Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 22, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Central Index Key | 0000708781 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 000-20827 | |
Entity Registrant Name | CASS INFORMATION SYSTEMS, INC. | |
Entity Incorporation, State or Country Code | MO | |
Entity Tax Identification Number | 43-1265338 | |
Entity Address, Address Line One | 12444 Powerscourt Drive | |
Entity Address, Address Line Two | Suite 550 | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63131 | |
City Area Code | 314 | |
Local Phone Number | 506-5500 | |
Title of 12(b) Security | Common stock, par value $.50 | |
Trading Symbol | CASS | |
Name of Exchange on which Security is Registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,400,909 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 25,291 | $ 30,985 |
Interest-bearing deposits in other financial institutions | 444,624 | 393,810 |
Federal funds sold and other short-term investments | 129,744 | 245,733 |
Cash and cash equivalents | 599,659 | 670,528 |
Securities available-for-sale, at fair value | 427,244 | 357,726 |
Loans | 888,575 | 891,676 |
Less: Allowance for credit losses | 11,721 | 11,944 |
Loans, net | 876,854 | 879,732 |
Payments in excess of funding | 216,475 | 194,563 |
Premises and equipment, net | 17,825 | 18,057 |
Investment in bank-owned life insurance | 17,646 | 18,058 |
Goodwill | 14,262 | 14,262 |
Other intangible assets, net | 3,208 | 3,423 |
Other assets | 43,400 | 46,886 |
Total assets | 2,216,573 | 2,203,235 |
Deposits: | ||
Noninterest-bearing | 424,859 | 493,504 |
Interest-bearing | 578,276 | 557,352 |
Total deposits | 1,003,135 | 1,050,856 |
Accounts and drafts payable | 897,508 | 835,386 |
Other liabilities | 56,443 | 55,833 |
Total liabilities | 1,957,086 | 1,942,075 |
Shareholders' Equity: | ||
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued | ||
Common stock, par value $.50 per share; 40,000,000 shares authorized and 15,505,772 shares issued at March 31, 2021 and December 31, 2020 | 7,753 | 7,753 |
Additional paid-in capital | 202,828 | 204,875 |
Retained earnings | 102,247 | 99,062 |
Common shares in treasury, at cost (1,106,941 shares at March 31, 2021 and 1,113,103 shares at December 31, 2020) | (49,949) | (50,515) |
Accumulated other comprehensive loss | (3,392) | (15) |
Total shareholders' equity | 259,487 | 261,160 |
Total liabilities and shareholders' equity | $ 2,216,573 | $ 2,203,235 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.50 | $ 0.50 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ||
Common stock, par value per share | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 15,505,772 | 15,505,772 |
Treasury stock, shares | 1,106,941 | 1,113,103 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fee Revenue and Other Income: | ||
Information services payment and processing revenue | $ 25,216 | $ 25,503 |
Bank service fees | 494 | 410 |
Gains on sales of securities | 48 | 1,069 |
Other | 417 | 113 |
Total fee revenue and other income | 26,175 | 27,095 |
Interest Income: | ||
Interest and fees on loans | 8,587 | 9,001 |
Interest and dividends on securities: | ||
Taxable | 198 | 560 |
Exempt from federal income taxes | 1,739 | 1,819 |
Interest on federal funds sold and other short-term investments | 152 | 958 |
Total interest income | 10,676 | 12,338 |
Interest Expense: | ||
Interest on deposits | 331 | 963 |
Interest on short-term borrowings | 2 | |
Total interest expense | 331 | 965 |
Net interest income | 10,345 | 11,373 |
(Release of) provision for credit losses | (600) | 325 |
Net interest income after provision for credit losses | 10,945 | 11,048 |
Total net revenue | 37,120 | 38,143 |
Operating Expense: | ||
Personnel | 22,526 | 22,427 |
Occupancy | 947 | 941 |
Equipment | 1,675 | 1,635 |
Amortization of intangible assets | 215 | 215 |
Other operating expense | 3,162 | 3,711 |
Total operating expense | 28,525 | 28,929 |
Income before income tax expense | 8,595 | 9,214 |
Income tax expense | 1,524 | 1,669 |
Net income | $ 7,071 | $ 7,545 |
Basic earnings per share | $ 0.49 | $ 0.52 |
Diluted earnings per share | $ 0.49 | $ 0.52 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Comprehensive Income: | ||
Net income | $ 7,071 | $ 7,545 |
Other comprehensive (loss) income: | ||
Net unrealized (loss) gain on securities available-for-sale | (4,214) | 578 |
Tax effect | 1,003 | (138) |
Reclassification adjustments for gains included in net income | (48) | (1,069) |
Tax effect | 11 | 254 |
Foreign currency translation adjustments | (129) | (144) |
Total comprehensive income | $ 3,694 | $ 7,026 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net income | $ 7,071 | $ 7,545 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,978 | 2,790 |
Gains on sales of securities | (48) | (1,069) |
Stock-based compensation expense | 693 | 722 |
(Release of) provision for credit losses | (600) | 325 |
Increase in income tax liability | 1,355 | 1,512 |
Increase in pension liability | 336 | 1,079 |
Increase in accounts receivable | (237) | (105) |
Other operating activities, net | 5,156 | 5,361 |
Net cash provided by operating activities | 16,704 | 18,160 |
Cash Flows From Investing Activities: | ||
Proceeds from sales of securities available-for-sale | 2,991 | 19,629 |
Proceeds from maturities of securities available-for-sale | 47,113 | 14,148 |
Purchase of securities available-for-sale | (125,467) | |
Net decrease (increase) in loans | 3,478 | (82,134) |
Increase in payments in excess of funding | (21,912) | (2,687) |
Purchases of premises and equipment, net | (900) | (331) |
Net cash used in investing activities | (94,697) | (51,375) |
Cash Flows From Financing Activities: | ||
Net decrease in noninterest-bearing demand deposits | (68,645) | (62,865) |
Net increase in interest-bearing demand and savings deposits | 21,373 | 31,761 |
Net (decrease) increase in time deposits | (449) | 575 |
Net increase in accounts and drafts payable | 60,905 | 51,639 |
Net decrease in short-term borrowings | (18,000) | |
Cash dividends paid | (3,886) | (3,918) |
Purchase of common shares for treasury | (1,228) | (5,508) |
Other financing activities, net | (946) | (1,229) |
Net cash provided by (used) in financing activities | 7,124 | (7,545) |
Net decrease in cash and cash equivalents | (70,869) | (40,760) |
Cash and cash equivalents at beginning of period | 670,528 | 203,954 |
Cash and cash equivalents at end of period | 599,659 | 163,194 |
Supplemental information: | ||
Cash paid for interest | 311 | 964 |
Cash paid for income taxes | $ 134 | $ 142 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance at Dec. 31, 2019 | $ 7,753 | $ 205,397 | $ 90,341 | $ (45,381) | $ (13,920) | $ 244,190 |
Net income | 7,545 | 7,545 | ||||
Cash dividends | (3,918) | (3,918) | ||||
Issuance of common shares pursuant to stock-based compensation plan, net | (2,075) | 948 | (1,127) | |||
Exercise of SARs | (243) | 141 | (102) | |||
Stock-based compensation expense | 722 | 722 | ||||
Purchase of common shares | (5,508) | (5,508) | ||||
Other comprehensive loss | (519) | (519) | ||||
Balance at Mar. 31, 2020 | 7,753 | 203,801 | 93,968 | (49,800) | (14,439) | 241,283 |
Balance at Dec. 31, 2020 | 7,753 | 204,875 | 99,062 | (50,515) | (15) | 261,160 |
Net income | 7,071 | 7,071 | ||||
Cash dividends | (3,886) | (3,886) | ||||
Issuance of common shares pursuant to stock-based compensation plan, net | (2,426) | 1,596 | (830) | |||
Exercise of SARs | (314) | 198 | (116) | |||
Stock-based compensation expense | 693 | 693 | ||||
Purchase of common shares | (1,228) | (1,228) | ||||
Other comprehensive loss | (3,377) | (3,377) | ||||
Balance at Mar. 31, 2021 | $ 7,753 | $ 202,828 | $ 102,247 | $ (49,949) | $ (3,392) | $ 259,487 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends, per share | $ 0.27 | $ 0.27 |
Stock issued pursuant to stock-based compensation | 69,374 | 57,333 |
