Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001730984 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38483 | |
Entity Registrant Name | BAYCOM CORP | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 37-1849111 | |
Entity Address, Address Line One | 500 Ygnacio Valley Road | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Walnut Creek | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94596 | |
City Area Code | 925 | |
Local Phone Number | 476-1800 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | BCML | |
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 | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,693,425 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 30,144 | $ 29,683 |
Federal funds sold | 438,549 | 269,646 |
Cash and cash equivalents | 468,693 | 299,329 |
Interest bearing deposits in banks | 5,726 | 7,718 |
Investment securities available-for-sale | 137,463 | 115,590 |
Federal Home Loan Bank ("FHLB") stock, at par | 8,385 | 7,737 |
Federal Reserve Bank ("FRB") stock, at par | 7,629 | 7,605 |
Loans held for sale | 7,335 | 8,664 |
Loans, net of allowance for loan losses of $17,000 at June 30, 2021 and $17,500 December 31, 2020 | 1,575,621 | 1,625,812 |
Premises and equipment, net | 14,747 | 15,139 |
Other real estate owned ("OREO") | 186 | 429 |
Core deposit intangible | 7,395 | 8,302 |
Cash surrender value of bank owned life insurance ("BOLI") policies, net | 21,250 | 20,910 |
Right-of-use assets ("ROU") | 11,902 | 12,049 |
Goodwill | 38,838 | 38,838 |
Interest receivable and other assets | 29,302 | 27,544 |
Total assets | 2,334,472 | 2,195,666 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest and interest bearing deposits | 1,978,238 | 1,838,397 |
Other borrowings | 5,000 | |
Junior subordinated deferrable interest debentures, net | 8,363 | 8,322 |
Subordinated debt, net | 63,457 | 63,372 |
Salary continuation plan | 4,184 | 4,009 |
Lease liabilities | 12,448 | 12,328 |
Interest payable and other liabilities | 15,233 | 11,647 |
Total liabilities | 2,081,923 | 1,943,075 |
Commitments and contingencies (Note 18) | ||
Shareholders' equity | ||
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both June 30, 2021 and December 31, 2020 | ||
Common stock, no par value; 100,000,000 shares authorized; 10,699,441 and 11,295,397 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 156,974 | 167,242 |
Additional paid in capital | 287 | 287 |
Accumulated other comprehensive income, net of tax | 3,083 | 2,697 |
Retained earnings | 92,205 | 82,365 |
Total shareholders' equity | 252,549 | 252,591 |
Total liabilities and shareholders' equity | $ 2,334,472 | $ 2,195,666 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Allowance for loan losses | ||
Allowance for loan losses | $ 17,000 | $ 17,500 |
Preferred Stock | ||
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 10,699,441 | 11,295,397 |
Common Stock, Shares, Outstanding | 10,699,441 | 11,295,397 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Loans, including fees | $ 18,703 | $ 21,756 | $ 37,896 | $ 42,375 |
Investment securities and interest bearing deposits in banks | 1,051 | 888 | 1,919 | 2,526 |
FHLB dividends | 122 | 54 | 221 | 179 |
FRB dividends | 117 | 114 | 229 | 222 |
Total interest and dividend income | 19,993 | 22,812 | 40,265 | 45,302 |
Interest expense: | ||||
Deposits | 1,228 | 1,675 | 2,434 | 4,002 |
Subordinated debt | 896 | 100 | 1,791 | 219 |
Other borrowings | 87 | 87 | 174 | 94 |
Total interest expense | 2,211 | 1,862 | 4,399 | 4,315 |
Net interest income | 17,782 | 20,950 | 35,866 | 40,987 |
(Reversal of) provision for loan losses | (507) | 4,398 | (507) | 6,111 |
Net interest income after provision for loan losses | 18,289 | 16,552 | 36,373 | 34,876 |
Noninterest income: | ||||
Gain on sale of loans | 953 | 212 | 1,529 | 854 |
Loan servicing and other loan fees | 436 | 595 | 965 | 1,241 |
Gain on sale of premises | 12 | |||
Income on investment in Small Business Investment Company ("SBIC") fund | 232 | (309) | 495 | 35 |
Gain on sale of OREO | 28 | 36 | 28 | |
Other income and fees | 228 | 166 | 445 | 407 |
Total noninterest income | 2,453 | 1,302 | 4,690 | 3,880 |
Noninterest expense: | ||||
Salaries and employee benefits | 8,109 | 8,252 | 16,994 | 16,960 |
Occupancy and equipment | 1,850 | 1,774 | 3,665 | 3,585 |
Data processing | 1,269 | 1,450 | 2,753 | 5,074 |
Other expense | 2,181 | 2,060 | 4,082 | 4,835 |
Total noninterest expense | 13,409 | 13,536 | 27,494 | 30,454 |
Income before provision for income taxes | 7,333 | 4,318 | 13,569 | 8,302 |
Provision for income taxes | 2,025 | 1,199 | 3,729 | 2,365 |
Net income | $ 5,308 | $ 3,119 | $ 9,840 | $ 5,937 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.49 | $ 0.26 | $ 0.89 | $ 0.49 |
Weighted average shares outstanding (in shares) | 10,893,371 | 12,025,098 | 11,079,741 | 12,186,254 |
Diluted earnings per common share (in dollars per share) | $ 0.49 | $ 0.26 | $ 0.89 | $ 0.49 |
Weighted average shares outstanding (in shares) | 10,893,371 | 12,025,098 | 11,079,741 | 12,186,254 |
Bank Servicing and Other | ||||
Noninterest income: | ||||
Revenue from contract with customer, excluding assessed tax | $ 604 | $ 610 | $ 1,208 | $ 1,315 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | ||||
Net income | $ 5,308 | $ 3,119 | $ 9,840 | $ 5,937 |
Other comprehensive income: | ||||
Change in unrealized gain on available-for-sale securities | 1,649 | 1,164 | 548 | 2,291 |
Deferred tax expense | (478) | (336) | (162) | (653) |
Other comprehensive income, net of tax | 1,171 | 828 | 386 | 1,638 |
Total comprehensive income | $ 6,479 | $ 3,947 | $ 10,226 | $ 7,575 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income/(Loss) | Retained Earnings | Total |
Balance at Dec. 31, 2019 | $ 184,043 | $ 287 | $ 1,251 | $ 68,639 | $ 254,220 |
Balance (in shares) at Dec. 31, 2019 | 12,444,632 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 2,818 | 2,818 | |||
Other comprehensive income (loss), net | 810 | 810 | |||
Restricted stock granted (in shares) | 15,173 | ||||
Restricted stock forfeited (in shares) | (1,432) | ||||
Stock based compensation | $ 309 | 309 | |||
Repurchase of shares | $ (4,596) | (4,596) | |||
Repurchase of shares (in shares) | (228,525) | ||||
Balance at Mar. 31, 2020 | $ 179,756 | 287 | 2,061 | 71,457 | 253,561 |
Balance (in shares) at Mar. 31, 2020 | 12,229,848 | ||||
Balance at Dec. 31, 2019 | $ 184,043 | 287 | 1,251 | 68,639 | 254,220 |
Balance (in shares) at Dec. 31, 2019 | 12,444,632 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 5,937 | ||||
Other comprehensive income (loss), net | 1,638 | ||||
Stock based compensation | 672 | ||||
Balance at Jun. 30, 2020 | $ 174,656 | 287 | 2,889 | 74,576 | 252,408 |
Balance (in shares) at Jun. 30, 2020 | 11,870,164 | ||||
Balance at Mar. 31, 2020 | $ 179,756 | 287 | 2,061 | 71,457 | 253,561 |
Balance (in shares) at Mar. 31, 2020 | 12,229,848 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,119 | 3,119 | |||
Other comprehensive income (loss), net | 828 | 828 | |||
Restricted stock granted (in shares) | 92,294 | ||||
Stock based compensation | $ 363 | 363 | |||
Repurchase of shares | $ (5,463) | (5,463) | |||
Repurchase of shares (in shares) | (451,978) | ||||
Balance at Jun. 30, 2020 | $ 174,656 | 287 | 2,889 | 74,576 | 252,408 |
Balance (in shares) at Jun. 30, 2020 | 11,870,164 | ||||
Balance at Dec. 31, 2020 | $ 167,242 | 287 | 2,697 | 82,365 | $ 252,591 |
Balance (in shares) at Dec. 31, 2020 | 11,295,397 | 11,295,397 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,532 | $ 4,532 | |||
Other comprehensive income (loss), net | (785) | (785) | |||
Restricted stock granted (in shares) | 24,187 | ||||
Stock based compensation | $ 413 | 413 | |||
Repurchase of shares | $ (2,201) | (2,201) | |||
Repurchase of shares (in shares) | (132,123) | ||||
Balance at Mar. 31, 2021 | $ 165,454 | 287 | 1,912 | 86,897 | 254,550 |
Balance (in shares) at Mar. 31, 2021 | 11,187,461 | ||||
Balance at Dec. 31, 2020 | $ 167,242 | 287 | 2,697 | 82,365 | $ 252,591 |
Balance (in shares) at Dec. 31, 2020 | 11,295,397 | 11,295,397 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 9,840 | ||||
Other comprehensive income (loss), net | 386 | ||||
Stock based compensation | 764 | ||||
Balance at Jun. 30, 2021 | $ 156,974 | 287 | 3,083 | 92,205 | $ 252,549 |
Balance (in shares) at Jun. 30, 2021 | 10,699,441 | 10,699,441 | |||
Balance at Mar. 31, 2021 | $ 165,454 | 287 | 1,912 | 86,897 | $ 254,550 |
Balance (in shares) at Mar. 31, 2021 | 11,187,461 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 5,308 | 5,308 | |||
Other comprehensive income (loss), net | 1,171 | 1,171 | |||
Stock based compensation | $ 351 | 351 | |||
Repurchase of shares | $ (8,831) | (8,831) | |||
Repurchase of shares (in shares) | (488,020) | ||||
Balance at Jun. 30, 2021 | $ 156,974 | $ 287 | $ 3,083 | $ 92,205 | $ 252,549 |
Balance (in shares) at Jun. 30, 2021 | 10,699,441 | 10,699,441 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||||
Net income | $ 9,840 | $ 5,937 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
(Reversal of) provision for loan losses | $ (507) | $ 4,398 | (507) | 6,111 | |||
Increase in deferred tax assets | (658) | (1,486) | |||||
Accretion on acquired loans | (1,005) | (3,534) | |||||
Gain on sale of loans | (953) | (212) | (1,529) | (854) | |||
Proceeds from sale of loans | 15,774 | 11,707 | |||||
Loans originated for sale | (19,692) | (15,651) | |||||
Gain on sale of premises, net | (12) | ||||||
Gain on sale of OREO | (28) | (36) | (28) | ||||
Accretion on junior subordinated debentures | 41 | 40 | |||||
Increase in cash surrender value of life insurance policies | (340) | (332) | |||||
Amortization/accretion of premiums/discounts on investment securities, net | 238 | 376 | |||||
Depreciation and amortization | 1,025 | 897 | |||||
Core deposit intangible amortization | 453 | 453 | 906 | 926 | |||
Stock based compensation expense | 351 | $ 413 | 363 | $ 309 | 764 | 672 | |
Increase in deferred loan origination fees, net | 774 | 4,121 | |||||
Increase in interest receivable and other assets | (1,341) | (3,080) | |||||
Increase in salary continuation plan, net | 175 | 170 | |||||
Increase (decrease) in interest payable and other liabilities | 4,057 | (5,099) | |||||
Net cash provided by operating activities | 8,474 | 893 | |||||
Cash flows from investing activities: | |||||||
Proceeds from maturities of interest bearing deposits in banks | 1,992 | 3,229 | |||||
Purchase of investment securities | (39,923) | (9,920) | |||||
Proceeds from the maturities, repayments and calls of investment securities | 18,357 | 14,676 | |||||
Purchase of Federal Home Loan Bank stock | (648) | (398) | |||||
Purchase of Federal Reserve Bank stock | (24) | (760) | |||||
Decrease (increase) in loans, net | 57,705 | (162,421) | |||||
Proceeds from sale of premises | 46 | ||||||
Proceeds from sale of OREO | 279 | 518 | |||||
Purchase of equipment and leasehold improvements, net | (703) | (1,001) | |||||
Net cash paid out for acquisitions | (8,432) | ||||||
Net cash provided by (used in) investing activities | 37,081 | (164,509) | |||||
Cash flows from financing activities: | |||||||
Increase in noninterest and interest bearing deposits, net | 157,561 | 133,481 | |||||
Decrease in time deposits, net | (17,720) | (65,892) | |||||
Repayment of junior subordinated debentures | (1,575) | ||||||
Repayment of Federal Home Loan Bank borrowings | (5,000) | (100,000) | |||||
Increase in other borrowings | 116,000 | ||||||
Repurchase of common stock | (11,032) | (10,059) | |||||
Net cash provided by financing activities | 123,809 | 71,955 | |||||
Increase (decrease) in cash and cash equivalents | 169,364 | (91,661) | |||||
Cash and cash equivalents at beginning of period | $ 299,329 | $ 295,382 | 299,329 | 295,382 | $ 295,382 | ||
Cash and cash equivalents at end of period | $ 468,693 | $ 203,721 | 468,693 | 203,721 | $ 299,329 | ||
Cash paid during the year for: | |||||||
Interest expense | 4,588 | 5,188 | |||||
Cash paid during the year for: | |||||||
Income taxes paid, net | 3,668 | 4,305 | |||||
Non-cash investing and financing activities: | |||||||
Change in unrealized (loss) gain on available-for-sale securities, net of tax | 386 | 1,638 | |||||
Transfer of loans to other real estate owned | 212 | ||||||
Recognition of ROU assets | 832 | 760 | |||||
Recognition of lease liability | $ 833 | 707 | |||||
Acquisition: | |||||||
Assets acquired, net of cash received | 109,429 | ||||||
Liabilities assumed | 120,409 | ||||||
Cash consideration | 13,886 | ||||||
Goodwill | $ 3,372 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION BayCom Corp (the “Company”) is a bank holding company headquartered in Walnut Creek, California. United Business Bank (the “Bank”), the Company’s wholly owned banking subsidiary, is a California state-chartered bank which provides a broad range of financial services primarily to local small and mid-sized businesses, service professionals and individuals. In the 17 years of operation, the Bank has grown to 34 full-service banking branches. The main headquarters and a branch office are located in Walnut Creek, California and additional branch offices are located in Oakland, Castro Valley, Mountain View, Napa, Stockton ( 2 All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements include all adjustments of a normal and recurring nature, which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in annual financial statements prepared in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year information has been reclassified to conform to the current year presentation. None of the reclassifications impacted consolidated net income, earnings per share or shareholders’ equity. On April 5, 2012, the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our condensed consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards. On February 4, 2020, the Company completed its acquisition of Grand Mountain Bancshares, Inc. (“GMB”) and its wholly owned subsidiary Grand Mountain Bank, headquartered in Granby, Colorado (“GMB Merger”). See “Note 3 – Acquisitions” for additional information on the GMB Merger. |
ACCOUNTING GUIDANCE NOT YET EFF
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE | 6 Months Ended |
Jun. 30, 2021 | |
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE | |
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE | NOTE 2 - ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE Recent Accounting Pronouncements Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In October 2020, the FASB issued ASU 2020-08, “Receivables – Nonrefundable Fees and Other Costs” (“ASU 2020-08”). ASU 2020-08 clarifies that the Company should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The Company adopted ASU 2020-08 on December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Guidance Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) and subsequent amendment to the initial guidance in November 2018, ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of reference Rate Reform on Financial Reporting |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2021 | |
ACQUISITIONS | |
