Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 08, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37391 | ||
Entity Registrant Name | Reliant Bancorp, Inc. | ||
Entity Incorporation, State or Country Code | TN | ||
Entity Tax Identification Number | 37-1641316 | ||
Entity Address, Address Line One | 1736 Carothers Parkway | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Brentwood | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37027 | ||
City Area Code | 615 | ||
Local Phone Number | 221-2020 | ||
Title of 12(b) Security | Common Stock, $1.00 par value per share | ||
Trading Symbol | RBNC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 248,633,065 | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,387,941 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for its 2021 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2020 are incorporated by reference into Part III of this report for the year ended December 31, 2020. | ||
Entity Central Index Key | 0001606440 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 13,717 | $ 7,953 |
Interest-bearing deposits in financial institutions | 79,756 | 43,644 |
Federal funds sold | 1,572 | 52 |
Total cash and cash equivalents | 95,045 | 51,649 |
Securities available for sale | 256,653 | 260,293 |
Loans | 2,300,783 | 1,409,952 |
Less allowance for loan losses | (20,636) | (12,578) |
Loans, net | 2,280,147 | 1,397,374 |
Mortgage loans held for sale, net | 147,524 | 37,476 |
Accrued interest receivable | 14,889 | 7,188 |
Premises and equipment, net | 31,462 | 21,064 |
Operating leases right of use assets | 13,103 | |
Restricted equity securities, at cost | 16,551 | 11,279 |
Other real estate, net | 1,246 | 750 |
Cash surrender value of life insurance contracts | 77,988 | 46,632 |
Deferred tax assets, net | 7,121 | 3,933 |
Goodwill | 54,396 | 43,642 |
Core deposit intangibles | 11,347 | 7,270 |
Other assets | 19,063 | 13,292 |
Total assets | 3,026,535 | 1,901,842 |
Deposits | ||
Noninterest-bearing demand | 575,289 | 260,681 |
Interest-bearing demand | 350,392 | 152,718 |
Savings and money market deposit accounts | 857,210 | 408,724 |
Time | 796,344 | 762,330 |
Total deposits | 2,579,235 | 1,584,453 |
Accrued interest payable | 2,571 | 2,022 |
Federal funds purchased | 0 | 0 |
Subordinated debentures | 70,446 | 70,883 |
Federal Home Loan Bank advances | 10,000 | 10,737 |
Operating leases liabilities | 14,231 | |
Other liabilities | 28,079 | 9,994 |
TOTAL LIABILITIES | 2,704,562 | 1,678,089 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued to date | 0 | 0 |
Common stock, $1 par value; 30,000,000 shares authorized; 16,654,409 and 11,206,254 shares issued and outstanding at December 31, 2020 and 2019, respectively | 16,654 | 11,206 |
Additional paid-in capital | 233,331 | 167,006 |
Retained earnings | 65,757 | 40,472 |
Accumulated other comprehensive income | 6,231 | 5,069 |
TOTAL STOCKHOLDERS’ EQUITY | 321,973 | 223,753 |
Total liabilities and shareholders' equity | $ 3,026,535 | $ 1,901,842 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 16,654,409 | 11,206,254 |
Common stock, shares outstanding (in shares) | 16,654,409 | 11,206,254 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME | |||
Interest and fees on loans | $ 119,259 | $ 68,421 | $ 58,351 |
Interest and fees on loans held for sale | 3,450 | 961 | 1,278 |
Interest on investment securities, taxable | 1,517 | 2,099 | 1,836 |
Interest on investment securities, nontaxable | 5,068 | 6,452 | 6,605 |
Federal funds sold and other | 977 | 1,252 | 1,137 |
TOTAL INTEREST INCOME | 130,271 | 79,185 | 69,207 |
Deposits | |||
Demand | 779 | 384 | 366 |
Savings and money market deposit accounts | 4,709 | 4,191 | 2,589 |
Time | 11,880 | 17,324 | 9,998 |
Federal Home Loan Bank advances and other borrowings | 903 | 543 | 1,719 |
Subordinated debentures | 3,954 | 938 | 724 |
TOTAL INTEREST EXPENSE | 22,225 | 23,380 | 15,396 |
NET INTEREST INCOME | 108,046 | 55,805 | 53,811 |
PROVISION FOR LOAN LOSSES | 8,350 | 1,211 | 1,035 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 99,696 | 54,594 | 52,776 |
NONINTEREST INCOME | |||
Service charges on deposit accounts | 5,747 | 3,746 | 3,419 |
Gains on mortgage loans sold, net | 12,239 | 4,905 | 4,418 |
(Loss) gain on securities transactions, net | (270) | 1,451 | 43 |
Other noninterest income | 3,843 | 1,862 | 1,784 |
TOTAL NONINTEREST INCOME | 21,559 | 11,964 | 9,664 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 46,332 | 30,514 | 27,510 |
Occupancy | 7,756 | 5,423 | 4,949 |
Data processing and software | 8,594 | 6,213 | 5,333 |
Professional fees | 2,676 | 2,302 | 2,848 |
Regulatory fees | 1,797 | 908 | 1,077 |
Merger expenses | 6,895 | 1,603 | 2,774 |
Other operating expense | 9,157 | 6,929 | 6,070 |
TOTAL NONINTEREST EXPENSE | 83,207 | 53,892 | 50,561 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 38,048 | 12,666 | 11,879 |
INCOME TAX EXPENSE | 6,935 | 2,129 | 1,372 |
CONSOLIDATED NET INCOME | 31,113 | 10,537 | 10,507 |
NONCONTROLLING INTEREST IN NET LOSS OF SUBSIDIARY | 299 | 5,659 | 3,578 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 31,412 | $ 16,196 | $ 14,085 |
Basic net income attributable to common shareholders, per share (in dollars per share) | $ 2.03 | $ 1.44 | $ 1.24 |
Diluted net income attributable to common shareholders, per share (in dollars per share) | $ 2.02 | $ 1.44 | $ 1.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 31,113 | $ 10,537 | $ 10,507 |
Other comprehensive (loss) income : | |||
Unrealized holdings gains (losses) arising during the period | 6,881 | 14,228 | (5,791) |
Reclassification adjustment for losses (gains) included in net income | 270 | (1,451) | (43) |
Tax effect | (1,869) | (3,341) | 1,525 |
Net of tax | 5,282 | 9,436 | (4,309) |
Unrealized (losses) gains on cash flow hedges | |||
Unrealized holdings (losses) gains arising during the period | (5,578) | ||
Unrealized holdings (losses) gains arising during the period | (926) | (1,153) | |
Reclassification adjustment for losses (gains) included in net income | 0 | ||
Reclassification adjustment for losses (gains) included in net income | 0 | 0 | |
Tax effect | 1,458 | ||
Tax effect | 243 | 301 | |
Net of tax | (4,120) | ||
Net of tax | (683) | (852) | |
Other comprehensive income (loss) | 1,162 | 8,753 | (5,161) |
Comprehensive income | 32,275 | 19,290 | 5,346 |
Comprehensive loss attributable to noncontrolling interest | 299 | 5,659 | 3,578 |
Comprehensive income attributable to the controlling interest | $ 32,574 | $ 24,949 | $ 8,924 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Tennessee Community Bank Holdings, Inc | First Advantage Bancorp | COMMON STOCK | COMMON STOCKTennessee Community Bank Holdings, Inc | COMMON STOCKFirst Advantage Bancorp | ADDITIONAL PAID-IN CAPITAL | ADDITIONAL PAID-IN CAPITALTennessee Community Bank Holdings, Inc | ADDITIONAL PAID-IN CAPITALFirst Advantage Bancorp | RETAINED EARNINGS | RETAINED EARNINGSCumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST |
Beginning balance (in shares) at Dec. 31, 2017 | 9,034,439 | |||||||||||||
Beginning balance at Dec. 31, 2017 | $ 140,137 | $ 9,034 | $ 112,437 | $ 17,189 | $ 1,477 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock based compensation expense | $ 923 | 923 | ||||||||||||
Exercise of stock options (in shares) | 30,001 | 30,001 | ||||||||||||
Exercise of stock options | $ 398 | $ 30 | 368 | |||||||||||
Restricted stock awards (in shares) | 50,160 | |||||||||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | 0 | $ 50 | (50) | |||||||||||
Conversion shares issued to shareholders of Community First, Inc. (in shares) | 2,416,444 | |||||||||||||
Conversion shares issued to shareholders of Community First, Inc. | 61,983 | $ 2,417 | 59,566 | |||||||||||
Shares acquired from dissenting shareholder (in shares) | (234) | |||||||||||||
Shares acquired from dissenting shareholder | (6) | (6) | ||||||||||||
Noncontrolling interest contributions | 3,578 | 3,578 | ||||||||||||
Cash dividend declared to common shareholders | (3,945) | (3,945) | ||||||||||||
Net income (loss) | 10,507 | 14,085 | (3,578) | |||||||||||
Other comprehensive income (loss) | (5,161) | 0 | (5,161) | |||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 11,530,810 | |||||||||||||
Ending balance at Dec. 31, 2018 | 208,414 | $ 11,531 | 173,238 | 27,329 | (3,684) | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock based compensation expense | $ 1,222 | 1,222 | ||||||||||||
Exercise of stock options (in shares) | 34,714 | 34,714 | ||||||||||||
Exercise of stock options | $ 439 | $ 34 | 405 | |||||||||||
Employee stock purchase plan stock issuance (in shares) | 8,512 | |||||||||||||
Employee Stock Purchase Plan stock issuance | 161 | $ 9 | 152 | |||||||||||
Restricted stock awards, net of shares withheld for taxes and stock and dividend forfeitures (in shares) | (1,851) | |||||||||||||
Restricted stock awards, net of shares withheld for taxes and stock and dividend forfeitures | (88) | $ (2) | (86) | |||||||||||
Common stock shares redeemed (in shares) | (365,931) | |||||||||||||
Common stock shares redeemed | (8,291) | $ (366) | (7,925) | |||||||||||
Noncontrolling interest contributions | 5,659 | 5,659 | ||||||||||||
Cash dividend declared to common shareholders | (3,053) | (3,053) | ||||||||||||
Net income (loss) | 10,537 | 16,196 | (5,659) | |||||||||||
Other comprehensive income (loss) | $ 8,753 | 0 | 8,753 | |||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 11,206,254 | 11,206,254 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 223,753 | $ 100 | $ 11,206 | 167,006 | 40,472 | $ 100 | 5,069 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||||
Stock based compensation expense | $ 1,578 | 1,578 | ||||||||||||
Exercise of stock options (in shares) | 10,865 | 10,865 | ||||||||||||
Exercise of stock options | $ 142 | $ 10 | 132 | |||||||||||
Employee stock purchase plan stock issuance (in shares) | 21,962 | |||||||||||||
Employee Stock Purchase Plan stock issuance | 296 | $ 21 | 275 | |||||||||||
Conversion shares issued to shareholders of Community First, Inc. (in shares) | 811,210 | 4,606,419 | ||||||||||||
Conversion shares issued to shareholders of Community First, Inc. | $ 18,041 | $ 51,915 | $ 811 | $ 4,607 | $ 17,230 | $ 47,308 | ||||||||
Restricted stock awards, net of shares withheld for taxes and stock and dividend forfeitures (in shares) | (2,301) | |||||||||||||
Restricted stock awards, net of shares withheld for taxes and stock and dividend forfeitures | $ (199) | $ (1) | (198) | |||||||||||
Common stock shares redeemed (in shares) | 0 | |||||||||||||
Noncontrolling interest contributions | $ 299 | 299 | ||||||||||||
Cash dividend declared to common shareholders | (6,227) | (6,227) | ||||||||||||
Net income (loss) | 31,113 | 31,412 | (299) | |||||||||||
Other comprehensive income (loss) | $ 1,162 | 1,162 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 16,654,409 | 16,654,409 | ||||||||||||
Ending balance at Dec. 31, 2020 | $ 321,973 | $ 16,654 | $ 233,331 | $ 65,757 | $ 6,231 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividend declared to common shareholders, per share (in dollars per share) | $ 0.40 | $ 0.27 | $ 0.33 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Consolidated net income | $ 31,113 | $ 10,537 | $ 10,507 |
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities | |||
Provision for loan losses | 8,350 | 1,211 | 1,035 |
Deferred income taxes | 2,060 | 398 | 380 |
Loss (gain) on disposal of premises and equipment | 31 | 0 | (13) |
Depreciation of premises and equipment | 2,867 | 1,875 | 1,586 |
Net amortization of securities | 2,370 | 3,051 | 3,182 |
Net realized losses (gains) on sales of securities | 270 | (1,451) | (43) |
Gains on mortgage loans sold, net | (12,239) | (4,905) | (4,418) |
Stock-based compensation expense | 1,578 | 1,222 | 923 |
Gain on other real estate | (28) | (166) | (259) |
Provision for losses on other real estate | 0 | 98 | 0 |
Earnings on bank-owned life insurance | (2,759) | (1,119) | (1,186) |
Mortgage loans originated for resale | (605,020) | (179,331) | (141,783) |
Proceeds from sale of mortgage loans | 513,089 | 162,583 | 176,610 |
Right of use asset amortization | 2,596 | ||
Other accretion, net of other amortization | (11,010) | 2,530 | (645) |
Change in | |||
Accrued interest receivable | (4,368) | 1,026 | (1,305) |
Other assets | 993 | (1,477) | (372) |
Accrued interest payable | (699) | 959 | 326 |
Other liabilities | (4,124) | (1,230) | (2,260) |
TOTAL ADJUSTMENTS | (106,042) | (14,726) | 31,758 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (74,929) | (4,189) | 42,265 |
INVESTING ACTIVITIES | |||
Cash (used in) received from acquisitions, net | (8,500) | 0 | 33,128 |
Activities in available for sale securities | |||
Purchases | (61,783) | (50,430) | (106,893) |
Sales | 151,934 | 85,895 | 100,737 |
Maturities, prepayments and calls | 11,171 | 12,807 | 12,987 |
(Purchases) redemptions of restricted equity securities | (1,051) | 411 | (2,190) |
Net increase in loans | (87,767) | (180,787) | (145,090) |
Purchase of premises and equipment | (2,873) | (1,339) | (4,342) |
Proceeds from sale of premises and equipment | 135 | 0 | 0 |
Proceeds from sale of other real estate | 2,357 | 1,261 | 1,947 |
Purchase of life insurance contracts | (10,000) | 0 | |
Proceeds from BOLI death benefit | 1,808 | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (4,569) | (132,182) | (109,716) |
FINANCING ACTIVITIES | |||
Net change in deposits | 178,245 | 146,484 | 121,960 |
Proceeds from Federal Home Loan Bank advances | 559,000 | 200,824 | 168,525 |
Payments on Federal Home Loan Bank advances | (608,663) | (247,531) | (207,720) |
Issuance of subordinate debentures, net of issuance costs | 0 | 59,198 | 0 |
Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares | 239 | (7,779) | 392 |
Noncontrolling interest contributions received | 299 | 5,659 | 2,255 |
Cash dividends paid on common stock | (6,227) | (4,013) | (3,451) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 122,893 | 152,842 | 81,961 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 43,395 | 16,471 | 14,510 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 51,649 | 35,178 | 20,668 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 95,045 | 51,649 | 35,178 |
Cash paid during the year for | |||
Interest | 26,190 | 22,421 | 14,638 |
Taxes | 4,402 | 1,303 | 1,400 |
Non-cash investing and financing activities | |||
Change in due to/from noncontrolling interest | 299 | 5,659 | 3,578 |
Loans foreclosed and transferred to other real estate | 197 | 943 | 1,060 |
Acquired bank facilities no longer in use transferred to other real estate from premises and equipment | 2,420 | ||
Dividends declared, not paid | 0 | $ 76 | $ 1,036 |
Right of use assets obtained in exchange for operating lease liabilities | $ 11,973 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Reliant Bancorp, Inc. is a Tennessee corporation and the holding company for and the sole shareholder of Reliant Bank (the "Bank"), collectively, "the Company." Reliant Bancorp is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended ("Bank Holding Company Act"). Reliant Bank is a commercial bank chartered under Tennessee law and a member of the Federal Reserve System (the "Federal Reserve"). The Bank provides a full range of traditional banking products and services to business and consumer clients throughout Middle Tennessee. Reliant Risk Management, Inc., a wholly-owned insurance captive subsidiary of Reliant Bancorp, began operations on June 1, 2020, is a Tennessee-based captive insurance company which insures Reliant Bancorp and the Bank against certain risks unique to their operations and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Reliant Risk Management, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Reliant Risk Management, Inc. is subject to regulations of the State of Tennessee and undergoes periodic examinations by the Tennessee Department of Commerce and Insurance. Basis of Presentation The Company's consolidated financial statements as of and for the periods presented include the accounts of Reliant Bancorp, the Bank, Community First Trups Holding Company (a wholly-owned subsidiary of Reliant Bancorp), Reliant Risk Management, Inc., Reliant Investment Holdings, LLC (a wholly-owned subsidiary of the Bank), and RMV. All significant intercompany balances and transactions have been eliminated in consolidation. As described previously, effective January 1, 2020, Reliant Bancorp and TCB Holdings merged and effective April 1, 2020, Reliant Bancorp and First Advantage Bancorp merged. The accounting and reporting policies of Reliant Bancorp, Inc. conform to U.S. GAAP and to general practices within the banking industry. The following is a brief summary of the significant policies. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to present a fair statement of the results. Such adjustments are of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company has evaluated subsequent events for recognition and disclosure through March 9, 2021, which is the date the financial statements were available to be issued. During 2011, the Bank and another entity organized RMV. Under the related operating agreement, the non-controlling member receives 70% of the profits of RMV, and the Bank receives 30% of the profits once the non-controlling member recovers its aggregate losses. The non-controlling member is responsible for 100% of RMV’s net losses. As of December 31, 2020, the cumulative losses to date totaled $13,655. RMV will have to generate net income of this amount before the Company will participate in future earnings. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for loan losses, the valuation of other real estate, the valuation of debt and equity securities, the valuation of deferred tax assets and fair values of financial instruments. Business Combinations The Company accounts for business combinations using the acquisition method of accounting. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is capitalized as goodwill. Under this method, all identifiable assets acquired, including purchased loans, and liabilities assumed are recorded at fair value. The Company typically issues common stock and/or pays cash for an acquisition, depending on the terms of the acquisition agreement. The value of shares of common stock issued is determined based on the market price of the stock as of the closing of the acquisition. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits in financial intuitions, and federal funds sold. Generally, federal funds sold are purchased and sold for one-day periods. The Company maintains deposits in excess of the federal insurance amounts with other financial institutions. Management makes deposits only with financial institutions it considers financially sound. Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with their applicable Federal Reserve Bank based principally on the type and amount of their deposits. The Bank was not required to have a reserve balance at December 31, 2020, 2019, and 2018, respectively. Securities The Company classifies its debt securities in one of two categories: held to maturity ("HTM") and available for sale ("AFS"). HTM securities are those securities for which the Company has the ability and intent to hold until maturity. Securities are classified as AFS when they might be sold before maturity. The Company did not have held to maturity securities at December 31, 2020 and 2019, or in the three-year period ended December 31, 2020. Interest income includes purchase premiums and discounts amortized or accreted over the life of the related security as an adjustment to the yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method including reclassification from other comprehensive income. When the fair value of a debt security has declined below the amortized cost at the measurement date, if an entity intends to sell a security or is more likely than not to sell the security before the recovery of the security’s cost basis, the entity must recognize the other-than-temporary impairment (“OTTI”) in earnings and classify the security as OTTI. The related OTTI loss on the debt security will be recognized in earnings to the extent that the loss is due to the declining credit quality of the issuer, with the remaining impairment loss recognized in accumulated other comprehensive income. In estimating OTTI losses, management considers: the length of time and extent that fair value of the security has been less than the cost of the security, the financial condition and near term prospects of the issuer, cash flow, stress testing analysis on securities, when applicable, and the Company’s ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. The Company evaluates available-for-sale securities for OTTI at least on a quarterly basis, and more frequently when economic or market concerns warrant such an evaluation. No such impairment charges were recorded in the three-year period ended December 31, 2020. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees, and an allowance for loan losses (ALL). Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level yield method without anticipating prepayments. The Company has six classes of loans for financial reporting purposes determined based on underlying collateral utilized to secure each loan. Risk characteristics relevant to each portfolio segment are as follows: Commercial, industrial and agricultural: The commercial, industrial and agricultural loan portfolio segment includes loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial, industrial and agricultural loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. This class also includes PPP loans originated during the year. Multi-family and commercial real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial, industrial and agricultural loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties comprising the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or an affiliate of the party, who owns the property. Construction and land development: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land development portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). With respect to construction loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. 1-4 family residential real estate: Residential real estate loans, which include related manufactured homes with real estate, represent loans to consumers or investors to finance a residence. These loans are typically financed on 15- to 30-year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV"), minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these market values impact the depth of potential losses in this portfolio segment. 1-4 family HELOC: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV, minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these market values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans. Consumer: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures as well as manufactured homes without real estate. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV on secured consumer loans, minimum credit scores, and maximum debt to income. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one The accrual of interest is discontinued when a loan becomes 90 days past due according to the contractual terms of the note unless it is well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. When full collection of the remaining book balance is uncertain, interest payments received are applied to the principal balance outstanding. In some cases, when the remaining book balance of the loan is deemed fully collectible, payments are treated as interest income on a cash basis. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans can also be returned to accrual status when they become well secured and in the process of collection. Acquired Loans Acquired loans are accounted for under the acquisition method of accounting. The acquired loans are recorded at their estimated fair values as of the acquisition date. Fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not recorded on the acquisition date. An acquired loan is considered purchased credit impaired when there is evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will be unable to collect all contractually required payments. Loans acquired in connection with a business combination are recorded at fair value, since any credit deterioration evident in the loans is included in the determination of the acquisition date fair values. No initial ALL is recorded for such acquired loans because all loans are recorded at fair value at merger date. Impaired purchased loans are accounted for under ASC 310-30, in which an ALL subsequent to the date of acquisition is established by re-estimating expected cash flows on these loans, with any decline in expected cash flows due to a credit triggering impairment recorded as purchased credit impairment (PCI). The amount is the excess of the loan’s carrying value over the present value of projected future cash flows, discounted at the current accounting yield of the loan or the fair value of collateral (less estimated costs to sell) for collateral dependent loans. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. While the determination of specific cash flows involves estimates, each estimate is unique to the individual loan, and none is individually significant. For non-purchased credit-impaired loans acquired in a merger and that are accounted for under ASC 310-20, the historical loss estimates are based on the historical losses experienced by Reliant Bank for loans with similar characteristics as those acquired other than purchased credit-impaired loans. We establish an ALL provision for these loans only when the calculated amount exceeds the remaining credit mark established at acquisition. Concentrations At December 31, 2020 and 2019, the Company had significant credit exposures to borrowers in real estate. If this industry experiences another economic slowdown and, as a result, the borrowers in this industry are unable to meet the obligations of their existing loan agreements, earnings could be negatively impacted. The Company is concentrated in the middle Tennessee regional market and the operating results are impacted by the economic conditions of that area. Allowance for Loan Loss The allowance for loan loss ("ALL") is an estimate of future probable credit losses. Losses on loans are charged against the ALL when management believes the remaining balance due has become uncollectible. Subsequent recoveries, if any, are credited to the ALL. General Component: The general component of the allowance for loan losses covers loans that are collectively evaluated for impairment. Large groups of homogeneous loans are collectively evaluated for impairment, and accordingly, they are not included in the separately identified impairment disclosures. The general allowance component also includes loans that are individually identified for impairment evaluation but are not considered impaired. The general component is based on historical loss experience adjusted for current factors such as 1) the nature and volume of the portfolio, 2) current economic conditions (national and local), 3) changes in interest rates, 4) portfolio concentrations, 5) changes in the experience, ability, and depth of the lending function, and 6) levels of and trends in charged-off loans, recoveries, past-due loans and volume and severity of classified loans. Specific Component: The specific component relates to loans that are individually determined to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All classified loans and loans on nonaccrual status are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated based on the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral less costs to sell if repayment is expected solely from the collateral. Changes to the valuation allowance are recorded as a component of the provision for loan losses. TDRs are individually evaluated for impairment and included in the separately identified impairment disclosures. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral less costs to sell. Mortgage Loans Held for Sale Mortgage loans originated with the intent to sell to third party investors are classified as held for sale (LHFS). Such loans are carried at the lower of aggregate cost or market value, as determined by pricing on an individual loan basis. These loans are typically marketed to potential investors prior to closing the loan with the borrower. Net unrealized losses, if any, are recorded through a valuation allowance and charged to operations. The valuation allowance was $0 as of December 31, 2020 and 2019. The Company does not retain servicing rights to mortgage loans following sale. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets or the terms of the related lease for leasehold improvements. The range of estimated useful lives for buildings is 30 to 40 years, for leasehold improvements is 3 to 25 years, which correlates with the applicable lease term, and for furniture, fixtures and equipment is 3 to 7 years. Gain or loss on items retired and otherwise disposed of is credited or charged to operations and the cost and related accumulated depreciation are removed from the asset and accumulated depreciation accounts. Expenditures and improvements of premises and equipment are capitalized and those for maintenance and repairs are charged to earnings as incurred. These assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Leases The Company leases certain banking, mortgage and operations locations. Effective January 1, 2020, the Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, incentive liabilities, leasehold intangibles and any impairment of the right-of-use asset. In determining whether a contract contains a lease, management conducts an analysis at lease inception to ensure an asset was specifically identified and the Company has control of use of the asset. For contracts determined to be leases entered into after January 1, 2020, the Company performs additional analysis to determine whether the lease should be classified as a finance or operating lease. The Company considers a lease to be a finance lease if future minimum lease payments amount to greater than 90% of the asset's fair value or if the lease term is equal to or greater than 75% of the asset's estimated economic useful life. As of December 31, 2020, the Company did not have any leases that were determined to be finance leases. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). Additionally, the Company has not recorded equipment leases or leases in which the Company is the lessor on the consolidated balance sheets as these are not material to the Company. At lease inception, the Company determines the lease term by adding together the minimum lease term and all optional renewal periods that it is reasonably certain to renew. This determination is at management's full discretion and is made through consideration of the asset, market conditions, competition and entity based economic conditions, among other factors. The lease term is used in the economic life test and also to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals. Operating leases are expensed on a straight-line basis over the life of the lease beginning when the lease commences. Rent expense and variable lease expense are included in occupancy expense on the Company's Consolidated statements of Operations. The Company's variable lease expense include rent escalators that are based on the Consumer Price Index or market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. There are no residual value guarantees or restrictions or covenants imposed by leases that will impact the Company's ability to pay dividends or cause the Company to incur additional expenses. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. Restricted Equity Securities The Bank is a member of the Federal Home Loan Bank (“FHLB”) system and the Federal Reserve system and is required to hold stock in both entities. These investments are carried at cost, classified as restricted equity securities, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as interest income. Other Real Estate Real estate acquired in the settlement of loans is initially recorded at estimated fair value, less estimated cost to sell, if less than the carrying value of the loan when acquired. Fair value is based on independent appraisals and other relevant factors. Valuation adjustments required at foreclosure are charged to the allowance for loan losses. Subsequent to foreclosure, additional losses resulting from the periodic revaluation of the property are charged to other real estate expense. Costs of operating and maintaining the properties and any gains or losses recognized on disposition are also included in other real estate expense. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. At December 31, 2020, retired bank facilities of $1,198 were also included in other real estate. Cash Surrender Value of Life Insurance Contracts The Company is the owner and beneficiary of various life insurance policies on certain key employees. These policies are recorded at their cash surrender values. Goodwill and Other Intangible Assets Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected September 30th as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the balance sheet. Other intangible assets consist of core deposit intangible assets arising from whole bank acquisitions and are amortized on an accelerated method over their estimated useful lives, which range from eight years to eleven years. Off-Balance Sheet Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company's intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment ("fair value hedge"), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"), or (3) an instrument with no hedging designation ("stand-alone derivative"). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not hig |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of AFS securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 were as follows: December 31, 2020 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 47 $ 1 $ — $ 48 State and municipal 184,102 16,963 (77) 200,988 Corporate bonds 23,750 397 (34) 24,113 Mortgage-backed securities - Residential 28,084 360 (2) 28,442 Asset-backed securities 3,083 1 (22) 3,062 Total $ 239,066 $ 17,722 $ (135) $ 256,653 December 31, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 59 $ — $ — $ 59 State and municipal 186,283 10,413 (36) 196,660 Corporate bonds 7,880 97 (132) 7,845 Mortgage-backed securities - Residential 38,126 296 (661) 37,761 Asset-backed securities 18,374 — (406) 17,968 Total $ 250,722 $ 10,806 $ (1,235) $ 260,293 There were no HTM securities as of December 31, 2020 and 2019. The amortized cost and estimated fair value of AFS securities at December 31, 2020 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. December 31, 2020 December 31, 2019 Amortized Estimated Amortized Estimated Due within one year $ — $ — $ 999 $ 1,000 Due in one to five years 2,132 2,143 2,414 2,285 Due in five to ten years 28,737 30,072 10,301 10,834 Due after ten years 177,030 192,934 180,508 190,445 Mortgage-backed securities 28,084 28,442 38,126 37,761 Asset-backed securities 3,083 3,062 18,374 17,968 Total $ 239,066 $ 256,653 $ 250,722 $ 260,293 Results from sales of securities were as follows: Year ended December 31 2020 2019 2018 Proceeds $ 151,934 $ 85,895 $ 100,737 Gross gains 843 1,810 82 Gross losses (1,113) (359) (39) The table above does not include activity from maturities, prepayments, or calls on debt and equity securities. Securities pledged at December 31, 2020 and 2019 had a market value of $30,491 and $46,918, respectively, and were pledged to collateralize FHLB advances, Federal Reserve advances and municipal deposits. At December 31, 2020 and 2019, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table shows AFS securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of December 31, 2020 and 2019: Less than 12 months 12 months or more Total December 31, 2020 Estimated Unrealized Estimated Unrealized Estimated Unrealized State and municipal $ 9,475 $ 77 $ — $ — $ 9,475 $ 77 Corporate bonds 5,716 34 — — 5,716 34 Mortgage-backed securities - Residential 5,024 1 92 1 5,116 2 Asset-backed securities 729 2 2,013 20 2,742 22 Total temporarily impaired $ 20,944 $ 114 $ 2,105 $ 21 $ 23,049 $ 135 December 31, 2019 State and municipal $ 1,960 $ 36 $ — $ — $ 1,960 $ 36 Corporate bonds — — 2,499 132 2,499 132 Mortgage-backed securities - Residential 16,104 286 9,081 375 25,185 661 Asset-backed securities — — 17,682 406 17,682 406 Total temporarily impaired $ 18,064 $ 322 29,262 913 $ 47,326 $ 1,235 There were 22 and 47 securities in an unrealized loss position as of December 31, 2020 and 2019, respectively. Declines in the fair value of securities below their cost that are deemed to be other-than-temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment of available for sale securities related to other factors is recognized in other comprehensive income (loss). In estimating other-than-temporary impairment losses, management considers, among other things, the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The unrealized losses shown above are primarily due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider these securities to be other than temporarily impaired at December 31, 2020. There were no other-than-temporary impairments for the years ended December 31, 2020, 2019 or 2018. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Loss | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSS Loans at December 31, 2020 and 2019 were comprised as follows: December 31, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 459,739 $ 245,515 Real Estate 1-4 Family Residential 323,473 227,529 1-4 Family HELOC 100,525 96,228 Multi-family and Commercial 834,000 536,845 Construction, Land Development and Farmland 365,058 273,872 Consumer 213,863 16,855 Other 8,669 13,180 Gross loans 2,305,327 1,410,024 Less: Deferred loan fees 4,544 72 Less: Allowance for loan losses 20,636 12,578 Loans, net $ 2,280,147 $ 1,397,374 The Company pledged loans to the FHLB at December 31, 2020 and 2019 of $646,498 and $429,489. At December 31, 2020 and 2019, loans are recorded net of purchase discounts of $16,634 and $2,909, respectively. The Company utilizes a risk grading system to monitor the credit quality of the Company’s commercial loan portfolio which consists of commercial and industrial, commercial real estate and construction loans. Loans are graded on a scale of 1 to 9. Grades 1 - 5 are pass credits, grade 6 is special mention, grade 7 is substandard, grade 8 is doubtful and grade 9 is loss. A description of the risk grades are as follows: Grade 6 - Special Mention Special mention assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. The special mention rating is designed to identify a specific level of risk and concern about asset quality . Although a special mention asset has a higher probability of default than a pass asset, its default is not imminent. Grade 7 - Substandard A ‘‘substandard’’ extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified should have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified as substandard. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require supervision that is more intensive by Company management. Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigation. Grade 8 - Doubtful An extension of credit classified ‘‘doubtful’’ has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, perfecting liens on additional collateral, or refinancing plans. Generally, the doubtful classification should not extend for a long period of time because in most cases the pending factors or events that warranted the doubtful classification should be resolved either positively or negatively in a reasonable period of time. Grade 9 - Loss Extensions of credit classified ‘‘loss’’ are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Amounts classified loss should be promptly charged off. The Company will not attempt long term recoveries while the credit remains on the Company’s books. Losses should be taken in the period in which they surface as uncollectible. With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. Loans not falling in the criteria above are considered to be pass-rated loans. Non-commercial purpose loans are initially assigned a default loan grade of 99 (Pass) and are risk graded (Grade 6, 7, or 8) according to delinquency status when applicable. The following table provides the risk category of loans by applicable class of loans as of December 31, 2020 and 2019: Pass Special Substandard Total December 31, 2020 Loans excluding PCI Commercial, Industrial and Agricultural $ 456,170 $ 1,519 $ 1,863 $ 459,552 1-4 Family Residential Real Estate 320,555 5 2,165 322,725 1-4 Family HELOC 100,391 — 120 100,511 Multi-family and Commercial Real Estate 829,353 653 3,337 833,343 Construction, Land Development and Farmland 358,606 — 5,676 364,282 Consumer 211,305 7 1,346 212,658 Other 7,150 1,519 — 8,669 Total $ 2,283,530 $ 3,703 $ 14,507 $ 2,301,740 PCI Loans Commercial, Industrial and Agricultural — — 187 187 1-4 Family Residential Real Estate 105 — 643 748 1-4 Family HELOC 14 — — 14 Multi-family and Commercial Real Estate 215 — 442 657 Construction, Land Development and Farmland 589 — 187 776 Consumer 75 — 1,130 1,205 Other — — — — Total $ 998 $ — $ 2,589 $ 3,587 December 31, 2019 Loans excluding PCI Commercial, Industrial and Agricultural $ 241,089 $ 2,382 $ 2,044 $ 245,515 1-4 Family Residential Real Estate 225,614 — 1,720 227,334 1-4 Family HELOC 95,678 — 550 96,228 Multi-family and Commercial Real Estate 530,840 1,519 4,271 536,630 Construction, Land Development and Farmland 271,842 — 1,217 273,059 Consumer 16,634 — 221 16,855 Other 13,180 — — 13,180 Total $ 1,394,877 $ 3,901 $ 10,023 $ 1,408,801 Pass Special Substandard Total PCI Loans Commercial, Industrial and Agricultural $ — $ — $ — $ — 1-4 Family Residential Real Estate 195 — — 195 1-4 Family HELOC — — — — Multi-family and Commercial Real Estate 215 — — 215 Construction, Land Development and Farmland 598 — 215 813 Consumer — — — — Other — — — — Total $ 1,008 $ — $ 215 $ 1,223 Activity in the ALL by portfolio segment was as follows for the year ended December 31, 2020, 2019 and 2018: Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total Beginning balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Charge-offs (521) (86) (98) — (114) (705) — (1,524) Recoveries 187 774 20 29 56 166 — 1,232 Provision 3,246 477 870 3,221 (750) 1,290 (4) 8,350 Ending balance at December 31, 2020 $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Beginning balance at December 31, 2018 $ 1,751 $ 1,333 $ 656 $ 4,429 $ 2,500 $ 184 $ 39 $ 10,892 Charge-offs (396) (29) — — (60) (50) (35) (570) Recoveries 393 225 12 65 — 51 299 1,045 Provision 781 (249) (44) 791 209 (8) (269) 1,211 Ending balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total Beginning balance at December 31, 2017 $ 2,538 $ 773 $ 595 $ 3,166 $ 2,434 $ 183 $ 42 $ 9,731 Charge-offs (381) (36) (6) (76) (215) (26) (47) (787) Recoveries 590 12 10 221 44 34 2 913 Provision (996) 584 57 1,118 237 (7) 42 1,035 Ending balance at December 31, 2018 $ 1,751 $ 1,333 $ 656 $ 4,429 $ 2,500 $ 184 $ 39 $ 10,892 The ALL and the recorded investment in loans by portfolio segment and based on impairment method as of was as follows: Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total December 31, 2020 Allowance for loan losses Individually evaluated for impairment $ 717 $ 18 $ — $ — $ — $ 13 $ — $ 748 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 4,724 2,427 1,416 8,535 1,841 915 30 19,888 Total $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Loans Individually evaluated for impairment $ 1,027 $ 1,829 $ 110 $ 2,504 $ 5,676 $ 1,177 $ — $ 12,323 Acquired with credit impairment 187 748 14 657 776 1,205 — 3,587 Collectively evaluated for impairment 458,525 320,896 100,401 830,839 358,606 211,481 8,669 2,289,417 Total $ 459,739 $ 323,473 $ 100,525 $ 834,000 $ 365,058 $ 213,863 $ 8,669 $ 2,305,327 Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total December 31 2019 Allowance for loan losses Individually evaluated for impairment $ 755 $ — $ — $ — $ 17 $ — $ — $ 772 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,774 1,280 624 5,285 2,632 177 34 11,806 Total $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Loans Individually evaluated for impairment $ 1,154 $ 1,536 $ 374 $ 3,439 $ 1,217 $ 28 $ — $ 7,748 Acquired with credit impairment — 195 — 215 813 — — 1,223 Collectively evaluated for impairment 244,361 225,798 95,854 533,191 271,842 16,827 13,180 1,401,053 Total $ 245,515 $ 227,529 $ 96,228 $ 536,845 $ 273,872 $ 16,855 $ 13,180 $ 1,410,024 The following tables provide the period-end amounts of loans that are past due thirty to eighty-nine days, past due ninety or more days and still accruing interest, loans not accruing interest, purchased credit impaired loans, and loans current on payments accruing interest by category at December 31, 2020 and 2019: Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual loans Purchased Credit Impaired Loans Total Loans December 31, 2020 Commercial, Industrial and Agricultural $ 458,759 $ 126 $ — $ 667 $ 187 $ 459,739 1-4 Family Residential Real Estate 319,068 2,071 — 1,586 748 323,473 1-4 Family HELOC 100,501 10 — — 14 100,525 Multi-family and Commercial Real Estate 832,223 150 — 970 657 834,000 Construction, Land Development and Farmland 363,189 — — 1,093 776 365,058 Consumer 209,574 1,413 1 1,670 1,205 213,863 Other 8,669 — — — 8,669 Total $ 2,291,983 $ 3,770 $ 1 $ 5,986 $ 3,587 $ 2,305,327 Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual loans Purchased Credit Impaired Loans Total Loans December 31, 2019 Commercial, Industrial and Agricultural $ 244,860 $ 83 $ — $ 572 $ — $ 245,515 1-4 Family Residential Real Estate 225,396 662 — 1,276 195 227,529 1-4 Family HELOC 95,889 — — 339 — 96,228 Multi-family and Commercial Real Estate 535,286 — — 1,344 215 536,845 Construction, Land Development and Farmland 272,508 255 — 296 813 273,872 Consumer 16,699 64 64 28 — 16,855 Other 13,180 — — — — 13,180 Total $ 1,403,818 $ 1,064 $ 64 $ 3,855 $ 1,223 $ 1,410,024 Approximately $2,438 and $1,117 of nonaccrual loans as of December 31, 2020 and 2019, respectively, were performing pursuant to their contractual terms at those dates. Purchased Credit Impaired Loans The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probably, at acquisition that all contractually required payments would not be collected. The carrying amount of those loans is as follows: December 31, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 919 $ — 1-4 Family Residential Real Estate 1,004 231 1-4 Family HELOC 19 — Multi-family and Commercial Real Estate 1,325 217 Construction, Land Development and Farmland 992 1,021 Consumer 1,924 — Total outstanding balance 6,183 1,469 Less remaining purchase discount 2,596 246 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 3,587 $ 1,223 Accretable yield, or income expected to be collected on PCI loans, is as follows: 2020 2019 2018 Balance at January 1, $ 98 $ 110 $ — New loans purchased 870 — 260 Accretion income (388) (12) (150) Balance at December 31, $ 580 $ 98 $ 110 On January 1, 2020 and April 1, 2020, the Company completed the TCB and FABK Transactions, respectively (see Note 15 for more information). As a result of the acquisition, the Company recorded loans with a fair value of $170.0 million and $625.8 million, respectfully. Of those loans, $1,688 and $4,668 were considered to be purchased credit impaired (“PCI”) loans, which are loans for which it is probable at the acquisition date that all contractually required payments will not be collected. The remaining loans are considered to be purchased non-impaired loans and their related fair value discount or premium is recognized as an adjustment to yield over the remaining life of each loan. PCI loans purchased during the year ended December 31, 2020, for which it was probable at acquisition that all contractually required payments would not be collected are as follows: Tennessee Community Bank Holdings, Inc. acquisition on January 1, 2020 First Advantage Bank acquisition on April 1, 2020 Contractually required payments receivable of loans purchased during the year: $ 2,799 $ 7,540 Nonaccretable difference (980) (2,133) Cash flows expected to be collected at acquisition $ 1,819 $ 5,407 Accretable yield (131) (739) Fair value of acquired loans at acquisition $ 1,688 $ 4,668 Individually impaired loans by class of loans were as follows at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded Commercial, Industrial and Agricultural $ 1,400 $ 367 $ — $ — $ — $ — 1-4 Family Residential Real Estate 3,034 2,473 — 1,852 1,731 — 1-4 Family HELOC 130 124 — 376 374 — Multi-family and Commercial Real Estate 4,549 3,161 — 3,746 3,654 — Construction, Land Development and Farmland 6,809 6,452 — 2,176 1,859 — Consumer 3,590 2,348 — 31 28 — Subtotal $ 19,512 $ 14,925 $ — $ 8,181 $ 7,646 $ — With an allowance recorded Commercial, Industrial and Agricultural $ 859 $ 847 $ 717 $ 1,154 $ 1,154 $ 755 1-4 Family Residential Real Estate 104 104 18 — — — 1-4 Family HELOC — — — — — — Multi-family and Commercial Real Estate — — — — — — Construction, Land Development and Farmland — — — 171 171 17 Consumer 34 34 13 — — — Subtotal 997 985 748 1,325 1,325 772 Total $ 20,509 $ 15,910 $ 748 $ 9,506 $ 8,971 $ 772 The average recorded investment in impaired loans for the years ended December 31, 2020, 2019 and 2018, was as follows: December 31, 2020 December 31, 2019 December 31, 2018 Average recorded investment Interest income recognized Average recorded investment Interest income recognized Average recorded investment Interest income recognized With no allowance Commercial, Industrial and Agricultural $ 357 $ 69 $ 430 $ 57 $ 1,815 $ 89 1-4 Family Residential Real Estate 2,599 194 1,885 91 2,436 120 1-4 Family HELOC 319 12 193 12 72 4 Multi-family and Commercial Real Estate 3,942 332 3,001 154 2,325 114 Construction, Land Development and Farmland 3,267 375 2,291 122 3,769 185 Consumer 1,330 316 18 1 62 3 Subtotal $ 11,814 $ 1,298 $ 7,819 $ 437 $ 10,479 $ 515 With an allowance recorded Commercial, Industrial and Agricultural $ 950 $ 38 $ 1,338 $ 45 $ 518 $ 25 1-4 Family Residential Real Estate 21 5 — — 32 2 1-4 Family HELOC — — 10 — — — Multi-family and Commercial Real Estate — — — — 41 2 Construction, Land Development and Farmland 34 — 171 8 802 39 Consumer 8 2 — — — — Subtotal $ 1,013 $ 45 $ 1,519 $ 53 $ 1,393 $ 68 Total $ 12,827 $ 1,343 $ 9,338 $ 490 $ 11,872 $ 583 As of December 31, 2020 and 2019 the Company had recorded investments in TDRs of $4,236 and $2,014, respectively. The Company did not allocate a specific allowance for those loans at December 31, 2020 and 2019 and there were no commitments to lend additional amounts. Loans accounted for as TDR include modifications from original terms such as those due to bankruptcy proceedings, certain modifications of amortization periods or extended suspension of principal payments due to customer financial difficulties. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. Loans accounted for as TDR are individually evaluated for impairment. The following table presents loans by class modified as TDR occurring during the year ended December 31, 2020 and 2018. There were no troubled debt restructurings occurring during the year ended December 31, 2019. Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments December 31, 2020 Commercial, Industrial and Agricultural 1 $ 150 $ 150 1-4 Family Residential 1 394 394 Multi-family and Commercial Real Estate 1 721 721 Total 3 $ 1,265 $ 1,265 December 31, 2018 1-4 Family Residential Estate 1 $ 1,254 $ 1,254 Multi-family and Commercial Real Estate 1 661 585 Total 2 $ 1,915 $ 1,839 Modifications made in 2020 related to a single borrower and all three loans were put on nonaccrual due to lack of payments in the third quarter of 2020. There were no subsequent defaults on loans modified in troubled debt restructurings during the years ended December 31, 2019 and 2018. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. In the normal course of business, the Company will enter into various credit arrangements with its executive officers, directors and their affiliates. These arrangements generally take the form of commercial lines of credit, personal lines of credit, mortgage loans, term loans or revolving arrangements secured by personal residences. An analysis of the activity with respect to loans to related parties for the years ended December 31, 2020, 2019 and 2018. is as follows: 2020 2019 2018 Balance - January 1, $ 7,539 $ 7,394 $ 8,581 New loans during the year 30,737 3,281 919 Repayments during the year (4,141) (3,136) (2,106) Balance - December 31, $ 34,135 $ 7,539 $ 7,394 During the three-year period ended December 31, 2020, none of these loans were restructured or charged off. Additionally, the Company is working with borrowers impacted by COVID-19 and providing modifications to include interest only deferral or principal and interest deferral These modifications are excluded from troubled debt restructuring classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. The Company had applied this guidance to approve initial modifications in April and May 2020 for loans with aggregate principal balances of $530.7 million. The majority of these modifications were for a period of up to three months and contained either interest-only periods or full payment deferrals. Through December 31, 2020, further modifications were approved for $47.0 million of the loans previously modified. Modifications still in effect as of December 31, 2020 amounted to $23.0 million. The CARES Act provides over $2.0 trillion in emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to administer new loan programs including, but not limited to, the guarantee of loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As of December 31, 2020, the Company had 843 PPP loans outstanding amounting to $65.5 million which are included in the commercial, industrial, and agricultural segment. PPP loans do not have a corresponding allowance as they are fully guaranteed by the SBA. Fees range from 1% to 5% of the loan and are deferred and amortized over the life of the loan. As PPP loans are forgiven, any deferred loan fee or cost is recognized related to each individual loan. As of December 31, 2020 $17.8 million in PPP loans had been forgiven and $413 in fees recognized in earnings. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT The detail of premises and equipment at December 31, 2020 and 2019 is as follows: 2020 2019 Land $ 9,480 $ 6,058 Buildings 13,495 9,020 Construction in progress 35 371 Leasehold improvements 9,566 7,891 Furniture, fixtures and equipment 13,463 9,393 46,039 32,732 Less: accumulated depreciation (14,577) (11,668) $ 31,462 $ 21,064 Depreciation expense was $2,867, $1,875 and $1,586 for the years ended December 31, 2020, 2019 and 2018. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES On January 1, 2020, the Company adopted ASU No. 2016-02 “ Leases (Topic 842 )” and all subsequent ASUs that modified Topic 842. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. Leases with initial terms of less than one year are not recorded on the balance sheet. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The implementation of the new standard resulted in recognition of a right-of-use asset of $12.0 million and a lease liability of $11.9 million at the date of adoption, which is related to the Company’s lease of premises used in operations. The Company used a discount rate of 4.5% in determining the right-of-use asset and lease liability as of January 1, 2020. Information related to the Company's operating leases is presented below: December 31, 2020 Operating leases right of use assets $ 13,103 Operating leases liabilities $ 14,231 Weighted average remaining lease term (in years) 6.33 Weighted average discount rate 4.34 % The components of lease expense included in occupancy expenses for the year ended December 31, 2020, were as follows: Year Ended December 31, 2020 Operating lease cost $ 3,137 Short-term lease cost 40 Variable lease cost 364 Total lease cost $ 3,541 The Company does not separate lease and non-lease components and instead elects to account for them as a single lease component. Variable lease cost primarily represents variable payments such as common area maintenance, utilities, and property taxes. Lease expense for the year ended December 31, 2019, prior to the adoption of ASU 2016-02, was $2,718. A maturity analysis of operating lease liabilities and a reconciliation of undiscounted cash flows to the total operating lease liability is as follows: Lease payments due on or before December 31, 2020 December 31, 2021 $ 3,023 December 31, 2022 2,701 December 31, 2023 2,717 December 31, 2024 2,701 December 31, 2025 2,211 Thereafter 3,774 Total undiscounted cash flows 17,127 Discount on cash flows (2,896) Total lease liability $ 14,231 During the third quarter of 2020, the Company entered into a five-year lease with a related party that commences January 1, 2021 and has a base annual rental of $211,000, with a 2.5% per year increase. This lease may be terminated December 31, 2021 with a 90-day notice and is included in the lease payments above. |
Other Real Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate [Abstract] | |
OTHER REAL ESTATE | OTHER REAL ESTATE Other real estate activity for the years ended December 31, 2020, 2019 and 2018, was as follows: 2020 2019 2018 Beginning balance $ 750 $ 1,000 $ — Loans acquired in merger 208 — 1,650 Loans transferred to other real estate 197 943 1,060 Bank owned properties transferred to other real estate 2,420 — — Allowance to lower of cost or market — (98) — Sales of other real estate (2,329) (1,095) (1,710) End of year $ 1,246 $ 750 $ 1,000 Activity in the valuation allowance for the years ended December 31, 2020, 2019 and 2018, was as follows: 2020 2019 2018 Beginning balance $ 98 $ — $ — Provisions/(recoveries) charged/(credited) to expense — 98 — Reductions from sales of other real estate (98) — — Direct write-downs — — — End of year $ — $ 98 $ — Expenses related to foreclosed assets for the years ended December 31, 2020, 2019 and 2018, include: 2020 2019 2018 Net gain on sales $ (28) $ (166) $ (259) Provision for unrealized losses — 98 — Operating expenses, net of rental income 28 44 50 Total $ — $ (24) $ (209) |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND CORE DEPOSIT INTANGIBLES | GOODWILL AND CORE DEPOSIT INTANGIBLES The change in goodwill during the years ended December 31, 2020 and 2019, was as follows: 2020 2019 Beginning of year $ 43,642 $ 43,642 Acquired goodwill 10,754 — Impairment — — End of year $ 54,396 $ 43,642 Amortizable intangible assets at December 31, 2020 and 2019 were as follows: 2020 2019 Core deposit intangibles $ 16,731 $ 10,834 Less accumulated amortization (5,384) (3,564) Net core deposit intangibles $ 11,347 $ 7,270 Amortization expense was $1,820, $949 and $949 for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated future amortization expense by year as of December 31, 2020 is as follows: 2021 $ 1,826 2022 1,761 2023 1,610 2024 1,375 2025 1,309 Thereafter 3,466 Total $ 11,347 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift1 [Abstract] | |
DEPOSITS | DEPOSITS Contractual maturities of time deposit accounts for the next five years at December 31, 2020 are as follows: 2021 $ 679,819 2022 78,608 2023 19,995 2024 11,774 2025 6,148 Total $ 796,344 The aggregate amount of overdrafts reclassified to loans receivable was $546 and $381 at December 31, 2020 and 2019, respectively. The aggregate amount of time deposits with a minimum denomination greater than $250 was $233,848 and $236,750 at December 31, 2020 and 2019, respectively. Deposits from principal officers, directors, and their affiliates at December 31, 2020 and 2019 were $19,742 and $14,600, respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | FEDERAL HOME LOAN BANK ADVANCES The Company had outstanding borrowings totaling $10,000 and $10,737 at December 31, 2020 and 2019, respectively, via various advances. These advances are non-callable; interest payments are due monthly, with principal due at maturity. The Company's additional borrowing capacity was $349,138 and $159,379 at December 31, 2020 and 2019, respectively. The Company paid $253 thousand in penalties from prepayment of $16.5 million in Federal Home Loan Bank advances during 2020. The following is a summary of the contractual maturities and average effective rates of outstanding advances: December 31, 2020 December 31, 2019 Scheduled Maturities Amount Weighted Average Rates Amount Weighted Average Rates 2020 $ 7,000 1.65 % 2021 $ 10,000 0.19 % 323 2.73 % 2022 — — % 557 1.22 % 2023 — — % 2,342 1.94 % 2024 — — % 515 2.49 % Thereafter — — % — — % $ 10,000 0.19 % $ 10,737 1.76 % |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | |
SUBORDINATED DEBENTURES | SUBORDINATED DEBENTURES In 2002, $3,000 of floating rate mandatory redeemable subordinated debentures were issued through a special purpose entity as part of a private offering of trust preferred securities. The securities mature on December 31, 2032; however, the Company can currently repay the securities at any time without penalty, subject to approval from the Federal Reserve Bank ("FRB"). The subordinated debentures bear interest at a floating rate equal to the New York Prime rate plus 50 basis points. The interest rate on the subordinated debentures as of December 31, 2020 was 3.75%. The Company has the right from time to time, without causing an event of default, to defer payments of interest on the debentures for up to twenty consecutive quarterly periods. These debentures are presented in liabilities on the balance sheet but count as Tier 1 capital (with certain limitations applicable) for regulatory capital purposes. In 2005, $5,000 of floating rate mandatory redeemable subordinated debentures were issued through a special purpose entity as part of a pool offering of trust preferred securities. These securities mature on September 15, 2035, however, the Company can currently repay the securities at any time without penalty, subject to approval from the FRB. The subordinated debentures bear interest at a floating rate equal to the three-month London Interbank Offered Rate, ("LIBOR") plus 1.50%. The interest rate on the subordinated debentures as of December 31, 2020 was 1.72%. The Company has the right from time to time, without causing an event of default, to defer payments of interest on the debentures for up to twenty consecutive quarterly periods. These debentures are presented in liabilities on the balance sheet but count as Tier 1 capital for regulatory purposes. In 2007, $15,000 of redeemable subordinated debentures were issued through a special purpose entity as part of a pooled offering of trust preferred securities. These subordinated debentures mature in 2037; however, the Company can currently repay the securities at any time without penalty, subject to approval from the FRB. The interest rate on the subordinated debentures was 7.96% until December 15, 2012, and thereafter the subordinated debentures bear interest at a floating rate equal to the three-month LIBOR plus 3.0%. At December 31, 2020 the interest rate was 3.22%. The Company has the right from time to time, without causing an event of default, to defer payments of interest on the junior debentures for up to twenty consecutive quarterly periods. These debentures are presented in liabilities on the balance sheet. On December 20, 2016, TRUPS acquired $10,000 in face amount of trust preferred capital securities issued by Community First Statutory Trust II. These capital securities were purchased from an unaffiliated investor and remain outstanding; however, the securities and the underlying subordinated debentures are eliminated in the Company's consolidated financial statements. In 2019, the Company issued $60,000 of subordinated notes, which mature in 2029. The Company may, at its option, redeem the subordinated notes (i) in whole or in part, on any interest payment date on or after December 15, 2024 and (ii) in whole but not in part, at any time upon the occurrence of a Tier 2 capital event, tax event or an investment company event. The interest rate on the subordinated debentures is 5.125% until December 15, 2024, and thereafter the subordinated debentures bear interest at a floating rate equal to the three-month SOFR plus 3.765%. The portion of the subordinated debentures qualifying as Tier 1 capital is limited to 25% of total Tier 1 capital. Subordinated debentures in excess of the Tier 1 capital limitation generally qualify as Tier 2 capital. Under the Dodd-Frank Act and the federal regulations issued implementing Basel III, these subordinated debentures will, subject to the limitations described in the preceding sentence, continue to qualify as Tier 1 capital. As of December 31, 2020, the Company was current in the payment of all interest payments due on its subordinated debentures. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and other terms of the individual interest rate swap agreements. Interest Rate Swaps Designated as Cash Flow Hedges Interest rate swaps with notional amounts totaling $160,000 as of December 31, 2020 were designated as cash flow hedges of certain short-term interest-bearing liabilities and subordinated debentures, which are fully effective. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining terms of the swap agreements. No gains or losses were reclassified from accumulated other comprehensive income into net income during the periods presented. Summary information related to the interest rate swaps designated as cash flow hedges as of December 31, is as follows: 2020 2019 Notional amounts $ 160,000 $ 110,000 Weighted average pay rates 2.05 % 2.43 % Weighted average receive rates 0.39 % 2.11 % Weighted average maturity 3.10 years 3.84 years Unrealized losses $ 7,657 $ 2,078 The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019, respectively: December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (690) $ 10,000 $ (439) Short-term interest-bearing liabilities 150,000 (6,967) 100,000 (1,639) Total included in other liabilities $ 160,000 $ (7,657) $ 110,000 $ (2,078) The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income, net of tax, relating to the cash flow derivative instruments years ended December 31, 2020, 2019, and 2018, respectively: Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) 2020 2019 2018 Interest rate swaps-subordinate debentures $ (185) $ (196) $ (129) Interest rate swaps-interest-bearing liabilities (3,935) (487) (723) $ (4,120) $ (683) $ (852) Fair Value Hedges Summary information related to the fair value hedges as of December 31, is as follows: 2020 2019 Notional amounts $ 18,525 $ 19,605 Weighted average pay rates 3.68 % 3.66 % Weighted average receive rates 1.21 % 2.87 % Weighted average maturity 7.82 years 9.25 years Unrealized losses $ 1,495 $ 630 The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019, respectively: December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments $ 18,525 $ (1,495) $ 19,605 $ (630) Total included in other liabilities $ 18,525 $ (1,495) $ 19,605 $ (630) The following table reflects the fair value hedges included in the Consolidated Statements of Operations as of December 31: Item Location 2020 2019 2018 Interest rate swaps - securities Interest on investment securities, nontaxable $ (363) $ (56) $ (121) Hedged item - securities Interest on investment securities, nontaxable $ 363 $ 56 $ 121 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES Financial accounting standards relating to fair value measurements establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by the observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques should maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis: Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company obtains fair value measurements for securities available for sale from an independent pricing service. The fair value measurements consider observable data that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, cash flows and reference data, including market research publications, among other things. Interest rate swaps: The fair values of interest rate swaps and fair value hedges are determined based on discounted future cash flows. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Assets and liabilities measured at fair value on a nonrecurring basis include the following: Impaired Loans : The fair value of an impaired loan with specific allocations of the allowance for loan losses is generally based on the present value of expected payments using the loan’s effective rate as the discount rate or recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Other Real Estate : The fair value of other real estate is generally based on recent real estate appraisals less estimated disposition cost. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in Level 3 classification of the inputs for determining fair value. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company’s valuation methods 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 at the reporting date. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of December 31, 2020 and 2019: Fair Value Quoted Prices in Significant Significant December 31, 2020 Assets U. S. Treasury and other U. S. government agencies $ 48 $ — $ 48 $ — State and municipal 200,988 — 200,988 — Corporate bonds 24,113 — 24,113 — Mortgage backed securities 28,442 — 28,442 — Asset backed securities 3,062 — 3,062 — Derivative assets — — — — Liabilities Derivative liabilities $ 9,152 $ — $ 9,152 $ — December 31, 2019 Assets U. S. Treasury and other U. S. government agencies $ 59 $ — $ 59 $ — State and municipal 196,660 — 196,660 — Corporate bonds 7,845 — 7,845 — Mortgage backed securities 37,761 — 37,761 — Asset backed securities 17,968 — 17,968 — Time deposits — — — — Derivative assets 688 — 688 — Liabilities Derivative liabilities $ 3,396 $ — $ 3,396 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of December 31, 2020 and 2019: Fair Value Quoted Prices in Significant Significant December 31, 2020 Assets Impaired loans $ 15,162 $ — $ — $ 15,162 Other real estate 1,246 — — 1,246 Other repossessions 1,424 — — 1,424 December 31, 2019 Assets Impaired loans $ 8,199 $ — $ — $ 8,199 Other real estate 750 — — 750 Other repossessions — — — — The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at December 31, 2020 and 2019: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate Appraisal Estimated costs to sell 10% Other repossessions Third-party guidelines Estimated costs to sell 10% (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. Estimated cash flows change and appraised values of the assets or collateral underlying the loans will be sensitive to changes. Carrying amounts and estimated fair values of financial instruments, by level within the fair value hierarchy, at December 31, 2020 were as follows: Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 13,717 $ 13,717 $ 13,717 $ — $ — Interest-bearing deposits in financial institutions 79,756 79,756 79,756 — — Federal funds sold 1,572 1,572 — 1,572 — Loans, net 2,280,147 2,293,723 — — 2,293,723 Mortgage loans held for sale 147,524 149,342 — 149,342 — Accrued interest receivable 14,889 14,889 — 14,889 — Restricted equity securities 16,551 16,551 — 16,551 — Financial liabilities Deposits $ 2,579,235 $ 2,583,525 $ — $ — $ 2,583,525 Accrued interest payable 2,571 2,571 — 2,571 — Subordinate debentures 70,446 71,750 — — 71,750 Federal Home Loan Bank advances 10,000 10,000 — — 10,000 Carrying amounts and estimated fair values of financial instruments, by level within the fair value hierarchy, at December 31, 2019 were as follows: Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 7,953 $ 7,953 $ 7,953 $ — $ — Interest-bearing deposits in financial institutions 43,644 43,644 43,644 — — Federal funds sold 52 52 — 52 — Loans, net 1,397,374 1,383,719 — — 1,383,719 Mortgage loans held for sale 37,476 38,379 — 38,379 — Accrued interest receivable 7,188 7,188 — 7,188 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,584,453 $ 1,582,781 $ — $ — $ 1,582,781 Accrued interest payable 2,022 2,022 — 2,022 — Subordinate debentures 70,883 71,454 — — 71,454 Federal Home Loan Bank advances 10,737 10,755 — — 10,755 The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, restricted equity securities, federal funds sold or purchased, demand deposits, and variable rate loans or deposits that re-price frequently and fully. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent re-pricing or re-pricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Fair value of debt is based on discounted cash flows using current rates for similar financing. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax expense consists of the following for the years ended December 31: 2020 2019 2018 Income tax expense Current $ 4,875 $ 1,731 $ 992 Deferred 2,060 398 380 Total provision for income tax expense $ 6,935 $ 2,129 $ 1,372 A reconciliation of the income tax expense for the years ended December 31, 2020, 2019 and 2018 from the "expected" tax expense computed by applying the statutory federal income tax rate of 21 percent to Income before income taxes is as follows: 2020 2019 2018 Computed "expected" tax expense $ 7,882 21 % $ 2,660 21 % $ 2,495 21 % State income tax, net of federal tax effect 1,770 5 % 637 5 % 551 5 % Tax-exempt interest income, net of disallowed interest (1,172) (3) % (1,373) (11) % (1,132) (10) % Stock compensation 119 — % (14) — % (69) (1) % Cash surrender value of life insurance contracts (579) (2) % (235) (2) % (249) (2) % Nondeductible merger expenses 48 — % 155 1 % 47 — % Federal and state tax credits (1,393) (4) % (999) (8) % (1,102) (9) % Subsidiary disregarded for federal taxes 63 — % 1,189 9 % 763 6 % Others as a group 196 1 % 109 1 % 68 1 % Total income tax expense $ 6,935 18 % $ 2,129 16 % $ 1,372 11 % The Company files a separate Federal tax return for the operations of the mortgage banking and banking operations. The taxable income or losses of the mortgage banking operations are included in the respective returns of the Company and non-controlling members for Federal purposes. The Company's income tax filings from the years ending December 31, 2017 to present remain open to examinations by tax jurisdictions. Significant components of deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Deferred tax assets: Organizational and start-up costs $ 8 $ 38 Acquisition fair value adjustments 4,023 414 Allowance for loan losses 4,469 2,993 Other Real estate 56 26 Unrealized loss on derivatives 2,392 708 Nonaccrual loans 388 271 Acquired net operating losses 2,462 2,711 Acquired tax credits net of tax basis adjustments 660 1,005 Deferred Compensation 493 310 Loan fees (costs) 1,188 — Other 760 482 Total deferred tax assets $ 16,899 $ 8,958 Deferred tax liabilities: Core deposit intangible $ 2,900 $ 1,817 Loan fees (costs) — 19 Premises and equipment 1,432 627 Unrealized (gain) loss on available for sale securities 4,597 2,501 FHLB stock dividends 736 61 Other 113 — Total deferred tax liabilities $ 9,778 $ 5,025 Net deferred tax asset (liability) $ 7,121 $ 3,933 In assessing the future realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management determined that as of December 31, 2020, it was more likely than not that all deferred tax assets would be realized. At December 31, 2020, related to the merger with Community First, Inc., the Company had $11,696 of federal net operating loss carryovers subject to the annual limitation under Internal Revenue Code Section 382. The carryovers begin to expire in 2031 and are expected to be fully realized. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company has federal funds lines at other financial institutions with availability totaling $98,200 and $88,200 at December 31, 2020, and 2019, respectively. At December 31, 2020 and 2019, the Company did not have outstanding balances for these federal funds lines. The Company also has an unsecured line of credit at CDC Deposits Network with availability of $20,000. The Company did not have a balance outstanding related to this line at December 31, 2020 or 2019. The Company also may access borrowings utilizing the Federal Reserve bank discount window of $5,927 and $5,780 at 2020 and 2019, respectively. There were no funds advanced from the discount window at December 31, 2020 or 2019. At December 31, 2020 and 2019, the Company has $299,754 and $285,654 in standby letters of credit with the Federal Home Loan Bank pledged to secure municipal deposits. Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection lines, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance-sheet risk of credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment. Off-balance sheet arrangements generally consist of unused lines of credit and standby letters of credit. Such commitments were as follows: December 31, 2020 December 31, 2019 Unused lines of credit $ 559,874 $ 335,755 Standby letters of credit 22,045 17,132 Total commitments $ 581,919 $ 352,887 At December 31, 2020, the Company has employment agreements with certain executive officers. Upon the occurrence of an “Event of Termination” as defined by the agreements, the Company has an obligation to pay each of the executive officers as defined in the agreements. Reliant Bancorp or one or more of its subsidiaries are from time to time parties to ordinary routine legal proceedings in the ordinary course of business. As with all legal proceedings, no assurance can be provided as to the outcome of these matters. As of the date hereof, to the knowledge of our management, there are currently no material pending legal proceedings to which Reliant Bancorp or any of its subsidiaries is a party or of which any of the property of Reliant Bancorp or any of its subsidiaries is the subject. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | BUSINESS COMBINATIONS Community First, Inc. On January 1, 2018, pursuant to the Agreement and Plan of Merger, dated August 22, 2017, by and among Reliant Bancorp, Inc., Community First Inc., Pioneer Merger Sub, Inc., and Community First Bank & Trust, Community First, Inc. merged with and into the Reliant Bancorp, Inc. Immediately following the merger, Community First Bank & Trust merged with and into Reliant Bank, with Reliant Bank surviving. Pioneer Merger Sub, Inc. was formed to effect the merger and no longer exists. Pursuant to the merger agreement, each outstanding share of Community First, Inc. common stock (except for excluded shares and dissenting shares) was converted into and cancelled in exchange for the right to receive 0.481 shares of Reliant Bancorp, Inc. common stock, together with cash in lieu of any fractional shares. This business combination results in expanded and more diversified market area for the Company. The following table details the financial impact of the merger, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Community First, Inc. common stock outstanding as of January 1, 2018 5,025,884 Exchange ratio for Reliant Bancorp, Inc. common stock 0.481 Share conversion 2,417,450 Reliant Bancorp, Inc. common stock shares issued 2,416,444 Reliant Bancorp, Inc. share price at December 29, 2017 $ 25.64 Value of Reliant Bancorp, Inc. common stock shares issued $ 61,958 Value of fractional shares $ 25 Estimated fair value of Community First, Inc. $ 61,983 Allocation of Purchase Price Total consideration above $ 61,983 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 33,128 Time deposits in other financial institutions 23,309 Investment securities available for sale 69,078 Loans, net of unearned income 313,040 Mortgage loans held for sale, net 910 Accrued interest receivable 1,165 Premises and equipment 9,585 Restricted equity securities 1,726 Cash surrender value of life insurance contracts 10,664 Other real estate owned 1,650 Deferred tax asset, net 4,885 Core deposit intangible 7,888 Other assets 1,795 Deposits—noninterest-bearing (80,395) Deposits—interest-bearing (352,100) Other borrowings (11,522) Payables and other liabilities (5,061) Total fair value of net assets acquired 29,745 Goodwill $ 32,238 During 2018, as part of the system integration of Community First, Inc., the Company determined minor adjustments were appropriate to reduce other assets by $93 and increase payables and other liabilities by $85 effective as of the acquisition date. Tennessee Community Bank Holdings, Inc. Effective January 1, 2020, Reliant Bancorp completed the acquisition of TCB Holdings pursuant to the Agreement and Plan of Merger, dated September 16, 2019 (the “TCB Holdings Agreement”), by and among Reliant Bancorp, TCB Holdings, and Community Bank & Trust, a Tennessee-chartered commercial bank and wholly-owned subsidiary of TCB Holdings (“CBT”). On the terms and subject to the conditions set forth in the TCB Holdings Agreement, TCB Holdings merged with and into Reliant Bancorp (the “TCB Holdings Transaction”), with Reliant Bancorp as the surviving corporation. Immediately following the TCB Holdings Transaction, CBT merged with and into the Bank, with the Bank continuing as the surviving banking corporation. Pursuant to the TCB Holdings Agreement, at the effective time of the TCB Holdings Transaction, each outstanding share of TCB Holdings common stock, par value $1.00 per share (other than certain excluded shares), was converted into and canceled in exchange for the right to receive (i) $17.13 in cash, without interest, and (ii) 0.769 shares of the Reliant Bancorp’s common stock, par value $1.00 per share (“Reliant Bancorp Common Stock”). The aggregate consideration payable by Reliant Bancorp in respect of shares of TCB Holdings common stock as consideration for the TCB Holdings Transaction was 811,210 shares of Reliant Bancorp Common Stock and approximately $18,073 in cash. Reliant Bancorp did not issue fractional shares of Reliant Bancorp Common Stock in connection with the TCB Holdings Transaction, but paid cash in lieu of fractional shares based on the volume weighted average closing price per share of the Reliant Bancorp Common Stock on The Nasdaq Capital Market for the 10 consecutive trading days ending on and including December 30, 2019 (calculated as $22.36). At the effective time of the TCB Holdings Transaction, each outstanding option to purchase TCB Holdings common stock was canceled in exchange for a cash payment in an amount equal to the product of (i) $34.25 minus the per share exercise price of the option multiplied by (ii) the number of shares of TCB Holdings common stock subject to the option (to the extent not previously exercised). Reliant Bancorp paid aggregate consideration to holders of unexercised options of approximately $430. All shares of Reliant Bancorp’s common stock outstanding immediately prior to the TCB Holdings Transaction were unaffected by the TCB Holdings Transaction. The following table details the financial impact of the TCB Holdings Transaction, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 1,055,041 Exchange ratio for Reliant Bancorp, Inc. common stock 0.769 Reliant Bancorp, Inc. common stock shares issued 811,210 Reliant Bancorp, Inc. share price at January 1, 2020 $ 22.24 Estimated value of Reliant Bancorp, Inc. shares issued 18,041 Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) 18,073 Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) 430 Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) 3 Estimated fair value of Tennessee Community Bank Holdings, Inc. $ 36,547 Allocation of Purchase Price Total consideration above $ 36,547 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,026 Investment securities available for sale 56,336 Loans, net of unearned income 171,445 Accrued interest receivable 948 Premises and equipment 5,221 Cash surrender value of life insurance contracts 5,629 Restricted equity securities 909 Core deposit intangible 3,617 Other assets 833 Deposits (210,538) Deferred tax liability (157) Borrowings (58) FHLB advances (13,102) Other liabilities (4,337) Total fair value of net assets acquired 27,772 Goodwill $ 8,775 CBT was a Tennessee-based full-service community bank with operations in Ashland City, Kingston Springs, Pegram, Pleasant View, and Springfield, Tennessee. These communities lie on the northwest perimeter of Nashville, Tennessee. During 2020, the Company determined minor adjustments were appropriate to decrease premises and equipment by $1,219, decrease deferred tax liabilities by $168, and increase payables and other liabilities by $643 effective as of the acquisition date. These adjustments result in an increase to goodwill of $1,694. First Advantage Bancorp Effective April 1, 2020, Reliant Bancorp completed the acquisition of FABK pursuant to the Agreement and Plan of Merger, dated October 22, 2019 (the “FABK Agreement”), by and among Reliant Bancorp, FABK, and PG Merger Sub, Inc., a Tennessee corporation and wholly-owned subsidiary of Reliant Bancorp ("Merger Sub"). On the terms and subject to the conditions set forth in the FABK Agreement, Merger Sub merged with and into FABK (the "FABK Transaction"), with FABK as the surviving corporation, followed immediately by the merger of FABK with and into Reliant Bancorp, with Reliant Bancorp as the surviving corporation. Immediately following the merger of FABK into Reliant Bancorp, First Advantage Bank, a Tennessee-chartered commercial bank and wholly-owned subsidiary of FABK ("FAB"), merged with and into the Bank, with the Bank continuing as the surviving banking corporation. Pursuant to the FABK Agreement, at the effective time of the FABK Transaction, each outstanding share of FABK common stock, par value $0.01 per share (the “FABK Common Stock”), other than certain excluded shares, was converted into the right to receive (i) 1.17 shares of Reliant Bancorp Common Stock and (ii) $3.00 in cash, without interest. In lieu of the issuance of fractional shares of Reliant Bancorp Common Stock, Reliant Bancorp agreed to pay cash in lieu of fractional shares based on the volume-weighted average closing price per share of Reliant Bancorp Common Stock on The Nasdaq Capital Market for the 10 consecutive trading days ending on and including March 30, 2020 (calculated as $11.74). Based on the April 1, 2020 opening price for Reliant Bancorp Common Stock of $11.27 per share and 3,935,165 shares of FABK Common Stock outstanding on April 1, 2020, the consideration for the FABK Transaction was approximately $64,094, in the aggregate, or $16.28 per share of FABK Common Stock. The following table details the financial impact of the FABK Transaction, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 3,935,165 Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 2,000 Total First Advantage Bancorp common stock outstanding as of April 1, 2020 3,937,165 Exchange ratio for Reliant Bancorp, Inc. common stock 1.17 Reliant Bancorp, Inc. common stock shares issued 4,606,483 Remove fractional shares (64) Reliant Bancorp, Inc. common stock shares issued 4,606,419 Reliant Bancorp, Inc. share price at April 1, 2020 $ 11.27 Estimated value of Reliant Bancorp, Inc. shares issued 51,914 Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) 1 Cash settlement for First Advantage Bancorp common stock ($3.00 per share) 11,805 Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) 6 Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) 368 Estimated fair value of First Advantage Bancorp $ 64,094 Allocation of Purchase Price Total consideration above $ 64,094 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,159 Investment securities available for sale 35,970 Loans, net of unearned income 622,423 Mortgage loans held for sale, net 5,878 Premises and equipment 7,757 Deferred tax asset 4,937 Cash surrender value of life insurance contracts 14,776 Other real estate and repossessed assets 1,259 Core deposit intangible 2,280 Operating lease right-of-use assets 5,846 Other assets 11,624 Deposits (608,690) Borrowings (35,962) Operating lease liabilities (6,536) Other liabilities (10,606) Total fair value of net assets acquired 62,115 Goodwill $ 1,979 FAB was a Tennessee-based full-service community bank headquartered in Clarksville, Tennessee. FAB operated branch offices in Montgomery, Davidson and Williamson counties, Tennessee and operated a loan production office in Knoxville, Tennessee primarily originating manufactured housing loans. During 2020, the Company determined minor adjustments in fair value were appropriate to reduce premises and equipment by $202, to reduce deferred tax assets by $1,854, and increase other assets by $405 effective as of the acquisition date. The adjustments result in an increase in goodwill of $1,651. Supplemental Pro Forma Combined Condensed Statements of Income Pro forma data for the twelve months ended months ended December 31, 2020 and 2019 in the table below presents information as if the TCB Holdings Transaction and FABK Transaction occurred on January 1, 2019. These results combine the historical results of TCB Holdings and FABK into the Company's consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments, they are not indicative of what would have occurred had the acquisitions taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of TCB Holdings' or FABK's provision for credit losses for the first twelve months ended months of 2019 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2019. Additionally, these financials were not adjusted for non-recurring expenses, such as merger-related charges incurred by either the Company, TCB Holdings or FABK. The Company expects to achieve operating cost savings and other business synergies as a result of the acquisitions which are also not reflected in the pro forma amounts. Twelve Months Ended December 31, 2020 2019 Revenue (1) $ 149,652 $ 117,496 Net interest income $ 120,769 $ 100,070 Net income attributable to common shareholders $ 34,126 $ 33,719 (1) Net interest income plus noninterest income |
Mortgage Operations
Mortgage Operations | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
MORTGAGE OPERATIONS | MORTGAGE OPERATIONS Reliant Mortgage Ventures, LLC ("RMV") was organized on November 15, 2011 as a joint venture between VHC Fund 1, LLC (VHC) and Legacy Reliant Bank to offer mortgage banking services within the Legacy Reliant Bank's market footprint. The Bank controls 51% of RMV's governance rights and 30% of RMV's income rights. VHC Fund 1, LLC was controlled by an immediate family member of a previous member of the Company’s board of directors through March 2019. Under the related operating agreement, the non-controlling member receives 70% of the profits of RMV, and the Company receives 30% of the profits once the non-controlling member recovers its cumulative losses. The noncontrolling member is responsible for 100% of the mortgage venture’s operational and credit losses. The income and loss is included in the consolidated results of operations. The portion of the income and loss attributable to the non-controlling member (100% for 2020, 2019, and 2018) are included in non-controlling interest in net loss of subsidiary on the accompanying consolidated statements of operations. At December 31, 2020 and 2019, RMV had a receivable balance from the Company of $404 and payable to the Company of $1,484, respectively. Direct costs incurred by the Company attributable to the mortgage operations are allocated to RMV as well as rent, personnel and core processing. As of December 31, 2020, the cumulative losses to date of RMV totaled $13,655. RMV will have to generate net income of this amount before the Company will participate in future earnings. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company has two reportable business segments: commercial banking and residential mortgage banking. Segment information is derived from the internal reporting system utilized by management. Revenues and expenses for segments reflect those which can be specifically identified and have been assigned based on internally developed allocation methods. Financial results have been presented, to the extent practicable, as if each segment operated on a stand-alone basis. Commercial Banking provides deposit and lending services to consumer and business customers within our primary geographic markets. Our customers are serviced through branch locations, ATMs, online banking, and mobile banking. Residential Mortgage Banking originates traditional first lien residential mortgage loans and first lien home equity lines of credit throughout the United States. The traditional first lien residential mortgage loans are typically underwritten to government agency standards and sold to third-party secondary market mortgage investors. The home equity lines of credit are typically sold to participating banks or other investor groups and are underwritten to their standards. During the second quarter of 2019, RMV began acquiring loans from approved correspondent lenders and reselling them in the secondary market. These loans are not government agency-qualified loans and are of higher risk, such as jumbo loans or senior position home equity lines of credit. The following presents summarized results of operations for the Company’s business segments for the periods indicated: December 31, 2020 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 105,628 $ 2,418 $ — $ 108,046 Provision for loan losses 8,350 — — 8,350 Noninterest income 9,320 12,293 (54) 21,559 Noninterest expense (excluding merger expense) 61,339 14,973 — 76,312 Merger expense 6,895 — — 6,895 Income tax expense (benefit) 6,952 (17) — 6,935 Net income (loss) 31,412 (245) (54) 31,113 Noncontrolling interest in net loss of subsidiary — 245 54 299 Net income attributable to common shareholders $ 31,412 $ — $ — $ 31,412 December 31, 2019 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 55,252 $ 553 $ — $ 55,805 Provision for loan losses 1,211 — — 1,211 Noninterest income 7,059 5,086 (181) 11,964 Noninterest expense (excluding merger expense) 40,779 11,510 — 52,289 Merger expense 1,603 — — 1,603 Income tax expense (benefit) 2,522 (393) — 2,129 Net income 16,196 (5,478) (181) 10,537 Noncontrolling interest in net income of subsidiary — 5,478 181 5,659 Net income attributable to common shareholders $ 16,196 $ — $ — $ 16,196 December 31, 2018 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 52,990 $ 821 $ — $ 53,811 Provision for loan losses 1,035 — — 1,035 Noninterest income 5,250 4,595 (181) 9,664 Noninterest expense (excluding merger expense) 38,738 9,049 — 47,787 Merger expense 2,774 — — 2,774 Income tax expense (benefit) 1,608 (236) — 1,372 Net income 14,085 (3,397) (181) 10,507 Noncontrolling interest in net income of subsidiary — 3,397 181 3,578 Net income attributable to common shareholders $ 14,085 $ — $ — $ 14,085 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
