Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $1.00 par value per share | |
Trading Symbol | RBNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 16,406,720 | |
Entity Central Index Key | 0001606440 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 13,105 | $ 13,717 |
Interest-bearing deposits in financial institutions | 104,620 | 79,756 |
Federal funds sold | 186 | 1,572 |
Total cash and cash equivalents | 117,911 | 95,045 |
Securities available for sale | 267,191 | 256,653 |
Loans | 2,277,714 | 2,300,783 |
Less: Allowance for loan losses | (20,785) | (20,636) |
Loans, net | 2,256,929 | 2,280,147 |
Mortgage loans held for sale, net | 166,599 | 147,524 |
Accrued interest receivable | 14,568 | 14,889 |
Premises and equipment, net | 30,879 | 31,462 |
Operating leases right of use assets | 13,372 | 13,103 |
Restricted equity securities, at cost | 16,146 | 16,551 |
Other real estate, net | 1,198 | 1,246 |
Cash surrender value of life insurance contracts | 78,423 | 77,988 |
Deferred tax assets, net | 7,453 | 7,121 |
Goodwill | 54,396 | 54,396 |
Core deposit intangibles | 10,891 | 11,347 |
Other assets | 21,110 | 19,063 |
TOTAL ASSETS | 3,057,066 | 3,026,535 |
Deposits | ||
Noninterest-bearing demand | 578,764 | 575,289 |
Interest-bearing demand | 397,047 | 350,392 |
Savings and money market deposit accounts | 950,630 | 857,210 |
Time | 686,469 | 796,344 |
Total deposits | 2,612,910 | 2,579,235 |
Accrued interest payable | 3,087 | 2,571 |
Subordinated debentures | 70,719 | 70,446 |
Federal Home Loan Bank advances | 0 | 10,000 |
Operating leases liabilities | 14,552 | 14,231 |
Other liabilities | 24,099 | 28,079 |
TOTAL LIABILITIES | 2,725,367 | 2,704,562 |
Preferred stock, $1 par value; 10,000,000 shares authorized, — shares issued to date | 0 | 0 |
Common stock, $1 par value; 30,000,000 shares authorized; 16,654,415 and 16,654,409 shares issued and outstanding at March 31, 2021, and December 31, 2020, respectively | 16,654 | 16,654 |
Additional paid-in capital | 233,667 | 233,331 |
Retained earnings | 75,891 | 65,757 |
Accumulated other comprehensive income | 5,487 | 6,231 |
TOTAL SHAREHOLDERS’ EQUITY | 331,699 | 321,973 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 3,057,066 | $ 3,026,535 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 16,654,415 | 16,654,409 |
Common stock, shares outstanding (in shares) | 16,654,415 | 16,654,409 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 30,989 | $ 20,645 |
Interest and fees on loans held for sale | 1,331 | 560 |
Interest on investment securities, taxable | 610 | 451 |
Interest on investment securities, nontaxable | 1,225 | 1,371 |
Federal funds sold and other | 227 | 279 |
TOTAL INTEREST INCOME | 34,382 | 23,306 |
Deposits | ||
Demand | 272 | 100 |
Savings and money market deposit accounts | 839 | 1,030 |
Time | 2,288 | 3,707 |
Federal Home Loan Bank advances and other | 4 | 361 |
Subordinated debentures | 953 | 993 |
TOTAL INTEREST EXPENSE | 4,356 | 6,191 |
NET INTEREST INCOME | 30,026 | 17,115 |
PROVISION FOR LOAN LOSSES | 0 | 2,900 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 30,026 | 14,215 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 1,561 | 1,208 |
Gains on mortgage loans sold, net | 4,928 | 1,573 |
Gain on securities transactions, net | 129 | 0 |
Other noninterest income | 719 | 501 |
TOTAL NONINTEREST INCOME | 7,337 | 3,282 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 13,352 | 9,237 |
Occupancy | 2,008 | 1,486 |
Data processing and software | 2,229 | 1,819 |
Professional fees | 1,243 | 478 |
Regulatory Fees | 361 | 454 |
Merger expenses | 0 | 4,186 |
Other operating expense | 2,471 | 1,938 |
TOTAL NONINTEREST EXPENSE | 21,664 | 19,598 |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 15,699 | (2,101) |
INCOME TAX EXPENSE (BENEFIT) | 2,980 | (910) |
CONSOLIDATED NET INCOME (LOSS) | 12,719 | (1,191) |
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (570) | 976 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 12,149 | $ (215) |
Basic net income (loss) attributable to common shareholders, per share (in dollars per share) | $ 0.73 | $ (0.02) |
Diluted net income (loss) attributable to common shareholders, per share (in dollars per share) | $ 0.73 | $ (0.02) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 12,719 | $ (1,191) |
Other comprehensive (loss) income: | ||
Unrealized holdings (losses) arising during the period | (2,357) | (2,368) |
Reclassification adjustment for (gains) losses included in net income (loss) | (129) | 0 |
Tax effect | 650 | 619 |
Net of tax | (1,836) | (1,749) |
Unrealized gains (losses) on cash flow hedges | ||
Unrealized holdings gains (losses) arising during the period | 1,478 | (5,869) |
Reclassification adjustment for (gains) losses included in net income | 0 | 0 |
Tax effect | (386) | 1,534 |
Net of tax | 1,092 | (4,335) |
Other comprehensive (loss) | (744) | (6,084) |
Comprehensive income (loss) | 11,975 | (7,275) |
Comprehensive (income) loss attributable to noncontrolling interest | (570) | 976 |
Comprehensive income (loss) attributable to the controlling interest | $ 11,405 | $ (6,299) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | RETAINED EARNINGSCumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTEREST |
Beginning balance (in shares) at Dec. 31, 2019 | 11,206,254 | |||||||
Beginning 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] | ||||||||
Stock based compensation expense | 349 | 349 | ||||||
Exercise of stock options (in shares) | 868 | |||||||
Exercise of stock options | 8 | $ 1 | 7 | |||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures (in shares) | (3,837) | |||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (73) | $ (4) | (69) | |||||
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc. (in shares) | 811,210 | |||||||
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc. | 18,041 | $ 811 | 17,230 | |||||
Noncontrolling interest contributions | 976 | 976 | ||||||
Cash dividend declared to common shareholders | (1,207) | (1,207) | ||||||
Net income (loss) | (1,191) | (215) | (976) | |||||
Other comprehensive loss | (6,084) | (6,084) | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 12,014,495 | |||||||
Ending balance at Mar. 31, 2020 | $ 234,672 | $ 12,014 | 184,523 | 39,150 | (1,015) | 0 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 16,654,409 | 16,654,409 | ||||||
Beginning balance at Dec. 31, 2020 | $ 321,973 | $ 16,654 | 233,331 | 65,757 | 6,231 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock based compensation expense | $ 339 | 339 | ||||||
Exercise of stock options (in shares) | 600 | 600 | ||||||
Exercise of stock options | $ 8 | $ 1 | 7 | |||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures (in shares) | (594) | |||||||
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures | (11) | $ (1) | (10) | |||||
Noncontrolling interest contributions | (570) | (570) | ||||||
Cash dividend declared to common shareholders | (2,015) | (2,015) | ||||||
Net income (loss) | 12,719 | 12,149 | 570 | |||||
Other comprehensive loss | $ (744) | (744) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 16,654,415 | 16,654,415 | ||||||
Ending balance at Mar. 31, 2021 | $ 331,699 | $ 16,654 | $ 233,667 | $ 75,891 | $ 5,487 | $ 0 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared to common shareholders (in dollars per share) | $ 0.12 | $ 0.10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Consolidated net income (loss) | $ 12,719 | $ (1,191) |
Adjustments to reconcile consolidated net income (loss) to net cash (used in) provided by operating activities | ||
Provision for loan losses | 0 | 2,900 |
Deferred income taxes | (68) | 264 |
Gain on disposal of premises and equipment | (3) | (9) |
Depreciation of premises and equipment | 741 | 564 |
Net amortization of securities | 415 | 202 |
Net realized gains on sales of securities | (129) | 0 |
Gains on mortgage loans sold, net | (4,928) | (1,573) |
Stock-based compensation expense | 339 | 349 |
Gain on other real estate | (14) | (14) |
Earnings on bank-owned life insurance | (435) | (295) |
Mortgage loans originated for resale | (311,296) | (89,076) |
Proceeds from sale of mortgage loans | 297,149 | 57,773 |
Right of use asset amortization | 667 | 536 |
Other accretion, net of other amortization | (1,080) | (175) |
Change in | ||
Accrued interest receivable | 321 | 514 |
Other assets | (2,074) | (12,708) |
Accrued interest payable | 516 | 1,455 |
Other liabilities | (2,593) | (5,609) |
TOTAL ADJUSTMENTS | (22,472) | (44,902) |
NET CASH USED IN OPERATING ACTIVITIES | (9,753) | (46,093) |
INVESTING ACTIVITIES | ||
Cash (used in) received from acquisitions, net | 0 | (7,480) |
Activities in available for sale securities | ||
Purchases | (17,199) | 0 |
Sales | 1,795 | 56,336 |
Maturities, prepayments and calls | 1,570 | 1,836 |
Redemptions (purchases) of restricted equity securities | 405 | (2,217) |
Net change in loans | 25,017 | (37,883) |
Purchase of premises and equipment | (217) | (457) |
Proceeds from sale of premises and equipment | 62 | 75 |
Proceeds from sale of other real estate | 62 | 764 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 11,495 | 10,974 |
FINANCING ACTIVITIES | ||
Net change in deposits | 33,712 | (72,023) |
Proceeds from Federal Home Loan Bank advances | 162,962 | 219,000 |
Payments on Federal Home Loan Bank advances | (172,962) | (115,179) |
Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares | (3) | (65) |
Noncontrolling interest contributions | (570) | |
Noncontrolling interest contributions | 976 | |
Cash dividends paid on common stock | (2,015) | (1,207) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 21,124 | 31,502 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 22,866 | (3,617) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 95,045 | 51,649 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 117,911 | 48,032 |
Cash paid during the period for | ||
Interest | 3,877 | 4,218 |
Income taxes | 61 | 0 |
Supplemental disclosures of non-cash transactions | ||
Unrealized gain on securities available-for-sale | (3,010) | (1,327) |
Unrealized gain (loss) on derivatives | 2,002 | (6,910) |
Change in due to/from noncontrolling interest | (570) | 976 |
Right of use assets obtained in exchange for operating lease liabilities | $ 936 | $ 11,973 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, that 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 accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Amounts in the footnotes are shown in thousands, except for numbers of shares, per share amounts and as otherwise noted. The consolidated financial statements as of and for the periods presented include Reliant Bancorp, Inc., its wholly-owned direct and indirect subsidiaries and Reliant Mortgage Ventures, LLC ("RMV"), of which the Bank controls 51% of the governance rights. As described in Note 12 to these unaudited consolidated financial statements, Reliant Bancorp, Inc. and Tennessee Community Bank Holdings, Inc. (“TCB Holdings”) merged effective on January 1, 2020, and Reliant Bancorp, Inc. and First Advantage Bancorp (“FABK”) merged effective April 1, 2020. 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. The consolidated financial statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, included herein have not been audited. The accounting and reporting policies of the Company conform to U.S. GAAP and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The Company evaluates subsequent events through the date of filing. Certain prior period amounts have been reclassified to conform to the current period presentation. The results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Recently Adopted Accounting Pronouncements Information about certain issued accounting standards updates is presented below. Also refer to Note 1 - Summary of Significant Accounting Policies, “Recent Authoritative Accounting Guidance” in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to previously issued accounting standards updates. 