ACQUISITIONS | NOTE 3 – ACQUISITIONS On February 4, 2020, the Company completed the GMB Merger. As of the acquisition date, GMB merged into the Company and Grand Mountain Bank, GMB’s wholly owned bank subsidiary, merged into United Business Bank. The acquisition expanded the Company’s market share in Colorado with the addition of four branches located in Grand County, Colorado. Under the terms of the merger agreement, the Company paid GMB shareholders $3.40 in cash for each share or approximately $13.9 million. The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date: GMB Acquisition Date February 4, 2020 Fair value of assets: Cash and due from banks $ 5,454 Federal funds sold — Total cash and cash equivalents 5,454 Interest bearing deposits in banks 16,040 Investment securities available-for-sale 4,369 FHLB stock, at par 165 FRB stock, at par — Loans, net 98,410 Premises and equipment, net 3,879 OREO — Core deposit intangible 949 Deferred tax assets, net 728 Servicing asset — Interest receivable and other assets 929 Total assets acquired 130,923 Liabilities: Deposits Noninterest bearing 30,937 Interest bearing 87,210 Total Deposits 118,147 Junior subordinated debentures, net 1,575 Interest payable and other liabilities 687 Total liabilities assumed 120,409 Stock issued — Cash consideration 13,886 Goodwill $ 3,372 The following table presents the net assets acquired and the estimated fair value adjustments, which resulted in goodwill at the acquisition date: GMB Acquisition Date February 4, 2020 Book value of net assets acquired $ 10,348 Fair value adjustments: Investments available-for-sale (10) Loans, net 484 Premises and equipment, net (1,000) Write-down on OREO — Core deposit intangible 949 Tax assets (139) Time deposits (25) Write-down on servicing assets — Junior subordinated debentures, net (98) Write-down other (assets) liabilities 5 Total purchase accounting adjustments 166 Fair value of net assets acquired 10,514 Price paid: Common stock issued — Cash paid 13,886 Total price paid 13,886 Goodwill $ 3,372 Pro Forma Results of Operations The operating results of the Company for the three and six months ended June 30, 2021 in the condensed consolidated statements of income include the operating results of GMB, since its acquisition date. The following table represents the net interest income, net income, basic and diluted earnings per share, as if the GMB Merger was effective January 1, 2020. The unaudited pro forma information in the following table is intended for informational purposes only and is not necessarily indicative of future operating results or operating results that would have occurred had the mergers been completed at the beginning of the respective years. No assumptions have been applied to the pro forma results of operation regarding possible revenue enhancements, expense efficiencies or asset dispositions. Unaudited pro forma net interest income, net income and earnings per share are presented below: 2020 Three months ended Six months ended June 30 June 30 Net interest income $ 20,950 $ 41,389 Net income 3,119 5,140 Basic earnings per share $ 0.26 $ 0.42 Diluted earnings per share 0.26 0.42 These amounts include the third-party acquisition related-expenses, accretion of the discounts on acquired loans and amortization of the fair value mark adjustments on core deposit intangible. Acquisition expenses Acquisition expenses are recognized as incurred and continue until all systems are converted and operational functions become fully integrated. No third-party acquisition expenses were recognized in the consolidated statements of income for the three months ended June 30, 2021 and 2020 and for the six months ended June 30, 2021. The Company recognized third-party acquisition expenses for the six months ended June 30, 2020 as follows: Professional fees $ 369 Data processing 2,000 Severance expense 266 Other expenses 383 Total $ 3,018 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 4 – INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, and estimated fair values of securities available-for-sale at the dates indicated are summarized as follows: Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value June 30, 2021 U.S. Government Agencies $ 1,980 $ 5 $ — $ 1,985 Preferred equity securities 14,478 506 — 14,984 Municipal securities 13,533 563 — 14,096 Mortgage-backed securities 32,508 1,826 (82) 34,252 Collateralized mortgage obligations 23,984 769 (43) 24,710 SBA securities 6,992 92 (24) 7,060 Corporate bonds 39,659 770 (53) 40,376 Total $ 133,134 $ 4,531 $ (202) $ 137,463 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value December 31, 2020 U.S. Government Agencies $ 5,523 $ 25 $ (4) $ 5,544 Municipal securities 15,992 695 — 16,687 Mortgage-backed securities 34,567 2,033 (22) 36,578 Collateralized mortgage obligations 26,649 1,054 (8) 27,695 SBA securities 7,661 52 (46) 7,667 Corporate bonds 21,417 85 (83) 21,419 Total $ 111,809 $ 3,944 $ (163) $ 115,590 During the three and six months ended June 30, 2021 and 2020, the Company did not sell any securities available-for-sale. The estimated fair value and gross unrealized losses for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position at the dates indicated are as follows: Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss June 30, 2021 Mortgage-backed securities $ 2,920 $ (74) $ 249 $ (8) $ 3,169 $ (82) Collateralized mortgage obligations 3,332 (37) 741 (6) 4,073 (43) SBA securities 137 (1) 1,137 (23) 1,274 (24) Corporate bonds 4,457 (53) — — 4,457 (53) Total $ 10,846 $ (165) $ 2,127 $ (37) $ 12,973 $ (202) Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss December 31, 2020 U.S. Government Agencies $ 1,511 $ (4) $ — $ — $ 1,511 $ (4) Municipal securities 502 — — — 502 — Mortgage-backed securities 2,164 (10) 478 (12) 2,642 (22) Collateralized mortgage obligations 1,742 (3) 797 (5) 2,539 (8) SBA securities 562 (1) 3,705 (45) 4,267 (46) Corporate bonds 10,432 (81) 1,001 (2) 11,433 (83) Total $ 16,913 $ (99) $ 5,981 $ (64) $ 22,894 $ (163) At June 30, 2021, the Company held 314 investment securities, of which 18 were in an unrealized loss position for more than twelve months and 13 were in an unrealized loss position for less than twelve months. These temporary unrealized losses relate principally to current interest rates for similar types of securities. The Company anticipates full recovery of amortized cost with respect to these securities at maturity or sooner in the event of a more favorable market interest rate environment. Deterioration in market and economic conditions related to the COVID-19 pandemic may, however, have an adverse impact on credit quality in the future and result in other-than-temporary impairment charges. The amortized cost and estimated fair value of securities available-for-sale at the dates indicated by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated cost fair value cost fair value Available-for-sale Due in one year or less $ 1,270 $ 1,281 $ 7,273 $ 7,342 Due after one through five years 32,949 34,249 19,424 20,322 Due after five years through ten years 54,050 55,351 34,165 34,898 Due after ten years 44,865 46,582 50,947 53,028 Total $ 133,134 $ 137,463 $ 111,809 $ 115,590 |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2021 | |
LOANS | |
LOANS | NOTE 5 – LOANS The Company’s loan portfolio at the dates indicated is summarized below: June 30, December 31, 2021 2020 Commercial and industrial $ 327,656 $ 309,961 Construction and land 13,672 22,696 Commercial real estate 1,119,724 1,144,560 Residential 132,026 164,724 Consumer 4,164 5,218 Total loans 1,597,242 1,647,159 Net deferred loan fees (4,621) (3,847) Allowance for loan losses (17,000) (17,500) Net loans $ 1,575,621 $ 1,625,812 The Company’s total impaired loans, including nonaccrual loans, loans modified as troubled debt restructurings (“TDR loans”), and accreting purchase credit impaired (“PCI”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total June 30, 2021 Recorded investment in impaired loans: With no specific allowance recorded $ 116 $ 36 $ 5,509 $ 3,016 $ — $ 8,677 With a specific allowance recorded 739 — 300 26 — 1,065 Total recorded investment in impaired loans $ 855 $ 36 $ 5,809 $ 3,042 $ — $ 9,742 Specific allowance on impaired loans 481 — 98 21 — 600 December 31, 2020 Recorded investment in impaired loans: With no specific allowance recorded $ 120 $ 36 $ 5,689 $ 2,040 $ — $ 7,885 With a specific allowance recorded 728 — 451 155 — 1,334 Total recorded investment in impaired loans $ 848 $ 36 $ 6,140 $ 2,195 $ — $ 9,219 Specific allowance on impaired loans 420 — 77 24 — 521 Three months ended June 30, 2021 Average recorded investment in impaired loans $ 909 $ 36 $ 6,084 $ 2,854 $ — $ 9,883 Interest recognized 36 — 18 12 — 66 Six months ended June 30, 2021 Average recorded investment in impaired loans $ 830 $ 36 $ 5,721 $ 2,915 $ — $ 9,502 Interest recognized 37 — 67 25 — 129 Three months ended June 30, 2020 Average recorded investment in impaired loans 546 2,838 3,150 1,741 — 8,275 Interest recognized 4 9 — — — 13 Six months ended June 30, 2020 Average recorded investment in impaired loans 585 2,800 2,763 1,679 4 7,831 Interest recognized 4 151 30 — — 185 Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Impaired loans on accrual are comprised solely of TDR loans performing under modified loan agreements, whose principal and interest is determined to be collectible. Nonaccrual loans are loans where principal and interest have been determined to not be fully collectible. In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider, the related loan is classified as a TDR loan. TDR loans are generally placed on nonaccrual status at the time of restructuring and included in impaired loans. These loans are returned to accrual status after the borrower demonstrates performance with the modified terms for a sustained period of time (generally six months) and has the capacity to continue to perform in accordance with the modified terms of the restructured debt. For the three and six months ended June 30, 2021 and 2020, the Company recorded no charge-offs related to TDR loans. During the three and six months ended June 30, 2021 and 2020, there were no TDR loans for which there was a payment default within the first 12 months of the modification. As of June 30, 2021 and December 31, 2020, TDR loans had a related allowance of $31,000 and $35,000, respectively. As of June 30, 2021 and December 31, 2020, $776,000 and $798,000, respectively, of TDR loans were performing in accordance with their modified terms. All TDR loans are also included in the loans individually evaluated for impairment as part of the calculation of the allowance for loan losses. There were no commitments to lend additional amounts to borrowers with outstanding loans that are classified as TDR loans at June 30, 2021. A summary of TDR loans by type of concession and type of loan, as of the periods indicated: Number of Rate Term Rate & term loans modification modification modification Total June 30, 2021 Commercial and industrial 2 $ — $ 28 $ — $ 28 Construction and land — — — — — Commercial real estate 4 — 2,277 — 2,277 Residential 1 — 147 — 147 Consumer — — — — — Total 7 $ — $ 2,452 $ — $ 2,452 Number of Rate Term Rate & term loans modification modification modification Total June 30, 2020 Commercial and industrial 1 $ — $ 24 $ — $ 24 Construction and land — — — — — Commercial real estate — — — — — Residential — — — — — Consumer — — — — — Total 1 $ — $ 24 $ — $ 24 There were no loans and one loan modified as a TDR during the three and six months ended June 30, 2021, respectively. There was one loan modified as a TDR during the three and six months ended June 30, 2020, respectively. The Bank continues to offer payment and financial relief programs for borrowers impacted by COVID-19 under the Coronavirus Aid, Relief and Economic Security Act of 2020, or CARES Act, and related regulatory guidance. The primary relief for these borrowers is to allow interest only payments for up to 450 days. In accordance with regulatory guidelines related to COVID-19, these modifications are not considered troubled debt restructurings through the earlier of January 1, 2022, or 60 days after the national emergency terminates. Modified loans are re-evaluated at the end of the initial deferral period and will either return to the original loan terms or be reassessed at that time to determine if a further modification should be granted and if a downgrade in risk rating is appropriate. During the second quarter of 2021, the Bank continued its participation in the initial U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”), which ended in August 2020, by processing applications for PPP loan forgiveness. During the second quarter of 2021, the Bank continued to accept and process loan applications under the second PPP program enacted in December 2020, which ended on May 31, 2021. Risk Rating System The Company evaluates and assigns a risk grade to each loan based on certain criteria to assess the credit quality of each loan. The assignment of a risk rating is done for each individual loan. Loans are graded from inception and on a continuing basis until the debt is repaid. Any adverse or beneficial trends will trigger a review of the loan risk rating. Each loan is assigned a risk grade based on its characteristics. Loans with low to average credit risk are assigned a lower risk grade than those with higher credit risk as determined by the individual loan characteristics. All loans modified due to COVID-19 are separately monitored and any request for continuation of relief beyond the initial modification is reassessed at that time to determine if a further modification should be granted and if a downgrade in risk rating is appropriate. The Company’s Pass loans includes loans with acceptable business or individual credit risk where the borrower’s operations, cash flow or financial condition provides evidence of low to average levels of risk. Loans that are assigned higher risk grades are loans that exhibit the following characteristics: Special Mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in a deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. A Special Mention rating is a temporary rating, pending the occurrence of an event that would cause the risk rating either to improve or to be downgraded. Loans in this category would be characterized by any of the following situations: ● Credit that is currently protected but is potentially a weak asset; ● Credit that is difficult to manage because of an inadequate loan agreement, the condition of and/or control over collateral, failure to obtain proper documentation, or any other deviation from product lending practices; and ● Adverse financial trends. Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans classified substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. The potential loss does not have to be recognizable in an individual credit for that credit to be risk rated Substandard. A loan can be fully and adequately secured and still be considered Substandard. Some characteristics of Substandard loans are: ● Inability to service debt from ordinary and recurring cash flow; ● Chronic delinquency; ● Reliance upon alternative sources of repayment; ● Term loans that are granted on liberal terms because the borrower cannot service normal payments for that type of debt; ● Repayment dependent upon the liquidation of collateral; ● Inability to perform as agreed, but adequately protected by collateral; ● Necessity to renegotiate payments to a non-standard level to ensure performance; and ● The borrower is bankrupt, or for any other reason, future repayment is dependent on court action. Doubtful loans have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and value, highly questionable and improbable. Doubtful loans have a high probability of loss, yet certain important and reasonably specific pending factors may work toward the strengthening of the credit. Losses are recognized as charges to the allowance when the loan or portion of the loan is considered uncollectible or at the time of foreclosure. Recoveries on loans previously charged off are credited to the allowance for loan losses. The following tables present the internally assigned risk grade by class of loans at the dates indicated: Special Pass Mention Substandard Doubtful Total June 30, 2021 Commercial and industrial $ 312,802 $ 10,347 $ 4,507 $ — $ 327,656 Construction and land 13,495 141 36 — 13,672 Commercial real estate 1,086,439 24,938 8,347 — 1,119,724 Residential 128,354 597 3,075 — 132,026 Consumer 4,141 — 23 — 4,164 Total $ 1,545,231 $ 36,023 $ 15,988 $ — $ 1,597,242 Special Pass Mention Substandard Doubtful Total December 31, 2020 Commercial and industrial $ 295,245 $ 10,466 $ 4,250 $ — $ 309,961 Construction and land 22,346 313 37 — 22,696 Commercial real estate 1,112,085 26,329 6,146 — 1,144,560 Residential 161,161 1,333 2,230 — 164,724 Consumer 5,216 — 2 — 5,218 Total $ 1,596,053 $ 38,441 $ 12,665 $ — $ 1,647,159 The following tables provide an aging of the Company’s loans receivable as of the dates indicated: Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCI loans receivable accruing June 30, 2021 Commercial and industrial $ — $ — $ 653 $ 653 $ 326,425 $ 578 $ 327,656 $ — Construction and land — 64 36 100 13,529 43 13,672 — Commercial real estate 467 — 752 1,219 1,107,909 10,596 1,119,724 — Residential 1 170 1,398 1,569 128,432 2,025 132,026 — Consumer 1 — — 1 4,163 — 4,164 — Total $ 469 $ 234 $ 2,839 $ 3,542 $ 1,580,458 $ 13,242 $ 1,597,242 $ — Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCI loans receivable accruing December 31, 2020 Commercial and industrial $ 265 $ 128 $ 707 $ 1,100 $ 308,239 $ 622 $ 309,961 $ — Construction and land 65 — 269 334 22,311 51 22,696 233 Commercial real estate 254 406 1,518 2,178 1,129,966 12,416 1,144,560 — Residential 80 155 1,412 1,647 160,556 2,521 164,724 — Consumer 1 — — 1 5,217 — 5,218 — Total $ 665 $ 689 $ 3,906 $ 5,260 $ 1,626,289 $ 15,610 $ 1,647,159 $ 233 The balance of nonaccrual loans guaranteed by a government agency, which reduces the Company’s credit exposure, was $920,000 at June 30, 2021 compared to $850,000 at December 31, 2020. At June 30, 2021 and December 31, 2020, nonaccrual loans included $637,000 and $620,000 of loans 30-89 days past due and $5.3 million and $4.1 million of loans less than 30 days past due, respectively. Interest foregone on nonaccrual loans was approximately $69,000 and $157,300 for the three and six months ended June 30, 2021 compared to $119,500 and $221,000 for the three and six months ended June 30, 2020, respectively. Purchased Credit Impaired Loans In connection with the Company's acquisitions, the contractual amount and timing of undiscounted principal and interest payments and the estimated amount and timing of undiscounted expected principal and interest payments were used to estimate the fair value of PCI loans at the acquisition date. The difference between these two amounts represented the nonaccretable difference. On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the acquired loans is the “accretable yield”. The accretable yield is then measured at each financial reporting date and represented the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. For PCI loans the accretable yield is accreted into interest income over the life of the estimated remaining cash flows. At each financial reporting date, the carrying value of each PCI loan is compared to an updated estimate of expected principal payment or recovery on each loan. To the extent that the loan carrying amount exceeds the updated expected principal payment or recovery, a provision of loan loss would be recorded as a charge to income and an allowance for loan loss established. The unpaid principal balance and carrying value of the Company’s PCI loans at the dates indicated are as follows: June 30, 2021 December 31, 2020 Unpaid Unpaid principal Carrying principal Carrying balance value balance value Commercial and industrial $ 915 $ 578 $ 1,000 $ 622 Construction and land 89 43 100 51 Commercial real estate 11,983 10,596 14,096 12,416 Residential 2,513 2,025 3,127 2,521 Consumer — — — — Total $ 15,500 $ 13,242 $ 18,323 $ 15,610 The following table reflects the changes in the accretable yield of PCI loans Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Balance at beginning of period $ 88 $ 594 $ 383 $ 554 Additions — 223 — 531 Removals (84) (229) (149) (356) Accretion 312 (17) 82 (158) Balance at end of period $ 316 $ 571 $ 316 $ 571 |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
ALLOWANCE FOR LOAN LOSSES | |
ALLOWANCE FOR LOAN LOSSES | NOTE 6 – ALLOWANCE FOR LOAN LOSSES The following tables summarize the Company’s allowance for loan losses and loan balances individually and collectively evaluated for impairment by type of loan as of or for the three and six months ended June 30, 2021 and 2020: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total Three months ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,819 $ 265 $ 11,247 $ 2,147 $ 22 $ 17,500 Charge-offs — — — — — — Recoveries 4 — 3 — — 7 Provision for loan losses (178) (41) 78 (365) (1) (507) Ending balance $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 Six months ended June 30, 2021 Allowance for loan losses Beginning balance $ 4,042 $ 378 $ 11,211 $ 1,856 $ 13 $ 17,500 Charge-offs (2) — — — — (2) Recoveries 6 — 3 — — 9 Provision (reclassification) for loan losses (401) (154) 114 (74) 8 (507) Ending balance $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 June 30, 2021 Allowance for loan losses by methodology: Loans individually evaluated for impairment $ 481 $ — $ 98 $ 21 $ — $ 600 Loans collectively evaluated for impairment 3,018 224 11,212 1,758 21 16,233 PCI loans 146 — 18 3 — 167 Total loans $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 Loans receivable by methodology: Individually evaluated for impairment $ 672 $ 36 $ 4,995 $ 3,040 $ — $ 8,743 Collectively evaluated for impairment 326,406 13,593 1,104,133 126,961 4,164 1,575,257 PCI loans 578 43 10,596 2,025 — 13,242 Total loans $ 327,656 $ 13,672 $ 1,119,724 $ 132,026 $ 4,164 $ 1,597,242 Commercial Construction Commercial and industrial and land real estate Residential Consumer Total Three months ended June 30, 2020 Allowance for loan losses Beginning balance $ 2,422 $ 111 $ 6,018 $ 546 $ 3 $ 9,100 Charge-offs — — — — (1) (1) Recoveries 3 — — — — 3 Provision for loan losses 1,049 240 2,227 882 — 4,398 Ending balance $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 Six months ended June 30, 2020 Allowance for loan losses Beginning balance $ 1,788 $ 167 $ 5,004 $ 427 $ 14 $ 7,400 Charge-offs — — — (1) (17) (18) Recoveries 7 — — — — 7 Provision (reclassification) for loan losses 1,679 184 3,241 1,002 5 6,111 Ending balance $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 June 30, 2020 Allowance for loan losses by methodology: Loans individually evaluated for impairment $ 146 $ 14 $ 84 $ 25 $ — $ 269 Loans collectively evaluated for impairment 3,328 337 8,161 1,403 2 13,231 PCI loans — — — — — — Total loans $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 Loans receivable by methodology: Individually evaluated for impairment $ 560 $ 2,806 $ 3,904 $ 1,733 $ — $ 9,003 Collectively evaluated for impairment 311,601 42,835 1,150,196 192,397 5,561 1,702,590 PCI loans 709 192 13,612 3,140 — 17,653 Total loans $ 312,870 $ 45,833 $ 1,167,712 $ 197,270 $ 5,561 $ 1,729,246 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
PREMISES AND EQUIPMENT | |
PREMISES AND EQUIPMENT | NOTE 7 – PREMISES AND EQUIPMENT Premises and equipment consisted of the following at the dates indicated: June 30, December 31, 2021 2020 Premises owned $ 10,913 $ 10,891 Leasehold improvements 3,086 3,274 Furniture, fixtures and equipment 6,082 6,940 Less accumulated depreciation and amortization (5,334) (5,966) Total premises and equipment, net $ 14,747 $ 15,139 Depreciation and amortization included in occupancy and equipment expense totaled $502,000 and $1.0 million for the three and six months ended June 30, 2021 and $425,000 and $897,000 for the three and six months ended June 30, 2020, respectively. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
LEASES | |
LEASES | NOTE 8 – LEASES The Company leases 19 branches under noncancelable operating leases. These leases expire on various dates through 2030. The Company’s leases often have an option to renew one or more times, at the Company’s discretion, following the expiration of the initial term. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. The Company uses the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. The below maturity schedule represents the undiscounted lease payments for the five-year period and thereafter as of June 30, 2021: For the remainder of 2021 $ 1,722 2022 2,905 2023 2,431 2024 1,840 2025 1,183 Thereafter 3,390 Total undiscounted cash flows 13,471 Less: interest (1,023) Present value of lease payments $ 12,448 The following table presents the weighted average lease term and discount rate at the date indicated: June 30, 2021 Weighted-average remaining lease term 5.7 years Weighted-average discount rate 2.73 % |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
GOODWILL AND INTANGIBLE ASSETS | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 9 – GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and the liabilities assumed as of the acquisition date. Goodwill and other intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible represents the estimated future benefit of deposits related to an acquisition and is booked separately from the related deposits and amortized over an estimated useful live of seven Impairment exists when a reporting unit’s fair value is less than its carrying amount, including goodwill. Due to the adverse and unknown economic impacts resulting from the COVID-19 pandemic, the Company performed a goodwill impairment qualitative assessment during the second quarter of 2021 to determine if it is not more likely than not that the fair value of the Company’s reporting unit exceeded its carrying value, including goodwill. As of June 30, 2021, the Company’s qualitative assessment which considered the Company’s continued profitability, positive equity, average community bank merger deal values realized during the first six months of 2021, net interest margin, allowance for loan loss, and the continued growth in its core deposit portfolio, the Company concluded that the goodwill of the Company’s reporting unit, the Bank, is not more likely than not to be impaired. However, if adverse economic conditions or the recent decrease in the Company’s stock price and market capitalization as a result of the COVID-19 pandemic were to be deemed sustained rather than temporary, it may significantly affect the fair value of the Company’s goodwill and may require impairment charges. Any impairment charge could have a material adverse effect on the Company’s results of operations and financial condition. Changes in the Company's goodwill at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, 2021 2020 Balance at beginning of period $ 38,838 $ 35,466 Acquired goodwill — 3,372 Impairment — — Balance at end of period $ 38,838 $ 38,838 Core Deposit Intangible Changes in the Company’s core deposit intangible at June 30, 2021 and December 31, 2020 were as follows: June 30, December 31, 2021 2020 Balance at beginning of period $ 8,302 $ 9,185 Additions — 949 Less amortization (906) (1,832) Balance at end of period $ 7,395 $ 8,302 Estimated annual amortization expense at June 30, 2021 is as follows: For the remainder of 2021 $ 906 2022 1,813 2023 1,034 2024 970 2025 927 Thereafter 1,745 Total $ 7,395 |
INTEREST RECEIVABLE AND OTHER A
INTEREST RECEIVABLE AND OTHER ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
INTEREST RECEIVABLE AND OTHER ASSETS | |
INTEREST RECEIVABLE AND OTHER ASSETS | NOTE 10 – INTEREST RECEIVABLE AND OTHER ASSETS The Company’s interest receivable and other assets at the dates indicated consisted of the following: June 30, December 31, 2021 2020 Tax assets, net $ 10,753 $ 8,577 Accrued interest receivable 6,591 7,312 Investment in SBIC Funds 3,992 3,497 Prepaid assets 1,225 1,594 Servicing assets 1,759 1,783 Low income housing partnerships, net 3,308 3,002 Investment in statutory trusts 483 481 Other assets 1,191 1,298 Total $ 29,302 $ 27,544 |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2021 | |
DEPOSITS | |
DEPOSITS | NOTE 11 – DEPOSITS The Company’s deposits consisted of the following at the dates indicated: June 30, December 31, 2021 2020 Demand deposits $ 727,663 $ 678,365 NOW accounts and savings 445,232 399,772 Money market 579,355 516,560 Time deposits 225,988 243,700 Total $ 1,978,238 $ 1,838,397 |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
BORROWINGS | |
BORROWINGS | NOTE 12 - BORROWINGS Other borrowings two The Bank has Federal Funds lines with four corresponding banks. Cumulative available commitments totaled $75.0 million at both June 30, 2021 and December 31, 2020. There were no amounts outstanding under these facilities at June 30, 2021 and December 31, 2020. Junior subordinated deferrable interest debentures – In connection with its previous acquisitions, the Company acquired junior subordinated deferrable interest debentures, totaling $8.4 net of mark-to-market adjustments at June 30, 2021 with a weighted average interest rate of 2.41% , compared to $8.3 million with a weighted average rate of 2.80% at December 31, 2020 . The junior subordinated deferrable interest debentures have a stated maturity term of 30 years . Subordinated debt quarterly to the three-month Secured Overnight Financing rate plus a spread of 521 basis points (5.21%), payable quarterly in arrears. Interest on the Notes is payable semi-annually on March 15 and September 15 of each year through September 15, 2025 and quarterly thereafter on March 15, June 15, September 15 and December 15 of each year through the maturity date or early redemption date. The Company, at its option, may redeem the Notes, in whole or in part, on any interest payment date on or after September 15, 2025, without a premium. At June 30, 2021, the Company had outstanding Notes, net of cost to issue, totaling $63.5 million. |
INTEREST PAYABLE AND OTHER LIAB
INTEREST PAYABLE AND OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
INTEREST PAYABLE AND OTHER LIABILITIES | |
INTEREST PAYABLE AND OTHER LIABILITIES | NOTE 13 – INTEREST PAYABLE AND OTHER LIABILITIES The Company’s interest payable and other liabilities at the dates indicated consisted of the following: June 30, December 31, 2021 2020 Accrued expenses $ 5,121 $ 6,577 Accounts payable 492 384 Reserve for unfunded commitments 415 415 Accrued interest payable 1,242 1,401 All other 7,963 2,870 Total $ 15,233 $ 11,647 |
OTHER EXPENSES
OTHER EXPENSES | 6 Months Ended |
Jun. 30, 2021 | |
OTHER EXPENSES | |
OTHER EXPENSES | NOTE 14 – OTHER EXPENSES The Company’s other expenses for the periods indicated consisted of the following: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Professional fees $ 614 $ 629 $ 1,048 $ 1,524 Core deposit premium amortization 453 453 906 926 Marketing and promotions 155 109 219 439 Stationery and supplies 83 127 190 273 Insurance (including FDIC premiums) 203 110 413 165 Communication and postage 189 124 405 318 Loan default related expense 46 87 60 212 Director fees 83 80 159 158 Bank service charges 69 42 124 76 Courier expense 155 124 331 314 Other 131 175 227 430 Total $ 2,181 $ 2,060 $ 4,082 $ 4,835 |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2021 | |
EQUITY INCENTIVE PLANS | |