Shares repurchased during period | 31,256 | 128,779 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. Such reclassifications have no effect on previously reported net income or shareholders’ equity. Results for quarterly reporting periods beginning after December 31, 2020 in the Company’s Form 10-Q will be presented under ASU 2016-13 while prior quarterly period amounts continue to be reported in accordance with previously applicable GAAP. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.’s (the “Company” or “Cass”) Annual Report on Form 10-K for the year ended December 31, 2020. Risks and Uncertainties On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of COVID-19 as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. This response to the COVID-19 pandemic has resulted in an unprecedented slow-down in economic activity and a related increase in unemployment. In late fiscal 2020, vaccines for combatting COVID-19 were approved by health agencies and began to be administered. However, initial quantities of vaccines are limited and vaccine distributions, controlled by local authorities, are being allocated, generally first to front-line health care workers and other essential workers and next to those members of individual populations believed most susceptible to severe effects from COVID-19. The timeline of full administration of the COVID-19 vaccines is uncertain and fluctuating. The impact of COVID-19, including the impact of restrictions imposed to combat its spread, could result in additional and prolonged business closures, work restrictions and activity restrictions. The Company is closely monitoring developments related to COVID-19 checking regularly for updated information and recommendations from the WHO and the CDC, from national, state, and local governments, and evaluating courses of action being taken by peers. The duration and severity of the effect of COVID-19 on economic, market and business conditions and the timeline and shape of recovery from the pandemic remain uncertain. At this time, the Company remains subject to heightened business, operational, market, credit and other risks related to the COVID-19 pandemic, including, but not limited to, those discussed below, which may have an adverse effect on business, financial condition and results of operations. Financial position and results of operations - In response to COVID-19, the Federal Reserve has taken action to lower the Federal Funds rate, which has adversely affected interest income and therefore, the Company’s results of operations and financial condition. The Federal Reserve has continued its commitment to this approach, indicating that the target Federal Funds rate would remain at current levels until the economy is in a more stable employment and price-stability position. -8- Table of Contents To the extent the business disruption continues for an extended period, additional cost control actions will be considered. Future asset impairment charges, increases in allowance for credit losses, or restructuring charges could be more likely and will be dependent on the severity and duration of this crisis and its effect on the Company’s borrowers. For payment processing services, business closures cause a decrease in the number of transactions and dollars processed due to the decline in customers’ business activity. In addition, the dampened demand for oil and volatility in oil prices has had, and can continue to have, a negative effect on both the number of freight transactions processed and the dollar amount of invoices processed. Other financial impact could occur though such potential impact is unknown at this time. Capital and liquidity - The Company maintains access to multiple sources of liquidity. If funding costs are elevated for an extended period of time, it could have an adverse effect on the Company’s net interest margin. If an extended recession caused large numbers of the Bank’s customers to draw down deposits, the Company might become more reliant on more expensive sources of funding. Asset valuation - The economic slowdown as a result of COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, necessitate a goodwill or intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Processes, controls and business continuity - In the past several years, Cass has invested in sophisticated technology initiatives that enable employees to operate remotely with full system(s) access along with unified and transparent voice and electronic communications capabilities, ensuring seamless service delivery. The Company cannot predict when or how it will fully lift the actions put in place as part of the Business Continuity Plan, including work from home requirements and travel restrictions. Cass does not believe the work from home protocol has materially adversely impacted internal controls, financial reporting systems, or operations. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 2 – Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets -9- Table of Contents Details of the Company’s intangible assets are as follows: March 31, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Assets eligible for amortization: Customer lists $ 4,778 $ (4,012) $ 4,778 $ (3,902) Patents 72 (25) 72 (24) Non-compete agreements 332 (332) 332 (332) Software 2,844 (824) 2,844 (731) Trade Name 190 (15) 190 (13) Other 500 (300) 500 (291) Unamortized intangible assets: Goodwill 1 14,489 (227) 14,489 (227) Total intangible assets $ 23,205 $ (5,735) $ 23,205 $ (5,520) 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. The customer lists are amortized over 7 and 10 years; the patents over 18 years; the non-compete agreements over 2 and 5 years; software over 3 years and 7 years, the trade name over 20 years and other intangible assets over 15 years. Amortization of intangible assets amounted to $215,000 for both the three-month periods ended March 31, 2021 and 2020. Estimated future amortization of intangibles is $859,000 in 2021, $540,000 in both 2022 and 2023, $498,000 in 2024, and $490,000 in 2025. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 – Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows: Three Months Ended March 31, (In thousands except share and per share data) 2021 2020 Basic Net income $ 7,071 $ 7,545 Weighted-average common shares outstanding 14,312,260 14,422,813 Basic earnings per share $ .49 $ .52 Diluted Net income $ 7,071 $ 7,545 Weighted-average common shares outstanding 14,312,260 14,422,813 Effect of dilutive restricted stock and stock appreciation rights 220,809 207,700 Weighted-average common shares outstanding assuming dilution 14,533,069 14,630,513 Diluted earnings per share $ .49 $ .52 |
Stock Repurchases
Stock Repurchases | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stock Repurchases | Note 4 – Stock Repurchases The Company maintains a treasury stock buyback program pursuant to which the Board of Directors has authorized the repurchase of up to 500,000 shares of the Company’s common stock. As restored by the Board of Directors in October 2020, the program provides that the Company may repurchase up to an aggregate of 500,000 shares of common stock and has no expiration date. As of March 31, 2021, 434,622 shares remained available for repurchase under the program. The Company repurchased 31,256 shares during the three-month period ended March 31, 2021 and 128,779 shares during the three-month period ended March 31, 2020. Repurchases may be made in the open market or through negotiated transactions from time to time depending on market conditions. |
Industry Segment Information
Industry Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Industry Segment Information | Note 5 – Industry Segment Information The services provided by the Company are classified into two reportable segments: Information Services and Banking Services. Each of these segments provides distinct services that are marketed through different channels. They are managed separately due to their unique service and processing requirements. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. The Banking Services segment provides banking services primarily to privately held businesses and faith-based ministries, including on-line generosity services, as well as supporting the banking needs of the Information Services segment. The Company’s accounting policies for segments are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Management evaluates segment performance based on tax-equivalized (as defined in the footnote to the chart on the following table) pre-tax income after allocations for corporate expenses. Transactions between segments are accounted for at what management believes to be fair value. Substantially all revenue originates from, and all long-lived assets are located within the United States, and no revenue from any customer of any segment exceeds 10% of the Company’s consolidated revenue. Funding sources represent average balances and deposits generated by Information Services and Banking Services and there is no allocation methodology used. Segment interest income is a function of the relative share of average funding sources generated by each segment multiplied by the following rates: • Information Services – one or more fixed rates depending upon the specific characteristics of the funding source, and • Banking Services – a variable rate that is based upon the overall performance of the Company’s earning assets. Any difference between total segment interest income and overall total Company interest income is included in Corporate, Eliminations, and Other. -11- Table of Contents Summarized information about the Company’s operations in each industry segment is as follows: (In thousands) Information Services Banking Services Corporate, Eliminations and Other Total Three Months Ended March 31, 2021 Fee income $ 24,977 $ 638 $ 560 $ 26,175 Interest income* 5,509 5,751 (122) 11,138 Interest expense — 331 — 331 Intersegment income (expense) — 623 (623) — Tax-equivalized pre-tax income* 6,013 2,762 282 9,057 Goodwill 12,433 1,829 — 14,262 Other intangible assets, net 634 2,574 — 3,208 Total Assets 1,023,196 1,263,669 (70,292) 2,216,573 Funding Sources 837,852 849,177 — 1,687,029 Three Months Ended March 31, 2020 Fee income $ 25,440 $ 615 $ 1,040 $ 27,095 Interest income* 4,707 7,284 831 12,822 Interest expense — 965 — 965 Intersegment income (expense) — 525 (525) — Tax-equivalized pre-tax income* 5,123 2,703 1,872 9,698 Goodwill 12,433 1,829 — 14,262 Other intangible assets, net 1,040 3,026 — 4,066 Total Assets 833,774 926,445 (28,237) 1,731,982 Funding Sources 677,829 611,135 — 1,288,964 * Presented on a tax-equivalent basis assuming a tax rate of 21%. The tax-equivalent adjustment was approximately $462,000 and $484,000 for the three months ended March 31, 2021 and 2020, respectively. |