CAPITAL | CAPITAL The Company and the Bank are subject to regulatory capital requirements administered by the federal and state banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believes that as of December 31, 2020 and 2019 the Company and the Bank met all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2020 and 2019, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the category. Actual and required capital amounts and ratios are presented below as of December 31, 2020 and 2019. Actual Minimal Capital Adequacy Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Company Tier I leverage $ 262,282 8.91 % $ 117,747 4.00 % $ 117,747 4.000 % $ 147,184 5.00 % Common equity Tier 1 250,513 10.22 % 110,304 4.50 % 171,584 7.000 % 159,328 6.50 % Tier I risk-based capital 262,282 10.70 % 147,074 6.00 % 208,355 8.500 % 196,099 8.00 % Total risk-based capital 342,246 13.96 % 196,130 8.00 % 257,420 10.500 % 245,162 10.00 % Bank Tier I leverage $ 313,633 10.64 % $ 117,907 4.00 % $ 117,907 4.000 % $ 147,384 5.00 % Common equity Tier 1 313,633 12.83 % 110,004 4.50 % 171,117 7.000 % 158,894 6.50 % Tier I risk-based capital 313,633 12.83 % 146,672 6.00 % 207,785 8.500 % 195,562 8.00 % Total risk-based capital 334,919 13.71 % 195,430 8.00 % 256,503 10.500 % 244,288 10.00 % December 31, 2019 Company Tier I leverage $ 176,748 9.74 % N/A — % $ 72,586 4.000 % $ 90,733 5.00 % Common equity Tier 1 165,063 10.55 % N/A — % 109,520 7.000 % 101,698 6.50 % Tier I risk-based capital 176,748 11.30 % N/A — % 132,952 8.500 % 125,131 8.00 % Total risk-based capital 249,751 15.97 % N/A — % 164,207 10.500 % 156,388 10.00 % Bank Tier I leverage $ 186,734 10.30 % N/A — % $ 72,518 4.000 % $ 90,648 5.00 % Common equity Tier 1 186,734 11.95 % N/A — % 109,384 7.000 % 101,571 6.50 % Tier I risk-based capital 186,734 11.95 % N/A — % 132,823 8.500 % 125,010 8.00 % Total risk-based capital 199,737 12.79 % N/A — % 163,975 10.500 % 156,167 10.00 % In July 2013, the Bank’s regulators adopted revised regulatory capital requirements known as “Basel III”, which became effective January 1, 2015. Required capital ratios applicable to the Bank under these guidelines are presented in the preceding table. The new requirements also established a "capital conservation buffer" of 2.5% that was phased in over four years. If capital levels fall below the minimum requirement, the Bank will be subject to restrictions related dividend payments, share repurchases, and certain employee bonuses. On December 4, 2018, the Company authorized a stock repurchase plan pursuant to which the Company could purchase up to $12 million of shares of the Company’s outstanding common stock, par value $1.00 per share. The plan ran through December 31, 2019. Stock repurchases under the plan could be made from time to time in the open market or privately negotiated transactions, or otherwise, at the discretion of management of the Company and in accordance with applicable legal requirements. The timing and amount of share repurchases under the plan depended on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. In 2019, the Company repurchased $8,291 of Company shares. The stock repurchase plan did not obligate the Company to repurchase any dollar amount or number of shares, and the plan could be extended, modified, amended, suspended, or discontinued at any time. On March 10, 2020, the Company announced that its board of directors has authorized a stock repurchase plan pursuant to which the Company may purchase up to $15 million of shares of the Company’s outstanding common stock, par value $1.00 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In 2006, the Board of Directors and shareholders of the Bank approved the Commerce Union Bank Stock Option Plan (the “Plan”). The Plan provides for the granting of stock options and authorizes the issuance of common stock upon the exercise of such options, for up to 625,000 shares of common stock to employees and organizers of the Company. As part of reorganization, all Commerce Union Bank options were replaced with Commerce Union Bancshares, Inc. options with no change in terms. On March 10, 2015, the shareholders of the Company approved the Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan that permits the grant of awards of up to 1,250,000 shares of the Company common stock in the form of stock options. As part of the merger with Reliant Bank, all outstanding stock options of Reliant Bank were converted to stock options of Commerce Union Bancshares, Inc. under this plan. Under the Stock Option Plan, stock option awards may be granted in the form of incentive stock options or non-statutory stock options, and are generally exercisable for up to ten years following the date such option awards are granted. Exercise prices of incentive stock options must be equal to or greater than the fair market value of the common stock on the grant date. On June 18, 2015, the shareholders of Reliant Bancorp (then known as "Commerce Union Bancshares, Inc.") approved the Commerce Union Bancshares, Inc. 2015 Equity Incentive Plan, which reserves up to 900,000 shares of Reliant Bancorp common stock to be subject to awards under the plan, including awards in the form of stock options, restricted stock grants, performance-based awards, and other awards denominated or payable by reference to or based on or related to Reliant Bancorp common stock. The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other noninterest expense for directors, in the consolidated statement of income as follows: Twelve Months Ended December 31, 2020 2019 2018 Stock-based compensation expense before income taxes $ 1,578 $ 1,222 $ 923 Less: deferred tax benefit (412) (319) (241) Reduction of net income $ 1,166 $ 903 $ 682 Common Stock Options A summary of the activity in the stock option plan for the periods ended December 31, 2020, 2019 and 2018, is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2018 170,761 $ 14.48 5.73 years $ 1,905 Granted 25,500 28.00 Exercised (30,001) 13.27 Forfeited or expired (7,000) 18.20 Outstanding at December 31, 2018 159,260 16.72 6.04 years 1,146 Exercisable at December 31, 2018 88,060 13.45 4.32 years 847 Vested and anticipated vesting shares as of December 31, 2018 157,124 16.67 6.01 years 1,002 Granted 27,500 23.28 Exercised (34,714) 12.79 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Forfeited or expired (2,753) 19.35 Outstanding at December 31, 2019 149,293 18.81 6.68 years 700 Exercisable at December 31, 2019 74,693 15.31 5.18 years 553 Vested and anticipated vesting shares as of December 31, 2019 149,293 18.76 6.64 years 891 Granted — — Exercised (10,865) 12.20 Forfeited or expired (21,807) 21.26 Outstanding at December 31, 2020 116,621 18.97 5.87 years 304 Exercisable at December 31, 2020 78,921 16.66 5.02 years 290 Information related to the stock option plan during each year follows and assumes a 3% forfeiture rate: 2020 2019 2018 Intrinsic value of options exercised $ 51 $ 320 $ 344 Cash received from option exercises 142 439 398 Tax benefit realized from option exercises 15 13 88 Weighted average fair value of options granted — 6.97 7.10 As of December 31, 2020, there was $204 of total unrecognized compensation cost related to nonvested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.87 years. The total fair value of shares vested during the years ended December 31, 2020, 2019, and 2018, was $114, $96, and $61, respectively. The fair value of options granted during 2019 and 2018 was determined using the following assumptions as of the grant date, resulting in an estimated fair value per option of $6.97 and $6.89, respectively. No options were granted in 2020. 2019 2018 Risk-free interest rate 2.08% — 2.39% 2.95% Expected term (in years) 6.5 years 6.5 years Expected stock price volatility 31.10% — 32.80% 23.50% Dividend yield 1.55% — 1.59% 1.14% Equity Incentive Plan On June 18, 2015, the shareholders of Commerce Union approved the Commerce Union Bancshares, Inc. 2015 Equity Incentive Plan, which provides for the issuance of up to 900,000 shares of common stock in the form of stock options, restricted stock grants or grants for performance-based compensation units. The following table shows the activity related to non-vested restricted stock and restricted stock units for the years ended December 2020, 2019 and 2018: Restricted Stock Units Restricted Stock Units Weighted Average Grant-Date Shares Weighted Average Grant-Date Outstanding at December 31, 2017 — — 82,499 20.03 Granted — — 51,710 27.55 Vested — — (21,999) 15.95 Forfeited — — (1,550) 25.17 Outstanding at December 31, 2018 — — 110,660 24.28 Granted 47,750 23.30 9,500 22.01 Vested — — (21,450) 19.31 Forfeited — — (7,750) 23.25 Outstanding at December 31, 2019 47,750 $ 23.30 90,960 $ 25.31 Granted 102,400 14.55 — — Vested (15,500) 21.66 (50,050) 24.08 Forfeited (2,000) 10.25 — — Outstanding at December 31, 2020 132,650 $ 16.93 40,910 $ 26.82 The shares vest over periods ranging from one month to three years. As of December 31, 2020, there was $1,559 and $220 of unrecognized compensation cost related to non-vested restricted share units and awards, respectively. The cost is expected to be charged over a weighted-average period of 2.11 years for the restricted stock units and 0.74 years for the restricted stock share awards. In 2020, 2019 and 2018, the fair value of share awards vested totaled $1,032, $605 and $439. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS 401(k) Plan The Company has a 401(k) benefit plan that allows employee contributions up to 100% of their compensation, subject to regulatory limitations. The Company matches 100% of the first 6% contributed by the employee. The Company recognized an expense for the years ended December 31, 2020, 2019 and 2018 of $1,496, $1,033, and $805, respectively. Employee Stock Purchase Plan In 2018, the Company adopted an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company common stock. The purchase price is 85% of the lesser of the closing price of the common stock on the first trading date of the relevant offering period or the last trading day of the relevant offering period. The maximum number of shares issuable is 200,000 shares and a participant may not purchase more than 2,500 shares during any offering period (and, in any event, no more than $25 worth of common stock in any calendar year). For the year ended December 31, 2020, 21,962 shares were issued related to the ESPP. In 2019, there were 8,512 shares of common stock issued under the ESPP. As of December 31, 2020, there were 169,526 shares available for issuance under the ESPP. |
Contract Revenue
Contract Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
CONTRACT REVENUE | CONTRACT REVENUE The Company does not consider revenue from its contracts subject to ASC 606 to be significant due to the scope exceptions of the standard. The revenue of the Company from contracts with customers that is within the scope of ASC 606 is presented in noninterest income and includes the following: |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | PARENT COMPANY CONDENSED FINANCIAL INFORMATION The following tables present parent company condensed financial statements for Reliant Bancorp, Inc.: CONDENSED BALANCE SHEET DECEMBER 31, 2020 2019 ASSETS Cash and cash equivalents $ 2,092 $ 46,997 Investment in subsidiaries 396,314 255,049 Other assets 6,464 2,851 Total assets $ 404,870 $ 304,897 LIABILITIES AND SHAREHOLDERS' EQUITY Dividend payable $ — $ 76 Accrued expenses and other liabilities 2,971 735 Subordinate debentures 79,926 80,333 Shareholders' equity 321,973 223,753 Total liabilities and shareholders' equity $ 404,870 $ 304,897 The following tables present parent company condensed financial statements for Reliant Bancorp, Inc.: CONDENSED STATEMENT OF OPERATIONS YEARS ENDED DECEMBER 31, 2020 2019 2018 Dividends from subsidiaries $ 4,000 $ 6,800 $ 7,521 Interest expense 4,363 1,520 1,277 Other expense 10,377 3,619 4,775 Income before income tax and undistributed income from subsidiaries (10,740) 1,661 1,469 Income tax (benefit) expense (3,656) (1,123) (1,537) Equity in undistributed income from subsidiaries 38,496 13,412 11,079 Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 CONDENSED STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 2019 2018 Cash flows from operating activities Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 Adjustments: Equity in undistributed income from subsidiaries (38,496) (13,412) (11,079) Accretion related to subordinated debentures net of issuance cost amortization 259 113 969 Change in other assets (3,287) 596 (1,333) Change in other liabilities 2,184 130 (230) Net cash from operating activities (7,928) 3,623 2,412 Cash flows from investing activities Cash (used in) received from acquisitions, net (30,664) (6,017) — Cash contributed to Risk subsidiary (325) — — Net cash used in investing activities (30,989) (6,017) — Cash flows from financing activities Issuance of subordinated debentures, net of issuance costs — 59,198 — Dividends paid (6,227) (4,013) (3,451) Exercise of common stock options and warrants, net of repurchase of restricted shares 239 (7,779) 1,315 Net cash from (used in) financing activities (5,988) 47,406 (2,136) Net change in cash and cash equivalents (44,905) 45,012 276 Beginning cash and cash equivalents 46,997 1,985 1,709 Ending cash and cash equivalents $ 2,092 $ 46,997 $ 1,985 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 25, 2021, the Company declared a quarterly cash dividend of $0.12 per share payable on February 19, 2021 to shareholders of record as of the close of business on February 8, 2021. Effective January 26, 2021, the Company authorized a stock repurchase plan for the Company to reacquire up to $10,000 of the Company's outstanding common stock. The repurchase plan is anticipated to remain effective until December 31, 2021, unless the authorized amount of share repurchase is reached at an earlier date. The Company may extend, modify, amend, suspend, or discontinue the plan at any time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Reliant Bancorp, Inc. is a Tennessee corporation and the holding company for and the sole shareholder of Reliant Bank (the "Bank"), collectively, "the Company." Reliant Bancorp is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended ("Bank Holding Company Act"). Reliant Bank is a commercial bank chartered under Tennessee law and a member of the Federal Reserve System (the "Federal Reserve"). The Bank provides a full range of traditional banking products and services to business and consumer clients throughout Middle Tennessee. Reliant Risk Management, Inc., a wholly-owned insurance captive subsidiary of Reliant Bancorp, began operations on June 1, 2020, is a Tennessee-based captive insurance company which insures Reliant Bancorp and the Bank against certain risks unique to their operations and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Reliant Risk Management, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Reliant Risk Management, Inc. is subject to regulations of the State of Tennessee and undergoes periodic examinations by the Tennessee Department of Commerce and Insurance. |
Basis of Presentation | Basis of Presentation The Company's consolidated financial statements as of and for the periods presented include the accounts of Reliant Bancorp, the Bank, Community First Trups Holding Company (a wholly-owned subsidiary of Reliant Bancorp), Reliant Risk Management, Inc., Reliant Investment Holdings, LLC (a wholly-owned subsidiary of the Bank), and RMV. All significant intercompany balances and transactions have been eliminated in consolidation. As described previously, effective January 1, 2020, Reliant Bancorp and TCB Holdings merged and effective April 1, 2020, Reliant Bancorp and First Advantage Bancorp merged. The accounting and reporting policies of Reliant Bancorp, Inc. conform to U.S. GAAP and to general practices within the banking industry. The following is a brief summary of the significant policies. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to present a fair statement of the results. Such adjustments are of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company has evaluated subsequent events for recognition and disclosure through March 9, 2021, which is the date the financial statements were available to be issued. During 2011, the Bank and another entity organized RMV. Under the related operating agreement, the non-controlling member receives 70% of the profits of RMV, and the Bank receives 30% of the profits once the non-controlling member recovers its aggregate losses. The non-controlling member is responsible for 100% of RMV’s net losses. As of December 31, 2020, the cumulative losses to date totaled $13,655. RMV will have to generate net income of this amount before the Company will participate in future earnings. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for loan losses, the valuation of other real estate, the valuation of debt and equity securities, the valuation of deferred tax assets and fair values of financial instruments. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting. The accounts of an acquired entity are included as of the date of acquisition, and any excess of purchase price over the fair value of the net assets acquired is capitalized as goodwill. Under this method, all identifiable assets acquired, including purchased loans, and liabilities assumed are recorded at fair value. The Company typically issues common stock and/or pays cash for an acquisition, depending on the terms of the acquisition agreement. The value of shares of common stock issued is determined based on the market price of the stock as of the closing of the acquisition. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits in financial intuitions, and federal funds sold. Generally, federal funds sold are purchased and sold for one-day periods. The Company maintains deposits in excess of the federal insurance amounts with other financial institutions. Management makes deposits only with financial institutions it considers financially sound. Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with their applicable Federal Reserve Bank based principally on the type and amount of their deposits. The Bank was not required to have a reserve balance at December 31, 2020, 2019, and 2018, respectively. |
Securities | Securities The Company classifies its debt securities in one of two categories: held to maturity ("HTM") and available for sale ("AFS"). HTM securities are those securities for which the Company has the ability and intent to hold until maturity. Securities are classified as AFS when they might be sold before maturity. The Company did not have held to maturity securities at December 31, 2020 and 2019, or in the three-year period ended December 31, 2020. Interest income includes purchase premiums and discounts amortized or accreted over the life of the related security as an adjustment to the yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method including reclassification from other comprehensive income. When the fair value of a debt security has declined below the amortized cost at the measurement date, if an entity intends to sell a security or is more likely than not to sell the security before the recovery of the security’s cost basis, the entity must recognize the other-than-temporary impairment (“OTTI”) in earnings and classify the security as OTTI. The related OTTI loss on the debt security will be recognized in earnings to the extent that the loss is due to the declining credit quality of the issuer, with the remaining impairment loss recognized in accumulated other comprehensive income. In estimating OTTI losses, management considers: the length of time and extent that fair value of the security has been less than the cost of the security, the financial condition and near term prospects of the issuer, cash flow, stress testing analysis on securities, when applicable, and the Company’s ability and intent to hold the security for a period sufficient to allow for any anticipated recovery in fair value. The Company evaluates available-for-sale securities for OTTI at least on a quarterly basis, and more frequently when economic or market concerns warrant such an evaluation. No such impairment charges were recorded in the three-year period ended December 31, 2020. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees, and an allowance for loan losses (ALL). Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level yield method without anticipating prepayments. The Company has six classes of loans for financial reporting purposes determined based on underlying collateral utilized to secure each loan. Risk characteristics relevant to each portfolio segment are as follows: Commercial, industrial and agricultural: The commercial, industrial and agricultural loan portfolio segment includes loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of underlying borrowers, particularly cash flow from customers’ business operations. Commercial, industrial and agricultural loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. This class also includes PPP loans originated during the year. Multi-family and commercial real estate: Multi-family and commercial real estate loans are subject to underwriting standards and processes similar to commercial, industrial and agricultural loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties comprising the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single market or industry. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. The Company also utilizes third-party experts to provide insight and guidance about economic conditions and trends affecting the market areas it serves. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Non-owner occupied commercial real estate loans are loans secured by multifamily and commercial properties where the primary source of repayment is derived from rental income associated with the property (that is, loans for which 50 percent or more of the source of repayment comes from third party, nonaffiliated rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. These loans are made to finance income-producing properties such as apartment buildings, office and industrial buildings, and retail properties. Owner-occupied commercial real estate loans are loans where the primary source of repayment is the cash flow from the ongoing operations and business activities conducted by the party, or an affiliate of the party, who owns the property. Construction and land development: Loans for non-owner-occupied real estate construction or land development are generally repaid through cash flow related to the operation, sale or refinance of the property. The Company also finances construction loans for owner-occupied properties. A portion of the Company’s construction and land development portfolio segment is comprised of loans secured by residential product types (residential land and single-family construction). With respect to construction loans to developers and builders that are secured by non-owner occupied properties that the Company may originate from time to time, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates, market sales activity, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions and the availability of long-term financing. 1-4 family residential real estate: Residential real estate loans, which include related manufactured homes with real estate, represent loans to consumers or investors to finance a residence. These loans are typically financed on 15- to 30-year amortization terms, but generally with shorter maturities of 5 to 15 years. Many of these loans are extended to borrowers to finance their primary or secondary residence. Loans to an investor secured by a 1-4 family residence will be repaid from either the rental income from the property or from the sale of the property. This loan segment also includes closed-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home. Loans in this portfolio segment are underwritten and approved based on a number of credit quality criteria including limits on maximum Loan-to-Value ("LTV"), minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these market values impact the depth of potential losses in this portfolio segment. 1-4 family HELOC: This loan segment includes open-end home equity loans that are secured by a first or second mortgage on the borrower’s residence. This allows customers to borrow against the equity in their home utilizing a revolving line of credit. These loans are underwritten and approved based on a number of credit quality criteria including limits on maximum LTV, minimum credit scores, and maximum debt to income. Real estate market values as of the time the loan is made directly affect the amount of credit extended and, in addition, changes in these market values impact the depth of potential losses in this portfolio segment. Because of the revolving nature of these loans as well as the fact that many represent second mortgages, this portfolio segment can contain more risk than the amortizing 1-4 family residential real estate loans. Consumer: The consumer loan portfolio segment includes non-real estate secured direct loans to consumers for household, family, and other personal expenditures as well as manufactured homes without real estate. Consumer loans may be secured or unsecured and are usually structured with short or medium term maturities. These loans are underwritten and approved based on a number of consumer credit quality criteria including limits on maximum LTV on secured consumer loans, minimum credit scores, and maximum debt to income. Many traditional forms of consumer installment credit have standard monthly payments and fixed repayment schedules of one The accrual of interest is discontinued when a loan becomes 90 days past due according to the contractual terms of the note unless it is well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. When full collection of the remaining book balance is uncertain, interest payments received are applied to the principal balance outstanding. In some cases, when the remaining book balance of the loan is deemed fully collectible, payments are treated as interest income on a cash basis. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans can also be returned to accrual status when they become well secured and in the process of collection. Acquired Loans Acquired loans are accounted for under the acquisition method of accounting. The acquired loans are recorded at their estimated fair values as of the acquisition date. Fair value of acquired loans is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest payments, estimated prepayments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not recorded on the acquisition date. An acquired loan is considered purchased credit impaired when there is evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will be unable to collect all contractually required payments. |
Concentrations | Concentrations At December 31, 2020 and 2019, the Company had significant credit exposures to borrowers in real estate. If this industry experiences another economic slowdown and, as a result, the borrowers in this industry are unable to meet the obligations of their existing loan agreements, earnings could be negatively impacted. The Company is concentrated in the middle Tennessee regional market and the operating results are impacted by the economic conditions of that area. |
Allowance for Loan Loss | Allowance for Loan Loss The allowance for loan loss ("ALL") is an estimate of future probable credit losses. Losses on loans are charged against the ALL when management believes the remaining balance due has become uncollectible. Subsequent recoveries, if any, are credited to the ALL. General Component: The general component of the allowance for loan losses covers loans that are collectively evaluated for impairment. Large groups of homogeneous loans are collectively evaluated for impairment, and accordingly, they are not included in the separately identified impairment disclosures. The general allowance component also includes loans that are individually identified for impairment evaluation but are not considered impaired. The general component is based on historical loss experience adjusted for current factors such as 1) the nature and volume of the portfolio, 2) current economic conditions (national and local), 3) changes in interest rates, 4) portfolio concentrations, 5) changes in the experience, ability, and depth of the lending function, and 6) levels of and trends in charged-off loans, recoveries, past-due loans and volume and severity of classified loans. Specific Component: The specific component relates to loans that are individually determined to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. All classified loans and loans on nonaccrual status are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated based on the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral less costs to sell if repayment is expected solely from the collateral. Changes to the valuation allowance are recorded as a component of the provision for loan losses. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets or the terms of the related lease for leasehold improvements. The range of estimated useful lives for buildings is 30 to 40 years, for leasehold improvements is 3 to 25 years, which correlates with the applicable lease term, and for furniture, fixtures and equipment is 3 to 7 years. Gain or loss on items retired and otherwise disposed of is credited or charged to operations and the cost and related accumulated depreciation are removed from the asset and accumulated depreciation accounts. Expenditures and improvements of premises and equipment are capitalized and those for maintenance and repairs are charged to earnings as incurred. These assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Leases | Leases The Company leases certain banking, mortgage and operations locations. Effective January 1, 2020, the Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, incentive liabilities, leasehold intangibles and any impairment of the right-of-use asset. In determining whether a contract contains a lease, management conducts an analysis at lease inception to ensure an asset was specifically identified and the Company has control of use of the asset. For contracts determined to be leases entered into after January 1, 2020, the Company performs additional analysis to determine whether the lease should be classified as a finance or operating lease. The Company considers a lease to be a finance lease if future minimum lease payments amount to greater than 90% of the asset's fair value or if the lease term is equal to or greater than 75% of the asset's estimated economic useful life. As of December 31, 2020, the Company did not have any leases that were determined to be finance leases. The Company does not record leases on the consolidated balance sheets that are classified as short term (less than one year). Additionally, the Company has not recorded equipment leases or leases in which the Company is the lessor on the consolidated balance sheets as these are not material to the Company. At lease inception, the Company determines the lease term by adding together the minimum lease term and all optional renewal periods that it is reasonably certain to renew. This determination is at management's full discretion and is made through consideration of the asset, market conditions, competition and entity based economic conditions, among other factors. The lease term is used in the economic life test and also to calculate straight-line rent expense. The depreciable life of leasehold improvements is limited by the estimated lease term, including renewals. Operating leases are expensed on a straight-line basis over the life of the lease beginning when the lease commences. Rent expense and variable lease expense are included in occupancy expense on the Company's Consolidated statements of Operations. The Company's variable lease expense include rent escalators that are based on the Consumer Price Index or market conditions and include items such as common area maintenance, utilities, parking, property taxes, insurance and other costs associated with the lease. There are no residual value guarantees or restrictions or covenants imposed by leases that will impact the Company's ability to pay dividends or cause the Company to incur additional expenses. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. |
Restricted Equity Securities | Restricted Equity Securities The Bank is a member of the Federal Home Loan Bank (“FHLB”) system and the Federal Reserve system and is required to hold stock in both entities. These investments are carried at cost, classified as restricted equity securities, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as interest income. |
Other Real Estate | Other Real EstateReal estate acquired in the settlement of loans is initially recorded at estimated fair value, less estimated cost to sell, if less than the carrying value of the loan when acquired. Fair value is based on independent appraisals and other relevant factors. Valuation adjustments required at foreclosure are charged to the allowance for loan losses. Subsequent to foreclosure, additional losses resulting from the periodic revaluation of the property are charged to other real estate expense. Costs of operating and maintaining the properties and any gains or losses recognized on disposition are also included in other real estate expense. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. |
Cash Surrender Value of Life Insurance Contracts | Cash Surrender Value of Life Insurance Contracts The Company is the owner and beneficiary of various life insurance policies on certain key employees. These policies are recorded at their cash surrender values. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. The Company has selected September 30th as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the balance sheet. Other intangible assets consist of core deposit intangible assets arising from whole bank acquisitions and are amortized on an accelerated method over their estimated useful lives, which range from eight years to eleven years. |