EQUITY INCENTIVE PLANS | NOTE 15 – EQUITY INCENTIVE PLANS 2017 Omnibus Equity Incentive Plan The shareholders approved the Omnibus Equity Incentive Plan (“2017 Plan”) in November 2017. The 2017 Plan provides for the awarding by the Company’s Board of Directors of equity incentive awards to employees and non- employee directors. An equity incentive award may be an option, stock appreciation rights, restricted stock units, stock award, other stock-based award or performance award granted under the 2017 Plan. Factors considered by the Board in awarding equity incentives to officers and employees include the performance of the Company, the employee’s or officer’s job performance, the importance of his or her position, and his or her contribution to the organization’s goals for the award period. Generally, awards are restricted and have a vesting period of no longer than ten years. Subject to adjustment as provided in the 2017 Plan, the maximum number of shares of common stock that may be delivered pursuant to awards granted under the 2017 Plan is 450,000 . The 2017 Plan provides for an annual restricted stock grant limits to officers, employees and directors. The annual stock grant limit per person for officers and employees is the lessor of 50,000 shares or a value of $2.0 million, and per person for directors, the maximum is 25,000 shares. All unvested restricted shares outstanding vest in the event of a change in control of the Company. Awarded shares of restricted stock vest over (i) a one-year period following the date of grant, in the case of the non-employee directors, and (ii) a three-year or five-year period following the date of grant, with the initial vesting occurring on the one-year anniversary of the date of grant, in the case of the executive officers. As of June 30, 2021, a total of 127,060 shares were available for future issuance under the 2017 Plan. 2014 Omnibus Equity Incentive Plan In 2014, the shareholders approved the Omnibus Equity Incentive Plan (the “2014 Plan”). A total of 148,962 equity incentive awards were granted under the 2014 Plan. The awards are shares of restricted stock and have a vesting period of one The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. Total compensation expense for these plans was $351,000 and $764,000 for the three and six months ended June 30, 2021 and $363,000 and $672,000 for the three and six months ended June 30, 2020, respectively. As of June 30, 2021, there was $1.8 million of total unrecognized compensation cost related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately three years. The following table provides the restricted stock grant activity for the periods indicated: 2021 2020 Weighted-average Weighted-average grant date grant date Shares fair value Shares fair value Non-vested at January 1, 204,515 $ 17.71 142,103 $ 20.76 Granted 24,187 15.17 15,173 22.60 Vested (14,164) 18.50 (23,435) 19.62 Forfeited — — (1,432) 18.93 Non-Vested, at March 31, 214,538 $ 16.06 132,409 $ 22.10 Granted — — 92,294 12.18 Vested (63,028) 17.84 (32,264) 23.30 Forfeited — — — — Non-Vested, at June 30, 151,510 $ 15.32 192,439 $ 17.14 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE MEASUREMENT | NOTE 16 – FAIR VALUE MEASUREMENT ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1 Level 2 Level 3 We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, core deposit intangible, and other long-lived assets. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the lowest level of inputs that is significant to the measurement is used to determine the hierarchy for the entire asset or liability. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with our quarterly valuation process. There were no transfers between levels during 2021 or 2020. The following assets are measured at fair value on a recurring basis as of the dates indicated: Total Level 1 Level 2 Level 3 June 30, 2021 U.S. Government Agencies $ 1,985 $ — $ 1,985 $ — Preferred equity securities 14,984 14,984 — — Municipal securities 14,096 — 14,096 — Mortgage-backed securities 34,252 — 34,252 — Collateralized mortgage obligations 24,710 — 24,710 — SBA securities 7,060 — 7,060 — Corporate bonds 40,376 — 40,376 — Total $ 137,463 $ 14,984 $ 122,479 $ — Total Level 1 Level 2 Level 3 December 31, 2020 U.S. Government Agencies $ 5,544 $ — $ 5,544 $ — Municipal securities 16,687 — 16,687 — Mortgage-backed securities 36,578 — 36,578 — Collateralized mortgage obligations 27,695 — 27,695 — SBA securities 7,667 — 7,667 — Corporate bonds 21,419 — 21,419 — Total $ 115,590 $ — $ 115,590 $ — The following assets are measured at fair value on a nonrecurring basis as of the dates indicated: Total Level 1 Level 2 Level 3 June 30, 2021 Performing impaired loans $ 776 $ — $ — $ 776 Nonperforming impaired loans 8,966 — — 8,966 OREO 186 — — 186 Total $ 9,928 $ — $ — $ 9,928 Total Level 1 Level 2 Level 3 December 31, 2020 Performing impaired loans $ 798 $ — $ — $ 798 Nonperforming impaired loans 8,421 — — 8,421 OREO 429 — — 429 Total $ 9,648 $ — $ — $ 9,648 The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan may be considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. The fair value of impaired loans is estimated using one of several methods, including collateral value, market value of similar debt, enterprise and liquidation value and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value or the appraised value contains a significant assumption and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. The Company records OREO at fair value on a nonrecurring basis based on the collateral value of the property. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the OREO as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value or the appraised value contains a significant assumption, and there is no observable market price, the Company records the impaired loan as nonrecurring Level 3. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also incorporates assumptions regarding market trends or other relevant factors and selling and commission costs ranging from 5% to 7%. Such adjustments and assumptions are typically significant and result in a Level 3 classification of the inputs for determining fair value. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 17 – FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value disclosure for financial instruments: Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 June 30, 2021 Financial assets: Cash and cash equivalents $ 468,693 $ 468,693 $ 468,693 $ — $ — Interest bearing deposits in banks 5,726 5,726 5,726 — — Investment securities available-for-sale 133,134 137,463 14,984 122,479 — Investment in FHLB and FRB Stock 16,014 16,014 16,014 — — Loans held for sale 7,335 7,335 — 7,335 — Loans, net 1,575,621 1,585,556 — — 1,585,556 Accrued interest receivable 6,591 6,591 — 6,591 — Financial liabilities: Deposits 1,978,238 1,980,118 — 1,980,118 — Other borrowings — — — — — Junior subordinated deferrable interest debentures, net 8,363 8,146 — — 8,146 Subordinated debt, net 63,457 63,457 — 63,457 — Accrued interest payable 1,242 1,242 — 1,242 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 105,909 105,494 — — 105,494 Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 December 31, 2020 Financial assets: Cash and cash equivalents $ 299,329 $ 299,329 $ 299,329 $ — $ — Interest bearing deposits in banks 7,718 7,718 7,718 — — Investment securities available-for-sale 111,809 115,590 — 115,590 — Investment in FHLB and FRB Stock 15,342 15,342 15,342 — — Loans held for sale 8,664 8,664 — 8,664 — Loans, net 1,625,812 1,658,605 — — 1,658,605 Accrued interest receivable 7,312 7,312 — 7,312 — Financial liabilities: Deposits 1,838,397 1,839,973 — 1,839,973 — Other borrowings 5,000 5,000 — 5,000 — Junior subordinated deferrable interest debentures, net 8,322 8,124 — — 8,124 Subordinated debt, net 63,372 63,372 — 63,372 — Accrued interest payable 1,401 1,401 — 1,401 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 110,702 110,287 — — 110,287 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 – COMMITMENTS AND CONTINGENCIES Lending and Letter of Credit Commitments We operate in a highly regulated environment. From time to time we are a party to various claims and litigation matters incidental to the conduct of our business. We are not presently party to any legal proceedings where we believe the resolution would have a material adverse effect on our business, financial condition, or results of operations. Nevertheless, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business (including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security and anti-money laundering and anti-terrorism laws), we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk. In the normal course of business, the Company enters into various commitments to extend credit, which are not reflected in the financial statements. These commitments consist of the undisbursed balance on personal, commercial lines, including commercial real estate secured lines of credit, and of undisbursed funds on construction and development loans. The Company also issues standby letter of credit commitments, primarily for the third-party performance obligations of clients. The following table presents a summary of commitments described above as of the dates indicated: June 30, December 31, 2021 2020 Commitments to extend credit $ 103,610 $ 108,376 Standby letters of credit 2,299 2,326 Total commitments $ 105,909 $ 110,702 Commitments generally have fixed expiration dates or other termination clauses. The actual liquidity needs or the credit risk that the Company will experience will be lower than the contractual amount of commitments to extend credit because a significant portion of these commitments are expected to expire without being drawn upon. The commitments are generally variable rate and include unfunded home equity lines of credit, commercial real estate construction where disbursement is made over the course of construction, commercial revolving lines of credit, and unsecured personal lines of credit. The Company’s outstanding loan commitments are made using the same underwriting standards as comparable outstanding loans. The reserve associated with these commitments included in interest payable and other liabilities on the consolidated balance sheets was Commercial Real Estate Concentrations At June 30, 2021 and December 31, 2020, in management’s judgment, a concentration of loans existed in commercial real estate related loans. The Company’s commercial real estate loans are secured by owner-occupied and non-owner occupied commercial real estate and multifamily properties. Although management believes that loans within these concentrations have no more than the normal risk of collectability, a decline in the performance of the economy in general or a decline in real estate value in the Company’s primary market areas in particular, could have an adverse impact on collectability Other Assets The Company has commitments to fund Low Income Housing Tax Credit Partnerships (“LIHTC”) and a Small Business Investment Company (“SBIC”). During the second quarter of June 30, 2021, the Company entered into a new LIHTC with a total commitment of $2.0 million. The Company’s net investment in LIHTC was $3.3 million and $1.1 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, the remaining commitments to the LIHTC and SBIC were approximately $2.4 million and $122,000, respectively. At December 31, 2020, the remaining commitments to the LIHTC and SBIC were approximately $899,000 and $122,000, respectively. Deposits At June 30, 2021, approximately $184.7 million, or 9.3%, of the Company's deposits were derived from its top ten depositors. At December 31, 2020, approximately $170.1 million, or 8.8%, of the Company's deposits were derived from its top ten depositors. Local Agency Deposits and Other Advances In the normal course of business, the Company accepts deposits from local agencies. The Company is required to provide collateral for certain local agency deposits in the states of California, Colorado, New Mexico and Washington. As of June 30, 2021 and December 31, 2020, the FHLB issued letters of credit on behalf of the Company totaling $41.5 million and $30.1 million, respectively, as collateral for local agency deposits. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
ACQUISITIONS | |
Schedule of fair value of the assets acquired and liabilities assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the acquisition date: GMB Acquisition Date February 4, 2020 Fair value of assets: Cash and due from banks $ 5,454 Federal funds sold — Total cash and cash equivalents 5,454 Interest bearing deposits in banks 16,040 Investment securities available-for-sale 4,369 FHLB stock, at par 165 FRB stock, at par — Loans, net 98,410 Premises and equipment, net 3,879 OREO — Core deposit intangible 949 Deferred tax assets, net 728 Servicing asset — Interest receivable and other assets 929 Total assets acquired 130,923 Liabilities: Deposits Noninterest bearing 30,937 Interest bearing 87,210 Total Deposits 118,147 Junior subordinated debentures, net 1,575 Interest payable and other liabilities 687 Total liabilities assumed 120,409 Stock issued — Cash consideration 13,886 Goodwill $ 3,372 The following table presents the net assets acquired and the estimated fair value adjustments, which resulted in goodwill at the acquisition date: GMB Acquisition Date February 4, 2020 Book value of net assets acquired $ 10,348 Fair value adjustments: Investments available-for-sale (10) Loans, net 484 Premises and equipment, net (1,000) Write-down on OREO — Core deposit intangible 949 Tax assets (139) Time deposits (25) Write-down on servicing assets — Junior subordinated debentures, net (98) Write-down other (assets) liabilities 5 Total purchase accounting adjustments 166 Fair value of net assets acquired 10,514 Price paid: Common stock issued — Cash paid 13,886 Total price paid 13,886 Goodwill $ 3,372 |
Schedule of unaudited pro forma net interest income, net income and earnings per share | Unaudited pro forma net interest income, net income and earnings per share are presented below: 2020 Three months ended Six months ended June 30 June 30 Net interest income $ 20,950 $ 41,389 Net income 3,119 5,140 Basic earnings per share $ 0.26 $ 0.42 Diluted earnings per share 0.26 0.42 |
Schedule of acquisition expenses | Professional fees $ 369 Data processing 2,000 Severance expense 266 Other expenses 383 Total $ 3,018 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and estimated fair values of securities available-for-sale | Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value June 30, 2021 U.S. Government Agencies $ 1,980 $ 5 $ — $ 1,985 Preferred equity securities 14,478 506 — 14,984 Municipal securities 13,533 563 — 14,096 Mortgage-backed securities 32,508 1,826 (82) 34,252 Collateralized mortgage obligations 23,984 769 (43) 24,710 SBA securities 6,992 92 (24) 7,060 Corporate bonds 39,659 770 (53) 40,376 Total $ 133,134 $ 4,531 $ (202) $ 137,463 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value December 31, 2020 U.S. Government Agencies $ 5,523 $ 25 $ (4) $ 5,544 Municipal securities 15,992 695 — 16,687 Mortgage-backed securities 34,567 2,033 (22) 36,578 Collateralized mortgage obligations 26,649 1,054 (8) 27,695 SBA securities 7,661 52 (46) 7,667 Corporate bonds 21,417 85 (83) 21,419 Total $ 111,809 $ 3,944 $ (163) $ 115,590 |
Schedule of available-for-sale securities, continuous unrealized loss position, fair value | Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss June 30, 2021 Mortgage-backed securities $ 2,920 $ (74) $ 249 $ (8) $ 3,169 $ (82) Collateralized mortgage obligations 3,332 (37) 741 (6) 4,073 (43) SBA securities 137 (1) 1,137 (23) 1,274 (24) Corporate bonds 4,457 (53) — — 4,457 (53) Total $ 10,846 $ (165) $ 2,127 $ (37) $ 12,973 $ (202) Less than 12 months 12 months or more Total Estimated Unrealized Estimated Unrealized Estimated Unrealized fair value loss fair value loss fair value loss December 31, 2020 U.S. Government Agencies $ 1,511 $ (4) $ — $ — $ 1,511 $ (4) Municipal securities 502 — — — 502 — Mortgage-backed securities 2,164 (10) 478 (12) 2,642 (22) Collateralized mortgage obligations 1,742 (3) 797 (5) 2,539 (8) SBA securities 562 (1) 3,705 (45) 4,267 (46) Corporate bonds 10,432 (81) 1,001 (2) 11,433 (83) Total $ 16,913 $ (99) $ 5,981 $ (64) $ 22,894 $ (163) |