Loans by Type
Loans by Type | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans by Type | Note 6 – Loans by Type A summary of loan categories is as follows: (In thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 302,747 $ 298,984 Real estate: Commercial: Mortgage 96,630 100,419 Construction 23,766 25,090 Faith-based: Mortgage 331,153 333,661 Construction 20,800 23,818 Paycheck Protection Program (“PPP”) 113,474 109,704 Other 5 — Total loans $ 888,575 $ 891,676 In support of the Coronavirus, Aid, Relief, and Economic Security Act (the “CARES Act”), the Bank had processed nearly 450 applications for PPP loans of approximately $210,000,000 to provide much-needed cash to small business and self-employed taxpayers during the COVID-19 crisis. The loans were primarily made to existing bank customers and are 100% guaranteed by the Small Business Administration and no allowance for credit loss was recorded for these loans. -12- Table of Contents The following table presents the aging of loans by loan categories at March 31, 2021 and December 31, 2020: Performing Nonperforming (In thousands) Current 30-59 Days 60-89 Days 90 Days and Over Non- accrual Total Loans March 31, 2021 Commercial and industrial $ 302,747 $ — $ — $ — $ — $ 302,747 Real estate Commercial: Mortgage 96,630 — — — — 96,630 Construction 23,766 — — — — 23,766 Faith-based: Mortgage 331,153 — — — — 331,153 Construction 20,800 — — — — 20,800 PPP 113,474 — — — — 113,474 Other 5 — — — — 5 Total $ 888,575 $ — $ — $ — $ — $ 888,575 December 31, 2020 Commercial and industrial $ 298,984 $ — $ — $ — $ — $ 298,984 Real estate Commercial: Mortgage 100,419 — — — — 100,419 Construction 25,090 — — — — 25,090 Faith-based: Mortgage 333,661 — — — — 333,661 Construction 23,818 — — — — 23,818 PPP 109,704 — — — — 109,704 Total $ 891,676 $ — $ — $ — $ — $ 891,676 The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2021 and December 31, 2020: (In thousands) Loans Subject to Normal Monitoring 1 Performing Loans Subject to Special Monitoring 2 Nonperforming Loans Subject to Special Monitoring 2 Total Loans March 31, 2021 Commercial and industrial $ 289,698 $ 13,049 $ — $ 302,747 Real estate Commercial: Mortgage 95,305 1,325 — 96,630 Construction 23,766 — — 23,766 Faith-based: Mortgage 328,105 3,048 — 331,153 Construction 20,800 — — 20,800 PPP 113,474 — — 113,474 Other 5 — — 5 Total $ 871,153 $ 17,422 $ — $ 888,575 December 31, 2020 Commercial and industrial $ 284,882 $ 14,102 $ — $ 298,984 Real estate Commercial: Mortgage 99,044 1,375 — 100,419 Construction 25,090 — — 25,090 Faith-based: Mortgage 330,554 3,107 — 333,661 Construction 23,818 — — 23,818 PPP 109,704 — — 109,704 Total $ 873,092 $ 18,584 $ — $ 891,676 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. -13- Table of Contents The Company had two loans that were considered impaired in the amount of $2,912,000 at March 31, 2021. These loans were individually evaluated for impairment, resulting in a specific allowance for credit loss of $750,000. The Company had one loan that was considered impaired in the amount of $2,500,000 at December 31, 2020. This loan was individually evaluated for impairment, resulting in a specific allowance for credit loss of $500,000. There were no foreclosed loans recorded as other real estate owned (included in other assets) as of March 31, 2021 or December 31, 2020. There were no loans considered troubled debt restructurings as of March 31, 2021. There were two loans that were considered troubled debt restructurings at December 31, 2020 and these loans were removed from troubled debt restructuring status during the first quarter 2021. The recorded investment by category for loans considered as troubled debt restructuring during the year ended December 31, 2020 is as follows: (In thousands) Number of Loans Pre-Modification Outstanding Balance Post-Modification Outstanding Balance Commercial and industrial 1 $ 8,773 $ 8,773 Faith-based real estate 1 1,029 1,029 Total 2 $ 9,802 $ 9,802 During the year ended December 31, 2020, two loans were restructured to change the amortization schedule to reduce payments from the borrowers while the contractual interest rate remained unchanged. These loans did not have a specific allowance for credit loss allocated to them at December 31, 2020. There were no loans restructured that subsequently defaulted during the year ended December 31, 2020. A summary of the activity in allowance for credit losses (“ACL”) by category for the period ended March 31, 2021 and December 31, 2020 is as follows: (In thousands) C&I CRE Faith-based CRE Construction Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 4,635 $ 1,175 $ 5,717 $ 417 $ 11,944 Charge Offs — — — — — (Release of) provision for credit losses 54 (65) (200) (29) (240) Recoveries 2 — 15 — 17 Balance at March 31, 2021 $ 4,691 $ 1,110 $ 5,532 $ 388 $ 11,721 The decrease in the provision for credit losses on loans during the quarter ended March 31, 2021 is due to the Company’s forecast of macroeconomic factors, which improved during the first quarter 2021. (In thousands) C&I CRE Faith-based CRE Construction Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 4,874 $ 1,528 $ 3,842 $ 312 $ 10,556 Cumulative effect of accounting change (ASU 2016-13) (526) (401) 1,636 14 723 Balance at January 1, 2020 4,348 1,127 5,478 326 11,279 Provision for credit losses 268 48 238 91 645 Recoveries 19 — 1 — 20 Balance at December 31, 2020 $ 4,635 $ 1,175 $ 5,717 $ 417 $ 11,944 The increase in the provision for credit losses on loans during the year ended December 31, 2020 is due to the Company’s forecast of macroeconomic factors, which decreased during 2020, primarily due to the COVID-19 pandemic. A summary of the activity in the allowance for loan losses from December 31, 2019 to March 31, 2020 is as follows: (In thousands) December 31, 2019 Charge- Offs Recoveries Provision March 31, 2020 Commercial and industrial $ 4,874 $ — $ 7 $ 213 $ 5,094 Real estate Commercial: Mortgage 1,528 — — 24 1,552 Construction 191 — — (41) 150 Faith-based: Mortgage 3,842 — 1 106 3,949 Construction 121 — — 23 144 Total $ 10,556 $ — $ 8 $ 325 $ 10,889 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies In the normal course of business, the Company is party to activities that contain credit, market and operational risks that are not reflected in whole or in part in the Company’s consolidated financial statements. Such activities include traditional off-balance sheet credit-related financial instruments and commitments under operating leases. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. The Company’s maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, commercial letters of credit and standby letters of credit is represented by the contractual amounts of those instruments. A release of credit losses of $360,000 was recorded during the quarter ended March 31, 2021 due to lower line of credit usage. An allowance for unfunded commitments of $207,000 and $567,000 had been recorded at March 31, 2021 and December 31, 2020, respectively. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial and standby letters of credit are conditional commitments issued by the Company or its subsidiaries to guarantee the performance of a customer to a third party. These off-balance sheet financial instruments generally have fixed expiration dates or other termination clauses and may require payment of a fee. At March 31, 2021, the balance of unused loan commitments, standby and commercial letters of credit were $194,737,000, $11,619,000, and $816,000, respectively. Since some of the financial instruments may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. Commitments to extend credit and letters of credit are subject to the same underwriting standards as those financial instruments included on the consolidated balance sheets. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of the credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but is generally accounts receivable, inventory, residential or income-producing commercial property or equipment. In the event of nonperformance, the Company or its subsidiaries may obtain and liquidate the collateral to recover amounts paid under guarantees on these financial instruments. The following table summarizes contractual cash obligations of the Company related to time deposits at March 31, 2021: Amount of Commitment Expiration per Period (In thousands) Total Less than 1 Year 1-3 Years 3-5 Years Over 5 Years Time deposits $ 55,536 $ 41,390 $ 14,098 $ 48 $ — The Company and its subsidiaries are involved in various pending legal actions and proceedings in which claims for damages are asserted. Management, after discussion with legal counsel, believes the ultimate resolution of these legal actions and proceedings will not have a material effect upon the Company’s consolidated financial position or results of operations. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Amended and Restated Omnibus Stock and Performance Compensation Plan (the “Omnibus Plan”) permits the issuance of up to 1,500,000 shares of the Company’s common stock in the form of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and performance awards. The Company may issue shares out of treasury stock for these awards. During the three months ended March 31, 2021, 39,686 restricted shares, 52,240 performance-based restricted shares, and no SARs were granted under the Omnibus Plan. Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $693,000 and $722,000, respectively. -15- Table of Contents Restricted Stock Restricted shares granted to Company employees are amortized to expense over the three-year cliff vesting period. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of March 31, 2021, the total unrecognized compensation expense related to non-vested restricted shares was $2,642,000, and the related weighted-average period over which it is expected to be recognized is approximately 0.98 years. Following is a summary of the activity of the restricted stock: Three Months Ended March 31, 2021 Shares Fair Value Balance at December 31, 2020 136,167 $ 46.78 Granted 39,686 40.63 Vested (21,364) 48.62 Balance at March 31, 2021 154,489 $ 44.91 Performance-Based Restricted Stock The Company has granted three-year performance based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS, based on target value: Three Months Ended March 31, 2021 Shares Fair Value Balance at December 31, 2020 98,410 $ 50.64 Granted 52,240 40.74 Vested (31,451) 48.63 Balance at March 31, 2021 119,199 $ 46.79 The PBRS that vested during the three months ended March 31, 2021 achieved financial goals of 94.4%, resulting in the issuance of 29,688 shares of common stock. The outstanding PBRS at March 31, 2021 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the three months ended March 31, 2021. Following is a summary of the activity of the Company’s SARs program for the three-month period ended March 31, 2021: Shares Weighted- Average Exercise Price Average Remaining Contractual Term Years Aggregate Intrinsic Value (In thousands) Balance at December 31, 2020 144,999 $ 32.99 1.95 $ 1,095 Exercised (20,560) 24.12 ─ ─ Exercisable at March 31, 2021 124,439 $ 34.46 1.92 $ 1,483 There were no non-vested SARs at March 31, 2021. |
Defined Pension Plans
Defined Pension Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Pension Plans | Note 9 – Defined Pension Plans The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs: (In thousands) Estimated 2021 Actual 2020 Service cost – benefits earned during the year $ 963 $ 4,329 Interest cost on projected benefit obligations 3,069 3,908 Expected return on plan assets (6,299) (6,049) Net amortization 360 1,946 Net periodic pension (benefit) cost $ (1,907 ) $ 4,134 Pension costs recorded to expense were $273,000 and $1,029,000 for the three-month periods ended March 31, 2021 and 2020, respectively. Pension costs decreased in 2021 primarily due to the Plan being frozen as of February 28, 2021. The Company made no contribution to the plan during the three-month period ended March 31, 2021 and is evaluating the amount of additional contributions, if any, in the remainder of 2021. In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2020 and an estimate for 2021: (In thousands) Estimated 2021 Actual 2020 Service cost – benefits earned during the year $ 147 $ 121 Interest cost on projected benefit obligation 291 347 Net amortization 203 112 Net periodic pension cost $ 641 $ 580 Supplemental executive retirement plan costs recorded to expense were $160,000 and $145,000 for the three-month periods ended March 31, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes The effective tax rate was 17.7% and 18.1% for the three-month periods ended March 31, 2021 and 2020, respectively. The 2021 and 2020 effective tax rate for the three-month period differs from the statutory rate of 21% primarily due to the tax-exempt interest received from municipal bonds. |
Investment in Securities
Investment in Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | Note 11 – Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: March 31, 2021 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 312,479 $ 15,678 $ 174 $ 327,983 U.S. government agencies 99,349 623 711 99,261 Total $ 411,828 $ 16,301 $ 885 $ 427,244 December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 287,059 $ 18,915 $ ─ $ 305,974 U.S. government agencies 50,988 764 ─ 51,752 Total $ 338,047 $ 19,679 $ ─ $ 357,726 The fair values of securities with unrealized losses are as follows: March 31, 2021 Less than 12 months 12 months or more Total (In thousands) Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses State and political subdivisions $ 36,423 $ 174 $ ─ $ ─ $ 36,423 $ 174 U.S. government agencies 60,491 711 ─ ─ 60,491 711 Total $ 96,914 $ 885 $ ─ $ ─ $ 96,914 $ 885 There were 33 securities, or 12%, (0 greater than 12 months) in an unrealized loss position as of March 31, 2021. There were no securities in an unrealized loss position as of December 31, 2020. The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2021 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 70,415 $ 70,697 Due after 1 year through 5 years 89,351 93,669 Due after 5 years through 10 years 161,771 173,009 Due after 10 years 90,291 89,869 Total $ 411,828 $ 427,244 Proceeds from sales of investment securities classified as available for sale were $2,991,000 and $19,629,000 for the three months ended March 31, 2021 and 2020, respectively. Gross realized gains were $48,000 and $1,069,000 for the three months ended March 31, 2021 and 2020, respectively. There were no securities pledged to secure public deposits or for other purposes at March 31, 2021. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12 – Fair Value of Financial Instruments Following is a summary of the carrying amounts and fair values of the Company’s financial instruments: March 31, 2021 December 31, 2020 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 599,659 $ 599,659 $ 670,528 $ 670,528 Investment securities 427,244 427,244 357,726 357,726 Loans, net 876,854 880,231 879,732 883,461 Accrued interest receivable 6,458 6,458 6,850 6,850 Total $ 1,910,215 $ 1,913,592 $ 1,914,836 $ 1,918,565 Balance sheet liabilities: Deposits $ 1,003,135 $ 1,003,135 $ 1,050,856 $ 1,050,856 Accounts and drafts payable 897,508 897,508 835,386 835,386 Accrued interest payable 58 58 38 38 Total $ 1,900,701 $ 1,900,701 $ 1,886,280 $ 1,886,280 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents Investment in Securities Loans Accrued Interest Receivable Deposits Accounts and Drafts Payable Accrued Interest No financial instruments are measured using Level 3 inputs for the three months ended March 31, 2021 and 2020. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 13 – Revenue from Contracts with Customers Revenue is recognized as the obligation to the customer is satisfied. The following is detail of the Company’s revenue from contracts with clients. Invoice processing fees Invoice payment fees Bank service fees -19- Table of Contents For the Three Months Ended March 31, (In thousands) 2021 2020 Fee revenue and other income In-scope of FASB ASC 606 Invoice processing fees $ 19,064 $ 19,124 Invoice payment fees 6,152 6,379 Information services payment and processing revenue 25,216 25,503 Bank service fees 494 410 Fee revenue (in-scope of FASB ASC 606) 25,710 25,913 Other income (out-of-scope of FASB ASC 606) 465 1,182 Total fee revenue and other income 26,175 27,095 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 14 – Leases On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02 – Leases (ASC Topic 842) A maturity analysis of operating lease liabilities and undiscounted cash flows for the three months ended March 31, 2021 is as follows: (In thousands) March 31, 2021 Lease payments due Less than 1 year $ 1,711 1-2 years 1,558 2-3 years 628 3-4 years 507 4-5 years 517 Over 5 years 1,891 Total undiscounted cash flows 6,812 Discount on cash flows 1,013 Total lease liability $ 5,799 There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three months ended March 31, 2021. At March 31, 2021, the Company did not have any leases that had not yet commenced. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events In accordance with FASB ASC 855, Subsequent Events |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Company's Intangible Assets | Details of the Company’s intangible assets are as follows: March 31, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Assets eligible for amortization: Customer lists $ 4,778 $ (4,012) $ 4,778 $ (3,902) Patents 72 (25) 72 (24) Non-compete agreements 332 (332) 332 (332) Software 2,844 (824) 2,844 (731) Trade Name 190 (15) 190 (13) Other 500 (300) 500 (291) Unamortized intangible assets: Goodwill 1 14,489 (227) 14,489 (227) Total intangible assets $ 23,205 $ (5,735) $ 23,205 $ (5,520) 1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding and the weighted-average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value. The calculations of basic and diluted earnings per share are as follows: Three Months Ended March 31, (In thousands except share and per share data) 2021 2020 Basic Net income $ 7,071 $ 7,545 Weighted-average common shares outstanding 14,312,260 14,422,813 Basic earnings per share $ .49 $ .52 Diluted Net income $ 7,071 $ 7,545 Weighted-average common shares outstanding 14,312,260 14,422,813 Effect of dilutive restricted stock and stock appreciation rights 220,809 207,700 Weighted-average common shares outstanding assuming dilution 14,533,069 14,630,513 Diluted earnings per share $ .49 $ .52 |