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 was effective for us on January 1, 2021, and did not have a significant impact on our consolidated financial statements. ASU 2020-04, "Reference Rate Reform (Topic 848 ) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the Financial Accounting Standards Board (“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. Newly Issued not yet Effective 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 225 $ 1 $ — $ 226 State and municipal 190,980 14,484 (564) 204,900 Corporate bonds 27,000 392 (128) 27,264 Mortgage-backed securities - Residential 31,607 448 (32) 32,023 Asset-backed securities 2,802 1 (25) 2,778 Total $ 252,614 $ 15,326 $ (749) $ 267,191 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 Securities pledged at March 31, 2021 and December 31, 2020 had a carrying amount of $29,643 and $30,491, respectively, and were pledged to collateralize Federal Home Loan Bank ("FHLB") advances, Federal Reserve Bank ("FRB") advances and municipal deposits. Results from sales of securities were as follows: Three months ended March 31, 2021 March 31, 2020 Proceeds $ 1,795 $ 56,336 Gross gains 129 — Gross losses — — The fair values of available for sale debt securities at March 31, 2021 by contractual maturity are provided below. Actual maturities may differ from contractual maturities for mortgage- and asset-backed securities since the underlying asset may be called or prepaid with or without penalty. Securities not due at a single maturity date are shown separately. Amortized Estimated Due within one year $ 225 $ 226 Due in one to five years 2,085 2,089 Due in five to ten years 33,886 35,028 Due after ten years 182,009 195,047 Mortgage-backed securities 31,607 32,023 Asset-backed securities 2,802 2,778 Total $ 252,614 $ 267,191 The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020, respectively: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized March 31, 2021 State and municipal $ 23,357 $ 564 $ — $ — $ 23,357 $ 564 Corporate bonds 11,622 128 — — 11,622 128 Mortgage-backed securities - Residential 4,366 31 80 1 4,446 32 Asset-backed securities 665 5 1,884 20 2,549 25 Total temporarily impaired $ 40,010 $ 728 $ 1,964 $ 21 $ 41,974 $ 749 December 31, 2020 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 Management has the intent and ability to hold all securities in an unrealized loss position for the foreseeable future, and the decline in fair value is largely due to changes in interest rates. As the fair value is expected to recover as the securities approach their maturity date and/or market rates decline, we do not consider these securities to be other-than-temporarily impaired at March 31, 2021. There were 32 and 22 securities in an unrealized loss position as of March 31, 2021 and December 31, 2020, respectively. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at March 31, 2021 and December 31, 2020 were comprised as follows: March 31, 2021 December 31, 2020 Commercial, Industrial and Agricultural $ 430,373 $ 459,739 Real Estate 1-4 Family Residential 322,170 323,473 1-4 Family HELOC 100,056 100,525 Multi-family and Commercial 831,242 834,000 Construction, Land Development and Farmland 372,950 365,058 Consumer 216,034 213,863 Other 8,560 8,669 Gross loans 2,281,385 2,305,327 Less: Deferred loan fees 3,671 4,544 Less: Allowance for loan losses 20,785 20,636 Loans, net $ 2,256,929 $ 2,280,147 At March 31, 2021 and December 31, 2020, loans are recorded net of purchase discounts of $14,833 and $16,634, respectively. The Company pledged loans to the FHLB at March 31, 2021 and December 31, 2020 of $448,697 and $646,498, 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 including purchase credit impaired (“PCI”) loans as of March 31, 2021 and December 31, 2020: Pass Special Substandard Total March 31, 2021 Loans excluding PCI Commercial, Industrial and Agricultural $ 427,787 $ 1,415 $ 1,004 $ 430,206 1-4 Family Residential Real Estate 318,446 860 2,197 321,503 1-4 Family HELOC 99,757 — 285 100,042 Multi-family and Commercial Real Estate 825,088 1,757 3,803 830,648 Construction, Land Development and Farmland 366,620 — 5,591 372,211 Consumer 213,609 2 1,379 214,990 Other 8,560 — — 8,560 Total loans excluding PCI $ 2,259,867 $ 4,034 $ 14,259 $ 2,278,160 Total PCI loans $ 1,024 $ — $ 2,201 $ 3,225 Total loans $ 2,260,891 $ 4,034 $ 16,460 $ 2,281,385 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 loans excluding PCI $ 2,283,530 $ 3,703 $ 14,507 $ 2,301,740 Total PCI loans $ 998 $ — $ 2,589 $ 3,587 Total loans $ 2,284,528 $ 3,703 $ 17,096 $ 2,305,327 None of the Company's loans had a risk rating of "Doubtful" or "Loss" as of March 31, 2021 or December 31, 2020. Activity in the Allowance for Loan Loss (“ALL”) by portfolio segment was as follows for the three months ended March 31, 2021 and 2020: 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, 2020 $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Charge-offs (32) (7) — — — (259) — (298) Recoveries 251 82 2 9 85 18 — 447 Provision 412 (82) (308) (479) (21) 476 2 — Ending balance at March 31, 2021 $ 6,072 $ 2,438 $ 1,110 $ 8,065 $ 1,905 $ 1,163 $ 32 $ 20,785 Beginning balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Charge-offs (294) — — — (114) (31) — (439) Recoveries 61 11 1 3 — 6 — 82 Provision 1,555 197 248 1,472 (699) 146 (19) 2,900 Ending balance at March 31, 2020 $ 3,851 $ 1,488 $ 873 $ 6,760 $ 1,836 $ 298 $ 15 $ 15,121 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 March 31, 2021 Allowance for loan losses Individually evaluated for impairment $ 847 $ — $ — $ 70 $ — $ 17 $ — $ 934 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 5,225 2,438 1,110 7,995 1,905 1,146 32 19,851 Total $ 6,072 $ 2,438 $ 1,110 $ 8,065 $ 1,905 $ 1,163 $ 32 $ 20,785 Loans Individually evaluated for impairment $ 847 $ 1,956 $ 286 $ 4,047 $ 6,062 $ 1,372 $ — $ 14,570 Acquired with credit impairment 167 667 14 594 739 1,044 — 3,225 Collectively evaluated for impairment 429,359 319,547 99,756 826,601 366,149 213,618 8,560 2,263,590 Total $ 430,373 $ 322,170 $ 100,056 $ 831,242 $ 372,950 $ 216,034 $ 8,560 $ 2,281,385 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 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 March 31, 2021 and December 31, 2020: Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual Loans Total Loans March 31, 2021 Loans excluding PCI Commercial, Industrial and Agricultural $ 429,859 $ 75 $ — $ 272 $ 430,206 1-4 Family Residential Real Estate 319,522 525 — 1,456 321,503 1-4 Family HELOC 99,986 56 — — 100,042 Multi-family and Commercial Real Estate 830,242 — — 406 830,648 Construction, Land Development and Farmland 370,538 — — 1,673 372,211 Consumer 213,377 897 3 713 214,990 Other 8,560 — — — 8,560 Total loans excluding PCI $ 2,272,084 $ 1,553 $ 3 $ 4,520 $ 2,278,160 Total PCI loans $ 1,595 $ 43 $ — $ 1,587 $ 3,225 Total loans $ 2,273,679 $ 1,596 $ 3 $ 6,107 $ 2,281,385 December 31, 2020 Loans excluding PCI Commercial, Industrial and Agricultural $ 458,974 $ 126 $ — $ 452 $ 459,552 1-4 Family Residential Real Estate 319,180 2,071 — 1,474 322,725 1-4 Family HELOC 100,501 10 — — 100,511 Multi-family and Commercial Real Estate 832,697 150 — 496 833,343 Construction, Land Development and Farmland 363,376 — — 906 364,282 Consumer 210,552 1,413 1 692 212,658 Other 8,669 — — — 8,669 Total loans excluding PCI $ 2,293,949 $ 3,770 $ 1 $ 4,020 $ 2,301,740 Total PCI loans $ 1,584 $ 37 $ — $ 1,966 $ 3,587 Total loans $ 2,295,533 $ 3,807 $ 1 $ 5,986 $ 2,305,327 Approximately $2,306 and $2,438 of nonaccrual loans as of March 31, 2021 and December 31, 2020, respectively, were performing pursuant to their contractual terms at those dates. Mortgage loans held for sale are excluded from the loan tables herein and have $1,070 and $630 on nonaccrual as of March 31, 2021 and December 31, 2020, respectively. 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 probable, at acquisition that all contractually required payments would not be collected. The carrying amount of those loans is as follows: March 31, 2021 December 31, 2020 Commercial, Industrial and Agricultural $ 899 $ 919 1-4 Family Residential Real Estate 905 1,004 1-4 Family HELOC 19 19 Multi-family and Commercial Real Estate 1,261 1,325 Construction, Land Development and Farmland 954 992 Consumer 1,732 1,924 Total outstanding balance 5,770 6,183 Less remaining purchase discount 2,545 2,596 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 3,225 $ 3,587 Accretable yield, or income expected to be collected on PCI loans, is as follows: 2021 2020 Balance at January 1, $ 580 $ 98 New loans purchased — 131 Accretion income (36) (20) Balance at March 31, $ 544 $ 209 On January 1, 2020 and April 1, 2020, the Company completed the TCB and FABK Transactions, respectively (see Note 12 for more information). As a result of the acquisitions, the Company recorded loans with an initial fair value of $170.0 million and $625.8 million, respectively. Of those loans, $1,688 and $4,668, respectively, were considered to be 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 Bancorp 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 Impaired Loans Individually impaired loans by class of loans were as follows at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded Commercial, Industrial and Agricultural $ 1,207 $ 167 $ — $ 1,400 $ 367 $ — 1-4 Family Residential Real Estate 3,110 2,623 — 3,034 2,473 — 1-4 Family HELOC 313 300 — 130 124 — Multi-family and Commercial Real Estate 5,937 4,491 — 4,549 3,161 — Construction, Land Development and Farmland 7,185 6,801 — 6,809 6,452 — Consumer 3,605 2,352 — 3,590 2,348 — Subtotal $ 21,357 $ 16,734 $ — $ 19,512 $ 14,925 $ — With an allowance recorded Commercial, Industrial and Agricultural $ 859 $ 847 $ 847 $ 859 $ 847 $ 717 1-4 Family Residential Real Estate — — — 104 104 18 1-4 Family HELOC — — — — — — Multi-family and Commercial Real Estate 150 150 70 — — — Construction, Land Development and Farmland — — — — — — Consumer 66 64 17 34 34 13 Subtotal 1,075 1,061 934 997 985 748 Total $ 22,432 $ 17,795 $ 934 $ 20,509 $ 15,910 $ 748 The average recorded investment in impaired loans for the period ended March 31, 2021, and 2020 was as follows: Three months ended March 31, 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no allowance Commercial, Industrial and Agricultural $ 267 $ 6 $ 298 $ 5 1-4 Family Residential Real Estate 2,548 33 2,630 40 1-4 Family HELOC 212 3 278 — Multi-family and Commercial Real Estate 3,826 88 3,654 53 Construction, Land Development and Farmland 6,627 104 4,290 54 Consumer 2,350 76 1,193 1 Subtotal $ 15,830 $ 310 $ 12,343 $ 153 With an allowance recorded Commercial, Industrial and Agricultural $ 847 $ 6 $ 852 $ 20 1-4 Family Residential Real Estate 52 — 52 — 1-4 Family HELOC — — — — Multi-family and Commercial Real Estate 75 2 — — Construction, Land Development and Farmland — — — — Consumer 49 2 19 — Subtotal $ 1,023 $ 10 $ 923 $ 20 Total $ 16,853 $ 320 $ 13,266 $ 173 Restructured Loans As of March 31, 2021 and December 31, 2020, the Company had recorded investments in troubled debt restructurings (“TDRs”) of $3,938 and $4,236, respectively. The Company did not allocate a specific allowance for those loans at March 31, 2021 and December 31, 2020 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. There were no TDR modifications in the three months ending March 31, 2021 or March 31, 2020. Programs as part of COVID-19 Relief The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law in March 2020 and subsequently amended, along with subsequent regulatory guidance encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, the CARES Act further provides that a qualified loan modification is exempt by law from classification as a TDR as defined by U.S. GAAP beginning March 1, 2020 until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak terminates. The following table outlines the Company's recorded investment and percentage of loans held for investment by class of financing receivable for Company executed deferrals that remain on deferral at March 31, 2021, in connection with Company COVID-19 relief programs. These deferrals typically ranged from sixty to ninety days per deferral and were not considered TDRs under the interagency regulatory guidance or the CARES Act.. As of March 31, 2021, the Company had a total of $597,327 loans previously deferred that returned to normal payment status. March 31, 2021 Active Deferrals % of Loans Multi-family and Commercial $ 21,329 0.94 % Construction, Land Development and Farmland 11,792 0.52 % Total $ 33,121 1.46 % |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Operating leases right of use assets $ 13,372 $ 13,103 Operating leases liabilities $ 14,552 $ 14,231 Weighted average remaining lease term (in years) 6.08 6.33 Weighted average discount rate 4.30 % 4.34 % The components of lease expense included in occupancy expenses for the three months ended March 31, 2021 and 2020, were as follows: Three months ended March 31, 2021 2020 Operating lease cost $ 806 $ 628 Short-term lease cost 2 — Variable lease cost 97 80 Total lease cost $ 905 $ 708 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. 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 March 31, 2021 March 31, 2022 $ 2,255 March 31, 2023 2,702 March 31, 2024 2,717 March 31, 2025 2,700 March 31, 2026 2,211 Thereafter 3,773 Total undiscounted cash flows 16,358 Discount on cash flows (1,806) Total lease liability $ 14,552 The Company entered into a five year lease with a related party that commenced 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 included in the table above. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 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 March 31, 2021, is as follows: Notional amounts $ 160,000 Weighted average pay rates 2.05 % Weighted average receive rates 0.35 % Weighted average maturity 2.85 years Unrealized losses $ 6,178 The following table reflects the cash flow hedges included in the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (598) $ 10,000 $ (690) Short-term interest-bearing liabilities 150,000 (5,580) 150,000 (6,967) Total included in other liabilities $ 160,000 $ (6,178) $ 160,000 $ (7,657) 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 for the three months ended March 31, 2021 and 2020, respectively: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three months ended March 31, 2021 2020 Interest rate swaps - subordinate debentures $ 68 $ (289) Interest rate swaps - interest-bearing liabilities 1,024 (4,046) $ 1,092 $ (4,335) Fair Value Hedges Summary information related to the fair value hedges as of March 31, 2021, is as follows: Notional amounts $ 17,925 Weighted average pay rates 3.67 % Weighted average receive rates 1.17 % Weighted average maturity 7.83 years Unrealized losses $ 971 The following table reflects the fair value hedges included in the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments 17,925 (971) 18,525 (1,495) Total included in other liabilities $ 17,925 $ (971) $ 18,525 $ (1,495) The following table reflects the fair value hedges and the underlying hedged items included in the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020, respectively: Three months ended March 31, Item Location 2021 2020 Interest rate swaps - securities Interest on investment securities, nontaxable $ (121) $ (47) Hedged item - securities Interest on investment securities, nontaxable $ 121 $ 47 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In 2006, the board of directors and shareholders of the Bank (then known as "Commerce Union Bank") approved the Commerce Union Bank Stock Option Plan (the “Plan”). The Plan provided for the granting of stock options for up to 625,000 shares of Bank common stock to employees and organizers and authorized the issuance of Bank common stock upon the exercise of such options. As part of the Bank's reorganization into a holding company corporate structure in 2012, all Bank options were replaced with Commerce Union Bancshares, Inc. (now known as "Reliant Bancorp, Inc.") options with no change in terms. On March 10, 2015, the shareholders of Reliant Bancorp (then known as "Commerce Union Bancshares, Inc.") approved the Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan (the “A&R Plan”), which permits the grant of awards with respect to up to 1,250,000 shares of Reliant Bancorp common stock in the form of stock options. As part of the merger of Commerce Union Bank and Reliant Bank in 2015, all outstanding stock options of Reliant Bank were converted to stock options of Reliant Bancorp (then known as "Commerce Union Bancshares, Inc.") under the A&R Plan. Under the A&R 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 10 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 Reliant Bancorp's 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 non-interest expense for directors, in the consolidated statement of income as follows: Three months ended March 31, 2021 2020 Stock-based compensation expense before income taxes $ 339 $ 349 Less: deferred tax benefit (89) (91) Reduction of net income $ 250 $ 258 Common Stock Options A summary of stock option activity for the three months ended March 31, 2021 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 116,621 $ 18.97 5.87 years $ 304 Granted — $ — Exercised (600) $ 13.65 4 Forfeited or expired (600) $ 26.43 Outstanding at March 31, 2021 115,421 $ 18.96 5.66 years $ 1,126 Exercisable at March 31, 2021 79,721 $ 16.56 4.82 years $ 969 As of March 31, 2021, there was $185 of unrecognized future compensation expense to be recognized related to stock options. The cost is expected to be recognized over a weighted-average period of 2.70 years. Restricted Stock and Restricted Stock Unit Awards The following table shows the activity related to non-vested restricted stock and restricted stock unit awards for the three months ended March 31, 2021: Restricted Stock Units Restricted Stock Underlying Shares Weighted Average Grant-Date Shares Weighted Average Grant-Date Outstanding at January 1, 2021 132,650 $ 16.93 40,910 $ 26.82 Granted 2,000 18.42 — — Vested — — (2,000) 27.49 Forfeited (1,000) 22.13 — — Outstanding at March 31, 2021 133,650 $ 16.92 38,910 $ 26.78 As of March 31, 2021, there was $1,361 and $135 of unrecognized compensation cost related to non-vested restricted share units and restricted stock share awards, respectively. The cost is expected to be recognized over a weighted-average period of 1.95 years for the restricted stock units and 0.57 years for the restricted stock share awards. The total fair value of shares vested during three months ended March 31, 2021 was $37. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS 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 or affect the amount of dividends the Company and the Bank may distribute. Management believes that as of March 31, 2021, the Company and the Bank met all capital adequacy requirements to which they were subject. Capital amounts and ratios for Reliant Bancorp and the Bank (required) are presented below as of March 31, 2021 and December 31, 2020. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Reliant Bancorp Tier I leverage $ 273,173 9.33 % $ 117,116 4.00 % $ 146,395 5.00 % Common equity tier I 261,384 10.41 % 175,763 7.00 % 163,208 6.50 % Tier I risk-based capital 273,173 10.88 % 213,416 8.50 % 200,863 8.00 % Total risk-based capital 353,538 14.09 % 263,460 10.50 % 250,914 10.00 % Bank Tier I leverage $ 324,052 11.06 % $ 117,198 4.00 % $ 146,497 5.00 % Common equity tier I 324,052 12.93 % 175,434 7.00 % 162,903 6.50 % Tier I risk-based capital 324,052 12.93 % 213,027 8.50 % 200,496 8.00 % Total risk-based capital 345,487 13.79 % 263,061 10.50 % 250,534 10.00 % Actual Minimum Required To Be Well December 31, 2020 Reliant Bancorp Tier I leverage $ 262,282 8.91 % $ 117,747 4.00 % $ 147,184 5.00 % Common equity tier I 250,513 10.22 % 171,584 7.00 % 159,328 6.50 % Tier I risk-based capital 262,282 10.70 % 208,355 8.50 % 196,099 8.00 % Total risk-based capital 342,246 13.96 % 257,420 10.50 % 245,162 10.00 % Bank Tier I leverage $ 313,633 10.64 % $ 117,907 4.00 % $ 147,384 5.00 % Common equity tier I 313,633 12.83 % 171,117 7.00 % 158,894 6.50 % Tier I risk-based capital 313,633 12.83 % 207,785 8.50 % 195,562 8.00 % Total risk-based capital 334,919 13.71 % 256,503 10.50 % 244,288 10.00 % |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following is a summary of the components comprising basic and diluted earnings per common share of stock ("EPS"): Three Months Ended March 31, 2021 2020 Basic EPS Computation Net income (loss) attributable to common shareholders $ 12,149 $ (215) Weighted average common shares outstanding 16,615,169 11,892,723 Basic earnings (loss) per common share $ 0.73 $ (0.02) Diluted EPS Computation Net income (loss) attributable to common shareholders $ 12,149 $ (215) Weighted average common shares outstanding 16,615,169 11,892,723 Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan 125,134 — Adjusted weighted average common shares outstanding 16,740,303 11,892,723 Diluted earnings (loss) per common share $ 0.73 $ (0.02) |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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 and Repossessed Assets : The fair value of other real estate and repossessed assets is generally based on recent 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 March 31, 2021 and December 31, 2020: Fair Value Quoted Significant Significant March 31, 2021 Assets U. S. Treasury and other U. S. government agencies $ 226 $ — $ 226 $ — State and municipal 204,900 — 204,900 — Corporate bonds 27,264 — 27,264 — Mortgage backed securities 32,023 — 32,023 — Asset backed securities 2,778 — 2,778 — Liabilities Derivative liabilities $ 7,149 $ — $ 7,149 $ — 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 — Liabilities Derivative liabilities $ 9,152 $ — $ 9,152 $ — 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 March 31, 2021 and December 31, 2020: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Impaired loans $ 16,861 $ — $ — $ 16,861 Other real estate 1,198 — — 1,198 Other repossessions 1,283 — — 1,283 December 31, 2020 Assets Impaired loans $ 15,162 $ — $ — $ 15,162 Other real estate 1,246 — — 1,246 Other repossessions 1,424 — — 1,424 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 March 31, 2021 and December 31, 2020: 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 not reported at fair value at March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 13,105 $ 13,105 $ 13,105 $ — $ — Interest-bearing deposits in financial institutions 104,620 104,620 104,620 — — Federal funds sold 186 186 — 186 — Loans, net 2,256,929 2,261,953 — — 2,261,953 Mortgage loans held for sale 166,599 168,456 — 168,456 — Accrued interest receivable 14,568 14,568 — 14,568 — Restricted equity securities 16,146 16,146 — 16,146 — Financial liabilities Deposits $ 2,612,910 $ 2,615,295 $ — $ — $ 2,615,295 Accrued interest payable 3,087 3,087 — 3,087 — Subordinate debentures 70,719 72,522 — — 72,522 Federal Home Loan Bank advances — — — — — December 31, 2020 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 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, |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
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. RMV also acquires loans from approved correspondent lenders and resells 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: Three Months Ended Commercial Banking Residential Elimination Consolidated Net interest income $ 29,133 $ 893 $ — $ 30,026 Provision for loan losses — — — — Noninterest income 2,409 5,033 (105) 7,337 Noninterest expense (excluding merger expense) 16,460 5,204 — 21,664 Merger expense — — — — Income tax expense (benefit) 2,933 47 — 2,980 Net income (loss) 12,149 675 (105) 12,719 Noncontrolling interest in net income of subsidiary — (675) 105 (570) Net income attributable to common shareholders $ 12,149 $ — $ — $ 12,149 Three Months Ended Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 16,782 $ 333 $ — $ 17,115 Provision for loan losses 2,900 — — 2,900 Noninterest income 1,709 1,565 8 3,282 Noninterest expense (excluding merger expense) 12,461 2,951 — 15,412 Merger expense 4,186 — — 4,186 Income tax (benefit) expense (841) (69) — (910) Net (loss) income (215) (984) 8 (1,191) Noncontrolling interest in net loss of subsidiary — 984 (8) 976 Net income attributable to common shareholders $ (215) $ — $ — $ (215) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESIncome tax expense for the three months ended March 31, 2021 totaled $2,980, compared to a benefit of $910 for the three months ended March 31, 2020. The effective tax rate for the three months ended March 31, 2021 was 19.0%, compared to 43.3% for the three months ended March 31, 2020. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 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 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. 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. Supplemental Pro Forma Combined Condensed Statements of Income Pro forma data for the three months ended March 31, 2021 and 2020 in the table below presents information as if the TCB Holdings Transaction and FABK Transaction occurred on January 1, 2020. 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 three months of 2020 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2020. 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. Three Months Ended March 31, 2021 2020 Revenue (1) $ 37,363 $ 28,109 Net interest income $ 30,026 $ 23,596 Net income attributable to common shareholders $ 12,149 $ (3,821) (1) Net interest income plus noninterest income |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, that 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 accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Amounts in the footnotes are shown in thousands, except for numbers of shares, per share amounts and as otherwise noted. |
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. The consolidated financial statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, included herein have not been audited. The accounting and reporting policies of the Company conform to U.S. GAAP and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The Company evaluates subsequent events through the date of filing. Certain prior period amounts have been reclassified to |
Recently Adopted Accounting Pronouncements and Newly Issued not yet Effective Accounting Standards | Recently Adopted Accounting Pronouncements Information about certain issued accounting standards updates is presented below. Also refer to Note 1 - Summary of Significant Accounting Policies, “Recent Authoritative Accounting Guidance” in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to previously issued accounting standards updates. 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 was effective for us on January 1, 2021, and did not have a significant impact on our consolidated financial statements. ASU 2020-04, "Reference Rate Reform (Topic 848 ) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the Financial Accounting Standards Board (“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. Newly Issued not yet Effective 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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Amortized Gross Gross Estimated U. S. Treasury and other U. S. government agencies $ 225 $ 1 $ — $ 226 State and municipal 190,980 14,484 (564) 204,900 Corporate bonds 27,000 392 (128) 27,264 Mortgage-backed securities - Residential 31,607 448 (32) 32,023 Asset-backed securities 2,802 1 (25) 2,778 Total $ 252,614 $ 15,326 $ (749) $ 267,191 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 Results from sales of securities were as follows: Three months ended March 31, 2021 March 31, 2020 Proceeds $ 1,795 $ 56,336 Gross gains 129 — Gross losses — — |