Off-Balance-Sheet Financial Instruments | Off-Balance Sheet Financial Instruments |
Derivatives | Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company's intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment ("fair value hedge"), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedge"), or (3) an instrument with no hedging designation ("stand-alone derivative"). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Stock-Based Compensation | Stock-Based Compensation Compensation cost recognized for stock options and restricted stock and restricted stock unit awards issued to employees is based on the fair value of these awards at the date of grant, reduced for forfeitures. A binomial model is utilized to estimate the fair value of stock options. Compensation cost is recognized over the required service period, generally defined as the vesting period. |
Income Taxes | Income Taxes Income tax expense or benefit is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Management performs an evaluation of all income tax positions taken or expected to be taken in the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely than not” standard of being sustained under examination by the applicable taxing authorities. Management has performed its evaluation of all income tax positions taken on all open income tax returns and has determined that there were no positions taken that do not meet the “more likely than not” standard. Penalties and interest relating to income taxes are recognized in income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and various states. The Company’s federal and states income tax returns for years prior to fiscal year 2018 are no longer open to examination. |
Earnings Per Share | Earnings Per Share Earnings per share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding plus shares representing the dilutive effect of stock options, restricted stock awards and units, and employee stock purchase plan shares outstanding. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on AFS securities and derivatives, net of taxes. These gains and losses are recognized as a separate component of stockholders’ equity. |
Loss Contingencies | Loss ContingenciesLoss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the consolidated financial statements. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred |
Segment Reporting | Segment Reporting The Company’s Mortgage division represents a distinct reportable segment which differs from the Company’s primary business of Banking. Accordingly, a reconciliation of reportable segment revenues, expenses and profit to the Company’s consolidated total has been presented in "Note 17 - Segment Reporting". |
Fair Value Measurements | Fair Value Measurements Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Recently Adopted Accounting Principles and Newly Issued not yet Adopted Accounting Standards | Recently Adopted Accounting Principles ASU 2016-02, “ Leases (Topic 842 ) .” ASU 2016-02 requires lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 went into effect for the Company on January 1, 2020 and the Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. The effect of implementing this pronouncement resulted in right to use assets of $11,973 and a similar corresponding liability, as of January 1, 2020. ASU 2017-04, “ Intangibles - Goodwill and Other (Topic 350 ) - Simplifying the Test for Goodwill Impairment. ” ASU 2017-04 eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 was early adopted as of January 1, 2020 and did not have a significant impact on the Company's consolidated financial statements as it simplifies the test of impairment of goodwill. ASU 2020-04, "Reference Rate Reform (Topic 848 ) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the FASB issued Topic 848 amendments to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the effect of the pronouncement on the consolidated financial statements, noting no significant impact. ASU 2017-12, “ Derivatives and Hedging (Topic 815 ) - Targeted Improvements to Accounting for Hedging Activities .” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 was adopted on January 1, 2020 and did not have a significant impact on our consolidated financial statements. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 was effective for us on January 1, 2020 and did not have a significant impact on our consolidated financial statements. ASU 2018-13 , “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 was adopted on January 1, 2020, and did not have a significant impact on our consolidated financial statements. Newly Issued not yet Adopted Accounting Standards ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is expected to be effective for the Company on January 1, 2023. We are currently evaluating the potential impact of ASU 2016-13 on the Company's financial statements by developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825) . The amendments in this ASU improve the codification by eliminating inconsistencies and providing clarifications. The amended guidance in this ASU related to credit losses is expected to be effective for the Company in conjunction with the adoption of the standard on January 1, 2023. The Company is currently evaluating the impact of these ASUs on the Company’s consolidated financial statements. While we are currently unable to reasonably estimate the impact of adopting these ASUs, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of the Company's loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 will be effective for us on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of the Components Comprising Basic and Diluted Earnings Per Share | The following is a summary of the components comprising basic and diluted earnings per common share of stock (EPS) for the years ended December 31, 2020, 2019 and 2018: Year Ended 2020 2019 2018 Basic EPS Computation Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 Weighted average common shares outstanding 15,444,504 11,212,127 11,389,122 Basic earnings per common share $ 2.03 $ 1.44 $ 1.24 Diluted EPS Computation Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 Weighted average common shares outstanding 15,444,504 11,212,127 11,389,122 Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan 77,513 69,135 79,667 Adjusted weighted average common shares outstanding 15,522,017 11,281,262 11,468,789 Diluted earnings per common share $ 2.02 $ 1.44 $ 1.23 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | The amortized cost and fair value of AFS securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 were as follows: December 31, 2020 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 47 $ 1 $ — $ 48 State and municipal 184,102 16,963 (77) 200,988 Corporate bonds 23,750 397 (34) 24,113 Mortgage-backed securities - Residential 28,084 360 (2) 28,442 Asset-backed securities 3,083 1 (22) 3,062 Total $ 239,066 $ 17,722 $ (135) $ 256,653 December 31, 2019 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 59 $ — $ — $ 59 State and municipal 186,283 10,413 (36) 196,660 Corporate bonds 7,880 97 (132) 7,845 Mortgage-backed securities - Residential 38,126 296 (661) 37,761 Asset-backed securities 18,374 — (406) 17,968 Total $ 250,722 $ 10,806 $ (1,235) $ 260,293 Year ended December 31 2020 2019 2018 Proceeds $ 151,934 $ 85,895 $ 100,737 Gross gains 843 1,810 82 Gross losses (1,113) (359) (39) |
Schedule of Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of AFS securities at December 31, 2020 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. December 31, 2020 December 31, 2019 Amortized Estimated Amortized Estimated Due within one year $ — $ — $ 999 $ 1,000 Due in one to five years 2,132 2,143 2,414 2,285 Due in five to ten years 28,737 30,072 10,301 10,834 Due after ten years 177,030 192,934 180,508 190,445 Mortgage-backed securities 28,084 28,442 38,126 37,761 Asset-backed securities 3,083 3,062 18,374 17,968 Total $ 239,066 $ 256,653 $ 250,722 $ 260,293 |
Schedule of Unrealized Loss on Investments | The following table shows AFS securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of December 31, 2020 and 2019: Less than 12 months 12 months or more Total December 31, 2020 Estimated Unrealized Estimated Unrealized Estimated Unrealized State and municipal $ 9,475 $ 77 $ — $ — $ 9,475 $ 77 Corporate bonds 5,716 34 — — 5,716 34 Mortgage-backed securities - Residential 5,024 1 92 1 5,116 2 Asset-backed securities 729 2 2,013 20 2,742 22 Total temporarily impaired $ 20,944 $ 114 $ 2,105 $ 21 $ 23,049 $ 135 December 31, 2019 State and municipal $ 1,960 $ 36 $ — $ — $ 1,960 $ 36 Corporate bonds — — 2,499 132 2,499 132 Mortgage-backed securities - Residential 16,104 286 9,081 375 25,185 661 Asset-backed securities — — 17,682 406 17,682 406 Total temporarily impaired $ 18,064 $ 322 29,262 913 $ 47,326 $ 1,235 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans and Allowance for Loan Losses | Loans at December 31, 2020 and 2019 were comprised as follows: December 31, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 459,739 $ 245,515 Real Estate 1-4 Family Residential 323,473 227,529 1-4 Family HELOC 100,525 96,228 Multi-family and Commercial 834,000 536,845 Construction, Land Development and Farmland 365,058 273,872 Consumer 213,863 16,855 Other 8,669 13,180 Gross loans 2,305,327 1,410,024 Less: Deferred loan fees 4,544 72 Less: Allowance for loan losses 20,636 12,578 Loans, net $ 2,280,147 $ 1,397,374 |
Schedule of Credit Quality Indicators By Class of Loan | The following table provides the risk category of loans by applicable class of loans as of December 31, 2020 and 2019: Pass Special Substandard Total December 31, 2020 Loans excluding PCI Commercial, Industrial and Agricultural $ 456,170 $ 1,519 $ 1,863 $ 459,552 1-4 Family Residential Real Estate 320,555 5 2,165 322,725 1-4 Family HELOC 100,391 — 120 100,511 Multi-family and Commercial Real Estate 829,353 653 3,337 833,343 Construction, Land Development and Farmland 358,606 — 5,676 364,282 Consumer 211,305 7 1,346 212,658 Other 7,150 1,519 — 8,669 Total $ 2,283,530 $ 3,703 $ 14,507 $ 2,301,740 PCI Loans Commercial, Industrial and Agricultural — — 187 187 1-4 Family Residential Real Estate 105 — 643 748 1-4 Family HELOC 14 — — 14 Multi-family and Commercial Real Estate 215 — 442 657 Construction, Land Development and Farmland 589 — 187 776 Consumer 75 — 1,130 1,205 Other — — — — Total $ 998 $ — $ 2,589 $ 3,587 December 31, 2019 Loans excluding PCI Commercial, Industrial and Agricultural $ 241,089 $ 2,382 $ 2,044 $ 245,515 1-4 Family Residential Real Estate 225,614 — 1,720 227,334 1-4 Family HELOC 95,678 — 550 96,228 Multi-family and Commercial Real Estate 530,840 1,519 4,271 536,630 Construction, Land Development and Farmland 271,842 — 1,217 273,059 Consumer 16,634 — 221 16,855 Other 13,180 — — 13,180 Total $ 1,394,877 $ 3,901 $ 10,023 $ 1,408,801 Pass Special Substandard Total PCI Loans Commercial, Industrial and Agricultural $ — $ — $ — $ — 1-4 Family Residential Real Estate 195 — — 195 1-4 Family HELOC — — — — Multi-family and Commercial Real Estate 215 — — 215 Construction, Land Development and Farmland 598 — 215 813 Consumer — — — — Other — — — — Total $ 1,008 $ — $ 215 $ 1,223 |
Schedule of Activity in the Allowance for Loan Losses By Portfolio Segment | Activity in the ALL by portfolio segment was as follows for the year ended December 31, 2020, 2019 and 2018: Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total Beginning balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Charge-offs (521) (86) (98) — (114) (705) — (1,524) Recoveries 187 774 20 29 56 166 — 1,232 Provision 3,246 477 870 3,221 (750) 1,290 (4) 8,350 Ending balance at December 31, 2020 $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Beginning balance at December 31, 2018 $ 1,751 $ 1,333 $ 656 $ 4,429 $ 2,500 $ 184 $ 39 $ 10,892 Charge-offs (396) (29) — — (60) (50) (35) (570) Recoveries 393 225 12 65 — 51 299 1,045 Provision 781 (249) (44) 791 209 (8) (269) 1,211 Ending balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total Beginning balance at December 31, 2017 $ 2,538 $ 773 $ 595 $ 3,166 $ 2,434 $ 183 $ 42 $ 9,731 Charge-offs (381) (36) (6) (76) (215) (26) (47) (787) Recoveries 590 12 10 221 44 34 2 913 Provision (996) 584 57 1,118 237 (7) 42 1,035 Ending balance at December 31, 2018 $ 1,751 $ 1,333 $ 656 $ 4,429 $ 2,500 $ 184 $ 39 $ 10,892 |
Schedule of Allowance for Credit Losses and Recorded Investments in Loans By Portfolio and By Impairment Method | The ALL and the recorded investment in loans by portfolio segment and based on impairment method as of was as follows: Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total December 31, 2020 Allowance for loan losses Individually evaluated for impairment $ 717 $ 18 $ — $ — $ — $ 13 $ — $ 748 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 4,724 2,427 1,416 8,535 1,841 915 30 19,888 Total $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Loans Individually evaluated for impairment $ 1,027 $ 1,829 $ 110 $ 2,504 $ 5,676 $ 1,177 $ — $ 12,323 Acquired with credit impairment 187 748 14 657 776 1,205 — 3,587 Collectively evaluated for impairment 458,525 320,896 100,401 830,839 358,606 211,481 8,669 2,289,417 Total $ 459,739 $ 323,473 $ 100,525 $ 834,000 $ 365,058 $ 213,863 $ 8,669 $ 2,305,327 Commercial Industrial and Agricultural 1-4 Family Residential Real Estate 1-4 Family HELOC Multi-family and Commercial Construction Land Development and Farmland Consumer Other Total December 31 2019 Allowance for loan losses Individually evaluated for impairment $ 755 $ — $ — $ — $ 17 $ — $ — $ 772 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 1,774 1,280 624 5,285 2,632 177 34 11,806 Total $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Loans Individually evaluated for impairment $ 1,154 $ 1,536 $ 374 $ 3,439 $ 1,217 $ 28 $ — $ 7,748 Acquired with credit impairment — 195 — 215 813 — — 1,223 Collectively evaluated for impairment 244,361 225,798 95,854 533,191 271,842 16,827 13,180 1,401,053 Total $ 245,515 $ 227,529 $ 96,228 $ 536,845 $ 273,872 $ 16,855 $ 13,180 $ 1,410,024 |
Schedule of Past Due Status By Class of Loan | The following tables provide the period-end amounts of loans that are past due thirty to eighty-nine days, past due ninety or more days and still accruing interest, loans not accruing interest, purchased credit impaired loans, and loans current on payments accruing interest by category at December 31, 2020 and 2019: Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual loans Purchased Credit Impaired Loans Total Loans December 31, 2020 Commercial, Industrial and Agricultural $ 458,759 $ 126 $ — $ 667 $ 187 $ 459,739 1-4 Family Residential Real Estate 319,068 2,071 — 1,586 748 323,473 1-4 Family HELOC 100,501 10 — — 14 100,525 Multi-family and Commercial Real Estate 832,223 150 — 970 657 834,000 Construction, Land Development and Farmland 363,189 — — 1,093 776 365,058 Consumer 209,574 1,413 1 1,670 1,205 213,863 Other 8,669 — — — 8,669 Total $ 2,291,983 $ 3,770 $ 1 $ 5,986 $ 3,587 $ 2,305,327 Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual loans Purchased Credit Impaired Loans Total Loans December 31, 2019 Commercial, Industrial and Agricultural $ 244,860 $ 83 $ — $ 572 $ — $ 245,515 1-4 Family Residential Real Estate 225,396 662 — 1,276 195 227,529 1-4 Family HELOC 95,889 — — 339 — 96,228 Multi-family and Commercial Real Estate 535,286 — — 1,344 215 536,845 Construction, Land Development and Farmland 272,508 255 — 296 813 273,872 Consumer 16,699 64 64 28 — 16,855 Other 13,180 — — — — 13,180 Total $ 1,403,818 $ 1,064 $ 64 $ 3,855 $ 1,223 $ 1,410,024 |
Schedule of Outstanding Balance and Carrying Amount of the Purchased Credit Impaired Loans | The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probably, at acquisition that all contractually required payments would not be collected. The carrying amount of those loans is as follows: December 31, 2020 December 31, 2019 Commercial, Industrial and Agricultural $ 919 $ — 1-4 Family Residential Real Estate 1,004 231 1-4 Family HELOC 19 — Multi-family and Commercial Real Estate 1,325 217 Construction, Land Development and Farmland 992 1,021 Consumer 1,924 — Total outstanding balance 6,183 1,469 Less remaining purchase discount 2,596 246 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 3,587 $ 1,223 |
Schedule of Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination | Accretable yield, or income expected to be collected on PCI loans, is as follows: 2020 2019 2018 Balance at January 1, $ 98 $ 110 $ — New loans purchased 870 — 260 Accretion income (388) (12) (150) Balance at December 31, $ 580 $ 98 $ 110 |
Schedule of Acquisition that All Contractually Required Payment | PCI loans purchased during the year ended December 31, 2020, for which it was probable at acquisition that all contractually required payments would not be collected are as follows: Tennessee Community Bank Holdings, Inc. acquisition on January 1, 2020 First Advantage Bank acquisition on April 1, 2020 Contractually required payments receivable of loans purchased during the year: $ 2,799 $ 7,540 Nonaccretable difference (980) (2,133) Cash flows expected to be collected at acquisition $ 1,819 $ 5,407 Accretable yield (131) (739) Fair value of acquired loans at acquisition $ 1,688 $ 4,668 |
Schedule of Individually Impaired Loans by Class of Loans | Individually impaired loans by class of loans were as follows at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded Commercial, Industrial and Agricultural $ 1,400 $ 367 $ — $ — $ — $ — 1-4 Family Residential Real Estate 3,034 2,473 — 1,852 1,731 — 1-4 Family HELOC 130 124 — 376 374 — Multi-family and Commercial Real Estate 4,549 3,161 — 3,746 3,654 — Construction, Land Development and Farmland 6,809 6,452 — 2,176 1,859 — Consumer 3,590 2,348 — 31 28 — Subtotal $ 19,512 $ 14,925 $ — $ 8,181 $ 7,646 $ — With an allowance recorded Commercial, Industrial and Agricultural $ 859 $ 847 $ 717 $ 1,154 $ 1,154 $ 755 1-4 Family Residential Real Estate 104 104 18 — — — 1-4 Family HELOC — — — — — — Multi-family and Commercial Real Estate — — — — — — Construction, Land Development and Farmland — — — 171 171 17 Consumer 34 34 13 — — — Subtotal 997 985 748 1,325 1,325 772 Total $ 20,509 $ 15,910 $ 748 $ 9,506 $ 8,971 $ 772 |
Schedule of Average Balances of Impaired Loans | The average recorded investment in impaired loans for the years ended December 31, 2020, 2019 and 2018, was as follows: December 31, 2020 December 31, 2019 December 31, 2018 Average recorded investment Interest income recognized Average recorded investment Interest income recognized Average recorded investment Interest income recognized With no allowance Commercial, Industrial and Agricultural $ 357 $ 69 $ 430 $ 57 $ 1,815 $ 89 1-4 Family Residential Real Estate 2,599 194 1,885 91 2,436 120 1-4 Family HELOC 319 12 193 12 72 4 Multi-family and Commercial Real Estate 3,942 332 3,001 154 2,325 114 Construction, Land Development and Farmland 3,267 375 2,291 122 3,769 185 Consumer 1,330 316 18 1 62 3 Subtotal $ 11,814 $ 1,298 $ 7,819 $ 437 $ 10,479 $ 515 With an allowance recorded Commercial, Industrial and Agricultural $ 950 $ 38 $ 1,338 $ 45 $ 518 $ 25 1-4 Family Residential Real Estate 21 5 — — 32 2 1-4 Family HELOC — — 10 — — — Multi-family and Commercial Real Estate — — — — 41 2 Construction, Land Development and Farmland 34 — 171 8 802 39 Consumer 8 2 — — — — Subtotal $ 1,013 $ 45 $ 1,519 $ 53 $ 1,393 $ 68 Total $ 12,827 $ 1,343 $ 9,338 $ 490 $ 11,872 $ 583 |
Schedule of Loans By Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as TDR occurring during the year ended December 31, 2020 and 2018. There were no troubled debt restructurings occurring during the year ended December 31, 2019. Number of Contracts Pre-Modification Outstanding Recorded Investments Post-Modification Outstanding Recorded Investments December 31, 2020 Commercial, Industrial and Agricultural 1 $ 150 $ 150 1-4 Family Residential 1 394 394 Multi-family and Commercial Real Estate 1 721 721 Total 3 $ 1,265 $ 1,265 December 31, 2018 1-4 Family Residential Estate 1 $ 1,254 $ 1,254 Multi-family and Commercial Real Estate 1 661 585 Total 2 $ 1,915 $ 1,839 |
Schedule of Activity with Respect to Loans to Related Parties | An analysis of the activity with respect to loans to related parties for the years ended December 31, 2020, 2019 and 2018. is as follows: 2020 2019 2018 Balance - January 1, $ 7,539 $ 7,394 $ 8,581 New loans during the year 30,737 3,281 919 Repayments during the year (4,141) (3,136) (2,106) Balance - December 31, $ 34,135 $ 7,539 $ 7,394 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The detail of premises and equipment at December 31, 2020 and 2019 is as follows: 2020 2019 Land $ 9,480 $ 6,058 Buildings 13,495 9,020 Construction in progress 35 371 Leasehold improvements 9,566 7,891 Furniture, fixtures and equipment 13,463 9,393 46,039 32,732 Less: accumulated depreciation (14,577) (11,668) $ 31,462 $ 21,064 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Information Related to Operating Leases | Information related to the Company's operating leases is presented below: December 31, 2020 Operating leases right of use assets $ 13,103 Operating leases liabilities $ 14,231 Weighted average remaining lease term (in years) 6.33 Weighted average discount rate 4.34 % |
Components of Lease Expense Included in Occupancy Expenses | The components of lease expense included in occupancy expenses for the year ended December 31, 2020, were as follows: Year Ended December 31, 2020 Operating lease cost $ 3,137 Short-term lease cost 40 Variable lease cost 364 Total lease cost $ 3,541 |
Schedule of Maturity Analysis of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and a reconciliation of undiscounted cash flows to the total operating lease liability is as follows: Lease payments due on or before December 31, 2020 December 31, 2021 $ 3,023 December 31, 2022 2,701 December 31, 2023 2,717 December 31, 2024 2,701 December 31, 2025 2,211 Thereafter 3,774 Total undiscounted cash flows 17,127 Discount on cash flows (2,896) Total lease liability $ 14,231 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Real Estate [Abstract] | |
Schedule of Other Real Estate | Other real estate activity for the years ended December 31, 2020, 2019 and 2018, was as follows: 2020 2019 2018 Beginning balance $ 750 $ 1,000 $ — Loans acquired in merger 208 — 1,650 Loans transferred to other real estate 197 943 1,060 Bank owned properties transferred to other real estate 2,420 — — Allowance to lower of cost or market — (98) — Sales of other real estate (2,329) (1,095) (1,710) End of year $ 1,246 $ 750 $ 1,000 |
Schedule of Activity in Valuation Allowance | Activity in the valuation allowance for the years ended December 31, 2020, 2019 and 2018, was as follows: 2020 2019 2018 Beginning balance $ 98 $ — $ — Provisions/(recoveries) charged/(credited) to expense — 98 — Reductions from sales of other real estate (98) — — Direct write-downs — — — End of year $ — $ 98 $ — |
Schedule of Foreclosed Real Estate Expense | Expenses related to foreclosed assets for the years ended December 31, 2020, 2019 and 2018, include: 2020 2019 2018 Net gain on sales $ (28) $ (166) $ (259) Provision for unrealized losses — 98 — Operating expenses, net of rental income 28 44 50 Total $ — $ (24) $ (209) |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The change in goodwill during the years ended December 31, 2020 and 2019, was as follows: 2020 2019 Beginning of year $ 43,642 $ 43,642 Acquired goodwill 10,754 — Impairment — — End of year $ 54,396 $ 43,642 Amortizable intangible assets at December 31, 2020 and 2019 were as follows: 2020 2019 Core deposit intangibles $ 16,731 $ 10,834 Less accumulated amortization (5,384) (3,564) Net core deposit intangibles $ 11,347 $ 7,270 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense by year as of December 31, 2020 is as follows: 2021 $ 1,826 2022 1,761 2023 1,610 2024 1,375 2025 1,309 Thereafter 3,466 Total $ 11,347 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift1 [Abstract] | |
Schedule of Contractual Maturities of Time Deposit | Contractual maturities of time deposit accounts for the next five years at December 31, 2020 are as follows: 2021 $ 679,819 2022 78,608 2023 19,995 2024 11,774 2025 6,148 Total $ 796,344 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank, Advances | The following is a summary of the contractual maturities and average effective rates of outstanding advances: December 31, 2020 December 31, 2019 Scheduled Maturities Amount Weighted Average Rates Amount Weighted Average Rates 2020 $ 7,000 1.65 % 2021 $ 10,000 0.19 % 323 2.73 % 2022 — — % 557 1.22 % 2023 — — % 2,342 1.94 % 2024 — — % 515 2.49 % Thereafter — — % — — % $ 10,000 0.19 % $ 10,737 1.76 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Summary information related to the interest rate swaps designated as cash flow hedges as of December 31, is as follows: 2020 2019 Notional amounts $ 160,000 $ 110,000 Weighted average pay rates 2.05 % 2.43 % Weighted average receive rates 0.39 % 2.11 % Weighted average maturity 3.10 years 3.84 years Unrealized losses $ 7,657 $ 2,078 The following table presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income, net of tax, relating to the cash flow derivative instruments years ended December 31, 2020, 2019, and 2018, respectively: Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) 2020 2019 2018 Interest rate swaps-subordinate debentures $ (185) $ (196) $ (129) Interest rate swaps-interest-bearing liabilities (3,935) (487) (723) $ (4,120) $ (683) $ (852) |
Cash Flow Hedges Included in the Consolidated Balance Sheets | The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019, respectively: December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (690) $ 10,000 $ (439) Short-term interest-bearing liabilities 150,000 (6,967) 100,000 (1,639) Total included in other liabilities $ 160,000 $ (7,657) $ 110,000 $ (2,078) |
Schedule of Derivative Instruments for Fair Value Hedges | Fair Value Hedges Summary information related to the fair value hedges as of December 31, is as follows: 2020 2019 Notional amounts $ 18,525 $ 19,605 Weighted average pay rates 3.68 % 3.66 % Weighted average receive rates 1.21 % 2.87 % Weighted average maturity 7.82 years 9.25 years Unrealized losses $ 1,495 $ 630 |
Schedule of Fair Value Hedging Included in the Consolidated Balance Sheets | The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019, respectively: December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments $ 18,525 $ (1,495) $ 19,605 $ (630) Total included in other liabilities $ 18,525 $ (1,495) $ 19,605 $ (630) The following table reflects the fair value hedges included in the Consolidated Statements of Operations as of December 31: Item Location 2020 2019 2018 Interest rate swaps - securities Interest on investment securities, nontaxable $ (363) $ (56) $ (121) Hedged item - securities Interest on investment securities, nontaxable $ 363 $ 56 $ 121 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of December 31, 2020 and 2019: Fair Value Quoted Prices in Significant Significant December 31, 2020 Assets U. S. Treasury and other U. S. government agencies $ 48 $ — $ 48 $ — State and municipal 200,988 — 200,988 — Corporate bonds 24,113 — 24,113 — Mortgage backed securities 28,442 — 28,442 — Asset backed securities 3,062 — 3,062 — Derivative assets — — — — Liabilities Derivative liabilities $ 9,152 $ — $ 9,152 $ — December 31, 2019 Assets U. S. Treasury and other U. S. government agencies $ 59 $ — $ 59 $ — State and municipal 196,660 — 196,660 — Corporate bonds 7,845 — 7,845 — Mortgage backed securities 37,761 — 37,761 — Asset backed securities 17,968 — 17,968 — Time deposits — — — — Derivative assets 688 — 688 — Liabilities Derivative liabilities $ 3,396 $ — $ 3,396 $ — The following table sets forth the Company’s major categories of assets and liabilities measured at fair value on a nonrecurring basis, by level within the fair value hierarchy, as of December 31, 2020 and 2019: Fair Value Quoted Prices in Significant Significant December 31, 2020 Assets Impaired loans $ 15,162 $ — $ — $ 15,162 Other real estate 1,246 — — 1,246 Other repossessions 1,424 — — 1,424 December 31, 2019 Assets Impaired loans $ 8,199 $ — $ — $ 8,199 Other real estate 750 — — 750 Other repossessions — — — — |
Schedule of Level 3 input information for Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at December 31, 2020 and 2019: Valuation Significant Range Impaired loans Appraisal Estimated costs to sell 10% Other real estate Appraisal Estimated costs to sell 10% Other repossessions Third-party guidelines Estimated costs to sell 10% (1) The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. Estimated cash flows change and appraised values of the assets or collateral underlying the loans will be sensitive to changes. |