Industry Segment Information (T
Industry Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Company's Operations in Each Segment | Summarized information about the Company’s operations in each industry segment is as follows: (In thousands) Information Services Banking Services Corporate, Eliminations and Other Total Three Months Ended March 31, 2021 Fee income $ 24,977 $ 638 $ 560 $ 26,175 Interest income* 5,509 5,751 (122) 11,138 Interest expense — 331 — 331 Intersegment income (expense) — 623 (623) — Tax-equivalized pre-tax income* 6,013 2,762 282 9,057 Goodwill 12,433 1,829 — 14,262 Other intangible assets, net 634 2,574 — 3,208 Total Assets 1,023,196 1,263,669 (70,292) 2,216,573 Funding Sources 837,852 849,177 — 1,687,029 Three Months Ended March 31, 2020 Fee income $ 25,440 $ 615 $ 1,040 $ 27,095 Interest income* 4,707 7,284 831 12,822 Interest expense — 965 — 965 Intersegment income (expense) — 525 (525) — Tax-equivalized pre-tax income* 5,123 2,703 1,872 9,698 Goodwill 12,433 1,829 — 14,262 Other intangible assets, net 1,040 3,026 — 4,066 Total Assets 833,774 926,445 (28,237) 1,731,982 Funding Sources 677,829 611,135 — 1,288,964 * Presented on a tax-equivalent basis assuming a tax rate of 21%. The tax-equivalent adjustment was approximately $462,000 and $484,000 for the three months ended March 31, 2021 and 2020, respectively. |
Loans by Type (Tables)
Loans by Type (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Summary of Loan Categories | A summary of loan categories is as follows: (In thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 302,747 $ 298,984 Real estate: Commercial: Mortgage 96,630 100,419 Construction 23,766 25,090 Faith-based: Mortgage 331,153 333,661 Construction 20,800 23,818 Paycheck Protection Program (“PPP”) 113,474 109,704 Other 5 — Total loans $ 888,575 $ 891,676 |
Schedule of the Aging Loans by Loan Categories | The following table presents the aging of loans by loan categories at March 31, 2021 and December 31, 2020: Performing Nonperforming (In thousands) Current 30-59 Days 60-89 Days 90 Days and Over Non- accrual Total Loans March 31, 2021 Commercial and industrial $ 302,747 $ — $ — $ — $ — $ 302,747 Real estate Commercial: Mortgage 96,630 — — — — 96,630 Construction 23,766 — — — — 23,766 Faith-based: Mortgage 331,153 — — — — 331,153 Construction 20,800 — — — — 20,800 PPP 113,474 — — — — 113,474 Other 5 — — — — 5 Total $ 888,575 $ — $ — $ — $ — $ 888,575 December 31, 2020 Commercial and industrial $ 298,984 $ — $ — $ — $ — $ 298,984 Real estate Commercial: Mortgage 100,419 — — — — 100,419 Construction 25,090 — — — — 25,090 Faith-based: Mortgage 333,661 — — — — 333,661 Construction 23,818 — — — — 23,818 PPP 109,704 — — — — 109,704 Total $ 891,676 $ — $ — $ — $ — $ 891,676 |
Schedule of Credit Exposure of the Loan Portfolio | The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2021 and December 31, 2020: (In thousands) Loans Subject to Normal Monitoring 1 Performing Loans Subject to Special Monitoring 2 Nonperforming Loans Subject to Special Monitoring 2 Total Loans March 31, 2021 Commercial and industrial $ 289,698 $ 13,049 $ — $ 302,747 Real estate Commercial: Mortgage 95,305 1,325 — 96,630 Construction 23,766 — — 23,766 Faith-based: Mortgage 328,105 3,048 — 331,153 Construction 20,800 — — 20,800 PPP 113,474 — — 113,474 Other 5 — — 5 Total $ 871,153 $ 17,422 $ — $ 888,575 December 31, 2020 Commercial and industrial $ 284,882 $ 14,102 $ — $ 298,984 Real estate Commercial: Mortgage 99,044 1,375 — 100,419 Construction 25,090 — — 25,090 Faith-based: Mortgage 330,554 3,107 — 333,661 Construction 23,818 — — 23,818 PPP 109,704 — — 109,704 Total $ 873,092 $ 18,584 $ — $ 891,676 1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. 2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Summary of Category of Loans Considered as Troubled Debt Restructuring | The recorded investment by category for loans considered as troubled debt restructuring during the year ended December 31, 2020 is as follows: (In thousands) Number of Loans Pre-Modification Outstanding Balance Post-Modification Outstanding Balance Commercial and industrial 1 $ 8,773 $ 8,773 Faith-based real estate 1 1,029 1,029 Total 2 $ 9,802 $ 9,802 |
Summary of ACL by Category | A summary of the activity in allowance for credit losses (“ACL”) by category for the period ended March 31, 2021 and December 31, 2020 is as follows: (In thousands) C&I CRE Faith-based CRE Construction Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 4,635 $ 1,175 $ 5,717 $ 417 $ 11,944 Charge Offs — — — — — (Release of) provision for credit losses 54 (65) (200) (29) (240) Recoveries 2 — 15 — 17 Balance at March 31, 2021 $ 4,691 $ 1,110 $ 5,532 $ 388 $ 11,721 The decrease in the provision for credit losses on loans during the quarter ended March 31, 2021 is due to the Company’s forecast of macroeconomic factors, which improved during the first quarter 2021. (In thousands) C&I CRE Faith-based CRE Construction Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 4,874 $ 1,528 $ 3,842 $ 312 $ 10,556 Cumulative effect of accounting change (ASU 2016-13) (526) (401) 1,636 14 723 Balance at January 1, 2020 4,348 1,127 5,478 326 11,279 Provision for credit losses 268 48 238 91 645 Recoveries 19 — 1 — 20 Balance at December 31, 2020 $ 4,635 $ 1,175 $ 5,717 $ 417 $ 11,944 |
Summary of the Allowance for Loan Losses | A summary of the activity in the allowance for loan losses from December 31, 2019 to March 31, 2020 is as follows: (In thousands) December 31, 2019 Charge- Offs Recoveries Provision March 31, 2020 Commercial and industrial $ 4,874 $ — $ 7 $ 213 $ 5,094 Real estate Commercial: Mortgage 1,528 — — 24 1,552 Construction 191 — — (41) 150 Faith-based: Mortgage 3,842 — 1 106 3,949 Construction 121 — — 23 144 Total $ 10,556 $ — $ 8 $ 325 $ 10,889 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Cash Obligation of Operating Lease Commitments | The following table summarizes contractual cash obligations of the Company related to time deposits at March 31, 2021: Amount of Commitment Expiration per Period (In thousands) Total Less than 1 Year 1-3 Years 3-5 Years Over 5 Years Time deposits $ 55,536 $ 41,390 $ 14,098 $ 48 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | Following is a summary of the activity of the restricted stock: Three Months Ended March 31, 2021 Shares Fair Value Balance at December 31, 2020 136,167 $ 46.78 Granted 39,686 40.63 Vested (21,364) 48.62 Balance at March 31, 2021 154,489 $ 44.91 |
Summary of PBRS Activity | Following is a summary of the activity of the PBRS, based on target value: Three Months Ended March 31, 2021 Shares Fair Value Balance at December 31, 2020 98,410 $ 50.64 Granted 52,240 40.74 Vested (31,451) 48.63 Balance at March 31, 2021 119,199 $ 46.79 |
Summary of SARs Activity | There were no SARs granted and no expense recognized during the three months ended March 31, 2021. Following is a summary of the activity of the Company’s SARs program for the three-month period ended March 31, 2021: Shares Weighted- Average Exercise Price Average Remaining Contractual Term Years Aggregate Intrinsic Value (In thousands) Balance at December 31, 2020 144,999 $ 32.99 1.95 $ 1,095 Exercised (20,560) 24.12 ─ ─ Exercisable at March 31, 2021 124,439 $ 34.46 1.92 $ 1,483 |
Defined Pension Plans (Tables)
Defined Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Pension Costs | The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs: (In thousands) Estimated 2021 Actual 2020 Service cost – benefits earned during the year $ 963 $ 4,329 Interest cost on projected benefit obligations 3,069 3,908 Expected return on plan assets (6,299) (6,049) Net amortization 360 1,946 Net periodic pension (benefit) cost $ (1,907 ) $ 4,134 |