Schedule of Investments Classified by Contractual Maturity Date | The fair values of available for sale debt securities at March 31, 2021 by contractual maturity are provided below. Actual maturities may differ from contractual maturities for mortgage- and asset-backed securities since the underlying asset may be called or prepaid with or without penalty. Securities not due at a single maturity date are shown separately. Amortized Estimated Due within one year $ 225 $ 226 Due in one to five years 2,085 2,089 Due in five to ten years 33,886 35,028 Due after ten years 182,009 195,047 Mortgage-backed securities 31,607 32,023 Asset-backed securities 2,802 2,778 Total $ 252,614 $ 267,191 |
Schedule of Unrealized Loss on Investments | The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020, respectively: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized March 31, 2021 State and municipal $ 23,357 $ 564 $ — $ — $ 23,357 $ 564 Corporate bonds 11,622 128 — — 11,622 128 Mortgage-backed securities - Residential 4,366 31 80 1 4,446 32 Asset-backed securities 665 5 1,884 20 2,549 25 Total temporarily impaired $ 40,010 $ 728 $ 1,964 $ 21 $ 41,974 $ 749 December 31, 2020 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 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans and Allowance for Loan Losses | Loans at March 31, 2021 and December 31, 2020 were comprised as follows: March 31, 2021 December 31, 2020 Commercial, Industrial and Agricultural $ 430,373 $ 459,739 Real Estate 1-4 Family Residential 322,170 323,473 1-4 Family HELOC 100,056 100,525 Multi-family and Commercial 831,242 834,000 Construction, Land Development and Farmland 372,950 365,058 Consumer 216,034 213,863 Other 8,560 8,669 Gross loans 2,281,385 2,305,327 Less: Deferred loan fees 3,671 4,544 Less: Allowance for loan losses 20,785 20,636 Loans, net $ 2,256,929 $ 2,280,147 |
Schedule of Credit Quality Indicators By Class of Loan | The following table provides the risk category of loans by applicable class of loans including purchase credit impaired (“PCI”) loans as of March 31, 2021 and December 31, 2020: Pass Special Substandard Total March 31, 2021 Loans excluding PCI Commercial, Industrial and Agricultural $ 427,787 $ 1,415 $ 1,004 $ 430,206 1-4 Family Residential Real Estate 318,446 860 2,197 321,503 1-4 Family HELOC 99,757 — 285 100,042 Multi-family and Commercial Real Estate 825,088 1,757 3,803 830,648 Construction, Land Development and Farmland 366,620 — 5,591 372,211 Consumer 213,609 2 1,379 214,990 Other 8,560 — — 8,560 Total loans excluding PCI $ 2,259,867 $ 4,034 $ 14,259 $ 2,278,160 Total PCI loans $ 1,024 $ — $ 2,201 $ 3,225 Total loans $ 2,260,891 $ 4,034 $ 16,460 $ 2,281,385 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 loans excluding PCI $ 2,283,530 $ 3,703 $ 14,507 $ 2,301,740 Total PCI loans $ 998 $ — $ 2,589 $ 3,587 Total loans $ 2,284,528 $ 3,703 $ 17,096 $ 2,305,327 |
Schedule of Activity in the Allowance for Loan Losses By Portfolio Segment | Activity in the Allowance for Loan Loss (“ALL”) by portfolio segment was as follows for the three months ended March 31, 2021 and 2020: 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, 2020 $ 5,441 $ 2,445 $ 1,416 $ 8,535 $ 1,841 $ 928 $ 30 $ 20,636 Charge-offs (32) (7) — — — (259) — (298) Recoveries 251 82 2 9 85 18 — 447 Provision 412 (82) (308) (479) (21) 476 2 — Ending balance at March 31, 2021 $ 6,072 $ 2,438 $ 1,110 $ 8,065 $ 1,905 $ 1,163 $ 32 $ 20,785 Beginning balance at December 31, 2019 $ 2,529 $ 1,280 $ 624 $ 5,285 $ 2,649 $ 177 $ 34 $ 12,578 Charge-offs (294) — — — (114) (31) — (439) Recoveries 61 11 1 3 — 6 — 82 Provision 1,555 197 248 1,472 (699) 146 (19) 2,900 Ending balance at March 31, 2020 $ 3,851 $ 1,488 $ 873 $ 6,760 $ 1,836 $ 298 $ 15 $ 15,121 |
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 March 31, 2021 Allowance for loan losses Individually evaluated for impairment $ 847 $ — $ — $ 70 $ — $ 17 $ — $ 934 Acquired with credit impairment — — — — — — — — Collectively evaluated for impairment 5,225 2,438 1,110 7,995 1,905 1,146 32 19,851 Total $ 6,072 $ 2,438 $ 1,110 $ 8,065 $ 1,905 $ 1,163 $ 32 $ 20,785 Loans Individually evaluated for impairment $ 847 $ 1,956 $ 286 $ 4,047 $ 6,062 $ 1,372 $ — $ 14,570 Acquired with credit impairment 167 667 14 594 739 1,044 — 3,225 Collectively evaluated for impairment 429,359 319,547 99,756 826,601 366,149 213,618 8,560 2,263,590 Total $ 430,373 $ 322,170 $ 100,056 $ 831,242 $ 372,950 $ 216,034 $ 8,560 $ 2,281,385 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 |
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 March 31, 2021 and December 31, 2020: Current and Accruing 30-89 Days Past Due 90+ Days Nonaccrual Loans Total Loans March 31, 2021 Loans excluding PCI Commercial, Industrial and Agricultural $ 429,859 $ 75 $ — $ 272 $ 430,206 1-4 Family Residential Real Estate 319,522 525 — 1,456 321,503 1-4 Family HELOC 99,986 56 — — 100,042 Multi-family and Commercial Real Estate 830,242 — — 406 830,648 Construction, Land Development and Farmland 370,538 — — 1,673 372,211 Consumer 213,377 897 3 713 214,990 Other 8,560 — — — 8,560 Total loans excluding PCI $ 2,272,084 $ 1,553 $ 3 $ 4,520 $ 2,278,160 Total PCI loans $ 1,595 $ 43 $ — $ 1,587 $ 3,225 Total loans $ 2,273,679 $ 1,596 $ 3 $ 6,107 $ 2,281,385 December 31, 2020 Loans excluding PCI Commercial, Industrial and Agricultural $ 458,974 $ 126 $ — $ 452 $ 459,552 1-4 Family Residential Real Estate 319,180 2,071 — 1,474 322,725 1-4 Family HELOC 100,501 10 — — 100,511 Multi-family and Commercial Real Estate 832,697 150 — 496 833,343 Construction, Land Development and Farmland 363,376 — — 906 364,282 Consumer 210,552 1,413 1 692 212,658 Other 8,669 — — — 8,669 Total loans excluding PCI $ 2,293,949 $ 3,770 $ 1 $ 4,020 $ 2,301,740 Total PCI loans $ 1,584 $ 37 $ — $ 1,966 $ 3,587 Total loans $ 2,295,533 $ 3,807 $ 1 $ 5,986 $ 2,305,327 |
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 probable, at acquisition that all contractually required payments would not be collected. The carrying amount of those loans is as follows: March 31, 2021 December 31, 2020 Commercial, Industrial and Agricultural $ 899 $ 919 1-4 Family Residential Real Estate 905 1,004 1-4 Family HELOC 19 19 Multi-family and Commercial Real Estate 1,261 1,325 Construction, Land Development and Farmland 954 992 Consumer 1,732 1,924 Total outstanding balance 5,770 6,183 Less remaining purchase discount 2,545 2,596 Allowance for loan losses — — Carrying amount, net of allowance for loan losses and remaining purchase discounts $ 3,225 $ 3,587 |
Schedule of Activity Related to Accretable Portion of the Purchase Discount on Loans Acquired With Deteriorated Credit Quality | Accretable yield, or income expected to be collected on PCI loans, is as follows: 2021 2020 Balance at January 1, $ 580 $ 98 New loans purchased — 131 Accretion income (36) (20) Balance at March 31, $ 544 $ 209 |
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 Bancorp 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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Unpaid Recorded Investment Related Unpaid Recorded Investment Related With no related allowance recorded Commercial, Industrial and Agricultural $ 1,207 $ 167 $ — $ 1,400 $ 367 $ — 1-4 Family Residential Real Estate 3,110 2,623 — 3,034 2,473 — 1-4 Family HELOC 313 300 — 130 124 — Multi-family and Commercial Real Estate 5,937 4,491 — 4,549 3,161 — Construction, Land Development and Farmland 7,185 6,801 — 6,809 6,452 — Consumer 3,605 2,352 — 3,590 2,348 — Subtotal $ 21,357 $ 16,734 $ — $ 19,512 $ 14,925 $ — With an allowance recorded Commercial, Industrial and Agricultural $ 859 $ 847 $ 847 $ 859 $ 847 $ 717 1-4 Family Residential Real Estate — — — 104 104 18 1-4 Family HELOC — — — — — — Multi-family and Commercial Real Estate 150 150 70 — — — Construction, Land Development and Farmland — — — — — — Consumer 66 64 17 34 34 13 Subtotal 1,075 1,061 934 997 985 748 Total $ 22,432 $ 17,795 $ 934 $ 20,509 $ 15,910 $ 748 |
Schedule of Average Balances of Impaired Loans | The average recorded investment in impaired loans for the period ended March 31, 2021, and 2020 was as follows: Three months ended March 31, 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no allowance Commercial, Industrial and Agricultural $ 267 $ 6 $ 298 $ 5 1-4 Family Residential Real Estate 2,548 33 2,630 40 1-4 Family HELOC 212 3 278 — Multi-family and Commercial Real Estate 3,826 88 3,654 53 Construction, Land Development and Farmland 6,627 104 4,290 54 Consumer 2,350 76 1,193 1 Subtotal $ 15,830 $ 310 $ 12,343 $ 153 With an allowance recorded Commercial, Industrial and Agricultural $ 847 $ 6 $ 852 $ 20 1-4 Family Residential Real Estate 52 — 52 — 1-4 Family HELOC — — — — Multi-family and Commercial Real Estate 75 2 — — Construction, Land Development and Farmland — — — — Consumer 49 2 19 — Subtotal $ 1,023 $ 10 $ 923 $ 20 Total $ 16,853 $ 320 $ 13,266 $ 173 |
Schedule of Class of Finance Receivable on Active Deferral Status | March 31, 2021 Active Deferrals % of Loans Multi-family and Commercial $ 21,329 0.94 % Construction, Land Development and Farmland 11,792 0.52 % Total $ 33,121 1.46 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Information Related to Operating Leases | Information related to the Company's operating leases is presented below: March 31, 2021 December 31, 2020 Operating leases right of use assets $ 13,372 $ 13,103 Operating leases liabilities $ 14,552 $ 14,231 Weighted average remaining lease term (in years) 6.08 6.33 Weighted average discount rate 4.30 % 4.34 % |
Components of Lease Expense Included in Occupancy Expenses | The components of lease expense included in occupancy expenses for the three months ended March 31, 2021 and 2020, were as follows: Three months ended March 31, 2021 2020 Operating lease cost $ 806 $ 628 Short-term lease cost 2 — Variable lease cost 97 80 Total lease cost $ 905 $ 708 |
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 March 31, 2021 March 31, 2022 $ 2,255 March 31, 2023 2,702 March 31, 2024 2,717 March 31, 2025 2,700 March 31, 2026 2,211 Thereafter 3,773 Total undiscounted cash flows 16,358 Discount on cash flows (1,806) Total lease liability $ 14,552 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, is as follows: Notional amounts $ 160,000 Weighted average pay rates 2.05 % Weighted average receive rates 0.35 % Weighted average maturity 2.85 years Unrealized losses $ 6,178 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 for the three months ended March 31, 2021 and 2020, respectively: Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) Three months ended March 31, 2021 2020 Interest rate swaps - subordinate debentures $ 68 $ (289) Interest rate swaps - interest-bearing liabilities 1,024 (4,046) $ 1,092 $ (4,335) |
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 March 31, 2021 and December 31, 2020, respectively: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to: Subordinated debentures $ 10,000 $ (598) $ 10,000 $ (690) Short-term interest-bearing liabilities 150,000 (5,580) 150,000 (6,967) Total included in other liabilities $ 160,000 $ (6,178) $ 160,000 $ (7,657) |
Schedule of Derivative Instruments for Fair Value hedges | Fair Value Hedges Summary information related to the fair value hedges as of March 31, 2021, is as follows: Notional amounts $ 17,925 Weighted average pay rates 3.67 % Weighted average receive rates 1.17 % Weighted average maturity 7.83 years Unrealized losses $ 971 |
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 March 31, 2021 and December 31, 2020, respectively: March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Included in other liabilities: Interest rate swaps related to investments 17,925 (971) 18,525 (1,495) Total included in other liabilities $ 17,925 $ (971) $ 18,525 $ (1,495) The following table reflects the fair value hedges and the underlying hedged items included in the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020, respectively: Three months ended March 31, Item Location 2021 2020 Interest rate swaps - securities Interest on investment securities, nontaxable $ (121) $ (47) Hedged item - securities Interest on investment securities, nontaxable $ 121 $ 47 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense and Employee Benefit Services | The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other non-interest expense for directors, in the consolidated statement of income as follows: Three months ended March 31, 2021 2020 Stock-based compensation expense before income taxes $ 339 $ 349 Less: deferred tax benefit (89) (91) Reduction of net income $ 250 $ 258 |
Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the three months ended March 31, 2021 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 116,621 $ 18.97 5.87 years $ 304 Granted — $ — Exercised (600) $ 13.65 4 Forfeited or expired (600) $ 26.43 Outstanding at March 31, 2021 115,421 $ 18.96 5.66 years $ 1,126 Exercisable at March 31, 2021 79,721 $ 16.56 4.82 years $ 969 |