Schedule of investments classified by contractual maturity date | June 30, 2021 December 31, 2020 Amortized Estimated Amortized Estimated cost fair value cost fair value Available-for-sale Due in one year or less $ 1,270 $ 1,281 $ 7,273 $ 7,342 Due after one through five years 32,949 34,249 19,424 20,322 Due after five years through ten years 54,050 55,351 34,165 34,898 Due after ten years 44,865 46,582 50,947 53,028 Total $ 133,134 $ 137,463 $ 111,809 $ 115,590 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
LOANS | |
Schedule of accounts, notes, loans and financing receivable | The Company’s loan portfolio at the dates indicated is summarized below: June 30, December 31, 2021 2020 Commercial and industrial $ 327,656 $ 309,961 Construction and land 13,672 22,696 Commercial real estate 1,119,724 1,144,560 Residential 132,026 164,724 Consumer 4,164 5,218 Total loans 1,597,242 1,647,159 Net deferred loan fees (4,621) (3,847) Allowance for loan losses (17,000) (17,500) Net loans $ 1,575,621 $ 1,625,812 |
Schedule of impaired financing receivables | The Company’s total impaired loans, including nonaccrual loans, loans modified as troubled debt restructurings (“TDR loans”), and accreting purchase credit impaired (“PCI”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total June 30, 2021 Recorded investment in impaired loans: With no specific allowance recorded $ 116 $ 36 $ 5,509 $ 3,016 $ — $ 8,677 With a specific allowance recorded 739 — 300 26 — 1,065 Total recorded investment in impaired loans $ 855 $ 36 $ 5,809 $ 3,042 $ — $ 9,742 Specific allowance on impaired loans 481 — 98 21 — 600 December 31, 2020 Recorded investment in impaired loans: With no specific allowance recorded $ 120 $ 36 $ 5,689 $ 2,040 $ — $ 7,885 With a specific allowance recorded 728 — 451 155 — 1,334 Total recorded investment in impaired loans $ 848 $ 36 $ 6,140 $ 2,195 $ — $ 9,219 Specific allowance on impaired loans 420 — 77 24 — 521 Three months ended June 30, 2021 Average recorded investment in impaired loans $ 909 $ 36 $ 6,084 $ 2,854 $ — $ 9,883 Interest recognized 36 — 18 12 — 66 Six months ended June 30, 2021 Average recorded investment in impaired loans $ 830 $ 36 $ 5,721 $ 2,915 $ — $ 9,502 Interest recognized 37 — 67 25 — 129 Three months ended June 30, 2020 Average recorded investment in impaired loans 546 2,838 3,150 1,741 — 8,275 Interest recognized 4 9 — — — 13 Six months ended June 30, 2020 Average recorded investment in impaired loans 585 2,800 2,763 1,679 4 7,831 Interest recognized 4 151 30 — — 185 |
Schedule of debtor troubled debt restructuring, current period | A summary of TDR loans by type of concession and type of loan, as of the periods indicated: Number of Rate Term Rate & term loans modification modification modification Total June 30, 2021 Commercial and industrial 2 $ — $ 28 $ — $ 28 Construction and land — — — — — Commercial real estate 4 — 2,277 — 2,277 Residential 1 — 147 — 147 Consumer — — — — — Total 7 $ — $ 2,452 $ — $ 2,452 Number of Rate Term Rate & term loans modification modification modification Total June 30, 2020 Commercial and industrial 1 $ — $ 24 $ — $ 24 Construction and land — — — — — Commercial real estate — — — — — Residential — — — — — Consumer — — — — — Total 1 $ — $ 24 $ — $ 24 |
Schedule of financing receivable credit quality indicators | The following tables present the internally assigned risk grade by class of loans at the dates indicated: Special Pass Mention Substandard Doubtful Total June 30, 2021 Commercial and industrial $ 312,802 $ 10,347 $ 4,507 $ — $ 327,656 Construction and land 13,495 141 36 — 13,672 Commercial real estate 1,086,439 24,938 8,347 — 1,119,724 Residential 128,354 597 3,075 — 132,026 Consumer 4,141 — 23 — 4,164 Total $ 1,545,231 $ 36,023 $ 15,988 $ — $ 1,597,242 Special Pass Mention Substandard Doubtful Total December 31, 2020 Commercial and industrial $ 295,245 $ 10,466 $ 4,250 $ — $ 309,961 Construction and land 22,346 313 37 — 22,696 Commercial real estate 1,112,085 26,329 6,146 — 1,144,560 Residential 161,161 1,333 2,230 — 164,724 Consumer 5,216 — 2 — 5,218 Total $ 1,596,053 $ 38,441 $ 12,665 $ — $ 1,647,159 |
Schedule of past due financing receivables | The following tables provide an aging of the Company’s loans receivable as of the dates indicated: Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCI loans receivable accruing June 30, 2021 Commercial and industrial $ — $ — $ 653 $ 653 $ 326,425 $ 578 $ 327,656 $ — Construction and land — 64 36 100 13,529 43 13,672 — Commercial real estate 467 — 752 1,219 1,107,909 10,596 1,119,724 — Residential 1 170 1,398 1,569 128,432 2,025 132,026 — Consumer 1 — — 1 4,163 — 4,164 — Total $ 469 $ 234 $ 2,839 $ 3,542 $ 1,580,458 $ 13,242 $ 1,597,242 $ — Recorded 90 Days investment > 30–59 Days 60–89 Days or more Total Total loans 90 days and past due past due past due past due Current PCI loans receivable accruing December 31, 2020 Commercial and industrial $ 265 $ 128 $ 707 $ 1,100 $ 308,239 $ 622 $ 309,961 $ — Construction and land 65 — 269 334 22,311 51 22,696 233 Commercial real estate 254 406 1,518 2,178 1,129,966 12,416 1,144,560 — Residential 80 155 1,412 1,647 160,556 2,521 164,724 — Consumer 1 — — 1 5,217 — 5,218 — Total $ 665 $ 689 $ 3,906 $ 5,260 $ 1,626,289 $ 15,610 $ 1,647,159 $ 233 |
Schedule of purchase credit impaired loans | The unpaid principal balance and carrying value of the Company’s PCI loans at the dates indicated are as follows: June 30, 2021 December 31, 2020 Unpaid Unpaid principal Carrying principal Carrying balance value balance value Commercial and industrial $ 915 $ 578 $ 1,000 $ 622 Construction and land 89 43 100 51 Commercial real estate 11,983 10,596 14,096 12,416 Residential 2,513 2,025 3,127 2,521 Consumer — — — — Total $ 15,500 $ 13,242 $ 18,323 $ 15,610 |
Schedule of changes in the accretable yield of PCI loans | Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Balance at beginning of period $ 88 $ 594 $ 383 $ 554 Additions — 223 — 531 Removals (84) (229) (149) (356) Accretion 312 (17) 82 (158) Balance at end of period $ 316 $ 571 $ 316 $ 571 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
ALLOWANCE FOR LOAN LOSSES | |
Schedule of Allowance for loan losses for loan losses | The following tables summarize the Company’s allowance for loan losses and loan balances individually and collectively evaluated for impairment by type of loan as of or for the three and six months ended June 30, 2021 and 2020: Commercial Construction Commercial and industrial and land real estate Residential Consumer Total Three months ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,819 $ 265 $ 11,247 $ 2,147 $ 22 $ 17,500 Charge-offs — — — — — — Recoveries 4 — 3 — — 7 Provision for loan losses (178) (41) 78 (365) (1) (507) Ending balance $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 Six months ended June 30, 2021 Allowance for loan losses Beginning balance $ 4,042 $ 378 $ 11,211 $ 1,856 $ 13 $ 17,500 Charge-offs (2) — — — — (2) Recoveries 6 — 3 — — 9 Provision (reclassification) for loan losses (401) (154) 114 (74) 8 (507) Ending balance $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 June 30, 2021 Allowance for loan losses by methodology: Loans individually evaluated for impairment $ 481 $ — $ 98 $ 21 $ — $ 600 Loans collectively evaluated for impairment 3,018 224 11,212 1,758 21 16,233 PCI loans 146 — 18 3 — 167 Total loans $ 3,645 $ 224 $ 11,328 $ 1,782 $ 21 $ 17,000 Loans receivable by methodology: Individually evaluated for impairment $ 672 $ 36 $ 4,995 $ 3,040 $ — $ 8,743 Collectively evaluated for impairment 326,406 13,593 1,104,133 126,961 4,164 1,575,257 PCI loans 578 43 10,596 2,025 — 13,242 Total loans $ 327,656 $ 13,672 $ 1,119,724 $ 132,026 $ 4,164 $ 1,597,242 Commercial Construction Commercial and industrial and land real estate Residential Consumer Total Three months ended June 30, 2020 Allowance for loan losses Beginning balance $ 2,422 $ 111 $ 6,018 $ 546 $ 3 $ 9,100 Charge-offs — — — — (1) (1) Recoveries 3 — — — — 3 Provision for loan losses 1,049 240 2,227 882 — 4,398 Ending balance $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 Six months ended June 30, 2020 Allowance for loan losses Beginning balance $ 1,788 $ 167 $ 5,004 $ 427 $ 14 $ 7,400 Charge-offs — — — (1) (17) (18) Recoveries 7 — — — — 7 Provision (reclassification) for loan losses 1,679 184 3,241 1,002 5 6,111 Ending balance $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 June 30, 2020 Allowance for loan losses by methodology: Loans individually evaluated for impairment $ 146 $ 14 $ 84 $ 25 $ — $ 269 Loans collectively evaluated for impairment 3,328 337 8,161 1,403 2 13,231 PCI loans — — — — — — Total loans $ 3,474 $ 351 $ 8,245 $ 1,428 $ 2 $ 13,500 Loans receivable by methodology: Individually evaluated for impairment $ 560 $ 2,806 $ 3,904 $ 1,733 $ — $ 9,003 Collectively evaluated for impairment 311,601 42,835 1,150,196 192,397 5,561 1,702,590 PCI loans 709 192 13,612 3,140 — 17,653 Total loans $ 312,870 $ 45,833 $ 1,167,712 $ 197,270 $ 5,561 $ 1,729,246 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
PREMISES AND EQUIPMENT | |
Schedule of premises and equipment | Premises and equipment consisted of the following at the dates indicated: June 30, December 31, 2021 2020 Premises owned $ 10,913 $ 10,891 Leasehold improvements 3,086 3,274 Furniture, fixtures and equipment 6,082 6,940 Less accumulated depreciation and amortization (5,334) (5,966) Total premises and equipment, net $ 14,747 $ 15,139 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
LEASES | |
Schedule of maturity of undiscounted lease payments | For the remainder of 2021 $ 1,722 2022 2,905 2023 2,431 2024 1,840 2025 1,183 Thereafter 3,390 Total undiscounted cash flows 13,471 Less: interest (1,023) Present value of lease payments $ 12,448 |
Schedule of weighted average operating lease term and discount rate | June 30, 2021 Weighted-average remaining lease term 5.7 years Weighted-average discount rate 2.73 % |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
GOODWILL AND INTANGIBLE ASSETS | |
Schedule of company's goodwill | June 30, December 31, 2021 2020 Balance at beginning of period $ 38,838 $ 35,466 Acquired goodwill — 3,372 Impairment — — Balance at end of period $ 38,838 $ 38,838 |
Schedule of finite-lived intangible assets | June 30, December 31, 2021 2020 Balance at beginning of period $ 8,302 $ 9,185 Additions — 949 Less amortization (906) (1,832) Balance at end of period $ 7,395 $ 8,302 |
Schedule of estimated core deposit intangible amortization | For the remainder of 2021 $ 906 2022 1,813 2023 1,034 2024 970 2025 927 Thereafter 1,745 Total $ 7,395 |
INTEREST RECEIVABLE AND OTHER_2
INTEREST RECEIVABLE AND OTHER ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INTEREST RECEIVABLE AND OTHER ASSETS | |
Schedule of Interest receivable and other assets | The Company’s interest receivable and other assets at the dates indicated consisted of the following: June 30, December 31, 2021 2020 Tax assets, net $ 10,753 $ 8,577 Accrued interest receivable 6,591 7,312 Investment in SBIC Funds 3,992 3,497 Prepaid assets 1,225 1,594 Servicing assets 1,759 1,783 Low income housing partnerships, net 3,308 3,002 Investment in statutory trusts 483 481 Other assets 1,191 1,298 Total $ 29,302 $ 27,544 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
DEPOSITS | |
Schedule of Deposits | The Company’s deposits consisted of the following at the dates indicated: June 30, December 31, 2021 2020 Demand deposits $ 727,663 $ 678,365 NOW accounts and savings 445,232 399,772 Money market 579,355 516,560 Time deposits 225,988 243,700 Total $ 1,978,238 $ 1,838,397 |
INTEREST PAYABLE AND OTHER LI_2
INTEREST PAYABLE AND OTHER LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INTEREST PAYABLE AND OTHER LIABILITIES | |
Schedule of interest payable and other liabilities | June 30, December 31, 2021 2020 Accrued expenses $ 5,121 $ 6,577 Accounts payable 492 384 Reserve for unfunded commitments 415 415 Accrued interest payable 1,242 1,401 All other 7,963 2,870 Total $ 15,233 $ 11,647 |
OTHER EXPENSES (Tables)
OTHER EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
OTHER EXPENSES | |
Schedule of other expenses | The Company’s other expenses for the periods indicated consisted of the following: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 Professional fees $ 614 $ 629 $ 1,048 $ 1,524 Core deposit premium amortization 453 453 906 926 Marketing and promotions 155 109 219 439 Stationery and supplies 83 127 190 273 Insurance (including FDIC premiums) 203 110 413 165 Communication and postage 189 124 405 318 Loan default related expense 46 87 60 212 Director fees 83 80 159 158 Bank service charges 69 42 124 76 Courier expense 155 124 331 314 Other 131 175 227 430 Total $ 2,181 $ 2,060 $ 4,082 $ 4,835 |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
EQUITY INCENTIVE PLANS | |
Schedule of nonvested restricted stock units activity | The following table provides the restricted stock grant activity for the periods indicated: 2021 2020 Weighted-average Weighted-average grant date grant date Shares fair value Shares fair value Non-vested at January 1, 204,515 $ 17.71 142,103 $ 20.76 Granted 24,187 15.17 15,173 22.60 Vested (14,164) 18.50 (23,435) 19.62 Forfeited — — (1,432) 18.93 Non-Vested, at March 31, 214,538 $ 16.06 132,409 $ 22.10 Granted — — 92,294 12.18 Vested (63,028) 17.84 (32,264) 23.30 Forfeited — — — — Non-Vested, at June 30, 151,510 $ 15.32 192,439 $ 17.14 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair value, assets measured on recurring basis | Total Level 1 Level 2 Level 3 June 30, 2021 U.S. Government Agencies $ 1,985 $ — $ 1,985 $ — Preferred equity securities 14,984 14,984 — — Municipal securities 14,096 — 14,096 — Mortgage-backed securities 34,252 — 34,252 — Collateralized mortgage obligations 24,710 — 24,710 — SBA securities 7,060 — 7,060 — Corporate bonds 40,376 — 40,376 — Total $ 137,463 $ 14,984 $ 122,479 $ — Total Level 1 Level 2 Level 3 December 31, 2020 U.S. Government Agencies $ 5,544 $ — $ 5,544 $ — Municipal securities 16,687 — 16,687 — Mortgage-backed securities 36,578 — 36,578 — Collateralized mortgage obligations 27,695 — 27,695 — SBA securities 7,667 — 7,667 — Corporate bonds 21,419 — 21,419 — Total $ 115,590 $ — $ 115,590 $ — |
Schedule of fair value measurements, nonrecurring | Total Level 1 Level 2 Level 3 June 30, 2021 Performing impaired loans $ 776 $ — $ — $ 776 Nonperforming impaired loans 8,966 — — 8,966 OREO 186 — — 186 Total $ 9,928 $ — $ — $ 9,928 Total Level 1 Level 2 Level 3 December 31, 2020 Performing impaired loans $ 798 $ — $ — $ 798 Nonperforming impaired loans 8,421 — — 8,421 OREO 429 — — 429 Total $ 9,648 $ — $ — $ 9,648 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of estimated fair value of financial instruments | Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 June 30, 2021 Financial assets: Cash and cash equivalents $ 468,693 $ 468,693 $ 468,693 $ — $ — Interest bearing deposits in banks 5,726 5,726 5,726 — — Investment securities available-for-sale 133,134 137,463 14,984 122,479 — Investment in FHLB and FRB Stock 16,014 16,014 16,014 — — Loans held for sale 7,335 7,335 — 7,335 — Loans, net 1,575,621 1,585,556 — — 1,585,556 Accrued interest receivable 6,591 6,591 — 6,591 — Financial liabilities: Deposits 1,978,238 1,980,118 — 1,980,118 — Other borrowings — — — — — Junior subordinated deferrable interest debentures, net 8,363 8,146 — — 8,146 Subordinated debt, net 63,457 63,457 — 63,457 — Accrued interest payable 1,242 1,242 — 1,242 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 105,909 105,494 — — 105,494 Carrying Fair Fair value measurements amount value Level 1 Level 2 Level 3 December 31, 2020 Financial assets: Cash and cash equivalents $ 299,329 $ 299,329 $ 299,329 $ — $ — Interest bearing deposits in banks 7,718 7,718 7,718 — — Investment securities available-for-sale 111,809 115,590 — 115,590 — Investment in FHLB and FRB Stock 15,342 15,342 15,342 — — Loans held for sale 8,664 8,664 — 8,664 — Loans, net 1,625,812 1,658,605 — — 1,658,605 Accrued interest receivable 7,312 7,312 — 7,312 — Financial liabilities: Deposits 1,838,397 1,839,973 — 1,839,973 — Other borrowings 5,000 5,000 — 5,000 — Junior subordinated deferrable interest debentures, net 8,322 8,124 — — 8,124 Subordinated debt, net 63,372 63,372 — 63,372 — Accrued interest payable 1,401 1,401 — 1,401 — Off-balance sheet liabilities: Undisbursed loan commitments, lines of credit, standby letters of credit 110,702 110,287 — — 110,287 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of lending and letter of credit commitments | June 30, December 31, 2021 2020 Commitments to extend credit $ 103,610 $ 108,376 Standby letters of credit 2,299 2,326 Total commitments $ 105,909 $ 110,702 |
