multifamily | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,038 | 1,318 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (102) | 10 |
Ending allowance | 936 | 1,328 |
Real Estate | Non-farm non-residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 5,277 | 4,771 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 3 |
Provision | 391 | 69 |
Ending allowance | 5,668 | 4,843 |
Non-Real Estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 3,114 | 3,154 |
Charge-offs | (288) | (620) |
Recoveries | 73 | 69 |
Provision | 295 | 704 |
Ending allowance | 3,194 | 3,307 |
Non-Real Estate | Agricultural | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 95 | 339 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 15 |
Ending allowance | 95 | 354 |
Non-Real Estate | Commercial and industrial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,909 | 1,909 |
Charge-offs | (92) | (246) |
Recoveries | 7 | 8 |
Provision | 368 | 305 |
Ending allowance | 2,192 | 1,976 |
Non-Real Estate | Consumer and other | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 1,110 | 891 |
Charge-offs | (196) | (374) |
Recoveries | 66 | 61 |
Provision | (85) | 370 |
Ending allowance | 895 | 948 |
Non-Real Estate | Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning allowance | 0 | 15 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 12 | 14 |
Ending allowance | $ 12 | $ 29 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Summary of Allowance and Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | $ 2,352 | $ 2,024 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 9,609 | 8,905 | ||
Total Allowance for Credit Losses | 11,961 | 10,929 | $ 11,001 | $ 10,776 |
Loans Individually Evaluated for Impairment | 21,881 | 20,732 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 10,328 | 10,420 | ||
Loans Collectively Evaluated for Impairment | 1,515,445 | 1,497,814 | ||
Total Loans Before Unearned Income | 1,547,654 | 1,528,966 | ||
Unearned income | (3,522) | (3,476) | ||
Total Loans Net of Unearned Income | 1,544,132 | 1,525,490 | ||
Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 2,247 | 1,913 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 6,520 | 5,902 | ||
Total Allowance for Credit Losses | 8,767 | 7,815 | 7,694 | 7,622 |
Loans Individually Evaluated for Impairment | 15,593 | 13,721 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 9,155 | 9,222 | ||
Loans Collectively Evaluated for Impairment | 1,090,479 | 1,102,189 | ||
Total Loans Before Unearned Income | 1,115,227 | 1,125,132 | ||
Real Estate | Construction & land development | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 234 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 455 | 423 | ||
Total Allowance for Credit Losses | 689 | 423 | 600 | 581 |
Loans Individually Evaluated for Impairment | 538 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 415 | 526 | ||
Loans Collectively Evaluated for Impairment | 124,248 | 171,721 | ||
Total Loans Before Unearned Income | 125,201 | 172,247 | ||
Real Estate | Farmland | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 47 | 50 | ||
Total Allowance for Credit Losses | 47 | 50 | 44 | 41 |
Loans Individually Evaluated for Impairment | 543 | 543 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 21,297 | 22,198 | ||
Total Loans Before Unearned Income | 21,840 | 22,741 | ||
Real Estate | 1- 4 Family | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 135 | 34 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 1,292 | 993 | ||
Total Allowance for Credit Losses | 1,427 | 1,027 | 879 | 911 |
Loans Individually Evaluated for Impairment | 1,156 | 1,058 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 5,455 | 6,402 | ||
Loans Collectively Evaluated for Impairment | 279,546 | 282,175 | ||
Total Loans Before Unearned Income | 286,157 | 289,635 | ||
Real Estate | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 936 | 1,038 | ||
Total Allowance for Credit Losses | 936 | 1,038 | 1,328 | 1,318 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 869 | 0 | ||
Loans Collectively Evaluated for Impairment | 27,079 | 23,973 | ||
Total Loans Before Unearned Income | 27,948 | 23,973 | ||
Real Estate | Non-farm non-residential | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 1,878 | 1,879 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 3,790 | 3,398 | ||
Total Allowance for Credit Losses | 5,668 | 5,277 | 4,843 | 4,771 |
Loans Individually Evaluated for Impairment | 13,356 | 12,120 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 2,416 | 2,294 | ||
Loans Collectively Evaluated for Impairment | 638,309 | 602,122 | ||
Total Loans Before Unearned Income | 654,081 | 616,536 | ||