Activity Related to Non-Vested Restricted Stock | The following table shows the activity related to non-vested restricted stock and restricted stock unit awards for the three months ended March 31, 2021: Restricted Stock Units Restricted Stock Underlying Shares Weighted Average Grant-Date Shares Weighted Average Grant-Date Outstanding at January 1, 2021 132,650 $ 16.93 40,910 $ 26.82 Granted 2,000 18.42 — — Vested — — (2,000) 27.49 Forfeited (1,000) 22.13 — — Outstanding at March 31, 2021 133,650 $ 16.92 38,910 $ 26.78 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Actual and Required Capital Amounts and Ratios | Capital amounts and ratios for Reliant Bancorp and the Bank (required) are presented below as of March 31, 2021 and December 31, 2020. Actual Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Reliant Bancorp Tier I leverage $ 273,173 9.33 % $ 117,116 4.00 % $ 146,395 5.00 % Common equity tier I 261,384 10.41 % 175,763 7.00 % 163,208 6.50 % Tier I risk-based capital 273,173 10.88 % 213,416 8.50 % 200,863 8.00 % Total risk-based capital 353,538 14.09 % 263,460 10.50 % 250,914 10.00 % Bank Tier I leverage $ 324,052 11.06 % $ 117,198 4.00 % $ 146,497 5.00 % Common equity tier I 324,052 12.93 % 175,434 7.00 % 162,903 6.50 % Tier I risk-based capital 324,052 12.93 % 213,027 8.50 % 200,496 8.00 % Total risk-based capital 345,487 13.79 % 263,061 10.50 % 250,534 10.00 % Actual Minimum Required To Be Well December 31, 2020 Reliant Bancorp Tier I leverage $ 262,282 8.91 % $ 117,747 4.00 % $ 147,184 5.00 % Common equity tier I 250,513 10.22 % 171,584 7.00 % 159,328 6.50 % Tier I risk-based capital 262,282 10.70 % 208,355 8.50 % 196,099 8.00 % Total risk-based capital 342,246 13.96 % 257,420 10.50 % 245,162 10.00 % Bank Tier I leverage $ 313,633 10.64 % $ 117,907 4.00 % $ 147,384 5.00 % Common equity tier I 313,633 12.83 % 171,117 7.00 % 158,894 6.50 % Tier I risk-based capital 313,633 12.83 % 207,785 8.50 % 195,562 8.00 % Total risk-based capital 334,919 13.71 % 256,503 10.50 % 244,288 10.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary 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"): Three Months Ended March 31, 2021 2020 Basic EPS Computation Net income (loss) attributable to common shareholders $ 12,149 $ (215) Weighted average common shares outstanding 16,615,169 11,892,723 Basic earnings (loss) per common share $ 0.73 $ (0.02) Diluted EPS Computation Net income (loss) attributable to common shareholders $ 12,149 $ (215) Weighted average common shares outstanding 16,615,169 11,892,723 Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan 125,134 — Adjusted weighted average common shares outstanding 16,740,303 11,892,723 Diluted earnings (loss) per common share $ 0.73 $ (0.02) |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: Fair Value Quoted Significant Significant March 31, 2021 Assets U. S. Treasury and other U. S. government agencies $ 226 $ — $ 226 $ — State and municipal 204,900 — 204,900 — Corporate bonds 27,264 — 27,264 — Mortgage backed securities 32,023 — 32,023 — Asset backed securities 2,778 — 2,778 — Liabilities Derivative liabilities $ 7,149 $ — $ 7,149 $ — 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 — Liabilities Derivative liabilities $ 9,152 $ — $ 9,152 $ — 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 March 31, 2021 and December 31, 2020: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Impaired loans $ 16,861 $ — $ — $ 16,861 Other real estate 1,198 — — 1,198 Other repossessions 1,283 — — 1,283 December 31, 2020 Assets Impaired loans $ 15,162 $ — $ — $ 15,162 Other real estate 1,246 — — 1,246 Other repossessions 1,424 — — 1,424 |
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 March 31, 2021 and December 31, 2020: 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 not reported at fair value at March 31, 2021 and December 31, 2020 were as follows: March 31, 2021 Carrying Estimated Quoted Prices in Significant Significant Financial assets Cash and due from banks $ 13,105 $ 13,105 $ 13,105 $ — $ — Interest-bearing deposits in financial institutions 104,620 104,620 104,620 — — Federal funds sold 186 186 — 186 — Loans, net 2,256,929 2,261,953 — — 2,261,953 Mortgage loans held for sale 166,599 168,456 — 168,456 — Accrued interest receivable 14,568 14,568 — 14,568 — Restricted equity securities 16,146 16,146 — 16,146 — Financial liabilities Deposits $ 2,612,910 $ 2,615,295 $ — $ — $ 2,615,295 Accrued interest payable 3,087 3,087 — 3,087 — Subordinate debentures 70,719 72,522 — — 72,522 Federal Home Loan Bank advances — — — — — December 31, 2020 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 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summarized Results of Operations by Business Segment | The following presents summarized results of operations for the Company’s business segments for the periods indicated: Three Months Ended Commercial Banking Residential Elimination Consolidated Net interest income $ 29,133 $ 893 $ — $ 30,026 Provision for loan losses — — — — Noninterest income 2,409 5,033 (105) 7,337 Noninterest expense (excluding merger expense) 16,460 5,204 — 21,664 Merger expense — — — — Income tax expense (benefit) 2,933 47 — 2,980 Net income (loss) 12,149 675 (105) 12,719 Noncontrolling interest in net income of subsidiary — (675) 105 (570) Net income attributable to common shareholders $ 12,149 $ — $ — $ 12,149 Three Months Ended Commercial Banking Residential Mortgage Banking Elimination Entries Consolidated Net interest income $ 16,782 $ 333 $ — $ 17,115 Provision for loan losses 2,900 — — 2,900 Noninterest income 1,709 1,565 8 3,282 Noninterest expense (excluding merger expense) 12,461 2,951 — 15,412 Merger expense 4,186 — — 4,186 Income tax (benefit) expense (841) (69) — (910) Net (loss) income (215) (984) 8 (1,191) Noncontrolling interest in net loss of subsidiary — 984 (8) 976 Net income attributable to common shareholders $ (215) $ — $ — $ (215) |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Calculation and Allocation of Purchase Price | 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. Three Months Ended March 31, 2021 2020 Revenue (1) $ 37,363 $ 28,109 Net interest income $ 30,026 $ 23,596 Net income attributable to common shareholders $ 12,149 $ (3,821) (1) Net interest income plus noninterest income |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Mar. 31, 2021 |
Reliant Mortgage Ventures, LLC | |
Noncontrolling Interest [Line Items] | |
Governance rights control by the bank | 51.00% |
Securities - Available-for-sale
Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 252,614 | $ 239,066 |
Gross Unrealized Gains | 15,326 | 17,722 |
Gross Unrealized Losses | (749) | (135) |
Estimated Fair Value | 267,191 | 256,653 |
U. S. Treasury and other U. S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 225 | 47 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 226 | 48 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 190,980 | 184,102 |
Gross Unrealized Gains | 14,484 | 16,963 |
Gross Unrealized Losses | (564) | (77) |
Estimated Fair Value | 204,900 | 200,988 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27,000 | 23,750 |
Gross Unrealized Gains | 392 | 397 |
Gross Unrealized Losses | (128) | (34) |
Estimated Fair Value | 27,264 | 24,113 |
Mortgage-backed securities - Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,607 | 28,084 |
Gross Unrealized Gains | 448 | 360 |
Gross Unrealized Losses | (32) | (2) |
Estimated Fair Value | 32,023 | 28,442 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,802 | 3,083 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (25) | (22) |
Estimated Fair Value | $ 2,778 | $ 3,062 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged, carrying amount | $ | $ 29,643 | $ 30,491 |
Number of securities in unrealized loss position | security | 32 | 22 |
Securities - Results from Sales
Securities - Results from Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 1,795 | $ 56,336 |
Gross gains | 129 | 0 |
Gross losses | $ 0 | $ 0 |
Securities - Available-for-sa_2
Securities - Available-for-sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due within one year | $ 225 | |
Due in one to five years | 2,085 | |
Due in five to ten years | 33,886 | |
Due after ten years | 182,009 | |
Amortized Cost | 252,614 | $ 239,066 |
Estimated Fair Value | ||
Due within one year | 226 | |
Due in one to five years | 2,089 | |
Due in five to ten years | 35,028 | |
Due after ten years | 195,047 | |
Estimated Fair Value | 267,191 | 256,653 |
Mortgage-backed securities | ||
Amortized Cost | ||
Securities | 31,607 | |
Amortized Cost | 31,607 | 28,084 |
Estimated Fair Value | ||
Securities | 32,023 | |
Estimated Fair Value | 32,023 | 28,442 |
Asset-backed securities | ||
Amortized Cost | ||
Securities | 2,802 | |
Amortized Cost | 2,802 | 3,083 |
Estimated Fair Value | ||
Securities | 2,778 | |
Estimated Fair Value | $ 2,778 | $ 3,062 |
Securities - Schedule of Tempor
Securities - Schedule of Temporary Impairment Losses, Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Estimated Fair Value | ||
Less than 12 months | $ 40,010 | $ 20,944 |
12 months or more | 1,964 | 2,105 |
Total | 41,974 | 23,049 |
Unrealized Loss | ||
Less than 12 months | 728 | 114 |
12 months or more | 21 | 21 |
Total | 749 | 135 |
State and municipal | ||
Estimated Fair Value | ||
Less than 12 months | 23,357 | 9,475 |
12 months or more | 0 | 0 |
Total | 23,357 | 9,475 |
Unrealized Loss | ||
Less than 12 months | 564 | 77 |
12 months or more | 0 | 0 |
Total | 564 | 77 |
Corporate bonds | ||
Estimated Fair Value | ||
Less than 12 months | 11,622 | 5,716 |
12 months or more | 0 | 0 |
Total | 11,622 | 5,716 |
Unrealized Loss | ||
Less than 12 months | 128 | 34 |
12 months or more | 0 | 0 |
Total | 128 | 34 |
Mortgage-backed securities - Residential | ||
Estimated Fair Value | ||
Less than 12 months | 4,366 | 5,024 |
12 months or more | 80 | 92 |
Total | 4,446 | 5,116 |
Unrealized Loss | ||
Less than 12 months | 31 | 1 |
12 months or more | 1 | 1 |
Total | 32 | 2 |
Asset-backed securities | ||
Estimated Fair Value | ||
Less than 12 months | 665 | 729 |
12 months or more | 1,884 | 2,013 |
Total | 2,549 | 2,742 |
Unrealized Loss | ||
Less than 12 months | 5 | 2 |
12 months or more | 20 | 20 |
Total | $ 25 | $ 22 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Schedule of Loans and Financial Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,281,385 | $ 2,305,327 | ||
Less: Deferred loan fees | 3,671 | 4,544 | ||
Less: Allowance for loan losses | 20,785 | 20,636 | $ 15,121 | $ 12,578 |
Loans, net | 2,256,929 | 2,280,147 | ||
Commercial, Industrial and Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 430,373 | 459,739 | ||
Less: Allowance for loan losses | 6,072 | 5,441 | 3,851 | 2,529 |
Real Estate | 1-4 Family Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 322,170 | 323,473 | ||
Less: Allowance for loan losses | 2,438 | 2,445 | 1,488 | 1,280 |
Real Estate | 1-4 Family HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 100,056 | 100,525 | ||
Less: Allowance for loan losses | 1,110 | 1,416 | 873 | 624 |
Real Estate | Multi-family and Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 831,242 | 834,000 | ||
Less: Allowance for loan losses | 8,065 | 8,535 | 6,760 | 5,285 |
Real Estate | Construction, Land Development and Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 372,950 | 365,058 | ||
Less: Allowance for loan losses | 1,905 | 1,841 | 1,836 | 2,649 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 216,034 | 213,863 | ||
Less: Allowance for loan losses | 1,163 | 928 | 298 | 177 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 8,560 | 8,669 | ||
Less: Allowance for loan losses | $ 32 | $ 30 | $ 15 | $ 34 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | 12 Months Ended | 13 Months Ended | |||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($)loan | Apr. 01, 2020USD ($) | Jan. 01, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Discount on loans purchased | $ 14,833,000 | $ 16,634,000 | ||||
FHLB advances, collateral pledged loans | 448,697,000 | 646,498,000 | $ 448,697,000 | |||
Nonaccrual Loans | 6,107,000 | 5,986,000 | 6,107,000 | |||
Loan modifications, recorded investment | 3,938,000 | 4,236,000 | 3,938,000 | |||
Modified loan amount | 0 | $ 0 | ||||
SBA forgiven for PPP loans, amount | $ 41,500,000 | |||||
Fees recognized in earnings | $ 1,042,000 | |||||
Commercial, Industrial and Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans | loan | 588 | 588 | ||||
SBA authorizations for PPP loans, amount | $ 41,900,000 | |||||
CARES Act | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable modification amount | 597,327,000 | |||||
Tennessee Community Bank Holdings | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Fair value | $ 170,000,000 | |||||
Fair value of acquired loans at acquisition | 1,688,000 | $ 1,688,000 | ||||
First Advantage Bancorp | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Fair value | $ 625,800,000 | |||||
Fair value of acquired loans at acquisition | 4,668,000 | |||||
Performing Financial Instruments | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual Loans | 2,306,000 | 2,438,000 | $ 2,306,000 | |||
Nonperforming Financial Instruments | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual Loans | $ 1,070,000 | $ 630,000 | $ 1,070,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 2,281,385 | $ 2,305,327 |
Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,278,160 | 2,301,740 |
PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,225 | 3,587 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,260,891 | 2,284,528 |
Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,259,867 | 2,283,530 |
Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,024 | 998 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,034 | 3,703 |
Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,034 | 3,703 |
Special Mention | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 16,460 | 17,096 |
Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,259 | 14,507 |
Substandard | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,201 | 2,589 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 430,373 | 459,739 |
Commercial, Industrial and Agricultural | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 430,206 | 459,552 |
Commercial, Industrial and Agricultural | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 427,787 | 456,170 |
Commercial, Industrial and Agricultural | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,415 | 1,519 |
Commercial, Industrial and Agricultural | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,004 | 1,863 |
Real Estate | 1-4 Family Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 322,170 | 323,473 |
Real Estate | 1-4 Family Residential Real Estate | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 321,503 | 322,725 |
Real Estate | 1-4 Family Residential Real Estate | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 318,446 | 320,555 |
Real Estate | 1-4 Family Residential Real Estate | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 860 | 5 |
Real Estate | 1-4 Family Residential Real Estate | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,197 | 2,165 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,056 | 100,525 |
Real Estate | 1-4 Family HELOC | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 100,042 | 100,511 |
Real Estate | 1-4 Family HELOC | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 99,757 | 100,391 |
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 | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 285 | 120 |
Real Estate | Multi-family and Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 831,242 | 834,000 |
Real Estate | Multi-family and Commercial Real Estate | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 830,648 | 833,343 |
Real Estate | Multi-family and Commercial Real Estate | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 825,088 | 829,353 |
Real Estate | Multi-family and Commercial Real Estate | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,757 | 653 |
Real Estate | Multi-family and Commercial Real Estate | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,803 | 3,337 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 372,950 | 365,058 |
Real Estate | Construction, Land Development and Farmland | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 372,211 | 364,282 |
Real Estate | Construction, Land Development and Farmland | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 366,620 | 358,606 |
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 | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,591 | 5,676 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 216,034 | 213,863 |
Consumer | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 214,990 | 212,658 |
Consumer | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 213,609 | 211,305 |
Consumer | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2 | 7 |
Consumer | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,379 | 1,346 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,560 | 8,669 |
Other | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,560 | 8,669 |
Other | Pass | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,560 | 7,150 |
Other | Special Mention | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 1,519 |
Other | Substandard | Loans excluding PCI | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Allowances for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 20,636 | $ 12,578 |
Charge-offs | (298) | (439) |
Recoveries | 447 | 82 |
Provision | 0 | 2,900 |
Ending balance | 20,785 | 15,121 |
Commercial Industrial and Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 5,441 | 2,529 |
Charge-offs | (32) | (294) |
Recoveries | 251 | 61 |
Provision | 412 | 1,555 |
Ending balance | 6,072 | 3,851 |
Real Estate | 1-4 Family Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2,445 | 1,280 |
Charge-offs | (7) | 0 |
Recoveries | 82 | 11 |
Provision | (82) | 197 |
Ending balance | 2,438 | 1,488 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,416 | 624 |
Charge-offs | 0 | 0 |
Recoveries | 2 | 1 |
Provision | (308) | 248 |
Ending balance | 1,110 | 873 |
Real Estate | Multi-family and Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 8,535 | 5,285 |
Charge-offs | 0 | 0 |
Recoveries | 9 | 3 |
Provision | (479) | 1,472 |
Ending balance | 8,065 | 6,760 |
Real Estate | Construction Land Development and Farmland | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,841 | 2,649 |
Charge-offs | 0 | (114) |
Recoveries | 85 | 0 |
Provision | (21) | (699) |
Ending balance | 1,905 | 1,836 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 928 | 177 |
Charge-offs | (259) | (31) |
Recoveries | 18 | 6 |
Provision | 476 | 146 |
Ending balance | 1,163 | 298 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 30 | 34 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 2 | (19) |
Ending balance | $ 32 | $ 15 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses | ||||
Individually evaluated for impairment | $ 934 | $ 748 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 19,851 | 19,888 | ||
Total | 20,785 | 20,636 | $ 15,121 | $ 12,578 |
Loans | ||||
Individually evaluated for impairment | 14,570 | 12,323 | ||
Acquired with credit impairment | 3,225 | 3,587 | ||
Collectively evaluated for impairment | 2,263,590 | 2,289,417 | ||
Total | 2,281,385 | 2,305,327 | ||
Commercial, Industrial and Agricultural | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 847 | 717 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 5,225 | 4,724 | ||
Total | 6,072 | 5,441 | 3,851 | 2,529 |
Loans | ||||
Individually evaluated for impairment | 847 | 1,027 | ||
Acquired with credit impairment | 167 | 187 | ||
Collectively evaluated for impairment | 429,359 | 458,525 | ||
Total | 430,373 | 459,739 | ||
Real Estate | 1-4 Family Residential | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 18 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,438 | 2,427 | ||
Total | 2,438 | 2,445 | 1,488 | 1,280 |
Loans | ||||
Individually evaluated for impairment | 1,956 | 1,829 | ||
Acquired with credit impairment | 667 | 748 | ||
Collectively evaluated for impairment | 319,547 | 320,896 | ||
Total | 322,170 | 323,473 | ||
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 | 1,110 | 1,416 | ||
Total | 1,110 | 1,416 | 873 | 624 |
Loans | ||||
Individually evaluated for impairment | 286 | 110 | ||
Acquired with credit impairment | 14 | 14 | ||
Collectively evaluated for impairment | 99,756 | 100,401 | ||
Total | 100,056 | 100,525 | ||
Real Estate | Multi-family and Commercial | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 70 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 7,995 | 8,535 | ||
Total | 8,065 | 8,535 | 6,760 | 5,285 |
Loans | ||||
Individually evaluated for impairment | 4,047 | 2,504 | ||
Acquired with credit impairment | 594 | 657 | ||
Collectively evaluated for impairment | 826,601 | 830,839 | ||
Total | 831,242 | 834,000 | ||
Real Estate | Construction, Land Development and Farmland | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,905 | 1,841 | ||
Total | 1,905 | 1,841 | 1,836 | 2,649 |
Loans | ||||
Individually evaluated for impairment | 6,062 | 5,676 | ||
Acquired with credit impairment | 739 | 776 | ||
Collectively evaluated for impairment | 366,149 | 358,606 | ||
Total | 372,950 | 365,058 | ||
Consumer | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 17 | 13 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,146 | 915 | ||
Total | 1,163 | 928 | 298 | 177 |
Loans | ||||
Individually evaluated for impairment | 1,372 | 1,177 | ||
Acquired with credit impairment | 1,044 | 1,205 | ||
Collectively evaluated for impairment | 213,618 | 211,481 | ||
Total | 216,034 | 213,863 | ||
Other | ||||
Allowance for loan losses | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 32 | 30 | ||
Total | 32 | 30 | $ 15 | $ 34 |
Loans | ||||
Individually evaluated for impairment | 0 | 0 | ||
Acquired with credit impairment | 0 | 0 | ||
Collectively evaluated for impairment | 8,560 | 8,669 | ||
Total | $ 8,560 | $ 8,669 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | $ 2,273,679 | $ 2,295,533 |
Nonaccrual Loans | 6,107 | 5,986 |
Total | 2,281,385 | 2,305,327 |
Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 2,272,084 | 2,293,949 |
Nonaccrual Loans | 4,520 | 4,020 |
Total | 2,278,160 | 2,301,740 |
PCI Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 1,595 | 1,584 |
Nonaccrual Loans | 1,587 | 1,966 |
Total | 3,225 | 3,587 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,596 | 3,807 |
30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,553 | 3,770 |
30-89 Days Past Due | PCI Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 43 | 37 |
90+ Days Past Due and Accruing Interest | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3 | 1 |
90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3 | 1 |
90+ Days Past Due and Accruing Interest | PCI Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 430,373 | 459,739 |
Commercial, Industrial and Agricultural | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 429,859 | 458,974 |
Nonaccrual Loans | 272 | 452 |
Total | 430,206 | 459,552 |
Commercial, Industrial and Agricultural | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 75 | 126 |
Commercial, Industrial and Agricultural | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 322,170 | 323,473 |
Real Estate | 1-4 Family Residential | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 319,522 | 319,180 |
Nonaccrual Loans | 1,456 | 1,474 |
Total | 321,503 | 322,725 |
Real Estate | 1-4 Family Residential | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 525 | 2,071 |
Real Estate | 1-4 Family Residential | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 100,056 | 100,525 |
Real Estate | 1-4 Family HELOC | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 99,986 | 100,501 |
Nonaccrual Loans | 0 | 0 |
Total | 100,042 | 100,511 |
Real Estate | 1-4 Family HELOC | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 56 | 10 |
Real Estate | 1-4 Family HELOC | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 831,242 | 834,000 |
Real Estate | Multi-family and Commercial | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 830,242 | 832,697 |
Nonaccrual Loans | 406 | 496 |
Total | 830,648 | 833,343 |
Real Estate | Multi-family and Commercial | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 150 |
Real Estate | Multi-family and Commercial | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 372,950 | 365,058 |
Real Estate | Construction, Land Development and Farmland | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 370,538 | 363,376 |
Nonaccrual Loans | 1,673 | 906 |
Total | 372,211 | 364,282 |
Real Estate | Construction, Land Development and Farmland | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Real Estate | Construction, Land Development and Farmland | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 216,034 | 213,863 |
Consumer | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 213,377 | 210,552 |
Nonaccrual Loans | 713 | 692 |
Total | 214,990 | 212,658 |
Consumer | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 897 | 1,413 |
Consumer | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3 | 1 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,560 | 8,669 |
Other | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Current and Accruing | 8,560 | 8,669 |
Nonaccrual Loans | 0 | 0 |
Total | 8,560 | 8,669 |
Other | 30-89 Days Past Due | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Other | 90+ Days Past Due and Accruing Interest | Loans excluding PCI | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 0 | $ 0 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | $ 5,770 | $ 6,183 |
Less remaining purchase discount | 2,545 | 2,596 |
Allowance for loan losses | 0 | 0 |
Carrying amount, net of allowance for loan losses and remaining purchase discounts | 3,225 | 3,587 |
Commercial, Industrial and Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 899 | 919 |
Real Estate | 1-4 Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 905 | 1,004 |
Real Estate | 1-4 Family HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 19 | 19 |
Real Estate | Multi-family and Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 1,261 | 1,325 |
Real Estate | Construction, Land Development and Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | 954 | 992 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total outstanding balance | $ 1,732 | $ 1,924 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Activity Related to Accretable Portion of Loans Acquired (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at January 1, | $ 580 | $ 98 |