Schedule of Unfunded Supplemental Executive Retirement Plan | In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2020 and an estimate for 2021: (In thousands) Estimated 2021 Actual 2020 Service cost – benefits earned during the year $ 147 $ 121 Interest cost on projected benefit obligation 291 347 Net amortization 203 112 Net periodic pension cost $ 641 $ 580 |
Investment in Securities (Table
Investment in Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: March 31, 2021 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 312,479 $ 15,678 $ 174 $ 327,983 U.S. government agencies 99,349 623 711 99,261 Total $ 411,828 $ 16,301 $ 885 $ 427,244 December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 287,059 $ 18,915 $ ─ $ 305,974 U.S. government agencies 50,988 764 ─ 51,752 Total $ 338,047 $ 19,679 $ ─ $ 357,726 |
Schedule of the Fair Value of Securities with Unrealized Losses | The fair values of securities with unrealized losses are as follows: March 31, 2021 Less than 12 months 12 months or more Total (In thousands) Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses State and political subdivisions $ 36,423 $ 174 $ ─ $ ─ $ 36,423 $ 174 U.S. government agencies 60,491 711 ─ ─ 60,491 711 Total $ 96,914 $ 885 $ ─ $ ─ $ 96,914 $ 885 |
Schedule of Amortized Cost and Fair Value of Investment | The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. March 31, 2021 (In thousands) Amortized Cost Fair Value Due in 1 year or less $ 70,415 $ 70,697 Due after 1 year through 5 years 89,351 93,669 Due after 5 years through 10 years 161,771 173,009 Due after 10 years 90,291 89,869 Total $ 411,828 $ 427,244 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of the Fair Value of Financial Instruments | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments: March 31, 2021 December 31, 2020 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Balance sheet assets: Cash and cash equivalents $ 599,659 $ 599,659 $ 670,528 $ 670,528 Investment securities 427,244 427,244 357,726 357,726 Loans, net 876,854 880,231 879,732 883,461 Accrued interest receivable 6,458 6,458 6,850 6,850 Total $ 1,910,215 $ 1,913,592 $ 1,914,836 $ 1,918,565 Balance sheet liabilities: Deposits $ 1,003,135 $ 1,003,135 $ 1,050,856 $ 1,050,856 Accounts and drafts payable 897,508 897,508 835,386 835,386 Accrued interest payable 58 58 38 38 Total $ 1,900,701 $ 1,900,701 $ 1,886,280 $ 1,886,280 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue from Contracts with Customers | -19- Table of Contents For the Three Months Ended March 31, (In thousands) 2021 2020 Fee revenue and other income In-scope of FASB ASC 606 Invoice processing fees $ 19,064 $ 19,124 Invoice payment fees 6,152 6,379 Information services payment and processing revenue 25,216 25,503 Bank service fees 494 410 Fee revenue (in-scope of FASB ASC 606) 25,710 25,913 Other income (out-of-scope of FASB ASC 606) 465 1,182 Total fee revenue and other income 26,175 27,095 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and undiscounted cash flows for the three months ended March 31, 2021 is as follows: (In thousands) March 31, 2021 Lease payments due Less than 1 year $ 1,711 1-2 years 1,558 2-3 years 628 3-4 years 507 4-5 years 517 Over 5 years 1,891 Total undiscounted cash flows 6,812 Discount on cash flows 1,013 Total lease liability $ 5,799 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 215 | $ 215 |
2021 | 859 | |
2022 | 540 | |
2023 | 540 | |
2024 | 498 | |
2025 | $ 490 | |
Customer Lists [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 7 years | |
Customer Lists [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 10 years | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 18 years | |
Non-compete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 2 years | |
Non-compete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 5 years | |
Software [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 3 years | |
Software [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 7 years | |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 20 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization period | 15 years |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Company's Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Unamortized intangible assets: | |||
Goodwill, Gross Carrying Amount | [1] | $ 14,489 | $ 14,489 |
Goodwill, Accumulated Amortization | [1] | (227) | (227) |
Total intangible assets | 23,205 | 23,205 | |
Accumulated Amortization | (5,735) | (5,520) | |
Customer Lists [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 4,778 | 4,778 | |
Accumulated Amortization | (4,012) | (3,902) | |
Patents [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 72 | 72 | |
Accumulated Amortization | (25) | (24) | |
Non-compete Agreements [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 332 | 332 | |
Accumulated Amortization | (332) | (332) | |
Software [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 2,844 | 2,844 | |
Accumulated Amortization | (824) | (731) | |
Trade Name [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 190 | 190 | |
Accumulated Amortization | (15) | (13) | |
Other [Member] | |||
Assets eligible for amortization: | |||
Gross Carrying Amount | 500 | 500 | |
Accumulated Amortization | $ (300) | $ (291) | |
[1] | Amortization through December 31, 2001 prior to adoption of FASB ASC 350. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic: | ||
Net income | $ 7,071 | $ 7,545 |
Weighted-average common shares outstanding | 14,312,260 | 14,422,813 |
Basic earnings per share | $ 0.49 | $ 0.52 |
Diluted: | ||
Net Income | $ 7,071 | $ 7,545 |
Weighted-average common shares outstanding | 14,312,260 | 14,422,813 |
Effect of dilutive restricted stock and stock appreciation rights | 220,809 | 207,700 |
Weighted-average common shares outstanding assuming dilution | 14,533,069 | 14,630,513 |
Diluted earnings per share | $ 0.49 | $ 0.52 |
Stock Repurchases (Details)
Stock Repurchases (Details) - shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Oct. 30, 2020 | |
Equity [Abstract] | |||
Number of shares authorized to be repurchased | 500,000 | 500,000 | |
Shares repurchased | 31,256 | 128,779 | |
Remaining number of shares available for repurchase | 434,622 |
Industry Segment Information (D
Industry Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Fee revenue and other income: | ||||
Fee income | $ 26,175 | $ 27,095 | ||
Interest income | [1] | 11,138 | 12,822 | |
Interest expense | 331 | 965 | ||
Intersegment income (expense) | ||||
Tax-equivalized pre-tax income | [1] | 9,057 | 9,698 | |
Goodwill | 14,262 | 14,262 | $ 14,262 | |
Other intangible assets, net | 3,208 | 4,066 | ||
Total assets | 2,216,573 | 1,731,982 | $ 2,203,235 | |
Funding Sources | $ 1,687,029 | $ 1,288,964 | ||
Tax-equivalent basis tax rate | 21.00% | 21.00% | ||
Tax-equivalent adjustment | $ 462 | $ 484 | ||
Information Services [Member] | ||||
Fee revenue and other income: | ||||
Fee income | 24,977 | 25,440 | ||
Interest income | [1] | 5,509 | 4,707 | |
Interest expense | ||||
Intersegment income (expense) | ||||
Tax-equivalized pre-tax income | [1] | 6,013 | 5,123 | |
Goodwill | 12,433 | 12,433 | ||
Other intangible assets, net | 634 | 1,040 | ||
Total assets | 1,023,196 | 833,774 | ||
Funding Sources | 837,852 | 677,829 | ||
Banking Services [Member] | ||||
Fee revenue and other income: | ||||
Fee income | 638 | 615 | ||
Interest income | [1] | 5,751 | 7,284 | |
Interest expense | 331 | 965 | ||
Intersegment income (expense) | 623 | 525 | ||
Tax-equivalized pre-tax income | [1] | 2,762 | 2,703 | |
Goodwill | 1,829 | 1,829 | ||
Other intangible assets, net | 2,574 | 3,026 | ||
Total assets | 1,263,669 | 926,445 | ||
Funding Sources | 849,177 | 611,135 | ||
Corporate, Eliminations and Other [Member] | ||||
Fee revenue and other income: | ||||
Fee income | 560 | 1,040 | ||
Interest income | [1] | (122) | 831 | |
Interest expense | ||||
Intersegment income (expense) | (623) | (525) | ||
Tax-equivalized pre-tax income | [1] | 282 | 1,872 | |
Goodwill | ||||
Other intangible assets, net | ||||
Total assets | (70,292) | (28,237) | ||
Funding Sources | ||||
[1] | Presented on a tax-equivalent basis assuming a tax rate of 21%. The tax-equivalent adjustment was approximately $462,000 and $484,000 for the three months ended March 31, 2021 and 2020, respectively. |
Loans by Type (Summary of Loan
Loans by Type (Summary of Loan Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Participating Mortgage Loans [Line Items] | ||
Loans | $ 888,575 | $ 891,676 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 302,747 | 298,984 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 96,630 | 100,419 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 23,766 | 25,090 |
Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 331,153 | 333,661 |
Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 20,800 | 23,818 |
Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | 113,474 | 109,704 |