Non-Real Estate | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 105 | 111 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 3,089 | 3,003 | ||
Total Allowance for Credit Losses | 3,194 | 3,114 | 3,307 | 3,154 |
Loans Individually Evaluated for Impairment | 6,288 | 7,011 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 1,173 | 1,198 | ||
Loans Collectively Evaluated for Impairment | 424,966 | 395,625 | ||
Total Loans Before Unearned Income | 432,427 | 403,834 | ||
Non-Real Estate | Agricultural | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 95 | 95 | ||
Total Allowance for Credit Losses | 95 | 95 | 354 | 339 |
Loans Individually Evaluated for Impairment | 4,030 | 4,030 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 21,290 | 22,680 | ||
Total Loans Before Unearned Income | 25,320 | 26,710 | ||
Non-Real Estate | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 105 | 111 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 2,087 | 1,798 | ||
Total Allowance for Credit Losses | 2,192 | 1,909 | 1,976 | 1,909 |
Loans Individually Evaluated for Impairment | 2,258 | 2,981 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 1,169 | 1,198 | ||
Loans Collectively Evaluated for Impairment | 294,758 | 264,077 | ||
Total Loans Before Unearned Income | 298,185 | 268,256 | ||
Non-Real Estate | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 895 | 1,110 | ||
Total Allowance for Credit Losses | 895 | 1,110 | 948 | 891 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 4 | 0 | ||
Loans Collectively Evaluated for Impairment | 108,918 | 108,868 | ||
Total Loans Before Unearned Income | 108,922 | 108,868 | ||
Non-Real Estate | Unallocated | ||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||
Allowance Individually Evaluated for Impairment | 0 | 0 | ||
Allowance Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Allowance Collectively Evaluated for Impairment | 12 | 0 | ||
Total Allowance for Credit Losses | 12 | 0 | $ 29 | $ 15 |
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Individually Evaluated for Purchased Credit-Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 0 | 0 | ||
Total Loans Before Unearned Income | $ 0 | $ 0 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Impaired Loans with no related allowance: | ||
Recorded Investment | $ 15,923,000 | $ 15,383,000 |
Unpaid Principal Balance | 16,091,000 | 15,548,000 |
Average Recorded Investment | 16,339,000 | 16,853,000 |
Interest Income Recognized | 182,000 | 793,000 |
Interest Income Cash Basis | 195,000 | 777,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 5,958,000 | 5,349,000 |
Unpaid Principal Balance | 6,307,000 | 5,698,000 |
Related Allowance | 2,352,000 | 2,024,000 |
Average Recorded Investment | 5,935,000 | 5,695,000 |
Interest Income Recognized | 24,000 | 275,000 |
Interest Income Cash Basis | 16,000 | 289,000 |
Total Impaired Loans | ||
Recorded Investment | 21,881,000 | 20,732,000 |
Unpaid Principal Balance | 22,398,000 | 21,246,000 |
Related Allowance | 2,352,000 | 2,024,000 |
Average Recorded Investment | 22,274,000 | 22,548,000 |
Interest Income Recognized | 206,000 | 1,068,000 |
Interest Income Cash Basis | 211,000 | 1,066,000 |
Total TDRs | 0 | 0 |
Total TDRs | 0 | 0 |
Real Estate | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 10,624,000 | 9,391,000 |
Unpaid Principal Balance | 10,636,000 | 9,400,000 |
Average Recorded Investment | 10,693,000 | 11,034,000 |
Interest Income Recognized | 158,000 | 700,000 |
Interest Income Cash Basis | 160,000 | 710,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 4,969,000 | 4,330,000 |
Unpaid Principal Balance | 5,318,000 | 4,679,000 |
Related Allowance | 2,247,000 | 1,913,000 |
Average Recorded Investment | 4,935,000 | 4,656,000 |
Interest Income Recognized | 7,000 | 194,000 |
Interest Income Cash Basis | 1,000 | 212,000 |
Total Impaired Loans | ||
Related Allowance | 2,247,000 | 1,913,000 |
Real Estate | Construction & land development | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 539,000 | 0 |
Unpaid Principal Balance | 539,000 | 0 |
Related Allowance | 234,000 | 0 |
Average Recorded Investment | 538,000 | 0 |
Interest Income Recognized | 6,000 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 234,000 | 0 |
Real Estate | Farmland | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 543,000 | 543,000 |
Unpaid Principal Balance | 552,000 | 552,000 |
Average Recorded Investment | 543,000 | 550,000 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate | 1- 4 Family | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 538,000 | 541,000 |
Unpaid Principal Balance | 541,000 | 541,000 |
Average Recorded Investment | 540,000 | 544,000 |
Interest Income Recognized | 0 | 27,000 |
Interest Income Cash Basis | 0 | 22,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 617,000 | 517,000 |