BASIS OF PRESENTATION - General
BASIS OF PRESENTATION - General Information (Details) | 6 Months Ended |
Jun. 30, 2021location | |
Years of operation | 17 years |
Number of offices and branches | 34 |
CALIFORNIA | |
Number of offices and branches | 16 |
WASHINGTON | |
Number of offices and branches | 2 |
NEW MEXICO | |
Number of offices and branches | 5 |
COLORADO | |
Number of offices and branches | 11 |
BASIS OF PRESENTATION - Busines
BASIS OF PRESENTATION - Business Combinations (Details) | Feb. 04, 2020 |
Grand Mountain Bancshares, Inc. | |
Business Acquisition, Date of Acquisition [Abstract] | |
Business Acquisition, Effective Date of Acquisition | Feb. 4, 2020 |
ACCOUNTING GUIDANCE NOT YET E_2
ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE (Details) | Jun. 30, 2021 |
Accounting Standards Update 2019-12 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 15, 2020 |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Change in Accounting Principle, Accounting Standards Update, Early Adoption | false |
ACQUISITIONS - General Informat
ACQUISITIONS - General Information (Details) $ / shares in Units, $ in Thousands | Feb. 04, 2020USD ($)location$ / shares | Jun. 30, 2021location |
Business Combination, Description [Abstract] | ||
Number of offices and branches | location | 34 | |
Grand Mountain Bancshares, Inc. | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Feb. 4, 2020 | |
Business Combination, Description [Abstract] | ||
Number of offices and branches | location | 4 | |
Business Acquisition, Share Price | $ / shares | $ 3.40 | |
Payments to Acquire Businesses, Gross | $ | $ 13,886 | |
Business Combination, Consideration Transferred | $ | $ 13,886 |
ACQUISITIONS - Assets Acquired
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 04, 2020 | Dec. 31, 2019 |
Liabilities: | ||||
Goodwill | $ 38,838 | $ 38,838 | $ 35,466 | |
Grand Mountain Bancshares, Inc. | ||||
Liabilities: | ||||
Fair value of net assets acquired | $ 10,348 | |||
Goodwill | 3,372 | |||
Grand Mountain Bancshares, Inc. | Previously Reported | ||||
Fair value of assets: | ||||
Cash and due from banks | 5,454 | |||
Total cash and cash equivalents | 5,454 | |||
Interest bearing deposits in banks | 16,040 | |||
Investment securities available-for-sale | 4,369 | |||
FHLB stock, at par | 165 | |||
Loans, net | 98,410 | |||
Premises and equipment, net | 3,879 | |||
Core deposit intangible | 949 | |||
Deferred tax assets, net | 728 | |||
Interest receivable and other assets | 929 | |||
Total assets acquired | 130,923 | |||
Liabilities: | ||||
Noninterest bearing | 30,937 | |||
Interest bearing | 87,210 | |||
Total Deposits | 118,147 | |||
Interest payable and other liabilities | 687 | |||
Other borrowings | 1,575 | |||
Total liabilities assumed | 120,409 | |||
Fair value of net assets acquired | 10,514 | |||
Grand Mountain Bancshares, Inc. | Revision of Prior Period, Adjustment | ||||
Fair value of assets: | ||||
Investment securities available-for-sale | 10 | |||
Loans, net | 484 | |||
Premises and equipment, net | (1,000) | |||
Core deposit intangible | 949 | |||
Deferred tax assets, net | 139 | |||
Time deposits | (25) | |||
Liabilities: | ||||
Other borrowings | (98) | |||
Other (assets) liabilities | 5 | |||
Fair value of net assets acquired | $ 166 |
ACQUISITIONS - Consideration Tr
ACQUISITIONS - Consideration Transferred (Details) - Grand Mountain Bancshares, Inc. $ in Thousands | Feb. 04, 2020USD ($) |
Business Combination, Consideration Transferred [Abstract] | |
Cash paid | $ 13,886 |
Total price paid | $ 13,886 |
ACQUISITIONS - Pro Forma (Detai
ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net interest income | $ 20,950 | $ 41,389 |
Net income | $ 3,119 | $ 5,140 |
Basic earnings per share (in dollars per share) | $ 0.26 | $ 0.42 |
Diluted earnings per share (in dollars per share) | $ 0.26 | $ 0.42 |
ACQUISITIONS - Acquisition Expe
ACQUISITIONS - Acquisition Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
ACQUISITIONS | |||
Business Combination, Acquisition Related Costs, Professional Fees | $ 369 | ||
Business Combination, Acquisition Related Costs, Data Processing | 2,000 | ||
Business Combination, Acquisition Related Costs, Severance Expense | 266 | ||
Business Combination, Acquisition Related Costs, Other Expense | 383 | ||
Total | $ 0 | $ 0 | $ 3,018 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | $ 133,134 | $ 111,809 |
Gross unrealized gains | 4,531 | 3,944 |
Gross unrealized losses | (202) | (163) |
Securities available for sale, fair value | 137,463 | 115,590 |
U.S. Government Agencies | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 1,980 | 5,523 |
Gross unrealized gains | 5 | 25 |
Gross unrealized losses | 0 | (4) |
Securities available for sale, fair value | 1,985 | 5,544 |
Preferred equity securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 14,478 | |
Gross unrealized gains | 506 | |
Gross unrealized losses | 0 | |
Securities available for sale, fair value | 14,984 | |
Municipal securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 13,533 | 15,992 |
Gross unrealized gains | 563 | 695 |
Gross unrealized losses | 0 | 0 |
Securities available for sale, fair value | 14,096 | 16,687 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 32,508 | 34,567 |
Gross unrealized gains | 1,826 | 2,033 |
Gross unrealized losses | (82) | (22) |
Securities available for sale, fair value | 34,252 | 36,578 |
Collateralized mortgage obligation | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 23,984 | 26,649 |
Gross unrealized gains | 769 | 1,054 |
Gross unrealized losses | (43) | (8) |
Securities available for sale, fair value | 24,710 | 27,695 |
SBA securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 6,992 | 7,661 |
Gross unrealized gains | 92 | 52 |
Gross unrealized losses | (24) | (46) |
Securities available for sale, fair value | 7,060 | 7,667 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized cost | 39,659 | 21,417 |
Gross unrealized gains | 770 | 85 |
Gross unrealized losses | (53) | (83) |
Securities available for sale, fair value | $ 40,376 | $ 21,419 |
INVESTMENT SECURITIES - Estimat
INVESTMENT SECURITIES - Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | $ 10,846 | $ 16,913 |
12 months or more, Estimated fair value | 2,127 | 5,981 |
Total, Estimated fair value | 12,973 | 22,894 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (165) | (99) |
12 months or more, Unrealized loss | (37) | (64) |
Total, Unrealized loss | (202) | (163) |
U.S. Government Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 1,511 | |
12 months or more, Estimated fair value | 0 | |
Total, Estimated fair value | 1,511 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (4) | |
12 months or more, Unrealized loss | 0 | |
Total, Unrealized loss | (4) | |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 502 | |
12 months or more, Estimated fair value | 0 | |
Total, Estimated fair value | 502 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | 0 | |
12 months or more, Unrealized loss | 0 | |
Total, Unrealized loss | 0 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 2,920 | 2,164 |
12 months or more, Estimated fair value | 249 | 478 |
Total, Estimated fair value | 3,169 | 2,642 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (74) | (10) |
12 months or more, Unrealized loss | (8) | (12) |
Total, Unrealized loss | (82) | (22) |
Collateralized mortgage obligation | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 3,332 | 1,742 |
12 months or more, Estimated fair value | 741 | 797 |
Total, Estimated fair value | 4,073 | 2,539 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (37) | (3) |
12 months or more, Unrealized loss | (6) | (5) |
Total, Unrealized loss | (43) | (8) |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 137 | 562 |
12 months or more, Estimated fair value | 1,137 | 3,705 |
Total, Estimated fair value | 1,274 | 4,267 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (1) | (1) |
12 months or more, Unrealized loss | (23) | (45) |
Total, Unrealized loss | (24) | (46) |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated fair value | 4,457 | 10,432 |
12 months or more, Estimated fair value | 0 | 1,001 |
Total, Estimated fair value | 4,457 | 11,433 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, Unrealized loss | (53) | (81) |
12 months or more, Unrealized loss | 0 | (2) |
Total, Unrealized loss | $ (53) | $ (83) |
INVESTMENT SECURITIES - Unreali
INVESTMENT SECURITIES - Unrealized Loss Positions (Details) | Jun. 30, 2021security |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 314 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 18 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 13 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale: Amortized Cost | ||
Due in one year or less (remainder of year) | $ 1,270 | |
Due in one year or less | 0 | $ 7,273 |
Due after one through five years | 32,949 | 19,424 |
Due after five years through ten years | 54,050 | 34,165 |
Due after ten years | 44,865 | 50,947 |
Total | 133,134 | 111,809 |
Available-for-sale: Fair Value | ||
Due in one year or less (remainder of year) | 1,281 | |
Due in one year or less | 0 | 7,342 |
Due after one through five years | 34,249 | 20,322 |
Due after five years through ten years | 55,351 | 34,898 |
Due after ten years | 46,582 | 53,028 |
Total | $ 137,463 | $ 115,590 |
LOANS - Loan Portfolio (Details
LOANS - Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | $ 1,597,242 | $ 1,647,159 | $ 1,729,246 | |||
Net deferred loan fees | (4,621) | (3,847) | ||||
Allowance for loan losses | (17,000) | $ (17,500) | (17,500) | (13,500) | $ (9,100) | $ (7,400) |
Net Loans | 1,575,621 | 1,625,812 | ||||
Commercial Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 327,656 | 309,961 | 312,870 | |||
Allowance for loan losses | (3,645) | (3,819) | (4,042) | (3,474) | (2,422) | (1,788) |
Construction and Land Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 13,672 | 22,696 | 45,833 | |||
Allowance for loan losses | (224) | (265) | (378) | (351) | (111) | (167) |
Commercial Real Estate Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 1,119,724 | 1,144,560 | 1,167,712 | |||
Allowance for loan losses | (11,328) | (11,247) | (11,211) | (8,245) | (6,018) | (5,004) |
Residential Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 132,026 | 164,724 | 197,270 | |||
Allowance for loan losses | (1,782) | (2,147) | (1,856) | (1,428) | (546) | (427) |
Consumer Portfolio Segment | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Total loans | 4,164 | 5,218 | 5,561 | |||
Allowance for loan losses | $ (21) | $ (22) | $ (13) | $ (2) | $ (3) | $ (14) |
LOANS - Impaired Loans (Details
LOANS - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | $ 8,677 | $ 8,677 | $ 7,885 | ||
With a specific allowance recorded | 1,065 | 1,065 | 1,334 | ||
Total recorded investment in impaired loans | 9,742 | 9,742 | 9,219 | ||
Specific allowance on impaired loans | 600 | 600 | 521 | ||
Average recorded investment in impaired loans | 9,883 | $ 8,275 | 9,502 | $ 7,831 | |
Interest recognized | 66 | 13 | 129 | 185 | |
Commercial Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | 116 | 116 | 120 | ||
With a specific allowance recorded | 739 | 739 | 728 | ||
Total recorded investment in impaired loans | 855 | 855 | 848 | ||
Specific allowance on impaired loans | 481 | 481 | 420 | ||
Average recorded investment in impaired loans | 909 | 546 | 830 | 585 | |
Interest recognized | 36 | 4 | 37 | 4 | |
Construction and Land Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | 36 | 36 | 36 | ||
With a specific allowance recorded | 0 | 0 | 0 | ||
Total recorded investment in impaired loans | 36 | 36 | 36 | ||
Specific allowance on impaired loans | 0 | 0 | 0 | ||
Average recorded investment in impaired loans | 36 | 2,838 | 36 | 2,800 | |
Interest recognized | 0 | 9 | 0 | 151 | |
Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | 5,509 | 5,509 | 5,689 | ||
With a specific allowance recorded | 300 | 300 | 451 | ||
Total recorded investment in impaired loans | 5,809 | 5,809 | 6,140 | ||
Specific allowance on impaired loans | 98 | 98 | 77 | ||
Average recorded investment in impaired loans | 6,084 | 3,150 | 5,721 | 2,763 | |
Interest recognized | 18 | 0 | 67 | 30 | |
Residential Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | 3,016 | 3,016 | 2,040 | ||
With a specific allowance recorded | 26 | 26 | 155 | ||
Total recorded investment in impaired loans | 3,042 | 3,042 | 2,195 | ||
Specific allowance on impaired loans | 21 | 21 | 24 | ||
Average recorded investment in impaired loans | 2,854 | 1,741 | 2,915 | 1,679 | |
Interest recognized | 12 | 25 | |||
Consumer Portfolio Segment | |||||
Financing Receivable, Impaired [Line Items] | |||||
With no specific allowance recorded | 0 | 0 | 0 | ||
With a specific allowance recorded | 0 | 0 | 0 | ||
Total recorded investment in impaired loans | 0 | 0 | 0 | ||
Specific allowance on impaired loans | 0 | 0 | $ 0 | ||
Average recorded investment in impaired loans | 0 | 0 | 0 | 4 | |
Interest recognized | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Troubled Debt Restructu
LOANS - Troubled Debt Restructurings, Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
LOANS | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | $ 0 | 0 | $ 0 | |
Financing Receivable, TDR Loans, Allowance for Loan Losses | 31 | 31 | $ 35 | ||
Loans and Leases Receivable Performing Nonaccrual of Interest | $ 776 | $ 776 | $ 798 | ||
Number of Loans and Leases Receivable | 0 | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
LOANS - Troubled Debt Restruc_2
LOANS - Troubled Debt Restructurings, Modified as TDR Loans (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans, Number | loan | 7 | 1 |
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,452 | $ 24 |
Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,452 | $ 24 |
Commercial Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans, Number | loan | 2 | 1 |
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 28 | $ 24 |
Commercial Portfolio Segment | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 28 | $ 24 |
Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans, Number | loan | 4 | |
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,277 | |
Commercial Real Estate Portfolio Segment | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 2,277 | |
Residential Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans, Number | loan | 1 | |
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 147 | |
Residential Portfolio Segment | Extended Maturity [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Modified Loans | $ 147 |
LOANS - Risk Grade (Details)