Other [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Loans | $ 5 |
Loans by Type (Schedule of the
Loans by Type (Schedule of the Aging of Loans by Loan Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 888,575 | 891,676 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 302,747 | 298,984 |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 96,630 | 100,419 |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 23,766 | 25,090 |
Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 331,153 | 333,661 |
Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 20,800 | 23,818 |
Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 113,474 | 109,704 |
Other Financing Receivable [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Nonaccrual | ||
Loans | 5 | |
Current [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 888,575 | 891,676 |
Current [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 302,747 | 298,984 |
Current [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 96,630 | 100,419 |
Current [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 23,766 | 25,090 |
Current [Member] | Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 331,153 | 333,661 |
Current [Member] | Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 20,800 | 23,818 |
Current [Member] | Other Financing Receivable [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | 5 | |
30 to 59 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
30 to 59 Days Past Due [Member] | Other Financing Receivable [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
60 to 89 Days Past Due [Member] | Other Financing Receivable [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
90 Days and Over [Member] | Other Financing Receivable [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | ||
Current [Member] | Paycheck protection program ("PPP") [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Gross | $ 113,474 | $ 109,704 |
Loans by Type (Schedule of th_2
Loans by Type (Schedule of the Credit Exposure of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Participating Mortgage Loans [Line Items] | |||
Loans | $ 888,575 | $ 891,676 | |
Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 871,153 | 873,092 |
Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 17,422 | 18,584 |
Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Commercial and Industrial [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 302,747 | 298,984 | |
Commercial and Industrial [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 289,698 | 284,882 |
Commercial and Industrial [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 13,049 | 14,102 |
Commercial and Industrial [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Commercial Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 96,630 | 100,419 | |
Real Estate Commercial Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 95,305 | 99,044 |
Real Estate Commercial Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 1,325 | 1,375 |
Real Estate Commercial Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Commercial Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 23,766 | 25,090 | |
Real Estate Commercial Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 23,766 | 25,090 |
Real Estate Commercial Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Commercial Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Faith-based Mortgage [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 331,153 | 333,661 | |
Real Estate Faith-based Mortgage [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 328,105 | 330,554 |
Real Estate Faith-based Mortgage [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | 3,048 | 3,107 |
Real Estate Faith-based Mortgage [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Faith-based Construction [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 20,800 | 23,818 | |
Real Estate Faith-based Construction [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 20,800 | 23,818 |
Real Estate Faith-based Construction [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Real Estate Faith-based Construction [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Paycheck protection program ("PPP") [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 113,474 | 109,704 | |
Paycheck protection program ("PPP") [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 113,474 | 109,704 |
Paycheck protection program ("PPP") [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Paycheck protection program ("PPP") [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Other Financing Receivable [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | 5 | ||
Other Financing Receivable [Member] | Loans Subject To Normal Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [1] | 5 | |
Other Financing Receivable [Member] | Performing Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
Other Financing Receivable [Member] | Nonperforming Loans Subject To Special Monitoring [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Loans | [2] | ||
[1] | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations. | ||
[2] | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention. |
Loans by Type (Summary of Categ
Loans by Type (Summary of Category of Loans Considered as Troubled Debt Restructuring) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of Loans | 2 |
Pre-Modification Outstanding Balance | $ 9,802 |
Post-Modification Outstanding Balance | $ 9,802 |
Commercial and Industrial [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of Loans | 1 |
Pre-Modification Outstanding Balance | $ 8,773 |
Post-Modification Outstanding Balance | $ 8,773 |
Faith-Based Real Estate [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of Loans | 1 |
Pre-Modification Outstanding Balance | $ 1,029 |
Post-Modification Outstanding Balance | $ 1,029 |
Loans by Type (Summary of ACL b
Loans by Type (Summary of ACL by Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | $ 11,944 | $ 11,279 | $ 11,279 | $ 10,556 |
Cumulative effect of accounting change (ASU 2016-13) | 723 | |||
Charge-Offs | ||||
Provision for credit losses | (240) | 645 | ||
Recoveries | 17 | 20 | ||
Ending Balance | 11,721 | 11,944 | 11,279 | |
C&I [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | 4,635 | 4,348 | 4,348 | 4,874 |
Cumulative effect of accounting change (ASU 2016-13) | (526) | |||
Charge-Offs | ||||
Provision for credit losses | 54 | 268 | ||
Recoveries | 2 | 19 | ||
Ending Balance | 4,691 | 4,635 | 4,348 | |
CRE [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | 1,175 | 1,127 | 1,127 | 1,528 |
Cumulative effect of accounting change (ASU 2016-13) | (401) | |||
Charge-Offs | ||||
Provision for credit losses | (65) | 48 | ||
Recoveries | ||||
Ending Balance | 1,110 | 1,175 | 1,127 | |
Faith-based CRE [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | 5,717 | 5,478 | 5,478 | 3,842 |
Cumulative effect of accounting change (ASU 2016-13) | 1,636 | |||
Charge-Offs | ||||
Provision for credit losses | (200) | 238 | ||
Recoveries | 15 | 1 | ||
Ending Balance | 5,532 | 5,717 | 5,478 | |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Beginning Balance | 417 | $ 326 | 326 | 312 |
Cumulative effect of accounting change (ASU 2016-13) | 14 | |||
Charge-Offs | ||||
Provision for credit losses | (29) | 91 | ||
Recoveries | ||||
Ending Balance | $ 388 | $ 417 | $ 326 |
Loans by Type (Summary of Allow
Loans by Type (Summary of Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | $ 11,944 | $ 10,556 |
Charge-Offs | ||
Recoveries | 8 | |
Provision | 325 | |
Ending Balance | $ 11,721 | 10,889 |
Commercial and Industrial [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 4,874 | |
Charge-Offs | ||
Recoveries | 7 | |
Provision | 213 | |
Ending Balance | 5,094 | |
Real Estate Commercial Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 1,528 | |
Charge-Offs | ||
Recoveries | ||
Provision | 24 | |
Ending Balance | 1,552 | |
Real Estate Commercial Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 191 | |
Charge-Offs | ||
Recoveries | ||
Provision | (41) | |
Ending Balance | 150 | |
Real Estate Faith-based Mortgage [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 3,842 | |
Charge-Offs | ||
Recoveries | 1 | |
Provision | 106 | |
Ending Balance | 3,949 | |
Real Estate Faith-based Construction [Member] | ||
Participating Mortgage Loans [Line Items] | ||
Beginning Balance | 121 | |
Charge-Offs | ||
Recoveries | ||
Provision | 23 | |
Ending Balance | $ 144 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Credit losses released | $ 360,000 | |
Allowance for unfunded commitments | 207,000 | $ 567,000 |
Unused loan commitments | 194,737,000 | |
Standby letters of credit | 11,619,000 | |
Commercial letters of credit | $ 816,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Company's Contractual Cash Obligations) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Time Deposits, Less than 1 Year | $ 41,390 |
Time Deposits, 1 to 3 Years | 14,098 |
Time Deposits, 3 to 5 Years | 48 |