Unpaid Principal Balance | 617,000 | 517,000 |
Related Allowance | 135,000 | 34,000 |
Average Recorded Investment | 584,000 | 522,000 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 135,000 | 34,000 |
Real Estate | Multifamily | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Real Estate | Non-farm non-residential | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 9,543,000 | 8,307,000 |
Unpaid Principal Balance | 9,543,000 | 8,307,000 |
Average Recorded Investment | 9,610,000 | 9,940,000 |
Interest Income Recognized | 158,000 | 673,000 |
Interest Income Cash Basis | 160,000 | 688,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 3,813,000 | 3,813,000 |
Unpaid Principal Balance | 4,162,000 | 4,162,000 |
Related Allowance | 1,878,000 | 1,879,000 |
Average Recorded Investment | 3,813,000 | 4,134,000 |
Interest Income Recognized | 1,000 | 194,000 |
Interest Income Cash Basis | 1,000 | 212,000 |
Total Impaired Loans | ||
Related Allowance | 1,878,000 | 1,879,000 |
Non-Real Estate | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 5,299,000 | 5,992,000 |
Unpaid Principal Balance | 5,455,000 | 6,148,000 |
Average Recorded Investment | 5,646,000 | 5,819,000 |
Interest Income Recognized | 24,000 | 93,000 |
Interest Income Cash Basis | 35,000 | 67,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 989,000 | 1,019,000 |
Unpaid Principal Balance | 989,000 | 1,019,000 |
Related Allowance | 105,000 | 111,000 |
Average Recorded Investment | 1,000,000 | 1,039,000 |
Interest Income Recognized | 17,000 | 81,000 |
Interest Income Cash Basis | 15,000 | 77,000 |
Total Impaired Loans | ||
Related Allowance | 105,000 | 111,000 |
Non-Real Estate | Agricultural | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 4,030,000 | 4,030,000 |
Unpaid Principal Balance | 4,186,000 | 4,186,000 |
Average Recorded Investment | 4,030,000 | 4,031,000 |
Interest Income Recognized | 0 | 12,000 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | 0 | 0 |
Non-Real Estate | Commercial and industrial | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 1,269,000 | 1,962,000 |
Unpaid Principal Balance | 1,269,000 | 1,962,000 |
Average Recorded Investment | 1,616,000 | 1,788,000 |
Interest Income Recognized | 24,000 | 81,000 |
Interest Income Cash Basis | 35,000 | 67,000 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 989,000 | 1,019,000 |
Unpaid Principal Balance | 989,000 | 1,019,000 |
Related Allowance | 105,000 | 111,000 |
Average Recorded Investment | 1,000,000 | 1,039,000 |
Interest Income Recognized | 17,000 | 81,000 |
Interest Income Cash Basis | 15,000 | 77,000 |
Total Impaired Loans | ||
Related Allowance | 105,000 | 111,000 |
Non-Real Estate | Consumer and other | ||
Impaired Loans with no related allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Impaired Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Cash Basis | 0 | 0 |
Total Impaired Loans | ||
Related Allowance | $ 0 | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 13,217,000 | $ 12,942,000 |
Impairment charges recognized on the Company's intangible assets | 0 | |
Increase (decrease) in loan servicing assets | (30,000) | |
Loan servicing assets | 600,000 | |
Goodwill, Period Increase (Decrease) | $ 300,000 | |
Goodwill Period Increase (Decrease) Percent | 2.10% | |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 10 years 7 months 6 days |
Other Real Estate (ORE) (Detail
Other Real Estate (ORE) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real Estate Owned Acquired by Foreclosure: | ||
Residential | $ 205 | $ 559 |
Construction & land development | 669 | 669 |
Non-farm non-residential | 3,511 | 3,651 |
Total Other Real Estate Owned and Foreclosed Property | 4,385 | $ 4,879 |
Loans secured by one to four family residential properties in the process of foreclosure | $ 2,700 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Mar. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) |
Commitments to Extend Credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 125,083 | $ 117,826 |
Unfunded Commitments under lines of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | 161,882 | 148,127 |
Commercial and Standby letters of credit | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | 9,706 | $ 11,258 |
Construction Commitment | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 10,100 | |
Number of facilities under construction | facility | 1 | |
Construction Commitment | Construction in Progress [Member] | ||
Off-balance sheet commitments [Abstract] | ||
Property, plant and equipment, gross | $ 8,100 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | $ 433,926 | $ 339,937 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 15,000 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 433,926 | 339,937 |