New loans purchased | 0 | 131 |
Accretion income | (36) | (20) |
Balance at March 31, | $ 544 | $ 209 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Loss - PCI Loans Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 |
Tennessee Community Bank 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 |
First Advantage Bancorp | ||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | $ 21,357 | $ 19,512 |
With an related allowance recorded unpaid principal balance | 1,075 | 997 |
Unpaid Principal Balance | 22,432 | 20,509 |
With no related allowance recorded investment | 16,734 | 14,925 |
With an related allowance recorded, recorded investment | 1,061 | 985 |
Recorded Investment | 17,795 | 15,910 |
Related Allowance | 934 | 748 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 1,207 | 1,400 |
With an related allowance recorded unpaid principal balance | 859 | 859 |
With no related allowance recorded investment | 167 | 367 |
With an related allowance recorded, recorded investment | 847 | 847 |
Related Allowance | 847 | 717 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 3,110 | 3,034 |
With an related allowance recorded unpaid principal balance | 0 | 104 |
With no related allowance recorded investment | 2,623 | 2,473 |
With an related allowance recorded, recorded investment | 0 | 104 |
Related Allowance | 0 | 18 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 313 | 130 |
With an related allowance recorded unpaid principal balance | 0 | 0 |
With no related allowance recorded investment | 300 | 124 |
With an related allowance recorded, recorded investment | 0 | 0 |
Related Allowance | 0 | 0 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 5,937 | 4,549 |
With an related allowance recorded unpaid principal balance | 150 | 0 |
With no related allowance recorded investment | 4,491 | 3,161 |
With an related allowance recorded, recorded investment | 150 | 0 |
Related Allowance | 70 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 7,185 | 6,809 |
With an related allowance recorded unpaid principal balance | 0 | 0 |
With no related allowance recorded investment | 6,801 | 6,452 |
With an related allowance recorded, recorded investment | 0 | 0 |
Related Allowance | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
With no related allowance recorded unpaid principal balance | 3,605 | 3,590 |
With an related allowance recorded unpaid principal balance | 66 | 34 |
With no related allowance recorded investment | 2,352 | 2,348 |
With an related allowance recorded, recorded investment | 64 | 34 |
Related Allowance | $ 17 | $ 13 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | $ 15,830 | $ 12,343 |
Impaired loans with an allowance, interest income recognized, subtotal | 310 | 153 |
Impaired loans with no allowance, average recorded investment, subtotal | 1,023 | 923 |
Impaired loans with no allowance, interest income recognized, subtotal | 10 | 20 |
Average recorded investment, total | 16,853 | 13,266 |
Interest income recognized, total | 320 | 173 |
Commercial, Industrial and Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 267 | 298 |
Impaired loans with an allowance, interest income recognized, subtotal | 6 | 5 |
Impaired loans with no allowance, average recorded investment, subtotal | 847 | 852 |
Impaired loans with no allowance, interest income recognized, subtotal | 6 | 20 |
Real Estate | 1-4 Family Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 2,548 | 2,630 |
Impaired loans with an allowance, interest income recognized, subtotal | 33 | 40 |
Impaired loans with no allowance, average recorded investment, subtotal | 52 | 52 |
Impaired loans with no allowance, interest income recognized, subtotal | 0 | 0 |
Real Estate | 1-4 Family HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 212 | 278 |
Impaired loans with an allowance, interest income recognized, subtotal | 3 | 0 |
Impaired loans with no allowance, average recorded investment, subtotal | 0 | 0 |
Impaired loans with no allowance, interest income recognized, subtotal | 0 | 0 |
Real Estate | Multi-family and Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 3,826 | 3,654 |
Impaired loans with an allowance, interest income recognized, subtotal | 88 | 53 |
Impaired loans with no allowance, average recorded investment, subtotal | 75 | 0 |
Impaired loans with no allowance, interest income recognized, subtotal | 2 | 0 |
Real Estate | Construction, Land Development and Farmland | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 6,627 | 4,290 |
Impaired loans with an allowance, interest income recognized, subtotal | 104 | 54 |
Impaired loans with no allowance, average recorded investment, subtotal | 0 | 0 |
Impaired loans with no allowance, interest income recognized, subtotal | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance, average recorded investment, subtotal | 2,350 | 1,193 |
Impaired loans with an allowance, interest income recognized, subtotal | 76 | 1 |
Impaired loans with no allowance, average recorded investment, subtotal | 49 | 19 |
Impaired loans with no allowance, interest income recognized, subtotal | $ 2 | $ 0 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Active Deferrals (Details) - CARES Act $ in Thousands | Mar. 31, 2021USD ($) |
Financing Receivable, Nonaccrual [Line Items] | |
Active Deferrals | $ 33,121 |
% of Loans | 1.46% |
Real Estate | Multi-family and Commercial | |
Financing Receivable, Nonaccrual [Line Items] | |
Active Deferrals | $ 21,329 |
% of Loans | 0.94% |
Real Estate | Construction, Land Development and Farmland | |
Financing Receivable, Nonaccrual [Line Items] | |
Active Deferrals | $ 11,792 |
% of Loans | 0.52% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Leases [Abstract] | ||||
Operating leases right of use assets | $ 13,372 | $ 13,103 | $ 12,000 | |
Operating leases liabilities | $ 14,552 | $ 14,231 | $ 11,900 | |
Discount rate | 4.50% | |||
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 | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Leases [Abstract] | |||
Operating leases right of use assets | $ 13,372 | $ 13,103 | $ 12,000 |
Operating leases liabilities | $ 14,552 | $ 14,231 | |
Weighted average remaining lease term (in years) | 6 years 29 days | 6 years 3 months 29 days | |
Weighted average discount rate | 4.30% | 4.34% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense Included in Occupancy Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 806 | $ 628 |
Short-term lease cost | 2 | 0 |
Variable lease cost | 97 | 80 |
Total lease cost | $ 905 | $ 708 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Lease payments due on or before | |||
March 31, 2022 | $ 2,255 | ||
March 31, 2023 | 2,702 | ||
March 31, 2024 | 2,717 | ||
March 31, 2025 | 2,700 | ||
March 31, 2026 | 2,211 | ||
Thereafter | 3,773 | ||
Total undiscounted cash flows | 16,358 | ||
Discount on cash flows | (1,806) | ||
Total lease liability | $ 14,552 | $ 14,231 | $ 11,900 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative [Line Items] | |
Gain (Loss) reclassified from accumulated other comprehensive income net | $ 0 |
Cash Flow Hedging | Interest Rate Swap | |
Derivative [Line Items] | |
Notional amounts | $ 160,000,000 |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges and Fair Value Hedges (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Unrealized losses | $ 121,000 | $ 47,000 |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional amounts | $ 160,000,000 | |
Weighted average pay rates | 2.05% | |
Weighted average receive rates | 0.35% | |
Weighted average maturity | 2 years 10 months 6 days | |
Unrealized losses | $ 6,178,000 | |
Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional amounts | $ 17,925,000 | |
Weighted average pay rates | 3.67% | |
Weighted average receive rates | 1.17% | |
Weighted average maturity | 7 years 9 months 29 days | |
Unrealized losses | $ 971,000 |
Derivatives - Cash Flow Hedges
Derivatives - Cash Flow Hedges and Fair Value Hedges Included in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash Flow Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Notional Amount | $ 160,000 | $ 160,000 |
Fair Value | (6,178) | (7,657) |
Cash Flow Hedging | Subordinated debentures | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | 10,000 | 10,000 |
Fair Value | (598) | (690) |
Cash Flow Hedging | Short-term interest-bearing liabilities | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | 150,000 | 150,000 |
Fair Value | (5,580) | (6,967) |
Fair Value Hedging | Other Liabilities | ||
Derivative [Line Items] | ||
Notional Amount | 17,925 | 18,525 |
Fair Value | (971) | (1,495) |
Fair Value Hedging | Other Liabilities | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | 17,925 | 18,525 |
Fair Value | $ (971) | $ (1,495) |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) Relating to Cash Flow Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 1,092 | $ (4,335) |
Interest rate swaps - subordinate debentures | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | 68 | (289) |
Interest rate swaps - interest-bearing liabilities | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 1,024 | $ (4,046) |
Derivatives - Fair Value Hedges
Derivatives - Fair Value Hedges Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Change in unrealized gain (loss) on fair value hedging instruments | $ 121 | $ 47 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Unrealized losses | $ (121) | $ (47) |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | Mar. 10, 2015 | Mar. 31, 2021 | Jun. 18, 2015 | Dec. 31, 2006 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 185 | |||
Equity Incentive Plan 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 900,000 | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise period | 10 years | |||
Unrecognized compensation cost, weighted-average period for recognition | 2 years 8 months 12 days | |||
Employee Stock Option | The Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 625,000 | |||
Employee Stock Option | Commerce Union Bancshares, Inc. Amended and Restated Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 1,250,000 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, weighted-average period for recognition | 1 year 11 months 12 days | |||
Unrecognized compensation cost, restricted stock | $ 1,361 | |||
Fair value of share awards vested | $ 37 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, weighted-average period for recognition | 6 months 25 days | |||
Unrecognized compensation cost, restricted stock | $ 135 |
Stock-based Compensation - Expe
Stock-based Compensation - Expense and Employee Benefit Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation expense before income taxes | $ 339 | $ 349 |
Less: deferred tax benefit | (89) | (91) |
Reduction of net income | $ 250 | $ 258 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Shares | ||
Outstanding, beginning (in shares) | 116,621 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (600) | |
Forfeited or expired (in shares) | (600) | |
Outstanding, ending (in shares) | 115,421 | 116,621 |
Exercisable (in shares) | 79,721 | |
Weighted Average Exercise Price | ||
Outstanding, beginning (in dollars per share) | $ 18.97 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 13.65 | |
Forfeited or expired (in dollars per share) | 26.43 | |
Outstanding, ending (in dollars per share) | 18.96 | $ 18.97 |
Exercisable (in dollars per share) | $ 16.56 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Outstanding, weighted average remaining contractual term | 5 years 7 months 28 days | 5 years 10 months 13 days |
Exercisable, weighted average remaining contractual term | 4 years 9 months 25 days | |
Outstanding, aggregate intrinsic value | $ 1,126 | $ 304 |
Exercised, aggregate intrinsic value | 4 | |
Exercisable, aggregate intrinsic value | $ 969 |
Stock-based Compensation - Nonv
Stock-based Compensation - Nonvested Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted Stock Units | |
Underlying Shares | |
Beginning balance (in shares) | shares | 132,650 |
Granted (in shares) | shares | 2,000 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (1,000) |
Ending balance (in shares) | shares | 133,650 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 16.93 |
Granted (in dollars per share) | $ / shares | 18.42 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 22.13 |
Ending balance (in dollars per share) | $ / shares | $ 16.92 |
Restricted Stock | |
Underlying Shares | |
Beginning balance (in shares) | shares | 40,910 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (2,000) |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 38,910 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 26.82 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 27.49 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 26.78 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier I leverage | $ 273,173 | $ 262,282 |
Tier I leverage, ratio | 0.0933 | 0.0891 |
Tier I leverage, minimum required capital including capital conservation buffer | $ 117,116 | $ 117,747 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 146,395 | $ 147,184 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 261,384 | $ 250,513 |