Schedule of Carrying Amounts And Estimated Fair Values of Financial instruments Not Reported at Fair Value | Carrying amounts and estimated fair values of financial instruments, by level within the fair value hierarchy, at December 31, 2020 were as follows: Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 13,717 $ 13,717 $ 13,717 $ — $ — Interest-bearing deposits in financial institutions 79,756 79,756 79,756 — — Federal funds sold 1,572 1,572 — 1,572 — Loans, net 2,280,147 2,293,723 — — 2,293,723 Mortgage loans held for sale 147,524 149,342 — 149,342 — Accrued interest receivable 14,889 14,889 — 14,889 — Restricted equity securities 16,551 16,551 — 16,551 — Financial liabilities Deposits $ 2,579,235 $ 2,583,525 $ — $ — $ 2,583,525 Accrued interest payable 2,571 2,571 — 2,571 — Subordinate debentures 70,446 71,750 — — 71,750 Federal Home Loan Bank advances 10,000 10,000 — — 10,000 Carrying amounts and estimated fair values of financial instruments, by level within the fair value hierarchy, at December 31, 2019 were as follows: Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 7,953 $ 7,953 $ 7,953 $ — $ — Interest-bearing deposits in financial institutions 43,644 43,644 43,644 — — Federal funds sold 52 52 — 52 — Loans, net 1,397,374 1,383,719 — — 1,383,719 Mortgage loans held for sale 37,476 38,379 — 38,379 — Accrued interest receivable 7,188 7,188 — 7,188 — Restricted equity securities 11,279 11,279 — 11,279 — Financial liabilities Deposits $ 1,584,453 $ 1,582,781 $ — $ — $ 1,582,781 Accrued interest payable 2,022 2,022 — 2,022 — Subordinate debentures 70,883 71,454 — — 71,454 Federal Home Loan Bank advances 10,737 10,755 — — 10,755 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense consists of the following for the years ended December 31: 2020 2019 2018 Income tax expense Current $ 4,875 $ 1,731 $ 992 Deferred 2,060 398 380 Total provision for income tax expense $ 6,935 $ 2,129 $ 1,372 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense for the years ended December 31, 2020, 2019 and 2018 from the "expected" tax expense computed by applying the statutory federal income tax rate of 21 percent to Income before income taxes is as follows: 2020 2019 2018 Computed "expected" tax expense $ 7,882 21 % $ 2,660 21 % $ 2,495 21 % State income tax, net of federal tax effect 1,770 5 % 637 5 % 551 5 % Tax-exempt interest income, net of disallowed interest (1,172) (3) % (1,373) (11) % (1,132) (10) % Stock compensation 119 — % (14) — % (69) (1) % Cash surrender value of life insurance contracts (579) (2) % (235) (2) % (249) (2) % Nondeductible merger expenses 48 — % 155 1 % 47 — % Federal and state tax credits (1,393) (4) % (999) (8) % (1,102) (9) % Subsidiary disregarded for federal taxes 63 — % 1,189 9 % 763 6 % Others as a group 196 1 % 109 1 % 68 1 % Total income tax expense $ 6,935 18 % $ 2,129 16 % $ 1,372 11 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Deferred tax assets: Organizational and start-up costs $ 8 $ 38 Acquisition fair value adjustments 4,023 414 Allowance for loan losses 4,469 2,993 Other Real estate 56 26 Unrealized loss on derivatives 2,392 708 Nonaccrual loans 388 271 Acquired net operating losses 2,462 2,711 Acquired tax credits net of tax basis adjustments 660 1,005 Deferred Compensation 493 310 Loan fees (costs) 1,188 — Other 760 482 Total deferred tax assets $ 16,899 $ 8,958 Deferred tax liabilities: Core deposit intangible $ 2,900 $ 1,817 Loan fees (costs) — 19 Premises and equipment 1,432 627 Unrealized (gain) loss on available for sale securities 4,597 2,501 FHLB stock dividends 736 61 Other 113 — Total deferred tax liabilities $ 9,778 $ 5,025 Net deferred tax asset (liability) $ 7,121 $ 3,933 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Arrangements | Off-balance sheet arrangements generally consist of unused lines of credit and standby letters of credit. Such commitments were as follows: December 31, 2020 December 31, 2019 Unused lines of credit $ 559,874 $ 335,755 Standby letters of credit 22,045 17,132 Total commitments $ 581,919 $ 352,887 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Calculation and Allocation of Purchase Price | The following table details the financial impact of the merger, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Community First, Inc. common stock outstanding as of January 1, 2018 5,025,884 Exchange ratio for Reliant Bancorp, Inc. common stock 0.481 Share conversion 2,417,450 Reliant Bancorp, Inc. common stock shares issued 2,416,444 Reliant Bancorp, Inc. share price at December 29, 2017 $ 25.64 Value of Reliant Bancorp, Inc. common stock shares issued $ 61,958 Value of fractional shares $ 25 Estimated fair value of Community First, Inc. $ 61,983 Allocation of Purchase Price Total consideration above $ 61,983 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 33,128 Time deposits in other financial institutions 23,309 Investment securities available for sale 69,078 Loans, net of unearned income 313,040 Mortgage loans held for sale, net 910 Accrued interest receivable 1,165 Premises and equipment 9,585 Restricted equity securities 1,726 Cash surrender value of life insurance contracts 10,664 Other real estate owned 1,650 Deferred tax asset, net 4,885 Core deposit intangible 7,888 Other assets 1,795 Deposits—noninterest-bearing (80,395) Deposits—interest-bearing (352,100) Other borrowings (11,522) Payables and other liabilities (5,061) Total fair value of net assets acquired 29,745 Goodwill $ 32,238 The following table details the financial impact of the TCB Holdings Transaction, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 1,055,041 Exchange ratio for Reliant Bancorp, Inc. common stock 0.769 Reliant Bancorp, Inc. common stock shares issued 811,210 Reliant Bancorp, Inc. share price at January 1, 2020 $ 22.24 Estimated value of Reliant Bancorp, Inc. shares issued 18,041 Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) 18,073 Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) 430 Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) 3 Estimated fair value of Tennessee Community Bank Holdings, Inc. $ 36,547 Allocation of Purchase Price Total consideration above $ 36,547 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,026 Investment securities available for sale 56,336 Loans, net of unearned income 171,445 Accrued interest receivable 948 Premises and equipment 5,221 Cash surrender value of life insurance contracts 5,629 Restricted equity securities 909 Core deposit intangible 3,617 Other assets 833 Deposits (210,538) Deferred tax liability (157) Borrowings (58) FHLB advances (13,102) Other liabilities (4,337) Total fair value of net assets acquired 27,772 Goodwill $ 8,775 The following table details the financial impact of the FABK Transaction, including the calculation of the purchase price, the allocation of the purchase price to the fair values of net assets assumed and goodwill recognized: Calculation of Purchase Price Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 3,935,165 Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 2,000 Total First Advantage Bancorp common stock outstanding as of April 1, 2020 3,937,165 Exchange ratio for Reliant Bancorp, Inc. common stock 1.17 Reliant Bancorp, Inc. common stock shares issued 4,606,483 Remove fractional shares (64) Reliant Bancorp, Inc. common stock shares issued 4,606,419 Reliant Bancorp, Inc. share price at April 1, 2020 $ 11.27 Estimated value of Reliant Bancorp, Inc. shares issued 51,914 Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) 1 Cash settlement for First Advantage Bancorp common stock ($3.00 per share) 11,805 Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) 6 Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) 368 Estimated fair value of First Advantage Bancorp $ 64,094 Allocation of Purchase Price Total consideration above $ 64,094 Fair value of assets acquired and liabilities assumed Cash and cash equivalents 11,159 Investment securities available for sale 35,970 Loans, net of unearned income 622,423 Mortgage loans held for sale, net 5,878 Premises and equipment 7,757 Deferred tax asset 4,937 Cash surrender value of life insurance contracts 14,776 Other real estate and repossessed assets 1,259 Core deposit intangible 2,280 Operating lease right-of-use assets 5,846 Other assets 11,624 Deposits (608,690) Borrowings (35,962) Operating lease liabilities (6,536) Other liabilities (10,606) Total fair value of net assets acquired 62,115 Goodwill $ 1,979 |
Schedule of Operating Cost Savings and Other Business Synergies | The Company expects to achieve operating cost savings and other business synergies as a result of the acquisitions which are also not reflected in the pro forma amounts. Twelve Months Ended December 31, 2020 2019 Revenue (1) $ 149,652 $ 117,496 Net interest income $ 120,769 $ 100,070 Net income attributable to common shareholders $ 34,126 $ 33,719 (1) Net interest income plus noninterest income |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Results of Operations by Business Segment | The following presents summarized results of operations for the Company’s business segments for the periods indicated: December 31, 2020 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 105,628 $ 2,418 $ — $ 108,046 Provision for loan losses 8,350 — — 8,350 Noninterest income 9,320 12,293 (54) 21,559 Noninterest expense (excluding merger expense) 61,339 14,973 — 76,312 Merger expense 6,895 — — 6,895 Income tax expense (benefit) 6,952 (17) — 6,935 Net income (loss) 31,412 (245) (54) 31,113 Noncontrolling interest in net loss of subsidiary — 245 54 299 Net income attributable to common shareholders $ 31,412 $ — $ — $ 31,412 December 31, 2019 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 55,252 $ 553 $ — $ 55,805 Provision for loan losses 1,211 — — 1,211 Noninterest income 7,059 5,086 (181) 11,964 Noninterest expense (excluding merger expense) 40,779 11,510 — 52,289 Merger expense 1,603 — — 1,603 Income tax expense (benefit) 2,522 (393) — 2,129 Net income 16,196 (5,478) (181) 10,537 Noncontrolling interest in net income of subsidiary — 5,478 181 5,659 Net income attributable to common shareholders $ 16,196 $ — $ — $ 16,196 December 31, 2018 Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 52,990 $ 821 $ — $ 53,811 Provision for loan losses 1,035 — — 1,035 Noninterest income 5,250 4,595 (181) 9,664 Noninterest expense (excluding merger expense) 38,738 9,049 — 47,787 Merger expense 2,774 — — 2,774 Income tax expense (benefit) 1,608 (236) — 1,372 Net income 14,085 (3,397) (181) 10,507 Noncontrolling interest in net income of subsidiary — 3,397 181 3,578 Net income attributable to common shareholders $ 14,085 $ — $ — $ 14,085 |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios | Actual and required capital amounts and ratios are presented below as of December 31, 2020 and 2019. Actual Minimal Capital Adequacy Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Company Tier I leverage $ 262,282 8.91 % $ 117,747 4.00 % $ 117,747 4.000 % $ 147,184 5.00 % Common equity Tier 1 250,513 10.22 % 110,304 4.50 % 171,584 7.000 % 159,328 6.50 % Tier I risk-based capital 262,282 10.70 % 147,074 6.00 % 208,355 8.500 % 196,099 8.00 % Total risk-based capital 342,246 13.96 % 196,130 8.00 % 257,420 10.500 % 245,162 10.00 % Bank Tier I leverage $ 313,633 10.64 % $ 117,907 4.00 % $ 117,907 4.000 % $ 147,384 5.00 % Common equity Tier 1 313,633 12.83 % 110,004 4.50 % 171,117 7.000 % 158,894 6.50 % Tier I risk-based capital 313,633 12.83 % 146,672 6.00 % 207,785 8.500 % 195,562 8.00 % Total risk-based capital 334,919 13.71 % 195,430 8.00 % 256,503 10.500 % 244,288 10.00 % December 31, 2019 Company Tier I leverage $ 176,748 9.74 % N/A — % $ 72,586 4.000 % $ 90,733 5.00 % Common equity Tier 1 165,063 10.55 % N/A — % 109,520 7.000 % 101,698 6.50 % Tier I risk-based capital 176,748 11.30 % N/A — % 132,952 8.500 % 125,131 8.00 % Total risk-based capital 249,751 15.97 % N/A — % 164,207 10.500 % 156,388 10.00 % Bank Tier I leverage $ 186,734 10.30 % N/A — % $ 72,518 4.000 % $ 90,648 5.00 % Common equity Tier 1 186,734 11.95 % N/A — % 109,384 7.000 % 101,571 6.50 % Tier I risk-based capital 186,734 11.95 % N/A — % 132,823 8.500 % 125,010 8.00 % Total risk-based capital 199,737 12.79 % N/A — % 163,975 10.500 % 156,167 10.00 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other noninterest expense for directors, in the consolidated statement of income as follows: Twelve Months Ended December 31, 2020 2019 2018 Stock-based compensation expense before income taxes $ 1,578 $ 1,222 $ 923 Less: deferred tax benefit (412) (319) (241) Reduction of net income $ 1,166 $ 903 $ 682 |
Summary of Activity in the Stock Option Plan | A summary of the activity in the stock option plan for the periods ended December 31, 2020, 2019 and 2018, is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2018 170,761 $ 14.48 5.73 years $ 1,905 Granted 25,500 28.00 Exercised (30,001) 13.27 Forfeited or expired (7,000) 18.20 Outstanding at December 31, 2018 159,260 16.72 6.04 years 1,146 Exercisable at December 31, 2018 88,060 13.45 4.32 years 847 Vested and anticipated vesting shares as of December 31, 2018 157,124 16.67 6.01 years 1,002 Granted 27,500 23.28 Exercised (34,714) 12.79 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Forfeited or expired (2,753) 19.35 Outstanding at December 31, 2019 149,293 18.81 6.68 years 700 Exercisable at December 31, 2019 74,693 15.31 5.18 years 553 Vested and anticipated vesting shares as of December 31, 2019 149,293 18.76 6.64 years 891 Granted — — Exercised (10,865) 12.20 Forfeited or expired (21,807) 21.26 Outstanding at December 31, 2020 116,621 18.97 5.87 years 304 Exercisable at December 31, 2020 78,921 16.66 5.02 years 290 |
Schedule of Information Related to Stock Option Plan | Information related to the stock option plan during each year follows and assumes a 3% forfeiture rate: 2020 2019 2018 Intrinsic value of options exercised $ 51 $ 320 $ 344 Cash received from option exercises 142 439 398 Tax benefit realized from option exercises 15 13 88 Weighted average fair value of options granted — 6.97 7.10 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted during 2019 and 2018 was determined using the following assumptions as of the grant date, resulting in an estimated fair value per option of $6.97 and $6.89, respectively. No options were granted in 2020. 2019 2018 Risk-free interest rate 2.08% — 2.39% 2.95% Expected term (in years) 6.5 years 6.5 years Expected stock price volatility 31.10% — 32.80% 23.50% Dividend yield 1.55% — 1.59% 1.14% |
Schedule of Nonvested Restricted Stock Shares Activity | The following table shows the activity related to non-vested restricted stock and restricted stock units for the years ended December 2020, 2019 and 2018: Restricted Stock Units Restricted Stock Units Weighted Average Grant-Date Shares Weighted Average Grant-Date Outstanding at December 31, 2017 — — 82,499 20.03 Granted — — 51,710 27.55 Vested — — (21,999) 15.95 Forfeited — — (1,550) 25.17 Outstanding at December 31, 2018 — — 110,660 24.28 Granted 47,750 23.30 9,500 22.01 Vested — — (21,450) 19.31 Forfeited — — (7,750) 23.25 Outstanding at December 31, 2019 47,750 $ 23.30 90,960 $ 25.31 Granted 102,400 14.55 — — Vested (15,500) 21.66 (50,050) 24.08 Forfeited (2,000) 10.25 — — Outstanding at December 31, 2020 132,650 $ 16.93 40,910 $ 26.82 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | The following tables present parent company condensed financial statements for Reliant Bancorp, Inc.: CONDENSED BALANCE SHEET DECEMBER 31, 2020 2019 ASSETS Cash and cash equivalents $ 2,092 $ 46,997 Investment in subsidiaries 396,314 255,049 Other assets 6,464 2,851 Total assets $ 404,870 $ 304,897 LIABILITIES AND SHAREHOLDERS' EQUITY Dividend payable $ — $ 76 Accrued expenses and other liabilities 2,971 735 Subordinate debentures 79,926 80,333 Shareholders' equity 321,973 223,753 Total liabilities and shareholders' equity $ 404,870 $ 304,897 |
Condensed Income Statement | The following tables present parent company condensed financial statements for Reliant Bancorp, Inc.: CONDENSED STATEMENT OF OPERATIONS YEARS ENDED DECEMBER 31, 2020 2019 2018 Dividends from subsidiaries $ 4,000 $ 6,800 $ 7,521 Interest expense 4,363 1,520 1,277 Other expense 10,377 3,619 4,775 Income before income tax and undistributed income from subsidiaries (10,740) 1,661 1,469 Income tax (benefit) expense (3,656) (1,123) (1,537) Equity in undistributed income from subsidiaries 38,496 13,412 11,079 Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 |
Condensed Cash Flow Statement | CONDENSED STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 2019 2018 Cash flows from operating activities Net income attributable to common shareholders $ 31,412 $ 16,196 $ 14,085 Adjustments: Equity in undistributed income from subsidiaries (38,496) (13,412) (11,079) Accretion related to subordinated debentures net of issuance cost amortization 259 113 969 Change in other assets (3,287) 596 (1,333) Change in other liabilities 2,184 130 (230) Net cash from operating activities (7,928) 3,623 2,412 Cash flows from investing activities Cash (used in) received from acquisitions, net (30,664) (6,017) — Cash contributed to Risk subsidiary (325) — — Net cash used in investing activities (30,989) (6,017) — Cash flows from financing activities Issuance of subordinated debentures, net of issuance costs — 59,198 — Dividends paid (6,227) (4,013) (3,451) Exercise of common stock options and warrants, net of repurchase of restricted shares 239 (7,779) 1,315 Net cash from (used in) financing activities (5,988) 47,406 (2,136) Net change in cash and cash equivalents (44,905) 45,012 276 Beginning cash and cash equivalents 46,997 1,985 1,709 Ending cash and cash equivalents $ 2,092 $ 46,997 $ 1,985 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 | Dec. 31, 2011 | |
Noncontrolling Interest [Line Items] | ||||||
Held-to-maturity securities | $ 0 | $ 0 | ||||
Valuation allowance attributable to mortgage loans held for sale | 0 | 0 | ||||
Other real estate, net | $ 1,246,000 | $ 750,000 | $ 1,000,000 | $ 0 | ||
Stock options for common stock (in shares) | 55,600 | 60,500 | 62,910 | |||
Advertising expense | $ 988,000 | $ 1,293,000 | $ 600,000 | |||
Operating leases right of use assets | 13,103,000 | $ 11,973,000 | ||||
Retired Bank Facilities | ||||||
Noncontrolling Interest [Line Items] | ||||||
Other real estate, net | $ 1,198,000 | |||||
Minimum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loans and leases receivable repayment period | 15 years | |||||
Minimum | Core Deposits | ||||||
Noncontrolling Interest [Line Items] | ||||||
Useful life | 8 years | |||||
Minimum | Buildings | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 30 years | |||||
Minimum | Leasehold improvements | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 3 years | |||||
Minimum | Furniture, Fixtures and Equipment | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 3 years | |||||
Maximum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loans and leases receivable repayment period | 23 years | |||||
Maximum | Core Deposits | ||||||
Noncontrolling Interest [Line Items] | ||||||
Useful life | 11 years | |||||
Maximum | Buildings | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 40 years | |||||
Maximum | Leasehold improvements | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 25 years | |||||
Maximum | Furniture, Fixtures and Equipment | ||||||
Noncontrolling Interest [Line Items] | ||||||
Property, plant and equipment, useful life | 7 years | |||||
Real Estate | 1-4 Family Residential Real Estate | Minimum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loan facility, amortization period | 15 years | |||||
Loans commitment, maturity period | 5 years | |||||
Real Estate | 1-4 Family Residential Real Estate | Maximum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loan facility, amortization period | 30 years | |||||
Loans commitment, maturity period | 15 years | |||||
Consumer | Minimum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loans and leases receivable repayment period | 1 year | |||||
Consumer | Maximum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Loans and leases receivable repayment period | 5 years | |||||
Reliant Mortgage Ventures, LLC | ||||||
Noncontrolling Interest [Line Items] | ||||||
Profit share percentage in joint venture | 30.00% | |||||
Cumulative net loss in joint ventures | $ 13,655,000 | |||||
VHC Fund 1, LLC | Reliant Mortgage Ventures, LLC | ||||||
Noncontrolling Interest [Line Items] | ||||||
Profit share percentage in joint venture | 70.00% | |||||
Operating loss, percentage share in joint venture | 100.00% | 100.00% | 100.00% | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic EPS Computation | |||
Net income attributable to common shareholders | $ 31,412 | $ 16,196 | $ 14,085 |
Weighted average common shares outstanding (in shares) | 15,444,504 | 11,212,127 | 11,389,122 |
Basic earnings per common share (in dollars per share) | $ 2.03 | $ 1.44 | $ 1.24 |
Diluted EPS Computation | |||
Net income attributable to common shareholders | $ 31,412 | $ 16,196 | $ 14,085 |
Weighted average common shares outstanding (in shares) | 15,444,504 | 11,212,127 | 11,389,122 |
Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan (in shares) | 77,513 | 69,135 | 79,667 |
Adjusted weighted average common shares outstanding (in shares) | 15,522,017 | 11,281,262 | 11,468,789 |
Diluted earnings per common share (in dollars per share) | $ 2.02 | $ 1.44 | $ 1.23 |
Securities - Available-for-Sale
Securities - Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 239,066 | $ 250,722 |
Gross Unrealized Gains | 17,722 | 10,806 |
Gross Unrealized Losses | (135) | (1,235) |
Estimated Fair Value | 256,653 | 260,293 |
U. S. Treasury and other U. S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 47 | 59 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 48 | 59 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 184,102 | 186,283 |
Gross Unrealized Gains | 16,963 | 10,413 |
Gross Unrealized Losses | (77) | (36) |
Estimated Fair Value | 200,988 | 196,660 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,750 | 7,880 |
Gross Unrealized Gains | 397 | 97 |
Gross Unrealized Losses | (34) | (132) |
Estimated Fair Value | 24,113 | 7,845 |
Mortgage-backed securities - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 28,084 | 38,126 |
Gross Unrealized Gains | 360 | 296 |
Gross Unrealized Losses | (2) | (661) |
Estimated Fair Value | 28,442 | 37,761 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,083 | 18,374 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (22) | (406) |
Estimated Fair Value | $ 3,062 | $ 17,968 |
Securities - Narrative (Details
Securities - Narrative (Details) | Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity securities | $ | $ 0 | $ 0 |
Securities pledged, market value | $ | $ 30,491,000 | $ 46,918,000 |
Number of securities of single issuer with book value greater than ten percent of stockholders' equity | security | 0 | 0 |
Number of securities in unrealized loss position | security | 22 | 47 |
Securities - Available-for-Sa_2
Securities - Available-for-Sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due within one year | $ 0 | $ 999 |
Due in one to five years | 2,132 | 2,414 |
Due in five to ten years | 28,737 | 10,301 |
Due after ten years | 177,030 | 180,508 |
Amortized Cost | 239,066 | 250,722 |
Estimated Fair Value | ||
Due within one year | 0 | 1,000 |
Due in one to five years | 2,143 | 2,285 |
Due in five to ten years | 30,072 | 10,834 |
Due after ten years | 192,934 | 190,445 |
Estimated Fair Value | 256,653 | 260,293 |
Mortgage-backed securities | ||
Amortized Cost | ||
Securities | 28,084 | 38,126 |
Amortized Cost | 28,084 | 38,126 |
Estimated Fair Value | ||
Securities | 28,442 | 37,761 |
Estimated Fair Value | 28,442 | 37,761 |
Asset-backed securities | ||
Amortized Cost | ||
Securities | 3,083 | 18,374 |
Amortized Cost | 3,083 | 18,374 |
Estimated Fair Value | ||
Securities | 3,062 | 17,968 |
Estimated Fair Value | $ 3,062 | $ 17,968 |
Securities - Results from Sales
Securities - Results from Sales of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 151,934 | $ 85,895 | $ 100,737 |
Gross gains | 843 | 1,810 | 82 |
Gross losses | $ (1,113) | $ (359) | $ (39) |
Securities - Schedule of Tempor
Securities - Schedule of Temporary Impairment Losses, Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Estimated Fair Value | ||
Less than 12 months | $ 20,944 | $ 18,064 |
12 months or more | 2,105 | 29,262 |
Total | 23,049 | 47,326 |
Unrealized Loss | ||
Less than 12 months | 114 | 322 |
12 months or more | 21 | 913 |
Total | 135 | 1,235 |
State and municipal | ||
Estimated Fair Value | ||
Less than 12 months | 9,475 | 1,960 |
12 months or more | 0 | 0 |
Total | 9,475 | 1,960 |
Unrealized Loss | ||
Less than 12 months | 77 | 36 |
12 months or more | 0 | 0 |
Total | 77 | 36 |
Corporate bonds | ||
Estimated Fair Value | ||
Less than 12 months | 5,716 | 0 |
12 months or more | 0 | 2,499 |
Total | 5,716 | 2,499 |
Unrealized Loss | ||
Less than 12 months | 34 | 0 |
12 months or more | 0 | 132 |
Total | 34 | 132 |
Mortgage-backed securities - Residential | ||
Estimated Fair Value | ||
Less than 12 months | 5,024 | 16,104 |
12 months or more | 92 | 9,081 |
Total | 5,116 | 25,185 |
Unrealized Loss | ||
Less than 12 months | 1 | 286 |
12 months or more | 1 | 375 |
Total | 2 | 661 |
Asset-backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 729 | 0 |
12 months or more | 2,013 | 17,682 |
Total | 2,742 | 17,682 |
Unrealized Loss | ||
Less than 12 months | 2 | 0 |
12 months or more | 20 | 406 |
Total | $ 22 | $ 406 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,305,327 | $ 1,410,024 | ||
Less: Deferred loan fees | 4,544 | 72 | ||
Less: Allowance for loan losses | 20,636 | 12,578 | $ 10,892 | $ 9,731 |
Loans, net | 2,280,147 | 1,397,374 | ||
Commercial, Industrial and Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 459,739 | 245,515 | ||
Less: Allowance for loan losses | 5,441 | 2,529 | 1,751 | 2,538 |
Real Estate | 1-4 Family Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 323,473 | 227,529 | ||
Less: Allowance for loan losses | 2,445 | 1,280 | 1,333 | 773 |
Real Estate | 1-4 Family HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 100,525 | 96,228 | ||
Less: Allowance for loan losses | 1,416 | 624 | 656 | 595 |
Real Estate | Multi-family and Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 834,000 | 536,845 | ||
Less: Allowance for loan losses | 8,535 | 5,285 | 4,429 | 3,166 |
Real Estate | Construction, Land Development and Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 365,058 | 273,872 | ||
Less: Allowance for loan losses | 1,841 | 2,649 | 2,500 | 2,434 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 213,863 | 16,855 | ||
Less: Allowance for loan losses | 928 | 177 | 184 | 183 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 8,669 | 13,180 | ||
Less: Allowance for loan losses | $ 30 | $ 34 | $ 39 | $ 42 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Loss - Narrative (Details) | 2 Months Ended | 12 Months Ended | ||||
May 31, 2020USD ($) | Dec. 31, 2020USD ($)securityloancontract | Dec. 31, 2019USD ($)securityloancontract | Dec. 31, 2018securityloancontract | Apr. 01, 2020USD ($) | Jan. 01, 2020USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
FHLB advances, collateral pledged loans | $ 646,498,000 | $ 429,489 | ||||
Discount on loans purchased | 16,634,000 | 2,909,000 | ||||
Nonaccrual loans | 5,986,000 | 3,855,000 | ||||
Loan modifications, recorded investment | $ 4,236,000 | $ 2,014,000 | ||||
Number of Contracts | security | 3 | 0 | 2 | |||
Number of loans on nonaccrual | loan | 3 | |||||
Subsequent defaults on loans modified in troubled debt restructurings | contract | 0 | 0 | 0 | |||
Related party loans restructured or charged off | loan | 0 | 0 | 0 | |||
Financing receivable further modification amount | $ 23,000,000 | |||||
SBA forgiven for PPP loans, amount | 17,800,000 | |||||
Fees recognized in earnings | 413,000 | |||||
Commercial Industrial and Agricultural | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Nonaccrual loans | $ 667,000 | $ 572,000 | ||||
Number of Contracts | security | 1 | |||||
Number of loans | loan | 843 | |||||
SBA authorizations for PPP loans, amount | $ 65,500,000 | |||||
CARES Act | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Financing receivable modification amount | $ 530,700,000 | 47,000,000 | ||||
TCB Holdings | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Fair value | $ 170,000,000 | |||||
Fair value of acquired loans at acquisition | 1,688,000 | $ 1,688,000 | ||||
FABK | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Fair value | $ 625,800,000 | |||||
Fair value of acquired loans at acquisition | $ 4,668,000 | |||||
Performing Financial Instruments | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Nonaccrual loans | $ 2,438,000 | $ 1,117,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Loss - Summary of Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 2,305,327 | $ 1,410,024 |
Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,301,740 | 1,408,801 |
PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,587 | 1,223 |
Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,283,530 | 1,394,877 |
Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 998 | 1,008 |
Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,703 | 3,901 |
Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,507 | 10,023 |
Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,589 | 215 |
Commercial Industrial and Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 459,739 | 245,515 |
Commercial Industrial and Agricultural | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 459,552 | 245,515 |
Commercial Industrial and Agricultural | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 187 | 0 |
Commercial Industrial and Agricultural | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 456,170 | 241,089 |
Commercial Industrial and Agricultural | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Commercial Industrial and Agricultural | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,519 | 2,382 |
Commercial Industrial and Agricultural | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Commercial Industrial and Agricultural | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,863 | 2,044 |
Commercial Industrial and Agricultural | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 187 | 0 |
Real Estate | 1-4 Family Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 323,473 | 227,529 |
Real Estate | 1-4 Family Residential Real Estate | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 322,725 | 227,334 |
Real Estate | 1-4 Family Residential Real Estate | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 748 | 195 |
Real Estate | 1-4 Family Residential Real Estate | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 320,555 | 225,614 |
Real Estate | 1-4 Family Residential Real Estate | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 105 | 195 |
Real Estate | 1-4 Family Residential Real Estate | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5 | 0 |
Real Estate | 1-4 Family Residential Real Estate | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 1-4 Family Residential Real Estate | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,165 | 1,720 |
Real Estate | 1-4 Family Residential Real Estate | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 643 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,525 | 96,228 |
Real Estate | 1-4 Family HELOC | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,511 | 96,228 |
Real Estate | 1-4 Family HELOC | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14 | 0 |
Real Estate | 1-4 Family HELOC | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,391 | 95,678 |
Real Estate | 1-4 Family HELOC | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14 | 0 |
Real Estate | 1-4 Family HELOC | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 1-4 Family HELOC | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | 1-4 Family HELOC | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 120 | 550 |
Real Estate | 1-4 Family HELOC | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Multi-family and Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 834,000 | 536,845 |
Real Estate | Multi-family and Commercial Real Estate | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 833,343 | 536,630 |
Real Estate | Multi-family and Commercial Real Estate | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 657 | 215 |
Real Estate | Multi-family and Commercial Real Estate | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 829,353 | 530,840 |
Real Estate | Multi-family and Commercial Real Estate | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 215 | 215 |
Real Estate | Multi-family and Commercial Real Estate | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 653 | 1,519 |
Real Estate | Multi-family and Commercial Real Estate | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Multi-family and Commercial Real Estate | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,337 | 4,271 |
Real Estate | Multi-family and Commercial Real Estate | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 442 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 365,058 | 273,872 |
Real Estate | Construction, Land Development and Farmland | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 364,282 | 273,059 |
Real Estate | Construction, Land Development and Farmland | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 776 | 813 |
Real Estate | Construction, Land Development and Farmland | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 358,606 | 271,842 |
Real Estate | Construction, Land Development and Farmland | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 589 | 598 |
Real Estate | Construction, Land Development and Farmland | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,676 | 1,217 |
Real Estate | Construction, Land Development and Farmland | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 187 | 215 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 213,863 | 16,855 |
Consumer | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 212,658 | 16,855 |
Consumer | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,205 | 0 |
Consumer | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 211,305 | 16,634 |
Consumer | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 75 | 0 |
Consumer | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7 | 0 |
Consumer | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Consumer | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,346 | 221 |
Consumer | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,130 | 0 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,669 | 13,180 |
Other | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,669 | 13,180 |
Other | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Other | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,150 | 13,180 |
Other | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Other | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,519 | 0 |
Other | Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Other | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Other | Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Loss - Schedule of Allowances for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 12,578 | $ 10,892 | $ 9,731 |
Charge-offs | (1,524) | (570) | (787) |
Recoveries | 1,232 | 1,045 | 913 |
Provision | 8,350 | 1,211 | 1,035 |
Ending balance | 20,636 | 12,578 | 10,892 |
Commercial Industrial and Agricultural | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,529 | 1,751 | 2,538 |