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 15,000 | 0 |
Fair Value, Measurements, Recurring | Level 1: Quoted Prices in Active Markets For Identical Assets | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in securities available | 15,000 | |
Fair Value, Measurements, Recurring | Level 2: Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | 408,924 | 330,539 |
Fair Value, Measurements, Recurring | Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities, available for sale | $ 10,002 | $ 9,398 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Input Reconciliation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Level 3 Changes | |
Balance, beginning of year | $ 9,398 |
Total gains or losses (realized/unrealized): | |
Included in earnings | 0 |
Included in other comprehensive income | (340) |
Purchases, sales, issuances and settlements, net | (56) |
Transfers in and/or out of Level 3 | 1,000 |
Balance as of end of period | $ 10,002 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 4,328 | $ 4,046 |
Other Real Estate Owned | 4,385 | 4,879 |
Level 1: Quoted Prices in Active Markets For Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Real Estate Owned | 0 | 0 |
Level 2: Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other Real Estate Owned | 3,564 | 4,158 |
Level 3: Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 4,328 | 4,046 |
Other Real Estate Owned | $ 821 | $ 721 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Securities, available for sale | $ 433,926 | $ 339,937 |
Carrying Amount | ||
Assets | ||
Federal funds sold | 493 | 914 |
Securities, available for sale | 433,926 | 339,937 |
Loans, net | 1,532,171 | 1,514,561 |
Cash surrender value of BOLI | 5,322 | 5,288 |
Accrued interest receivable | 10,076 | 8,412 |
Liabilities | ||
Deposits | 1,948,605 | 1,853,013 |
Short-term advances from Federal Home Loan Bank | 50,000 | 13,079 |
Repurchase agreements | 6,603 | 6,840 |
Accrued interest payable | 5,940 | 6,047 |
Long-term advances from Federal Home Loan Bank | 3,489 | 3,533 |
Senior long-term debt | 47,014 | 48,558 |
Junior subordinated debentures | 14,747 | 14,737 |
Loans Held-for-sale, Fair Value Disclosure | 476 | 86,579 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 168,962 | 66,511 |
Fair Value Measurements | ||
Assets | ||
Federal funds sold | 493 | 914 |
Securities, available for sale | 433,926 | 339,937 |
Loans, net | 1,554,351 | 1,515,277 |
Cash surrender value of BOLI | 5,322 | 5,288 |
Accrued interest receivable | 10,076 | 8,412 |
Liabilities | ||
Deposits | 1,966,531 | 1,863,179 |
Short-term advances from Federal Home Loan Bank | 50,000 | 13,079 |
Repurchase agreements | 6,603 | 6,840 |
Accrued interest payable | 5,940 | 6,047 |
Long-term advances from Federal Home Loan Bank | 3,489 | 3,533 |
Senior long-term debt | 46,977 | 48,517 |
Junior subordinated debentures | 14,969 | 14,762 |
Loans Held-for-sale, Fair Value Disclosure | 476 | 86,817 |
Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 168,962 | 66,511 |
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 493 | 914 |
Securities, available for sale | 15,000 | 0 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | 0 | 0 |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 168,962 | 66,511 |
Level 2: Significant Other Observable Inputs | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 408,924 | 330,539 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities | ||
Deposits | 0 | 0 |
Short-term advances from Federal Home Loan Bank | 0 | 0 |
Repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term advances from Federal Home Loan Bank | 0 | 0 |
Senior long-term debt | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 86,817 |
Level 2: Significant Other Observable Inputs | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | 0 | 0 |
Level 3: Significant Unobservable Inputs | Fair Value Measurements | ||
Assets | ||
Federal funds sold | 0 | 0 |
Securities, available for sale | 10,002 | 9,398 |
Loans, net | 1,554,351 | 1,515,277 |
Cash surrender value of BOLI | 5,322 | 5,288 |
Accrued interest receivable | 10,076 | 8,412 |
Liabilities | ||
Deposits | 1,966,531 | 1,863,179 |
Short-term advances from Federal Home Loan Bank | 50,000 | 13,079 |
Repurchase agreements | 6,603 | 6,840 |
Accrued interest payable | 5,940 | 6,047 |
Long-term advances from Federal Home Loan Bank | 3,489 | 3,533 |
Senior long-term debt | 46,977 | 48,517 |
Junior subordinated debentures | 14,969 | 14,762 |
Loans Held-for-sale, Fair Value Disclosure | 476 | 0 |
Level 3: Significant Unobservable Inputs | Fair Value Measurements | Cash and due from banks | ||
Assets | ||
Cash and due from banks | $ 0 | $ 0 |