LOANS - Risk Grade (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | $ 1,597,242 | $ 1,647,159 | $ 1,729,246 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 1,545,231 | 1,596,053 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 36,023 | 38,441 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 15,988 | 12,665 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Commercial Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 327,656 | 309,961 | 312,870 |
Commercial Portfolio Segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 312,802 | 295,245 | |
Commercial Portfolio Segment | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 10,347 | 10,466 | |
Commercial Portfolio Segment | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 4,507 | 4,250 | |
Commercial Portfolio Segment | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Construction and Land Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 13,672 | 22,696 | 45,833 |
Construction and Land Portfolio Segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 13,495 | 22,346 | |
Construction and Land Portfolio Segment | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 141 | 313 | |
Construction and Land Portfolio Segment | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 36 | 37 | |
Construction and Land Portfolio Segment | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 1,119,724 | 1,144,560 | 1,167,712 |
Commercial Real Estate Portfolio Segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 1,086,439 | 1,112,085 | |
Commercial Real Estate Portfolio Segment | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 24,938 | 26,329 | |
Commercial Real Estate Portfolio Segment | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 8,347 | 6,146 | |
Commercial Real Estate Portfolio Segment | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Residential Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 132,026 | 164,724 | 197,270 |
Residential Portfolio Segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 128,354 | 161,161 | |
Residential Portfolio Segment | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 597 | 1,333 | |
Residential Portfolio Segment | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 3,075 | 2,230 | |
Residential Portfolio Segment | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Consumer Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 4,164 | 5,218 | $ 5,561 |
Consumer Portfolio Segment | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 4,141 | 5,216 | |
Consumer Portfolio Segment | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | 0 | ||
Consumer Portfolio Segment | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | $ 23 | 2 | |
Consumer Portfolio Segment | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans | $ 0 |
LOANS - Aging - Tabular Disclos
LOANS - Aging - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | $ 3,542 | $ 5,260 | |
Current | 1,580,458 | 1,626,289 | |
PCI Loans | 13,242 | 15,610 | |
Total loans | 1,597,242 | 1,647,159 | $ 1,729,246 |
Recorded Investment > 90 Days and Accruing | 0 | 233 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 469 | 665 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 234 | 689 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 2,839 | 3,906 | |
Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 653 | 1,100 | |
Current | 326,425 | 308,239 | |
PCI Loans | 578 | 622 | |
Total loans | 327,656 | 309,961 | 312,870 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Commercial Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 0 | 265 | |
Commercial Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 0 | 128 | |
Commercial Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 653 | 707 | |
Construction and Land Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 100 | 334 | |
Current | 13,529 | 22,311 | |
PCI Loans | 43 | 51 | |
Total loans | 13,672 | 22,696 | 45,833 |
Recorded Investment > 90 Days and Accruing | 0 | 233 | |
Construction and Land Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 0 | 65 | |
Construction and Land Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 64 | 0 | |
Construction and Land Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 36 | 269 | |
Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1,219 | 2,178 | |
Current | 1,107,909 | 1,129,966 | |
PCI Loans | 10,596 | 12,416 | |
Total loans | 1,119,724 | 1,144,560 | 1,167,712 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 467 | 254 | |
Commercial Real Estate Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 0 | 406 | |
Commercial Real Estate Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 752 | 1,518 | |
Residential Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1,569 | 1,647 | |
Current | 128,432 | 160,556 | |
PCI Loans | 2,025 | 2,521 | |
Total loans | 132,026 | 164,724 | 197,270 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Residential Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1 | 80 | |
Residential Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 170 | 155 | |
Residential Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1,398 | 1,412 | |
Consumer Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
Current | 4,163 | 5,217 | |
PCI Loans | 0 | 0 | |
Total loans | 4,164 | 5,218 | $ 5,561 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | |
Consumer Portfolio Segment | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 1 | 1 | |
Consumer Portfolio Segment | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Consumer Portfolio Segment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total Past Due | $ 0 | $ 0 |
LOANS - Nonaccrual Loans - Guar
LOANS - Nonaccrual Loans - Guaranteed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | $ 13,242 | $ 15,610 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | $ 920 | $ 850 |
LOANS - Nonaccrual Loans - Agin
LOANS - Nonaccrual Loans - Aging (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 13,242 | $ 15,610 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 637 | 620 |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 5,300 | $ 4,100 |
LOANS - Nonaccrual Loans - Gene
LOANS - Nonaccrual Loans - General Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loans and Leases Receivable, Other Information [Abstract] | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 69,000 | $ 119,500 | $ 157,300 | $ 221,000 |
LOANS - PCI Loans - Unpaid Bala
LOANS - PCI Loans - Unpaid Balance and Carrying Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 15,500 | $ 18,323 |
Financing Receivable, Nonaccrual | 13,242 | 15,610 |
Commercial Portfolio Segment | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 915 | 1,000 |
Financing Receivable, Nonaccrual | 578 | 622 |
Construction and Land Portfolio Segment | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 89 | 100 |
Financing Receivable, Nonaccrual | 43 | 51 |
Commercial Real Estate Portfolio Segment | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 11,983 | 14,096 |
Financing Receivable, Nonaccrual | 10,596 | 12,416 |
Residential Portfolio Segment | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,513 | 3,127 |
Financing Receivable, Nonaccrual | 2,025 | 2,521 |
Consumer Portfolio Segment | ||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
LOANS - PCI Loans - Accretable
LOANS - PCI Loans - Accretable Yield - Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 88 | $ 594 | $ 383 | $ 554 |
Additions | 0 | 223 | 0 | 531 |
Removals | (84) | (229) | (149) | (356) |
Accretion, net | 312 | (17) | 82 | (158) |
Balance at end of period | $ 316 | $ 571 | $ 316 | $ 571 |
ALLOWANCE FOR LOAN LOSSES - Rol
ALLOWANCE FOR LOAN LOSSES - Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 17,500 | $ 9,100 | $ 17,500 | $ 7,400 |
Charge-offs | 0 | (1) | 2 | 18 |
Recoveries | 7 | 3 | 9 | 7 |
Provision (reversal) for loan losses | (507) | 4,398 | (507) | 6,111 |
Ending balance | 17,000 | 13,500 | 17,000 | 13,500 |
Commercial Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 3,819 | 2,422 | 4,042 | 1,788 |
Charge-offs | 0 | 0 | 2 | 0 |
Recoveries | 4 | 3 | 6 | 7 |
Provision (reversal) for loan losses | (178) | 1,049 | (401) | 1,679 |
Ending balance | 3,645 | 3,474 | 3,645 | 3,474 |
Construction and Land Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 265 | 111 | 378 | 167 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (reversal) for loan losses | (41) | 240 | (154) | 184 |
Ending balance | 224 | 351 | 224 | 351 |
Commercial Real Estate Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 11,247 | 6,018 | 11,211 | 5,004 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 3 | 0 | 3 | 0 |
Provision (reversal) for loan losses | 78 | 2,227 | 114 | 3,241 |
Ending balance | 11,328 | 8,245 | 11,328 | 8,245 |
Residential Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 2,147 | 546 | 1,856 | 427 |
Charge-offs | 0 | 0 | 0 | 1 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (reversal) for loan losses | (365) | 882 | (74) | 1,002 |
Ending balance | 1,782 | 1,428 | 1,782 | 1,428 |
Consumer Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 22 | 3 | 13 | 14 |
Charge-offs | 0 | (1) | 0 | 17 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (reversal) for loan losses | (1) | 0 | 8 | 5 |
Ending balance | $ 21 | $ 2 | $ 21 | $ 2 |
ALLOWANCE FOR LOAN LOSSES - Add
ALLOWANCE FOR LOAN LOSSES - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | $ 600 | $ 269 | ||||
Loans collectively evaluated for impairment | 16,233 | 13,231 | ||||
Loans and Leases Receivable, Allowance, Total | 17,000 | $ 17,500 | $ 17,500 | 13,500 | $ 9,100 | $ 7,400 |
Individually evaluated for impairment | 8,743 | 9,003 | ||||
Collectively evaluated for impairment | 1,575,257 | 1,702,590 | ||||
Total loans | 1,597,242 | 1,647,159 | 1,729,246 | |||
Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 167 | 0 | ||||
Total loans | 13,242 | 17,653 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | 481 | 146 | ||||
Loans collectively evaluated for impairment | 3,018 | 3,328 | ||||
Loans and Leases Receivable, Allowance, Total | 3,645 | 3,819 | 4,042 | 3,474 | 2,422 | 1,788 |
Individually evaluated for impairment | 672 | 560 | ||||
Collectively evaluated for impairment | 326,406 | 311,601 | ||||
Total loans | 327,656 | 309,961 | 312,870 | |||
Commercial Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 146 | 0 | ||||
Total loans | 578 | 709 | ||||
Construction and Land Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | 0 | 14 | ||||
Loans collectively evaluated for impairment | 224 | 337 | ||||
Loans and Leases Receivable, Allowance, Total | 224 | 265 | 378 | 351 | 111 | 167 |
Individually evaluated for impairment | 36 | 2,806 | ||||
Collectively evaluated for impairment | 13,593 | 42,835 | ||||
Total loans | 13,672 | 22,696 | 45,833 | |||
Construction and Land Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 0 | 0 | ||||
Total loans | 43 | 192 | ||||
Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | 98 | 84 | ||||
Loans collectively evaluated for impairment | 11,212 | 8,161 | ||||
Loans and Leases Receivable, Allowance, Total | 11,328 | 11,247 | 11,211 | 8,245 | 6,018 | 5,004 |
Individually evaluated for impairment | 4,995 | 3,904 | ||||
Collectively evaluated for impairment | 1,104,133 | 1,150,196 | ||||
Total loans | 1,119,724 | 1,144,560 | 1,167,712 | |||
Commercial Real Estate Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 18 | 0 | ||||
Total loans | 10,596 | 13,612 | ||||
Residential Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | 21 | 25 | ||||
Loans collectively evaluated for impairment | 1,758 | 1,403 | ||||
Loans and Leases Receivable, Allowance, Total | 1,782 | 2,147 | 1,856 | 1,428 | 546 | 427 |
Individually evaluated for impairment | 3,040 | 1,733 | ||||
Collectively evaluated for impairment | 126,961 | 192,397 | ||||
Total loans | 132,026 | 164,724 | 197,270 | |||
Residential Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 3 | 0 | ||||
Total loans | 2,025 | 3,140 | ||||
Consumer Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans individually evaluated for impairment | 0 | 0 | ||||
Loans collectively evaluated for impairment | 21 | 2 | ||||
Loans and Leases Receivable, Allowance, Total | 21 | $ 22 | 13 | 2 | $ 3 | $ 14 |
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 4,164 | 5,561 | ||||
Total loans | 4,164 | $ 5,218 | 5,561 | |||
Consumer Portfolio Segment | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Loans and Leases Receivable, Allowance, Total | 0 | 0 | ||||
Total loans | $ 0 | $ 0 |
PREMISES AND EQUIPMENT - Tabula
PREMISES AND EQUIPMENT - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (5,334) | $ (5,966) |
Total premises and equipment, net | 14,747 | 15,139 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,913 | 10,891 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,086 | 3,274 |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,082 | $ 6,940 |
PREMISES AND EQUIPMENT - Deprec
PREMISES AND EQUIPMENT - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation, Depletion and Amortization [Abstract] | ||||
Depreciation and amortization included in occupancy and equipment expense | $ 502 | $ 425 | $ 1,000 | $ 897 |
LEASES - General Information (D
LEASES - General Information (Details) | Jun. 30, 2021location |
Lessee, Lease, Description [Line Items] | |
Number of offices and branches | 34 |
Noncancelable Operating Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Number of offices and branches | 19 |
LEASES - Maturity (Details)
LEASES - Maturity (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
For the remainder of 2021 | $ 1,722 |
2022 | 2,905 |
2023 | 2,431 |
2024 | 1,840 |
2025 | 1,183 |
Thereafter | 3,390 |
Total undiscounted cash flows | $ 13,471 |
LEASES - Gross Difference (Deta
LEASES - Gross Difference (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Total undiscounted cash flows | $ 13,471 | |
Less: interest | (1,023) | |
Present value of lease liabilities | $ 12,448 | $ 12,328 |
LEASES - Weighted Average Opera
LEASES - Weighted Average Operating Lease Term and Discount Rate (Details) | Jun. 30, 2021 |
LEASES | |
Weighted-average remaining lease term | 5 years 8 months 12 days |
Weighted-average discount rate | 2.73% |
LEASES - Rental Expense (Detail
LEASES - Rental Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income and Expenses, Lessee [Abstract] | ||||
Operating Lease, Expense | $ 834 | $ 854 | $ 1,600 | $ 1,700 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 38,838 | $ 35,466 |
Acquired goodwill | 3,372 | |
Impairment | 0 | 0 |
Balance at end of period | $ 38,838 | $ 38,838 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Changes in Core Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
Balance at beginning of period | $ 8,302 | ||||
Less amortization | $ (453) | $ (453) | (906) | $ (926) | |
Balance at end of period | 7,395 | 7,395 | $ 8,302 | ||
Core Deposits [Member] | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Balance at beginning of period | 8,302 | $ 9,185 | 9,185 | ||
Additions | 949 | ||||
Less amortization | (906) | (1,832) | |||
Balance at end of period | $ 7,395 | $ 7,395 | $ 8,302 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
For the remainder of 2021 | $ 906 | |
2022 | 1,813 | |
2023 | 1,034 | |
2024 | 970 | |
2025 | 927 | |
Thereafter | 1,745 | |
Total | $ 7,395 | $ 8,302 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Core Deposit Intangible (Details) - Core Deposits [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
INTEREST RECEIVABLE AND OTHER_3
INTEREST RECEIVABLE AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
INTEREST RECEIVABLE AND OTHER ASSETS | ||
Tax assets, net | $ 10,753 | $ 8,577 |
Accrued interest receivable | 6,591 | 7,312 |
Investment in SBIC Funds | 3,992 | 3,497 |
Prepaid assets | 1,225 | 1,594 |
Servicing assets | 1,759 | 1,783 |
Low income housing partnerships, net | 3,308 | 3,002 |
Investment in statutory trusts | 483 | 481 |
Other assets | 1,191 | 1,298 |
Total | $ 29,302 | $ 27,544 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits, by Type [Abstract] | ||
Demand deposits | $ 727,663 | $ 678,365 |
NOW accounts and savings | 445,232 | 399,772 |
Money market | 579,355 | 516,560 |
Time deposits | 225,988 | 243,700 |
Total deposits | $ 1,978,238 | $ 1,838,397 |
BORROWINGS - Federal Home Loan
BORROWINGS - Federal Home Loan Bank (Details) - Federal Home Loan Bank of San Francisco [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | May 31, 2020 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 0 | $ 10,000 |
Federal Home Loan Bank of San Francisco, Secured Borrowing Facility [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, General Description of Terms | Bank has an approved secured borrowing facility with the Federal Home Loan Bank of San Francisco (the “FHLB”) for up to 25% of total assets for a term not to exceed five years under a blanket lien of certain types of loans. | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Percentage of Total Assets | 25.00% | |
Debt Instrument, Term | 5 years | |
Federal Home Loan Bank of San Francisco, Advance, Maturing November 9, 2020 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 5,000 | |
Federal Home Loan Bank of San Francisco, Advance, Maturing May 7, 2021 [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 5,000 |
BORROWINGS - Federal Funds Line
BORROWINGS - Federal Funds Line - Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Funds Line, Cumulative Available Commitments [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 75 | $ 75 |
BORROWINGS - Federal Funds Li_2
BORROWINGS - Federal Funds Line - Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 0 | $ 0 |
BORROWINGS - Junior Subordinate
BORROWINGS - Junior Subordinated Deferrable Interest Debentures (Details) - Junior Subordinated Debt [Member] - Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 8.4 | $ 8.3 |
Debt, Weighted Average Interest Rate | 2.41% | 2.80% |
Debt Instrument, Term | 30 years |
BORROWINGS - Subordinated Notes
BORROWINGS - Subordinated Notes (Details) - Subordinated Debt [Member] - Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] - USD ($) $ in Millions | Sep. 15, 2025 | Jun. 30, 2021 | Sep. 30, 2020 | Aug. 06, 2020 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 65 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Debt Instrument, Face Amount, Debt Issued, Percentage of Par | 100.00% | |||
Long-term Debt | $ 63.5 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Forecast [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.21% |
INTEREST PAYABLE AND OTHER LI_3
INTEREST PAYABLE AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
INTEREST PAYABLE AND OTHER LIABILITIES | ||
Accrued expenses | $ 5,121 | $ 6,577 |
Accounts payable | 492 | 384 |
Reserve for unfunded commitments | 415 | 415 |
Accrued interest payable | 1,242 | 1,401 |
All other | 7,963 | 2,870 |
Total | $ 15,233 | $ 11,647 |
OTHER EXPENSES - Tabular Disclo
OTHER EXPENSES - Tabular Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
OTHER EXPENSES | ||||
Professional fees | $ 614 | $ 629 | $ 1,048 | $ 1,524 |
Core deposit premium amortization | 453 | 453 | 906 | 926 |
Marketing and promotions | 155 | 109 | 219 | 439 |
Stationery and supplies | 83 | 127 | 190 | 273 |
Insurance (including FDIC premiums) | 203 | 110 | 413 | 165 |
Communication and postage | 189 | 124 | 405 | 318 |
Loan default related expense | 46 | 87 | 60 | 212 |
Director fees | 83 | 80 | 159 | 158 |
Bank service charges | 69 | 42 | 124 | 76 |
Courier expense | 155 | 124 | 331 | 314 |
Other | 131 | 175 | 227 | 430 |
Total | $ 2,181 | $ 2,060 | $ 4,082 | $ 4,835 |
OTHER EXPENSES - Additional Inf
OTHER EXPENSES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
OTHER EXPENSES | ||||
Advertising Expense | $ 26 | $ 68 | $ 42 | $ 133 |
EQUITY INCENTIVE PLANS - Genera
EQUITY INCENTIVE PLANS - General Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 450,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 24,187 | 92,294 | 15,173 | ||
2017 Omnibus Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Stock Grant Limit Per Person, Officers and Employees | 50,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Amount Authorized, Annual Stock Grant Limit Per Person, Officers and Employees | $ 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Annual Stock Grant Limit Per Person, Directors | 25,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 127,060 | ||||
2017 Omnibus Equity Incentive Plan [Member] | Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
2017 Omnibus Equity Incentive Plan [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||
2017 Omnibus Equity Incentive Plan [Member] | Minimum | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2017 Omnibus Equity Incentive Plan [Member] | Maximum | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
2014 Omnibus Equity Incentive Plan [Member] | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
2014 Omnibus Equity Incentive Plan [Member] | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
2014 Omnibus Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 148,962 |
EQUITY INCENTIVE PLANS - Compen
EQUITY INCENTIVE PLANS - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement Compensation Expense Items [Abstract] | ||||
Stock based compensation expense | $ 351 | $ 363 | $ 764 | $ 672 |
EQUITY INCENTIVE PLANS - Unreco
EQUITY INCENTIVE PLANS - Unrecognized Compensation Cost (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract] | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1.8 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years |
EQUITY INCENTIVE PLANS - Restri
EQUITY INCENTIVE PLANS - Restricted Stock Grant Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested (in shares) | 214,538 | 204,515 | 132,409 | 142,103 | 204,515 |
Granted (in shares) | 24,187 | 92,294 | 15,173 | ||
Vested (in shares) | (63,028) | (14,164) | (32,264) | (23,435) | |
Forfeited (in shares) | (1,432) | ||||
Non-vested (in shares) | 151,510 | 214,538 | 192,439 | 132,409 | 151,510 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Non-vested (in dollars per share) | $ 16.06 | $ 17.71 | $ 22.10 | $ 20.76 | $ 17.71 |
Granted (in dollars per share) | 15.17 | 12.18 | 22.60 | ||
Vested (in dollars per share) | 17.84 | 18.50 | 23.30 | 19.62 | |
Forfeited (in dollars per share) | 0 | 18.93 | |||
Non-vested (in dollars per share) | $ 15.32 | $ 16.06 | $ 17.14 | $ 22.10 | $ 15.32 |
FAIR VALUE MEASUREMENT - Recurr
FAIR VALUE MEASUREMENT - Recurring (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | $ 137,463 | $ 115,590 |
U.S. Government Agencies | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 1,985 | 5,544 |
Preferred equity securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,984 | |
Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,096 | 16,687 |
Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 34,252 | 36,578 |
Collateralized mortgage obligation | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 24,710 | 27,695 |
SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 7,060 | 7,667 |
Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 40,376 | 21,419 |
Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,984 | |
Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 122,479 | 115,590 |
Fair Value, Measurements, Recurring [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 137,463 | 115,590 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agencies | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 1,985 | 5,544 |
Fair Value, Measurements, Recurring [Member] | Preferred equity securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,984 | |
Fair Value, Measurements, Recurring [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,096 | 16,687 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 34,252 | 36,578 |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligation | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 24,710 | 27,695 |
Fair Value, Measurements, Recurring [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 7,060 | 7,667 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 40,376 | 21,419 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,984 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government Agencies | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Preferred equity securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,984 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized mortgage obligation | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 122,479 | 115,590 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government Agencies | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 1,985 | 5,544 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Preferred equity securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 14,096 | 16,687 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 34,252 | 36,578 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized mortgage obligation | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 24,710 | 27,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 7,060 | 7,667 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 40,376 | 21,419 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government Agencies | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Preferred equity securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized mortgage obligation | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA securities | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds | ||
Investments, Fair Value Disclosure [Abstract] | ||
Investment securities available-for-sale | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Nonrec
FAIR VALUE MEASUREMENT - Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | $ 9,742 | $ 9,219 |
OREO | 186 | 429 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
OREO | 186 | 429 |
Total | 9,928 | 9,648 |
Fair Value, Measurements, Nonrecurring [Member] | Performing Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 776 | 798 |
Fair Value, Measurements, Nonrecurring [Member] | Nonperforming Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 8,966 | 8,421 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
OREO | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Performing Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Nonperforming Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
OREO | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Performing Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nonperforming Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
OREO | 186 | 429 |
Total | 9,928 | 9,648 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Performing Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | 776 | 798 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nonperforming Financial Instruments [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Impaired Financing Receivable, Recorded Investment | $ 8,966 | $ 8,421 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Interest bearing deposits in banks | $ 5,726 | $ 7,718 |
Investment securities available-for-sale | 137,463 | 115,590 |
Accrued interest receivable | 6,591 | 7,312 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 468,693 | 299,329 |
Interest bearing deposits in banks | 5,726 | 7,718 |
Investment securities available-for-sale | 14,984 | |
Investment in FHLB and FRB Stock | 16,014 | 15,342 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Investment securities available-for-sale | 122,479 | 115,590 |
Loans held for sale | 7,335 | 8,664 |
Accrued interest receivable | 6,591 | 7,312 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 1,980,118 | 1,839,973 |
Accrued interest payable | 1,242 | 1,401 |
Fair Value, Inputs, Level 2 [Member] | Other Borrowings [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 5,000 | |
Fair Value, Inputs, Level 2 [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 63,457 | 63,372 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Loans, net | 1,585,556 | 1,658,605 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Undisbursed loan commitments, lines of credit, standby letters of credit | 105,494 | 110,287 |
Fair Value, Inputs, Level 3 [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,146 | 8,124 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 468,693 | 299,329 |
Interest bearing deposits in banks | 5,726 | 7,718 |
Investment securities available-for-sale | 133,134 | 111,809 |
Investment in FHLB and FRB Stock | 16,014 | 15,342 |
Loans held for sale | 7,335 | 8,664 |
Loans, net | 1,575,621 | 1,625,812 |
Accrued interest receivable | 6,591 | 7,312 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 1,978,238 | 1,838,397 |
Accrued interest payable | 1,242 | 1,401 |
Undisbursed loan commitments, lines of credit, standby letters of credit | 105,909 | 110,702 |
Reported Value Measurement [Member] | Other Borrowings [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 5,000 | |
Reported Value Measurement [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,363 | 8,322 |
Reported Value Measurement [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 63,457 | 63,372 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 468,693 | 299,329 |
Interest bearing deposits in banks | 5,726 | 7,718 |
Investment securities available-for-sale | 137,463 | 115,590 |
Investment in FHLB and FRB Stock | 16,014 | 15,342 |
Loans held for sale | 7,335 | 8,664 |
Loans, net | 1,585,556 | 1,658,605 |
Accrued interest receivable | 6,591 | 7,312 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Deposits | 1,980,118 | 1,839,973 |
Accrued interest payable | 1,242 | 1,401 |
Undisbursed loan commitments, lines of credit, standby letters of credit | 105,494 | 110,287 |
Estimate of Fair Value Measurement [Member] | Other Borrowings [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 5,000 | |
Estimate of Fair Value Measurement [Member] | Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | 8,146 | 8,124 |
Estimate of Fair Value Measurement [Member] | Fixed-to-Floating Rate Subordinated Notes, 5.25 Percent, Due 2030 [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt | $ 63,457 | $ 63,372 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Off-balance Sheet Liabilities - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 105,909 | $ 110,702 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 103,610 | 108,376 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 2,299 | $ 2,326 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Off-balance Sheet Liabilities - Reserve (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 415 | $ 415 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments In Low Income Housing Tax Credit Partnerships [Member] | ||
Other Commitments [Line Items] | ||
Investment in LIHTC | $ 3,300 | $ 1,100 |
Low Income Housing Tax Credit Partnerships [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | 2,400 | 899 |
Total Commitments | 2,000 | |
Small Business Investment Company [Member] | ||
Other Commitments [Line Items] | ||
Other Commitment | $ 122 | $ 122 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Deposits (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Deposits | $ 1,978,238 | $ 1,838,397 |
Deposits [Member] | Top Ten Depositors [Member] | ||
Concentration Risk [Line Items] | ||
Deposits | $ 184,700 | $ 170,100 |
Deposits [Member] | Deposits [Member] | Top Ten Depositors [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 9.30% | 8.80% |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Local Agency Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
COMMITMENTS AND CONTINGENCIES | ||
Federal Home Loan Bank, Letters of Credit | $ 41.5 | $ 30.1 |