Charge-offs | (521) | (396) | (381) |
Recoveries | 187 | 393 | 590 |
Provision | 3,246 | 781 | (996) |
Ending balance | 5,441 | 2,529 | 1,751 |
Real Estate | 1-4 Family Residential Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,280 | 1,333 | 773 |
Charge-offs | (86) | (29) | (36) |
Recoveries | 774 | 225 | 12 |
Provision | 477 | (249) | 584 |
Ending balance | 2,445 | 1,280 | 1,333 |
Real Estate | 1-4 Family HELOC | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 624 | 656 | 595 |
Charge-offs | (98) | 0 | (6) |
Recoveries | 20 | 12 | 10 |
Provision | 870 | (44) | 57 |
Ending balance | 1,416 | 624 | 656 |
Real Estate | Multi-family and Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 5,285 | 4,429 | 3,166 |
Charge-offs | 0 | 0 | (76) |
Recoveries | 29 | 65 | 221 |
Provision | 3,221 | 791 | 1,118 |
Ending balance | 8,535 | 5,285 | 4,429 |
Real Estate | Construction, Land Development and Farmland | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,649 | 2,500 | 2,434 |
Charge-offs | (114) | (60) | (215) |
Recoveries | 56 | 0 | 44 |
Provision | (750) | 209 | 237 |
Ending balance | 1,841 | 2,649 | 2,500 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 177 | 184 | 183 |
Charge-offs | (705) | (50) | (26) |
Recoveries | 166 | 51 | 34 |
Provision | 1,290 | (8) | (7) |
Ending balance | 928 | 177 | 184 |
Other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 34 | 39 | 42 |
Charge-offs | 0 | (35) | (47) |
Recoveries | 0 | 299 | 2 |
Provision | (4) | (269) | 42 |
Ending balance | $ 30 | $ 34 | $ 39 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Loss - Allowance for Loan Losses and Recorded Investment by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | ||||
Individually evaluated for impairment | $ 748 | $ 772 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 19,888 | 11,806 | ||
Total | 20,636 | 12,578 | $ 10,892 | $ 9,731 |
Loans | ||||
Individually evaluated for impairment | 12,323 | 7,748 | ||
Acquired with credit impairment | 3,587 | 1,223 | ||
Collectively evaluated for impairment | 2,289,417 | 1,401,053 | ||
Total | 2,305,327 | 1,410,024 | ||
Commercial Industrial and Agricultural | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 717 | 755 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,724 | 1,774 | ||
Total | 5,441 | 2,529 | 1,751 | 2,538 |
Loans | ||||
Individually evaluated for impairment | 1,027 | 1,154 | ||
Acquired with credit impairment | 187 | 0 | ||
Collectively evaluated for impairment | 458,525 | 244,361 | ||
Total | 459,739 | 245,515 | ||
Real Estate | 1-4 Family Residential Real Estate | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 18 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,427 | 1,280 | ||
Total | 2,445 | 1,280 | 1,333 | 773 |
Loans | ||||
Individually evaluated for impairment | 1,829 | 1,536 | ||
Acquired with credit impairment | 748 | 195 | ||
Collectively evaluated for impairment | 320,896 | 225,798 | ||
Total | 323,473 | 227,529 | ||
Real Estate | 1-4 Family HELOC | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,416 | 624 | ||
Total | 1,416 | 624 | 656 | 595 |
Loans | ||||
Individually evaluated for impairment | 110 | 374 | ||
Acquired with credit impairment | 14 | 0 | ||
Collectively evaluated for impairment | 100,401 | 95,854 | ||
Total | 100,525 | 96,228 | ||
Real Estate | Multi-family and Commercial Real Estate | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 8,535 | 5,285 | ||
Total | 8,535 | 5,285 | 4,429 | 3,166 |
Loans | ||||
Individually evaluated for impairment | 2,504 | 3,439 | ||
Acquired with credit impairment | 657 | 215 | ||
Collectively evaluated for impairment | 830,839 | 533,191 | ||
Total | 834,000 | 536,845 | ||
Real Estate | Construction, Land Development and Farmland | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 17 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,841 | 2,632 | ||
Total | 1,841 | 2,649 | 2,500 | 2,434 |
Loans | ||||
Individually evaluated for impairment | 5,676 | 1,217 | ||
Acquired with credit impairment | 776 | 813 | ||
Collectively evaluated for impairment | 358,606 | 271,842 | ||
Total | 365,058 | 273,872 | ||
Consumer | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 13 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 915 | 177 | ||
Total | 928 | 177 | 184 | 183 |
Loans | ||||
Individually evaluated for impairment | 1,177 | 28 | ||
Acquired with credit impairment | 1,205 | 0 | ||
Collectively evaluated for impairment | 211,481 | 16,827 | ||
Total | 213,863 | 16,855 | ||
Other | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 30 | 34 | ||
Total | 30 | 34 | $ 39 | $ 42 |
Loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 8,669 | 13,180 | ||
Total | $ 8,669 | $ 13,180 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Loss - Summary of Past Due (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | $ 2,291,983 | $ 1,403,818 |
Nonaccrual loans | 5,986 | 3,855 |
Purchased Credit Impaired Loans | 3,587 | 1,223 |
Total | 2,305,327 | 1,410,024 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 3,770 | 1,064 |
90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 64 |
Commercial Industrial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 458,759 | 244,860 |
Nonaccrual loans | 667 | 572 |
Purchased Credit Impaired Loans | 187 | 0 |
Total | 459,739 | 245,515 |
Commercial Industrial and Agricultural | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 126 | 83 |
Commercial Industrial and Agricultural | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Real Estate | 1-4 Family Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 319,068 | 225,396 |
Nonaccrual loans | 1,586 | 1,276 |
Purchased Credit Impaired Loans | 748 | 195 |
Total | 323,473 | 227,529 |
Real Estate | 1-4 Family Residential Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,071 | 662 |
Real Estate | 1-4 Family Residential Real Estate | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 100,501 | 95,889 |
Nonaccrual loans | 0 | 339 |
Purchased Credit Impaired Loans | 14 | 0 |
Total | 100,525 | 96,228 |
Real Estate | 1-4 Family HELOC | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 10 | 0 |
Real Estate | 1-4 Family HELOC | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Real Estate | Multi-family and Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 832,223 | 535,286 |
Nonaccrual loans | 970 | 1,344 |
Purchased Credit Impaired Loans | 657 | 215 |
Total | 834,000 | 536,845 |
Real Estate | Multi-family and Commercial Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 150 | 0 |
Real Estate | Multi-family and Commercial Real Estate | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 363,189 | 272,508 |
Nonaccrual loans | 1,093 | 296 |
Purchased Credit Impaired Loans | 776 | 813 |
Total | 365,058 | 273,872 |
Real Estate | Construction, Land Development and Farmland | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 255 |
Real Estate | Construction, Land Development and Farmland | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 209,574 | 16,699 |
Nonaccrual loans | 1,670 | 28 |
Purchased Credit Impaired Loans | 1,205 | 0 |
Total | 213,863 | 16,855 |
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,413 | 64 |
Consumer | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1 | 64 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 8,669 | 13,180 |
Nonaccrual loans | 0 | |
Purchased Credit Impaired Loans | 0 | 0 |
Total | 8,669 | 13,180 |
Other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Other | 90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Loss - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | $ 6,183 | $ 1,469 |
Less remaining purchase discount | 2,596 | 246 |
Allowance for loan losses | 0 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 3,587 | 1,223 |
Commercial Industrial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 919 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 187 | 0 |
Real Estate | 1-4 Family Residential Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 1,004 | 231 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 748 | 195 |
Real Estate | 1-4 Family HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 19 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 14 | 0 |
Real Estate | Multi-family and Commercial Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 1,325 | 217 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 657 | 215 |
Real Estate | Construction, Land Development and Farmland | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 992 | 1,021 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 776 | 813 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance | 1,924 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | $ 1,205 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Loss - Activity Related to Accretable Portion of Loans Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at January 1, | $ 98 | $ 110 | $ 0 |
New loans purchased | 870 | 0 | 260 |
Accretion income | (388) | (12) | (150) |
Balance at December 31, | $ 580 | $ 98 | $ 110 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Loss - PCI Loans Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Apr. 01, 2020 | Jan. 01, 2020 |
TCB Holdings | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Contractually required payments receivable of loans purchased during the year: | $ 2,799 | ||
Nonaccretable difference | (980) | ||
Cash flows expected to be collected at acquisition | 1,819 | ||
Accretable yield | (131) | ||
Fair value of acquired loans at acquisition | 1,688 | $ 1,688 | |
FABK | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Contractually required payments receivable of loans purchased during the year: | 7,540 | ||
Nonaccretable difference | (2,133) | ||
Cash flows expected to be collected at acquisition | 5,407 | ||
Accretable yield | $ (739) | ||
Fair value of acquired loans at acquisition | $ 4,668 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Individually Impaired Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | $ 19,512 | $ 8,181 |
With an related allowance recorded unpaid principal balance | 997 | 1,325 |
Unpaid Principal Balance | 20,509 | 9,506 |
With no related allowance recorded investment | 14,925 | 7,646 |
With an related allowance recorded, recorded investment | 985 | 1,325 |
Recorded Investment | 15,910 | 8,971 |
Related Allowance | 748 | 772 |
Commercial Industrial and Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 1,400 | 0 |
With an related allowance recorded unpaid principal balance | 859 | 1,154 |
With no related allowance recorded investment | 367 | 0 |
With an related allowance recorded, recorded investment | 847 | 1,154 |
Related Allowance | 717 | 755 |
Real Estate | 1-4 Family Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 3,034 | 1,852 |
With an related allowance recorded unpaid principal balance | 104 | 0 |
With no related allowance recorded investment | 2,473 | 1,731 |
With an related allowance recorded, recorded investment | 104 | 0 |
Related Allowance | 18 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 130 | 376 |
With an related allowance recorded unpaid principal balance | 0 | 0 |
With no related allowance recorded investment | 124 | 374 |
With an related allowance recorded, recorded investment | 0 | 0 |
Related Allowance | 0 | 0 |
Real Estate | Multi-family and Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 4,549 | 3,746 |
With an related allowance recorded unpaid principal balance | 0 | 0 |
With no related allowance recorded investment | 3,161 | 3,654 |
With an related allowance recorded, recorded investment | 0 | 0 |
Related Allowance | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 6,809 | 2,176 |
With an related allowance recorded unpaid principal balance | 0 | 171 |
With no related allowance recorded investment | 6,452 | 1,859 |
With an related allowance recorded, recorded investment | 0 | 171 |
Related Allowance | 0 | 17 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 3,590 | 31 |
With an related allowance recorded unpaid principal balance | 34 | 0 |
With no related allowance recorded investment | 2,348 | 28 |
With an related allowance recorded, recorded investment | 34 | 0 |
Related Allowance | $ 13 | $ 0 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Average Balances of Impaired Loans and Interest Income Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | $ 11,814 | $ 7,819 | $ 10,479 |
Impaired loans with no allowance, interest income recognized, subtotal | 1,298 | 437 | 515 |
Impaired loans with an allowance, average recorded investment, subtotal | 1,013 | 1,519 | 1,393 |
Impaired loans with an allowance, interest income recognized, subtotal | 45 | 53 | 68 |
Average recorded investment, total | 12,827 | 9,338 | 11,872 |
Interest income recognized, total | 1,343 | 490 | 583 |
Commercial Industrial and Agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 357 | 430 | 1,815 |
Impaired loans with no allowance, interest income recognized, subtotal | 69 | 57 | 89 |
Impaired loans with an allowance, average recorded investment, subtotal | 950 | 1,338 | 518 |
Impaired loans with an allowance, interest income recognized, subtotal | 38 | 45 | 25 |
Real Estate | 1-4 Family Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 2,599 | 1,885 | 2,436 |
Impaired loans with no allowance, interest income recognized, subtotal | 194 | 91 | 120 |
Impaired loans with an allowance, average recorded investment, subtotal | 21 | 0 | 32 |
Impaired loans with an allowance, interest income recognized, subtotal | 5 | 0 | 2 |
Real Estate | 1-4 Family HELOC | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 319 | 193 | 72 |
Impaired loans with no allowance, interest income recognized, subtotal | 12 | 12 | 4 |
Impaired loans with an allowance, average recorded investment, subtotal | 0 | 10 | 0 |
Impaired loans with an allowance, interest income recognized, subtotal | 0 | 0 | 0 |
Real Estate | Multi-family and Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 3,942 | 3,001 | 2,325 |
Impaired loans with no allowance, interest income recognized, subtotal | 332 | 154 | 114 |
Impaired loans with an allowance, average recorded investment, subtotal | 0 | 0 | 41 |
Impaired loans with an allowance, interest income recognized, subtotal | 0 | 0 | 2 |
Real Estate | Construction, Land Development and Farmland | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 3,267 | 2,291 | 3,769 |
Impaired loans with no allowance, interest income recognized, subtotal | 375 | 122 | 185 |
Impaired loans with an allowance, average recorded investment, subtotal | 34 | 171 | 802 |
Impaired loans with an allowance, interest income recognized, subtotal | 0 | 8 | 39 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no allowance, average recorded investment, subtotal | 1,330 | 18 | 62 |
Impaired loans with no allowance, interest income recognized, subtotal | 316 | 1 | 3 |
Impaired loans with an allowance, average recorded investment, subtotal | 8 | 0 | 0 |
Impaired loans with an allowance, interest income recognized, subtotal | $ 2 | $ 0 | $ 0 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Loss - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)security | Dec. 31, 2019security | Dec. 31, 2018USD ($)security | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | security | 3 | 0 | 2 |
Pre-Modification Outstanding Recorded Investments | $ 1,265 | $ 1,915 | |
Post-Modification Outstanding Recorded Investments | $ 1,265 | $ 1,839 | |
Commercial Industrial and Agricultural | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | security | 1 | ||
Pre-Modification Outstanding Recorded Investments | $ 150 | ||
Post-Modification Outstanding Recorded Investments | $ 150 | ||
Real Estate | 1-4 Family Residential Real Estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | security | 1 | 1 | |
Pre-Modification Outstanding Recorded Investments | $ 394 | $ 1,254 | |
Post-Modification Outstanding Recorded Investments | $ 394 | $ 1,254 | |
Real Estate | Multi-family and Commercial Real Estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | security | 1 | 1 | |
Pre-Modification Outstanding Recorded Investments | $ 721 | $ 661 | |
Post-Modification Outstanding Recorded Investments | $ 721 | $ 585 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Loss - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Balance - January 1, | $ 7,539 | $ 7,394 | $ 8,581 |
New loans during the year | 30,737 | 3,281 | 919 |
Repayments during the year | (4,141) | (3,136) | (2,106) |
Balance - December 31, | $ 34,135 | $ 7,539 | $ 7,394 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 46,039 | $ 32,732 |
Less: accumulated depreciation | (14,577) | (11,668) |
Premises and equipment, net | 31,462 | 21,064 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 9,480 | 6,058 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 13,495 | 9,020 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 35 | 371 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 9,566 | 7,891 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 13,463 | $ 9,393 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 2,867 | $ 1,875 | $ 1,586 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jan. 01, 2020 | |
Leases [Abstract] | ||||
Operating leases right of use assets | $ 13,103 | $ 11,973 | ||
Total lease liability | $ 14,231 | $ 11,900 | ||
Discount rate | 4.50% | |||
Lease expense | $ 2,718 | |||
Operating lease term of contract | 5 years | |||
Annual rental payments | $ 211 | |||
Base annual rental percentage increase | 2.50% | |||
Terminate, notice period | 90 days |
Leases - Operating Lease and Li
Leases - Operating Lease and Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 |
Leases [Abstract] | ||
Operating leases right of use assets | $ 13,103 | $ 11,973 |
Operating leases liabilities | $ 14,231 | |
Weighted average remaining lease term (in years) | 6 years 3 months 29 days | |
Weighted average discount rate | 4.34% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense Included in Occupancy Expenses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 3,137 |
Short-term lease cost | 40 |
Variable lease cost | 364 |
Total lease cost | $ 3,541 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 |
Leases [Abstract] | ||
December 31, 2021 | $ 3,023 | |
December 31, 2022 | 2,701 | |
December 31, 2023 | 2,717 | |
December 31, 2024 | 2,701 | |
December 31, 2025 | 2,211 | |
Thereafter | 3,774 | |
Total undiscounted cash flows | 17,127 | |
Discount on cash flows | (2,896) | |
Total lease liability | $ 14,231 | $ 11,900 |
Other Real Estate - Other Real
Other Real Estate - Other Real Estate Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate [Roll Forward] | |||
Beginning balance | $ 750 | $ 1,000 | $ 0 |
Loans acquired in merger | 208 | 0 | 1,650 |
Loans transferred to other real estate | 197 | 943 | 1,060 |
Bank owned properties transferred to other real estate | 2,420 | 0 | 0 |
Allowance to lower of cost or market | 0 | (98) | 0 |
Sales of other real estate | (2,329) | (1,095) | (1,710) |
End of year | $ 1,246 | $ 750 | $ 1,000 |
Other Real Estate - Activity in
Other Real Estate - Activity in the Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Owned Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 98 | $ 0 | $ 0 |
Provisions/(recoveries) charged/(credited) to expense | 0 | 98 | 0 |
Reductions from sales of other real estate | (98) | 0 | 0 |
Direct write-downs | 0 | 0 | 0 |
End of year | $ 0 | $ 98 | $ 0 |
Other Real Estate - Expenses Re
Other Real Estate - Expenses Related to Foreclosed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate [Abstract] | |||
Net gain on sales | $ (28) | $ (166) | $ (259) |
Provision for unrealized losses | 0 | 98 | 0 |
Operating expenses, net of rental income | 28 | 44 | 50 |
Total | $ 0 | $ (24) | $ (209) |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Intangible Assets Acquired in Business Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Beginning of year | $ 43,642 | $ 43,642 |
Acquired goodwill | 10,754 | 0 |
Impairment | 0 | 0 |
End of year | 54,396 | 43,642 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Core deposit intangibles | 16,731 | 10,834 |
Less accumulated amortization | (5,384) | (3,564) |
Total | $ 11,347 | $ 7,270 |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangibles - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1,820 | $ 949 | $ 949 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 1,826 | |
2022 | 1,761 | |
2023 | 1,610 | |
2024 | 1,375 | |
2025 | 1,309 | |
Thereafter | 3,466 | |
Total | $ 11,347 | $ 7,270 |
Deposits - Contractual Maturiti
Deposits - Contractual Maturities of Time Deposit Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift1 [Abstract] | ||
2021 | $ 679,819 | |
2022 | 78,608 | |
2023 | 19,995 | |
2024 | 11,774 | |
2025 | 6,148 | |
Total | $ 796,344 | $ 762,330 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift1 [Abstract] | ||
Aggregate amount of overdrafts reclassified as receivable | $ 546 | $ 381 |
Time deposits above FDIC Insurance limit | 233,848 | 236,750 |
Deposits from related parties | $ 19,742 | $ 14,600 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | ||
Federal home loan bank, advances, outstanding borrowing capacity | $ 10,000 | $ 10,737 |
Federal home loan bank, advances, additional borrowing capacity | 349,138 | $ 159,379 |
Penalties from prepayment | 253 | |
Federal home loan bank advances | $ 16,500 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Future Principle Payments on Federal Home Loan Bank Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amount | ||
2020 | $ 7,000 | |
2021 | 10,000 | 323 |
2022 | 0 | 557 |
2023 | 0 | 2,342 |
2024 | 0 | 515 |
Thereafter | 0 | 0 |
Total | $ 10,000 | $ 10,737 |
Weighted Average Rates | ||
2020 | 1.65% | |
2021 | 0.19% | 2.73% |
2022 | 0.00% | 1.22% |
2023 | 0.00% | 1.94% |
2024 | 0.00% | 2.49% |
Thereafter | 0.00% | 0.00% |
Total | 0.19% | 1.76% |
Subordinated Debentures (Detail
Subordinated Debentures (Details) | Dec. 15, 2024 | Dec. 31, 2007USD ($)quarterly_period | Dec. 31, 2005USD ($)quarterly_period | Dec. 31, 2002USD ($)quarterly_period | Dec. 15, 2024 | Dec. 15, 2012 | Dec. 31, 2020 | Dec. 31, 2019USD ($) | Dec. 20, 2016USD ($) |
Prime Rate | Subordinated Debentures Subject to Mandatory Redemption | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||
Community First, Inc | Subordinated Debentures Subject to Mandatory Redemption | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, face amount | $ 5,000,000 | $ 3,000,000 | $ 60,000,000 | ||||||
Subordinated borrowing, interest rate | 3.22% | 1.72% | 3.75% | 7.96% | |||||
Community First, Inc | Subordinated Debentures Subject to Mandatory Redemption | Forecast | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Subordinated borrowing, interest rate | 5.125% | ||||||||
Community First, Inc | Redeemable Subordinated Debentures | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, face amount | $ 15,000,000 | ||||||||
Community First, Inc | Trust Preferred Capital Securities | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, repurchased face amount | $ 10,000,000 | ||||||||
Community First, Inc | LIBOR | Subordinated Debentures Subject to Mandatory Redemption | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||
Deferral of interest payments, number of quarterly periods | quarterly_period | 20 | 20 | 20 | ||||||
Community First, Inc | LIBOR | Redeemable Subordinated Debentures | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||
Community First, Inc | SOFR | Subordinated Debentures Subject to Mandatory Redemption | Forecast | |||||||||
Subordinated Borrowing [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.765% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Gain (Loss) reclassified from accumulated other comprehensive income net | $ 0 | |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 160,000,000 | $ 110,000,000 |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Unrealized losses | $ 363,000 | $ 56,000 | $ 121,000 |
Cash Flow Hedging | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amounts | $ 160,000,000 | $ 110,000,000 | |
Weighted average pay rates | 2.05% | 2.43% | |
Weighted average receive rates | 0.39% | 2.11% | |
Weighted average maturity | 3 years 1 month 6 days | 3 years 10 months 2 days | |
Unrealized losses | $ 7,657,000 | $ 2,078,000 | |
Fair Value Hedging | |||
Derivative [Line Items] | |||
Notional amounts | $ 18,525,000 | $ 19,605,000 | |
Weighted average pay rates | 3.68% | 3.66% | |
Weighted average receive rates | 1.21% | 2.87% | |
Weighted average maturity | 7 years 9 months 25 days | 9 years 3 months | |
Unrealized losses | $ 1,495,000 | $ 630,000 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges and Fair Value Hedges Included in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash Flow Hedging | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 160,000 | $ 110,000 |
Fair Value | (7,657) | (2,078) |
Cash Flow Hedging | Interest Rate Swap | Subordinated debentures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,000 | 10,000 |
Fair Value | (690) | (439) |
Cash Flow Hedging | Interest Rate Swap | Short-term interest-bearing liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 150,000 | 100,000 |
Fair Value | (6,967) | (1,639) |
Fair Value Hedging | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,525 | 19,605 |
Fair Value | (1,495) | (630) |
Fair Value Hedging | Interest Rate Swap | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,525 | 19,605 |
Fair Value | $ (1,495) | $ (630) |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) Relating to Cash Flow Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | $ (4,120) | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | $ (683) | $ (852) | |
Interest rate swaps-subordinate debentures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | (185) | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | (196) | (129) | |
Interest rate swaps-interest-bearing liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | $ (3,935) | ||
Amount of (Loss) Gain Recognized in Other Comprehensive Income (Loss) | $ (487) | $ (723) |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges Included in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in unrealized gain (loss) on fair value hedging instruments | $ 363 | $ 56 | $ 121 |
Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized losses | $ (363) | $ (56) | $ (121) |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 256,653 | $ 260,293 | ||
Other real estate | 1,246 | 750 | $ 1,000 | $ 0 |
U. S. Treasury and other U. S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 48 | 59 | ||
State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 200,988 | 196,660 | ||
Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 24,113 | 7,845 | ||
Mortgage backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 28,442 | 37,761 | ||
Asset backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,062 | 17,968 | ||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 688 | ||
Derivative liabilities | 9,152 | 3,396 | ||
Recurring | U. S. Treasury and other U. S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 48 | 59 | ||
Recurring | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 200,988 | 196,660 | ||
Recurring | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 24,113 | 7,845 | ||
Recurring | Mortgage backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 28,442 | 37,761 | ||
Recurring | Asset backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,062 | 17,968 | ||
Recurring | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | |||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U. S. Treasury and other U. S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | |||
Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 688 | ||
Derivative liabilities | 9,152 | 3,396 | ||
Recurring | Significant Other Observable Inputs (Level 2) | U. S. Treasury and other U. S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 48 | 59 | ||
Recurring | Significant Other Observable Inputs (Level 2) | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 200,988 | 196,660 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 24,113 | 7,845 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 28,442 | 37,761 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Asset backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,062 | 17,968 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | |||
Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | U. S. Treasury and other U. S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | State and municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Asset backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 0 | |||
Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15,162 | 8,199 | ||
Other real estate | 1,246 | 750 | ||
Other repossessions | 1,424 | 0 | ||
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate | 0 | 0 | ||
Other repossessions | 0 | 0 | ||
Nonrecurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate | 0 | 0 | ||
Other repossessions | 0 | 0 | ||
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 15,162 | 8,199 | ||
Other real estate | 1,246 | 750 | ||
Other repossessions | $ 1,424 | $ 0 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Summary of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis by Utilized Level 3 Inputs (Details) - Nonrecurring - Significant Unobservable Inputs (Level 3) - Range (Weighted Average) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0.10 | |
Estimated costs to sell | Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0.10 | 0.10 |
Other real estate | 0.10 | |
Estimated costs to sell | Third-party guidelines | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other repossessions | 0.10 | 0.10 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | $ 13,717 | $ 7,953 |
Interest-bearing deposits in financial institutions | 79,756 | 43,644 |
Federal funds sold | 1,572 | 52 |
Loans, net | 2,280,147 | 1,397,374 |
Mortgage loans held for sale | 147,524 | 37,476 |
Accrued interest receivable | 14,889 | 7,188 |
Restricted equity securities | 16,551 | 11,279 |
Financial liabilities | ||
Deposits | 2,579,235 | 1,584,453 |
Accrued interest payable | 2,571 | 2,022 |
Subordinate debentures | 70,446 | 70,883 |
Federal Home Loan Bank advances | 10,000 | 10,737 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 13,717 | 7,953 |
Interest-bearing deposits in financial institutions | 79,756 | 43,644 |
Federal funds sold | 1,572 | 52 |
Loans, net | 2,293,723 | 1,383,719 |
Mortgage loans held for sale | 149,342 | 38,379 |
Accrued interest receivable | 14,889 | 7,188 |
Restricted equity securities | 16,551 | 11,279 |
Financial liabilities | ||
Deposits | 2,583,525 | 1,582,781 |
Accrued interest payable | 2,571 | 2,022 |
Subordinate debentures | 71,750 | 71,454 |
Federal Home Loan Bank advances | 10,000 | 10,755 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and due from banks | 13,717 | 7,953 |
Interest-bearing deposits in financial institutions | 79,756 | 43,644 |
Federal funds sold | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits in financial institutions | 0 | 0 |
Federal funds sold | 1,572 | 52 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 149,342 | 38,379 |
Accrued interest receivable | 14,889 | 7,188 |
Restricted equity securities | 16,551 | 11,279 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 2,571 | 2,022 |
Subordinate debentures | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits in financial institutions | 0 | 0 |
Federal funds sold | 0 | 0 |
Loans, net | 2,293,723 | 1,383,719 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 2,583,525 | 1,582,781 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 71,750 | 71,454 |
Federal Home Loan Bank advances | $ 10,000 | $ 10,755 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax expense | |||
Current | $ 4,875 | $ 1,731 | $ 992 |
Deferred | 2,060 | 398 | 380 |
Total provision for income tax expense | $ 6,935 | $ 2,129 | $ 1,372 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Computed "expected" tax expense | $ 7,882 | $ 2,660 | $ 2,495 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
State income tax, net of federal tax effect | 1,770 | 637 | 551 |
Tax-exempt interest income, net of disallowed interest | (1,172) | (1,373) | (1,132) |
Stock compensation | 119 | (14) | (69) |
Cash surrender value of life insurance contracts | (579) | (235) | (249) |
Nondeductible merger expenses | 48 | 155 | 47 |
Federal and state tax credits | (1,393) | (999) | (1,102) |
Subsidiary disregarded for federal taxes | 63 | 1,189 | 763 |
Others as a group | 196 | 109 | 68 |
Total provision for income tax expense | $ 6,935 | $ 2,129 | $ 1,372 |
Computed "expected" tax expense | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
State income tax, net of federal tax effect | 5.00% | 5.00% | 5.00% |
Tax-exempt interest income, net of disallowed interest | (3.00%) | (11.00%) | (10.00%) |
Stock compensation | 0.00% | 0.00% | (1.00%) |
Cash surrender value of life insurance contracts | (2.00%) | (2.00%) | (2.00%) |
Nondeductible merger expenses | 0.00% | 1.00% | 0.00% |
Federal and state tax credits | (4.00%) | (8.00%) | (9.00%) |
Subsidiary disregarded for federal taxes | 0.00% | 9.00% | 6.00% |
Others as a group | 1.00% | 1.00% | 1.00% |
Total income tax expense | 18.00% | 16.00% | 11.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Organizational and start-up costs | $ 8 | $ 38 |
Acquisition fair value adjustments | 4,023 | 414 |
Allowance for loan losses | 4,469 | 2,993 |
Other Real estate | 56 | 26 |
Unrealized loss on derivatives | 2,392 | 708 |
Nonaccrual loans | 388 | 271 |
Acquired net operating losses | 2,462 | 2,711 |
Acquired tax credits net of tax basis adjustments | 660 | 1,005 |
Deferred Compensation | 493 | 310 |
Loan fees (costs) | 1,188 | 0 |
Other | 760 | 482 |
Total deferred tax assets | 16,899 | 8,958 |
Deferred tax liabilities: | ||
Core deposit intangible | 2,900 | 1,817 |
Loan fees (costs) | 0 | 19 |
Premises and equipment | 1,432 | 627 |
Unrealized (gain) loss on available for sale securities | 4,597 | 2,501 |
FHLB stock dividends | 736 | 61 |
Other | 113 | 0 |
Total deferred tax liabilities | 9,778 | 5,025 |
Net deferred tax asset (liability) | $ 7,121 | $ 3,933 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Federal | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Operating loss carryforwards | $ 11,696,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Federal reserve bank discount window borrowings | $ 5,927,000 | $ 5,780,000 |
Federal reserve bank advances | 0 | 0 |
Standby letters of credit | Federal Home Loan Bank Borrowings | ||
Loss Contingencies [Line Items] | ||
Long-term line of credit | 299,754,000 | 285,654,000 |
Federal Fund Lines of Credit | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 98,200,000 | 88,200,000 |
Long-term line of credit | 0 | 0 |
Unsecured Line of Credit | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 20,000,000 | |
Long-term line of credit | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Off-balance sheet arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 581,919 | $ 352,887 |
Unused lines of credit | ||
Loss Contingencies [Line Items] | ||
Total commitments | 559,874 | 335,755 |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 22,045 | $ 17,132 |
Business Combination - Communit
Business Combination - Community First, Inc (Details) - Community First $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Jan. 01, 2018 | |
Business Acquisition [Line Items] | ||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.481 | |
Other assets adjustment | $ (93) | |
Payables and other liabilities adjustment | $ 85 |
Business Combination - Financia
Business Combination - Financial Impact of Merger Community First, Inc (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Calculation of Purchase Price | ||||
Value of Reliant Bancorp, Inc. common stock shares issued | $ 61,958 | |||
Fair value of assets acquired and liabilities assumed | ||||
Goodwill | $ 54,396 | $ 43,642 | $ 43,642 | |
Community First | ||||
Calculation of Purchase Price | ||||
Shares of Community First, Inc. common stock outstanding (in shares) | shares | 5,025,884 | |||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.481 | |||
Share conversion (in shares) | shares | 2,417,450 | |||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 2,416,444 | |||
Share price (in dollars per share) | $ / shares | $ 25.64 | |||
Value of fractional shares | $ 25 | |||
Estimated fair value of Community First, Inc. | 61,983 | |||
Total consideration above | 61,983 | |||
Fair value of assets acquired and liabilities assumed | ||||
Cash and cash equivalents | 33,128 | |||
Time deposits in other financial institutions | 23,309 | |||
Investment securities available for sale | 69,078 | |||
Loans, net of unearned income | 313,040 | |||
Mortgage loans held for sale, net | 910 | |||
Accrued interest receivable | 1,165 | |||
Premises and equipment | 9,585 | |||
Restricted equity securities | 1,726 | |||
Cash surrender value of life insurance contracts | 10,664 | |||
Other real estate owned | 1,650 | |||
Deferred tax asset, net | 4,885 | |||
Core deposit intangible | 7,888 | |||
Other assets | 1,795 | |||
Deposits—noninterest-bearing | (80,395) | |||
Deposits—interest-bearing | (352,100) | |||
Borrowings | (11,522) | |||
Other liabilities | (5,061) | |||
Total fair value of net assets acquired | 29,745 | |||
Goodwill | $ 32,238 |
Business Combinations - Tenness
Business Combinations - Tennessee Community Bank Holdings TCB (Details) - USD ($) | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 10, 2020 | Dec. 04, 2018 |
Business Acquisition [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | ||
Cash (used in) received from acquisitions, net | $ 8,500,000 | $ 0 | $ (33,128,000) | |||
COMMON STOCK | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 1 | |||||
Reliant Bancorp, Inc. shares issued per share (in shares) | 0.769 | |||||
TCB Holdings | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 1 | |||||
Reliant Bancorp, Inc. common stock shares issued (in shares) | 811,210 | |||||
Cash (used in) received from acquisitions, net | $ 18,073,000 | |||||
Cash in lieu of fractional shares based on volume weighted average | 22.36 | |||||
Cash payment in an amount equal to product | 34.25 | |||||
Aggregate consideration paid to holders of unexercised options | $ 430,000 | 430,000 | ||||
Premises and equipment | 1,219,000 | |||||
Deferred tax liabilities | 168,000 | |||||
Payables and other liabilities | 643,000 | |||||
Goodwill | $ 1,694,000 | |||||
TCB Holdings | COMMON STOCK | ||||||
Business Acquisition [Line Items] | ||||||
Share price (in dollars per share) | $ 17.13 |
Business Combinations - Financi
Business Combinations - Financial Impact of Merger TCB (Details) | Jan. 01, 2020USD ($)$ / sharesshares | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Calculation of Purchase Price | |||||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 61,958,000 | ||||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | $ 8,500,000 | $ 0 | $ (33,128,000) | ||
Fair value of assets acquired and liabilities assumed | |||||
Goodwill | 54,396,000 | $ 43,642,000 | $ 43,642,000 | ||
TCB Holdings | |||||
Calculation of Purchase Price | |||||
Shares of Community First, Inc. common stock outstanding (in shares) | shares | 1,055,041 | ||||
Exchange ratio for Reliant Bancorp, Inc. common stock | 0.769 | ||||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 811,210 | ||||
Share price (in dollars per share) | $ / shares | $ 22.24 | ||||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 18,041,000 | ||||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | 18,073,000 | ||||
Cash settlement for Tennessee Community Bank Holdings, Inc.'s 26,450 outstanding stock options ($34.25 settlement price less weighted average exercise price of $18.00) | 430,000 | $ 430,000 | |||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($22.36 per pro rata fractional share) | 3,000 | ||||
Total consideration above | $ 36,547,000 | ||||
Number of stock options settled (in shares) | shares | 26,450 | ||||
Cash payment in an amount equal to product | $ 34.25 | ||||
Stock options weighted average exercise price (in dollars per share) | $ / shares | $ 18 | ||||
Cash in lieu of fractional shares based on volume weighted average | $ 22.36 | ||||
Fair value of assets acquired and liabilities assumed | |||||
Total consideration above | 36,547,000 | ||||
Cash and cash equivalents | 11,026,000 | ||||
Investment securities available for sale | 56,336,000 | ||||
Loans, net of unearned income | 171,445,000 | ||||
Accrued interest receivable | 948,000 | ||||
Premises and equipment | 5,221,000 | ||||
Cash surrender value of life insurance contracts | 5,629,000 | ||||
Restricted equity securities | 909,000 | ||||
Core deposit intangible | 3,617,000 | ||||
Other assets | 833,000 | ||||
Deposits | (210,538,000) | ||||
Deferred tax liability | (157,000) | ||||
Borrowings | (58,000) | ||||
FHLB advances | (13,102,000) | ||||
Other liabilities | (4,337,000) | ||||
Total fair value of net assets acquired | 27,772,000 | ||||
Goodwill | $ 8,775,000 | ||||
TCB Holdings | COMMON STOCK | |||||
Calculation of Purchase Price | |||||
Share price (in dollars per share) | $ / shares | $ 17.13 |
Business Combinations - First A
Business Combinations - First Advantage Bancorp FABK (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 01, 2020 | Dec. 31, 2020 | Mar. 10, 2020 | Dec. 31, 2019 | Dec. 04, 2018 |
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | |
Common stock, shares outstanding (in shares) | 16,654,409 | 11,206,254 | |||
FABK | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Reliant Bancorp, Inc. shares issued per share (in shares) | 1.17 | ||||
Share price (in dollars per share) | $ 3 | ||||
Business combination, cash paid in lieu of fractional shares (in dollars per share) | 11.74 | ||||
Share price (in dollars per share) | $ 11.27 | ||||
Common stock, shares outstanding (in shares) | 3,935,165 | ||||
Total consideration above | $ 64,094 | ||||
Consideration transferred as price per share (in dollars per share) | $ 16.28 | ||||
Premises and equipment | $ (202) | ||||
Deferred tax assets | (1,854) | ||||
Other assets | 405 | ||||
Goodwill | $ 1,651 |
Business Combinations - Finan_2
Business Combinations - Financial Impact of Merger FABK (Details) | Apr. 01, 2020USD ($)$ / sharesshares | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Calculation of Purchase Price | |||||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 61,958,000 | ||||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | $ 8,500,000 | $ 0 | $ (33,128,000) | ||
Fair value of assets acquired and liabilities assumed | |||||
Goodwill | $ 54,396,000 | $ 43,642,000 | $ 43,642,000 | ||
FABK | |||||
Calculation of Purchase Price | |||||
Shares of First Advantage Bancorp common stock outstanding as of April 1, 2020 (in shares) | shares | 3,935,165 | ||||
Conversion of restricted stock units to shares of common stock of First Advantage Bancorp as of April 1, 2020 (in shares) | shares | 2,000 | ||||
Total First Advantage Bancorp common stock outstanding as of April, 1, 2020 (in shares) | shares | 3,937,165 | ||||
Exchange ratio for Reliant Bancorp, Inc. common stock | 1.17 | ||||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 4,606,483 | ||||
Remove fractional shares (in shares) | shares | (64) | ||||
Reliant Bancorp, Inc. common stock shares issued (in shares) | shares | 4,606,419 | ||||
Reliant Bancorp, Inc. share price at April 1, 2020 (in dollars per share) | $ / shares | $ 11.27 | ||||
Estimated value of Reliant Bancorp, Inc. shares issued | $ 51,914,000 | ||||
Cash settlement for Reliant Bancorp, Inc. fractional shares ($11.74 per pro rata fractional share) | 1,000 | ||||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | 11,805,000 | ||||
Cash settlement for First Advantage Bancorp restricted stock units ($3.00 per share) | 6,000 | ||||
Cash settlement for First Advantage Bancorp's 34,800 outstanding stock options ($30.00 settlement price less weighted average exercise price of $19.44) | 368,000 | ||||
Total consideration above | $ 64,094,000 | ||||
Business combination, cash paid in lieu of fractional shares (in dollars per share) | $ / shares | $ 11.74 | ||||
Share price (in dollars per share) | $ / shares | $ 3 | ||||
Number of stock options settled (in shares) | shares | 34,800 | ||||
Cash payment in an amount equal to product | $ 30 | ||||
Stock options weighted average exercise price (in dollars per share) | $ / shares | $ 19.44 | ||||
Fair value of assets acquired and liabilities assumed | |||||
Total consideration above | $ 64,094,000 | ||||
Cash and cash equivalents | 11,159,000 | ||||
Investment securities available for sale | 35,970,000 | ||||
Loans, net of unearned income | 622,423,000 | ||||
Mortgage loans held for sale, net | 5,878,000 | ||||
Premises and equipment | 7,757,000 | ||||
Deferred tax asset | 4,937,000 | ||||
Cash surrender value of life insurance contracts | 14,776,000 | ||||
Other real estate and repossessed assets | 1,259,000 | ||||
Core deposit intangible | 2,280,000 | ||||
Operating lease right-of-use assets | 5,846,000 | ||||
Other assets | 11,624,000 | ||||
Deposits | (608,690,000) | ||||
Borrowings | (35,962,000) | ||||
Operating lease liabilities | (6,536,000) | ||||
Other liabilities | (10,606,000) | ||||
Total fair value of net assets acquired | 62,115,000 | ||||
Goodwill | $ 1,979,000 | ||||
FABK | COMMON STOCK | |||||
Calculation of Purchase Price | |||||
Share price (in dollars per share) | $ / shares | $ 3 | ||||
FABK | Restricted Stock and Restricted Stock Units | |||||
Calculation of Purchase Price | |||||
Share price (in dollars per share) | $ / shares | $ 3 |
Business Combinations - Pro For
Business Combinations - Pro Forma (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | ||
Revenue | $ 149,652 | $ 117,496 |
Net interest income | 120,769 | 100,070 |
Net income attributable to common shareholders | $ 34,126 | $ 33,719 |
Mortgage Operations (Details)
Mortgage Operations (Details) - Reliant Mortgage Ventures, LLC - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2011 | Nov. 15, 2011 |
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, ownership percentage by parent | 51.00% | ||||
Financial rights, ownership percentage in joint venture | 30.00% | ||||
Profit share percentage in joint venture | 30.00% | ||||
Cumulative losses receivable balance | $ 404 | ||||
Cumulative losses, payable balance | $ 1,484 | ||||
Cumulative net loss in joint ventures | $ 13,655 | ||||
VHC Fund 1, LLC | |||||
Noncontrolling Interest [Line Items] | |||||
Profit share percentage in joint venture | 70.00% | ||||
Operating loss, percentage share in joint venture | 100.00% | 100.00% | 100.00% | 100.00% |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Results of Operations for Company's Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 108,046 | $ 55,805 | $ 53,811 |
Provision for loan losses | 8,350 | 1,211 | 1,035 |
Noninterest income | 21,559 | 11,964 | 9,664 |
Noninterest expense (excluding merger expense) | 76,312 | 52,289 | 47,787 |
Merger expense | 6,895 | 1,603 | 2,774 |
Income tax expense (benefit) | 6,935 | 2,129 | 1,372 |
CONSOLIDATED NET INCOME | 31,113 | 10,537 | 10,507 |
Noncontrolling interest in net loss of subsidiary | 299 | 5,659 | 3,578 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 31,412 | 16,196 | 14,085 |
Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 105,628 | 55,252 | 52,990 |
Provision for loan losses | 8,350 | 1,211 | 1,035 |
Noninterest income | 9,320 | 7,059 | 5,250 |
Noninterest expense (excluding merger expense) | 61,339 | 40,779 | 38,738 |
Merger expense | 6,895 | 1,603 | 2,774 |
Income tax expense (benefit) | 6,952 | 2,522 | 1,608 |
CONSOLIDATED NET INCOME | 31,412 | 16,196 | 14,085 |
Noncontrolling interest in net loss of subsidiary | 0 | 0 | 0 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 31,412 | 16,196 | 14,085 |
Operating Segments | Residential Mortgage Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 2,418 | 553 | 821 |
Provision for loan losses | 0 | 0 | 0 |
Noninterest income | 12,293 | 5,086 | 4,595 |
Noninterest expense (excluding merger expense) | 14,973 | 11,510 | 9,049 |
Merger expense | 0 | 0 | 0 |
Income tax expense (benefit) | (17) | (393) | (236) |
CONSOLIDATED NET INCOME | (245) | (5,478) | (3,397) |
Noncontrolling interest in net loss of subsidiary | 245 | 5,478 | 3,397 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 0 | 0 | 0 |
Elimination Entries | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 0 | 0 | 0 |
Provision for loan losses | 0 | 0 | 0 |
Noninterest income | (54) | (181) | (181) |
Noninterest expense (excluding merger expense) | 0 | 0 | 0 |
Merger expense | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 |
CONSOLIDATED NET INCOME | (54) | (181) | (181) |
Noncontrolling interest in net loss of subsidiary | 54 | 181 | 181 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 0 | $ 0 | $ 0 |
Capital - Actual and Required C
Capital - Actual and Required Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 262,282 | $ 176,748 |
Tier I leverage, ratio | 0.0891 | 0.0974 |
Tier I leverage, minimal capital adequacy | $ 117,747 | |
Tier I leverage, minimal capital adequacy, ratio | 0.0400 | 0 |
Tier I leverage, required capital including capital conservation buffer | $ 117,747 | $ 72,586 |
Tier I leverage, required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 147,184 | $ 90,733 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 250,513 | $ 165,063 |
Common equity tier 1, ratio | 0.1022 | 0.1055 |
Common equity tier 1, minimal capital adequacy | $ 110,304 | |
Common equity tier 1, minimal capital adequacy, ratio | 4.50% | 0.00% |
Common equity tier 1, required capital including capital conservation buffer | $ 171,584 | $ 109,520 |
Common equity tier 1, required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 159,328 | $ 101,698 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 262,282 | $ 176,748 |
Tier I risk-based capital, ratio | 0.1070 | 0.1130 |
Tier I risk-based capital, minimal capital adequacy | $ 147,074 | |
Tier I risk-based capital, minimal capital adequacy, ratio | 0.0600 | 0 |
Tier I risk-based capital, required capital including capital conservation buffer | $ 208,355 | $ 132,952 |
Tier I risk-based capital, required capital including capital conservation buffer, ratio | 8.50% | 8.50% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 196,099 | $ 125,131 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 342,246 | $ 249,751 |
Total risk-based capital, ratio | 0.1396 | 0.1597 |
Total risk-based capital, minimal capital adequacy | $ 196,130 | |
Total risk-based capital, minimal capital adequacy, ratio | 0.0800 | 0 |
Total risk-based capital, required capital including capital conservation buffer | $ 257,420 | $ 164,207 |
Total risk-based capital, required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 245,162 | $ 156,388 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Reliant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 313,633 | $ 186,734 |
Tier I leverage, ratio | 0.1064 | 0.1030 |
Tier I leverage, minimal capital adequacy | $ 117,907 | |
Tier I leverage, minimal capital adequacy, ratio | 0.0400 | 0 |
Tier I leverage, required capital including capital conservation buffer | $ 117,907 | $ 72,518 |
Tier I leverage, required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 147,384 | $ 90,648 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 313,633 | $ 186,734 |
Common equity tier 1, ratio | 0.1283 | 0.1195 |
Common equity tier 1, minimal capital adequacy | $ 110,004 | |
Common equity tier 1, minimal capital adequacy, ratio | 4.50% | 0.00% |
Common equity tier 1, required capital including capital conservation buffer | $ 171,117 | $ 109,384 |
Common equity tier 1, required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 158,894 | $ 101,571 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 313,633 | $ 186,734 |
Tier I risk-based capital, ratio | 0.1283 | 0.1195 |
Tier I risk-based capital, minimal capital adequacy | $ 146,672 | |
Tier I risk-based capital, minimal capital adequacy, ratio | 0.0600 | 0 |
Tier I risk-based capital, required capital including capital conservation buffer | $ 207,785 | $ 132,823 |
Tier I risk-based capital, required capital including capital conservation buffer, ratio | 8.50% | 8.50% |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions | $ 195,562 | $ 125,010 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 334,919 | $ 199,737 |
Total risk-based capital, ratio | 0.1371 | 0.1279 |
Total risk-based capital, minimal capital adequacy | $ 195,430 | |
Total risk-based capital, minimal capital adequacy, ratio | 0.0800 | 0 |
Total risk-based capital, required capital including capital conservation buffer | $ 256,503 | $ 163,975 |
Total risk-based capital, required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 244,288 | $ 156,167 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Capital - Narrative (Details)
Capital - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 10, 2020 | Dec. 04, 2018 | |
Banking and Thrift, Other Disclosures [Abstract] | ||||
Stock repurchase program, authorized amount | $ 15,000,000 | $ 12,000,000 | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 |
Value of company shares repurchased | $ 8,291,000 | |||
Shares repurchased | 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 10, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 18, 2015 | Dec. 31, 2006 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Forfeiture rate | 3.00% | |||||
Unrecognized compensation cost | $ 204 | |||||
Fair value of share awards vested | $ 114 | $ 96 | $ 61 | |||
Estimated fair value per option (in dollars per share) | $ 6.97 | $ 6.89 | ||||
Granted (in shares) | 0 | 27,500 | 25,500 | |||
Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period | 10 years | |||||
Unrecognized compensation cost, weighted-average period for recognition | 2 years 10 months 13 days | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost, weighted-average period for recognition | 8 months 26 days | |||||
Unrecognized compensation cost, restricted stock | $ 1,559 | |||||
Restricted Stock | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 month | |||||
Restricted Stock | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost, weighted-average period for recognition | 2 years 1 month 9 days | |||||
Fair value of share awards vested | $ 1,032 | $ 605 | $ 439 | |||
Unrecognized compensation cost, restricted stock | $ 220 | |||||
The Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 1,250,000 | 625,000 | ||||
Equity Incentive Plan 2015 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 900,000 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense and Employee Benefit Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense before income taxes | $ 1,578 | $ 1,222 | $ 923 |
Less: deferred tax benefit | (412) | (319) | (241) |
Reduction of net income | $ 1,166 | $ 903 | $ 682 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||||
Outstanding (in shares) | 149,293 | 159,260 | 170,761 | |
Granted (in shares) | 0 | 27,500 | 25,500 | |
Exercised (in shares) | (10,865) | (34,714) | (30,001) | |
Forfeited or expired (in shares) | (21,807) | (2,753) | (7,000) | |
Outstanding (in shares) | 116,621 | 149,293 | 159,260 | 170,761 |
Exercisable (in shares) | 78,921 | 74,693 | 88,060 | |
Vested and anticipated vesting shares (in shares) | 149,293 | 157,124 | ||
Weighted Average Exercise Price | ||||
Outstanding (in dollars per share) | $ 18.81 | $ 16.72 | $ 14.48 | |
Granted (in dollars per share) | 0 | 23.28 | 28 | |
Exercised (in dollars per share) | 12.20 | 12.79 | 13.27 | |
Forfeited or expired (in dollars per share) | 21.26 | 19.35 | 18.20 | |
Outstanding (in dollars per share) | 18.97 | 18.81 | 16.72 | $ 14.48 |
Exercisable (in dollars per share) | $ 16.66 | 15.31 | 13.45 | |
Vested and anticipated vesting shares (in dollars per share) | $ 18.76 | $ 16.67 | ||
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||||
Outstanding, weighted average remaining contractual term | 5 years 10 months 13 days | 6 years 8 months 4 days | 6 years 14 days | 5 years 8 months 23 days |
Exercisable, weighted average remaining contractual term | 5 years 7 days | 5 years 2 months 4 days | 4 years 3 months 25 days | |
Vested and anticipated vesting shares, weighted average remaining contractual term | 6 years 7 months 20 days | 6 years 3 days | ||
Outstanding, Aggregate Intrinsic Value | $ 304 | $ 700 | $ 1,146 | $ 1,905 |
Exercisable, Aggregate Intrinsic Value | $ 290 | 553 | 847 | |
Vested and anticipated vesting shares, Aggregate Intrinsic Value | $ 891 | $ 1,002 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Intrinsic value of options exercised | $ 51 | $ 320 | $ 344 |
Cash received from option exercises | 142 | 439 | 398 |
Tax benefit realized from option exercises | $ 15 | $ 13 | $ 88 |
Weighted average fair value of options granted (in dollars per share) | $ 0 | $ 6.97 | $ 7.10 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 2.08% | |
Risk-free interest rate, maximum | 2.39% | |
Risk-free interest rate | 2.95% | |
Expected term (in years) | 6 years 6 months | 6 years 6 months |
Expected stock price volatility, minimum | 31.10% | |
Expected stock price volatility, maximum | 32.80% | |
Expected stock price volatility | 23.50% | |
Dividend yield | 1.14% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.55% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.59% |
Stock-Based Compensation - Acti
Stock-Based Compensation - Activity Related to Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units | |||
Units/Shares | |||
Outstanding (in shares) | 47,750 | 0 | 0 |
Granted (in shares) | 102,400 | 47,750 | 0 |
Vested (in shares) | (15,500) | 0 | 0 |
Forfeited (in shares) | (2,000) | 0 | 0 |
Outstanding (in shares) | 132,650 | 47,750 | 0 |
Weighted Average Grant-Date Fair Value | |||
Outstanding (in dollars per share) | $ 23.30 | $ 0 | $ 0 |
Granted (in dollars per share) | 14.55 | 23.30 | 0 |
Vested (in dollars per share) | 21.66 | 0 | 0 |
Forfeited (in dollars per share) | 10.25 | 0 | 0 |
Outstanding (in dollars per share) | $ 16.93 | $ 23.30 | $ 0 |
Restricted Stock | |||
Units/Shares | |||
Outstanding (in shares) | 90,960 | 110,660 | 82,499 |
Granted (in shares) | 0 | 9,500 | 51,710 |
Vested (in shares) | (50,050) | (21,450) | (21,999) |
Forfeited (in shares) | 0 | (7,750) | (1,550) |
Outstanding (in shares) | 40,910 | 90,960 | 110,660 |
Weighted Average Grant-Date Fair Value | |||
Outstanding (in dollars per share) | $ 25.31 | $ 24.28 | $ 20.03 |
Granted (in dollars per share) | 0 | 22.01 | 27.55 |
Vested (in dollars per share) | 24.08 | 19.31 | 15.95 |
Forfeited (in dollars per share) | 0 | 23.25 | 25.17 |
Outstanding (in dollars per share) | $ 26.82 | $ 25.31 | $ 24.28 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Stock Purchase Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Purchase price of common stock, percent | 85.00% | ||
Number of shares authorized (in shares) | 200,000 | ||
Maximum number of shares per employee (in shares) | 2,500 | ||
Maximum employee subscription amount | $ 25,000 | ||
Common stock issued under the ESPP (in shares) | 21,962 | 8,512 | |
Number of shares available for issuance under the ESPP (in shares) | 169,526 | ||
401K Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual contributions per employee, percent | 100.00% | ||
Employer matching contribution, percent of match | 100.00% | ||
Employer matching contribution, percent of employees gross pay | 6.00% | ||
Defined contribution plan, cost | $ 1,496,000 | $ 1,033,000 | $ 805,000 |
Contract Revenue (Details)
Contract Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Service charges on deposit accounts | $ 5,747 | $ 3,746 | $ 3,419 |
Credit card interchange fees | |||
Revenue from External Customer [Line Items] | |||
Service charges on deposit accounts | 212 | 136 | 65 |
Investment brokerage fees | |||
Revenue from External Customer [Line Items] | |||
Service charges on deposit accounts | $ 194 | $ 49 | $ 99 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 95,045 | $ 51,649 |
Other assets | 19,063 | 13,292 |
Total assets | 3,026,535 | 1,901,842 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Subordinate debentures | 70,446 | 70,883 |
Shareholders' equity | 321,973 | 223,753 |
Total liabilities and shareholders' equity | 3,026,535 | 1,901,842 |
Parent Company | ||
ASSETS | ||
Cash and cash equivalents | 2,092 | 46,997 |
Investment in subsidiaries | 396,314 | 255,049 |
Other assets | 6,464 | 2,851 |
Total assets | 404,870 | 304,897 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Dividend payable | 0 | 76 |
Accrued expenses and other liabilities | 2,971 | 735 |
Subordinate debentures | 79,926 | 80,333 |
Shareholders' equity | 321,973 | 223,753 |
Total liabilities and shareholders' equity | $ 404,870 | $ 304,897 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information - Condensed Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest expense | $ 22,225 | $ 23,380 | $ 15,396 |
Income tax (benefit) expense | 6,935 | 2,129 | 1,372 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | 31,412 | 16,196 | 14,085 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 4,000 | 6,800 | 7,521 |
Interest expense | 4,363 | 1,520 | 1,277 |
Other expense | 10,377 | 3,619 | 4,775 |
Income before income tax and undistributed income from subsidiaries | (10,740) | 1,661 | 1,469 |
Income tax (benefit) expense | (3,656) | (1,123) | (1,537) |
Equity in undistributed income from subsidiaries | 38,496 | 13,412 | 11,079 |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 31,412 | $ 16,196 | $ 14,085 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income attributable to common shareholders | $ 31,412 | $ 16,196 | $ 14,085 |
Adjustments: | |||
Change in other assets | 993 | (1,477) | (372) |
Change in other liabilities | (4,124) | (1,230) | (2,260) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (74,929) | (4,189) | 42,265 |
Cash flows from investing activities | |||
Cash (used in) received from acquisitions, net | (8,500) | 0 | 33,128 |
NET CASH USED IN INVESTING ACTIVITIES | (4,569) | (132,182) | (109,716) |
Cash flows from financing activities | |||
Issuance of subordinated debentures, net of issuance costs | 0 | 59,198 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 122,893 | 152,842 | 81,961 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 43,395 | 16,471 | 14,510 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 51,649 | 35,178 | 20,668 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 95,045 | 51,649 | 35,178 |
Parent Company | |||
Cash flows from operating activities | |||
Net income attributable to common shareholders | 31,412 | 16,196 | 14,085 |
Adjustments: | |||
Equity in undistributed income from subsidiaries | (38,496) | (13,412) | (11,079) |
Accretion related to subordinated debentures net of issuance cost amortization | 259 | 113 | 969 |
Change in other assets | (3,287) | 596 | (1,333) |
Change in other liabilities | 2,184 | 130 | (230) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (7,928) | 3,623 | 2,412 |
Cash flows from investing activities | |||
Cash (used in) received from acquisitions, net | (30,664) | (6,017) | 0 |
Cash contributed to Risk subsidiary | (325) | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (30,989) | (6,017) | 0 |
Cash flows from financing activities | |||
Issuance of subordinated debentures, net of issuance costs | 0 | 59,198 | 0 |
Dividends paid | (6,227) | (4,013) | (3,451) |
Exercise of common stock options and warrants, net of repurchase of restricted shares | (239) | 7,779 | (1,315) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (5,988) | 47,406 | (2,136) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (44,905) | 45,012 | 276 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 46,997 | 1,985 | 1,709 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 2,092 | $ 46,997 | $ 1,985 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 26, 2021 | Mar. 10, 2020 | Dec. 04, 2018 |
Subsequent Event [Line Items] | |||||||
Cash dividend declared to common shareholders, per share (in dollars per share) | $ 0.40 | $ 0.27 | $ 0.33 | ||||
Stock repurchase program, authorized amount | $ 15,000,000 | $ 12,000,000 | |||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividend declared to common shareholders, per share (in dollars per share) | $ 0.12 | ||||||
Stock repurchase program, authorized amount | $ 10,000,000 |