Time Deposits, over 5 Years | |
Time Deposits, Total | $ 55,536 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity Incentive Plan, shares authorized | 1,500,000 | |
Stock-based compensation expense | $ 693 | $ 722 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 2,642 | |
Total unrecognized compensation expense, weighted average period | 11 months 23 days | |
Vesting period | 3 years | |
Granted, Shares | 39,686 | |
Performance-based restricted shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Granted, Shares | 52,240 | |
Performance-based restricted shares [Member] | March 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Shares | 29,688 | |
Percentage of target opportunity for awards to vest | 94.40% | |
Expiry period | 3 years | |
Performance-based restricted shares [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target opportunity for awards to vest | 0.00% | |
Performance-based restricted shares [Member] | Minimum [Member] | March 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target opportunity for awards to vest | 0.00% | |
Performance-based restricted shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target opportunity for awards to vest | 150.00% | |
Performance-based restricted shares [Member] | Maximum [Member] | March 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target opportunity for awards to vest | 150.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Beginning balance | shares | 136,167 |
Granted | shares | 39,686 |
Vested | shares | (21,364) |
Ending balance | shares | 154,489 |
Fair Value | |
Beginning balance | $ / shares | $ 46.78 |
Granted | $ / shares | 40.63 |
Vested | $ / shares | 48.62 |
Ending balance | $ / shares | $ 44.91 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of PBRS Activity) (Details) - Performance-Based Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Beginning balance | shares | 98,410 |
Granted | shares | 52,240 |
Vested | shares | (31,451) |
Ending balance | shares | 119,199 |
Fair Value | |
Beginning balance | $ / shares | $ 50.64 |
Granted | $ / shares | 40.74 |
Vested | $ / shares | 48.63 |
Ending balance | $ / shares | $ 46.79 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of Company's SARs Activity) (Details) - SARs [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | shares | 144,999 |
Exercised | shares | (20,560) |
Exercisable | shares | 124,439 |
Beginning balance, Weighted-Average Exercise Price | $ / shares | $ 32.99 |
Exercised, Weighted-Average Exercise Price | $ / shares | 24.12 |
Exercisable, Weighted-Average Exercise Price | $ / shares | $ 34.46 |
Beginning balance, Average Remaining Contractual Term Years | 1 year 11 months 12 days |
Exercisable, Average Remaining Contractual Term Years | 1 year 11 months 1 day |
Beginning balance, Aggregate Intrinsic Value | $ | $ 1,095 |
Exercisable, Aggregate Intrinsic Value | $ | $ 1,483 |
Defined Pension Plans (Narrativ
Defined Pension Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension period | 30 years | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension costs | $ 273 | $ 1,029 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension costs | $ 160 | $ 145 |
Defined Pension Plans (Schedule
Defined Pension Plans (Schedule of Net Periodic Pension Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | $ 963 | $ 4,329 |
Interest cost on projected benefit obligations | 3,069 | 3,908 |
Expected return on plan assets | (6,299) | (6,049) |
Net amortization | 360 | 1,946 |
Net periodic pension (benefit) cost | (1,907) | 4,134 |
Unfunded Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the year | 147 | 121 |
Interest cost on projected benefit obligations | 291 | 347 |
Net amortization | 203 | 112 |
Net periodic pension (benefit) cost | $ 641 | $ 580 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 17.70% | 18.10% |
Statutory federal tax rate | 21.00% | 21.00% |
Investment in Securities (Narra
Investment in Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities that had an unrealized loss | 33 | |
Number of securities that had an unrealized loss, greater than 12 months | 0 | |
Percentage of total securities | 12.00% | |
Proceeds from sales of securities available-for-sale | $ 2,991 | $ 19,629 |
Gross realized gains | $ 48 | $ 1,069 |
Investment in Securities (Sched
Investment in Securities (Schedule of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Fair Value | $ 427,244 | $ 357,726 |
Gross Unrealized Gains | 16,301 | 19,679 |
Gross Unrealized Losses | 885 | |
Amortized Cost | 411,828 | 338,047 |
State and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Fair Value | 327,983 | 305,974 |
Gross Unrealized Gains | 15,678 | 18,915 |
Gross Unrealized Losses | 174 | |
Amortized Cost | 312,479 | 287,059 |
U.S. government agencies [Member] | ||
Marketable Securities [Line Items] | ||
Fair Value | 99,261 | 51,752 |
Gross Unrealized Gains | 623 | 764 |
Gross Unrealized Losses | 711 | |
Amortized Cost | $ 99,349 | $ 50,988 |
Investment in Securities (Sch_2
Investment in Securities (Schedule of the Fair Values of Securities with Unrealized Losses) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Marketable Securities [Line Items] | |
Estimated fair value, less than 12 months | $ 96,914 |
Estimated fair value, 12 months or more | |
Estimated fair value, total | 96,914 |
Unrealized losses, less than 12 months | 885 |
Unrealized losses, 12 months or more | |
Unrealized losses, total | 885 |
State and political subdivisions [Member] | |
Marketable Securities [Line Items] | |
Estimated fair value, less than 12 months | 36,423 |
Estimated fair value, 12 months or more | |
Estimated fair value, total | 36,423 |
Unrealized losses, less than 12 months | 174 |
Unrealized losses, 12 months or more | |
Unrealized losses, total | 174 |
U.S. government agencies [Member] | |
Marketable Securities [Line Items] | |
Estimated fair value, less than 12 months | 60,491 |
Estimated fair value, 12 months or more | |
Estimated fair value, total | 60,491 |
Unrealized losses, less than 12 months | 711 |
Unrealized losses, 12 months or more | |
Unrealized losses, total | $ 711 |
Investment in Securities (Sch_3
Investment in Securities (Schedule of Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in 1 year or less | $ 70,415 | |
Amortized Cost, Due after 1 year through 5 years | 89,351 | |
Amortized Cost, Due after 5 years through 10 years | 161,771 | |
Amortized Cost, Due after 10 years | 90,291 | |
Amortized Cost, Total | 411,828 | |
Fair Value, Due in 1 year or less | 70,697 | |
Fair Value, Due after 1 year through 5 years | 93,669 | |
Fair Value, Due after 5 years through 10 years | 173,009 | |
Fair Value, Due after 10 years | 89,869 | |
Fair Value, Total | $ 427,244 | $ 357,726 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 599,659 | $ 670,528 | $ 163,194 | $ 203,954 |
Investment securities, Carrying Amount | 427,244 | 357,726 | ||
Loans, net, Carrying Amount | 876,854 | 879,732 | ||
Accrued interest receivable, Carrying Amount | 6,458 | 6,850 | ||
Assets, Carrying Amount | 1,910,215 | 1,914,836 | ||
Cash and cash equivalents, Fair Value | 599,659 | 670,528 | ||
Investment securities, Fair Value | 427,244 | 357,726 | ||
Loans, net, Fair Value | 880,231 | 883,461 | ||
Accrued interest receivable, Fair Value | 6,458 | 6,850 | ||
Assets, Fair Value | 1,913,592 | 1,918,565 | ||
Deposits, Carrying Amount | 1,003,135 | 1,050,856 | ||
Accounts and drafts payable, Carrying Amount | 897,508 | 835,386 | ||
Accrued interest payable, Carrying Amount | 58 | 38 | ||
Liabilities, Carrying Amount | 1,900,701 | 1,886,280 | ||
Deposits, Fair Value | 1,003,135 | 1,050,856 | ||
Accounts and drafts payable, Fair Value | 897,508 | 835,386 | ||
Accrued interest payable, Fair Value | 58 | 38 | ||
Liabilities, Fair Value | $ 1,900,701 | $ 1,886,280 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fee revenue and other income: | ||
In-scope of FASB ASC 606 - Invoice processing fees | $ 19,064 | $ 19,124 |
In-scope of FASB ASC 606 - Invoice payment fees | 6,152 | 6,379 |
Information services payment and processing revenue | 25,216 | 25,503 |
Bank service fees | 494 | 410 |
Fee revenue (in-scope of FASB ASC 606) | 25,710 | 25,913 |
Other income (out-of-scope of FASB ASC 606) | 465 | 1,182 |
Total fee revenue and other income | $ 26,175 | $ 27,095 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Lease liabilities | $ 5,799 | $ 7,146 |
Right-of-use assets | 5,255 | $ 6,367 |
Operating lease cost | 420 | |
Short-term lease cost | $ 30 | |
Weighted average remaining lease term | 6 years 2 months 12 days | |
Weighted average discount rate | 5.50% |
Leases (Schedule of operating l
Leases (Schedule of operating lease liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Lease payments due | ||
Less than 1 year | $ 1,711 | |
1-2 years | 1,558 | |
2-3 years | 628 | |
3-4 years | 507 | |
4-5 years | 517 | |
Over 5 years | 1,891 | |
Total undiscounted cash flows | 6,812 | |
Discount on cash flows | 1,013 | |
Total lease liability | $ 5,799 | $ 7,146 |