Common equity tier 1, ratio | 0.1041 | 0.1022 |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 175,763 | $ 171,584 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 163,208 | $ 159,328 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 273,173 | $ 262,282 |
Tier I risk-based capital, ratio | 0.1088 | 0.1070 |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 213,416 | $ 208,355 |
Tier I risk-based capital, minimum 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 | $ 200,863 | $ 196,099 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 353,538 | $ 342,246 |
Total risk-based capital, ratio | 0.1409 | 0.1396 |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 263,460 | $ 257,420 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 250,914 | $ 245,162 |
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 | $ 324,052 | $ 313,633 |
Tier I leverage, ratio | 0.1106 | 0.1064 |
Tier I leverage, minimum required capital including capital conservation buffer | $ 117,198 | $ 117,907 |
Tier I leverage, minimum required capital including capital conservation buffer, ratio | 4.00% | 4.00% |
Tier I leverage, to be well capitalized under prompt corrective action provisions | $ 146,497 | $ 147,384 |
Tier I leverage, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Common equity tier 1 | $ 324,052 | $ 313,633 |
Common equity tier 1, ratio | 0.1293 | 0.1283 |
Common equity tier 1, minimum required capital including capital conservation buffer | $ 175,434 | $ 171,117 |
Common equity tier 1, minimum required capital including capital conservation buffer, ratio | 7.00% | 7.00% |
Common equity tier 1, to be well capitalized under prompt corrective action provisions | $ 162,903 | $ 158,894 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier I risk-based capital | $ 324,052 | $ 313,633 |
Tier I risk-based capital, ratio | 0.1293 | 0.1283 |
Tier I risk-based capital, minimum required capital including capital conservation buffer | $ 213,027 | $ 207,785 |
Tier I risk-based capital, minimum 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 | $ 200,496 | $ 195,562 |
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total risk-based capital | $ 345,487 | $ 334,919 |
Total risk-based capital, ratio | 0.1379 | 0.1371 |
Total risk-based capital, minimum required capital including capital conservation buffer | $ 263,061 | $ 256,503 |
Total risk-based capital, minimum required capital including capital conservation buffer, ratio | 10.50% | 10.50% |
Total risk-based capital, to be well capitalized under prompt corrective action provisions | $ 250,534 | $ 244,288 |
Total risk-based capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic EPS Computation | ||
Net income (loss) attributable to common shareholders | $ 12,149 | $ (215) |
Weighted average common shares outstanding (in shares) | 16,615,169 | 11,892,723 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.73 | $ (0.02) |
Diluted EPS Computation | ||
Net income (loss) attributable to common shareholders | $ 12,149 | $ (215) |
Weighted average common shares outstanding (in shares) | 16,615,169 | 11,892,723 |
Dilutive effect of stock options, restricted stock shares and units, and employee stock purchase plan (in shares) | 125,134 | 0 |
Adjusted weighted average common shares outstanding (in shares) | 16,740,303 | 11,892,723 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.73 | $ (0.02) |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 267,191 | $ 256,653 |
Other real estate | 1,198 | 1,246 |
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 | 226 | 48 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 204,900 | 200,988 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,264 | 24,113 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 32,023 | 28,442 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,778 | 3,062 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 7,149 | 9,152 |
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 | 226 | 48 |
Recurring | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 204,900 | 200,988 |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 27,264 | 24,113 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 32,023 | 28,442 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,778 | 3,062 |
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 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 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 7,149 | 9,152 |
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 | 226 | 48 |
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 | 204,900 | 200,988 |
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 | 27,264 | 24,113 |
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 | 32,023 | 28,442 |
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 | 2,778 | 3,062 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 16,861 | 15,162 |
Other real estate | 1,198 | 1,246 |
Other repossessions | 1,283 | 1,424 |
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 | 16,861 | 15,162 |
Other real estate | 1,198 | 1,246 |
Other repossessions | $ 1,283 | $ 1,424 |
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) - Estimated costs to sell - Range (Weighted Average) - Significant Unobservable Inputs (Level 3) - Nonrecurring | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 0.10 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | $ 13,105 | $ 13,717 |
Interest-bearing deposits in financial institutions | 104,620 | 79,756 |
Federal funds sold | 186 | 1,572 |
Loans, net | 2,256,929 | 2,280,147 |
Mortgage loans held for sale | 166,599 | 147,524 |
Accrued interest receivable | 14,568 | 14,889 |
Restricted equity securities | 16,146 | 16,551 |
Financial liabilities | ||
Deposits | 2,612,910 | 2,579,235 |
Accrued interest payable | 3,087 | 2,571 |
Subordinate debentures | 70,719 | 70,446 |
Federal Home Loan Bank advances | 0 | 10,000 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 13,105 | 13,717 |
Interest-bearing deposits in financial institutions | 104,620 | 79,756 |
Federal funds sold | 186 | 1,572 |
Loans, net | 2,261,953 | 2,293,723 |
Mortgage loans held for sale | 168,456 | 149,342 |
Accrued interest receivable | 14,568 | 14,889 |
Restricted equity securities | 16,146 | 16,551 |
Financial liabilities | ||
Deposits | 2,615,295 | 2,583,525 |
Accrued interest payable | 3,087 | 2,571 |
Subordinate debentures | 72,522 | 71,750 |
Federal Home Loan Bank advances | 0 | 10,000 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and due from banks | 13,105 | 13,717 |
Interest-bearing deposits in financial institutions | 104,620 | 79,756 |
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 | 186 | 1,572 |
Loans, net | 0 | 0 |
Mortgage loans held for sale | 168,456 | 149,342 |
Accrued interest receivable | 14,568 | 14,889 |
Restricted equity securities | 16,146 | 16,551 |
Financial liabilities | ||
Deposits | 0 | 0 |
Accrued interest payable | 3,087 | 2,571 |
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 | 2,261,953 | 2,293,723 |
Mortgage loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities | ||
Deposits | 2,615,295 | 2,583,525 |
Accrued interest payable | 0 | 0 |
Subordinate debentures | 72,522 | 71,750 |
Federal Home Loan Bank advances | $ 0 | $ 10,000 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 30,026 | $ 17,115 |
Provision for loan losses | 0 | 2,900 |
Noninterest income | 7,337 | 3,282 |
Noninterest expense (excluding merger expense) | 21,664 | 15,412 |
Merger expense | 0 | 4,186 |
Income tax expense (benefit) | 2,980 | (910) |
CONSOLIDATED NET INCOME (LOSS) | 12,719 | (1,191) |
Non controlling interest in net (income) loss of subsidiary | (570) | 976 |
Net income attributable to common shareholders | 12,149 | (215) |
Operating Segments | Commercial Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 29,133 | 16,782 |
Provision for loan losses | 0 | 2,900 |
Noninterest income | 2,409 | 1,709 |
Noninterest expense (excluding merger expense) | 16,460 | 12,461 |
Merger expense | 0 | 4,186 |
Income tax expense (benefit) | 2,933 | (841) |
CONSOLIDATED NET INCOME (LOSS) | 12,149 | (215) |
Non controlling interest in net (income) loss of subsidiary | 0 | 0 |
Net income attributable to common shareholders | 12,149 | (215) |
Operating Segments | Residential Mortgage Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 893 | 333 |
Provision for loan losses | 0 | 0 |
Noninterest income | 5,033 | 1,565 |
Noninterest expense (excluding merger expense) | 5,204 | 2,951 |
Merger expense | 0 | 0 |
Income tax expense (benefit) | 47 | (69) |
CONSOLIDATED NET INCOME (LOSS) | 675 | (984) |
Non controlling interest in net (income) loss of subsidiary | (675) | 984 |
Net income attributable to common shareholders | 0 | 0 |
Elimination Entries | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 0 | 0 |
Provision for loan losses | 0 | 0 |
Noninterest income | (105) | 8 |
Noninterest expense (excluding merger expense) | 0 | 0 |
Merger expense | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
CONSOLIDATED NET INCOME (LOSS) | (105) | 8 |
Non controlling interest in net (income) loss of subsidiary | 105 | (8) |
Net income attributable to common shareholders | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 2,980 | $ (910) |
Effective income tax rate | 19.00% | 43.30% |
Business Combinations - Tenness
Business Combinations - Tennessee Community Bank Holdings TCB (Details) - USD ($) | Jan. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock | $ 0 | $ 7,480,000 | ||
COMMON STOCK | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | |||
Business combination, shares issued per acquiree share (in shares) | 0.769 | |||
Tennessee Community Bank 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 settlement for Tennessee Community Bank Holdings, Inc. common stock | $ 18,073,000 | |||
Cash in lieu of fractional shares based on volume weighted average closing consecutive | 22.36 | |||
Exercise of stock option | 34.25 | |||
Aggregate consideration paid to holders of unexercised options | $ 430,000 | $ 430,000 | ||
Tennessee Community Bank Holdings | COMMON STOCK | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, share price (in dollars per share) | $ 17.13 |
Business Combinations - Financi
Business Combinations - Financial Impact of Merger TCB (Details) | Jan. 01, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Calculation of Purchase Price | ||||
Cash settlement for Tennessee Community Bank Holdings, Inc. common stock ($17.13 per share) | $ 0 | $ 7,480,000 | ||
Allocation of Purchase Price | ||||
Goodwill | 54,396,000 | $ 54,396,000 | ||
Tennessee Community Bank Holdings | ||||
Calculation of Purchase Price | ||||
Shares of Tennessee Community Bank Holdings, Inc. common stock outstanding as of January 1, 2020 (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 | |||
Reliant Bancorp, Inc. share price at January 1, 2020 (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 | |||
Estimated fair value of Tennessee Community Bank Holdings, Inc. | $ 36,547,000 | |||
Number of stock options settled (in shares) | shares | 26,450 | |||
Exercise of stock option | $ 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 closing consecutive | $ 22.36 | |||
Allocation of Purchase Price | ||||
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 | |||
Tennessee Community Bank Holdings | COMMON STOCK | ||||
Calculation of Purchase Price | ||||
Business acquisition, 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares outstanding (in shares) | 16,654,415 | 16,654,409 | |
First Advantage Bancorp | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Business combination, shares issued per acquiree share (in shares) | 1.17 | ||
Business acquisition, 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 |
Business Combinations - Finan_2
Business Combinations - Financial Impact of Merger FABK (Details) | Apr. 01, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Calculation of Purchase Price | ||||
Cash settlement for First Advantage Bancorp common stock ($3.00 per share) | $ 0 | $ 7,480,000 | ||
Allocation of Purchase Price | ||||
Goodwill | $ 54,396,000 | $ 54,396,000 | ||
First Advantage Bancorp | ||||
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 | |||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 | |||
Number of stock options settled (in shares) | shares | 34,800 | |||
Exercise of stock option | $ 30 | |||
Stock options weighted average exercise price (in dollars per share) | $ / shares | $ 19.44 | |||
Allocation of Purchase Price | ||||
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 | |||
First Advantage Bancorp | COMMON STOCK | ||||
Calculation of Purchase Price | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 | |||
First Advantage Bancorp | Restricted Stock and Restricted Stock Units | ||||
Calculation of Purchase Price | ||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 3 |
Business Combinations - Pro For
Business Combinations - Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Combinations [Abstract] | ||
Revenue | $ 37,363 | $ 28,109 |
Net interest income | 30,026 | 23,596 |
Net income attributable to common shareholders | $ 12,149 | $ (3,821) |
Uncategorized Items - rbnc-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |