Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-12436 | |
Entity Registrant Name | COLONY BANKCORP, INC. | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1492391 | |
Entity Address, Address Line One | 115 South Grant Street | |
Entity Address, City or Town | Fitzgerald | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31750 | |
City Area Code | 229 | |
Local Phone Number | 426-6000 | |
Title of 12(b) Security | Common Stock, Par Value $1.00 per share | |
Trading Symbol | CBAN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,641,123 | |
Entity Central Index Key | 0000711669 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 18,533 | $ 18,975 |
Federal funds sold and interest-bearing deposits in banks | 66,507 | 178,257 |
Cash and cash equivalents | 85,040 | 197,232 |
Investment securities available for sale, at fair value | 439,716 | 938,164 |
Investment securities held to maturity, at amortized cost | 468,306 | 0 |
Other investments, at cost | 12,850 | 14,012 |
Loans held for sale | 23,945 | 38,150 |
Loans | 1,586,613 | 1,337,977 |
Allowance for loan losses | (15,182) | (12,910) |
Loans, net | 1,571,431 | 1,325,067 |
Premises and equipment | 41,249 | 43,033 |
Other real estate owned | 246 | 281 |
Goodwill | 48,923 | 52,906 |
Other intangible assets | 6,065 | 7,389 |
Bank-owned life insurance | 55,157 | 55,159 |
Deferred income taxes, net | 30,614 | 3,644 |
Other assets | 22,370 | 16,678 |
Total assets | 2,805,912 | 2,691,715 |
Deposits | ||
Noninterest-bearing | 558,347 | 552,576 |
Interest-bearing | 1,851,315 | 1,822,032 |
Total deposits | 2,409,662 | 2,374,608 |
Federal funds purchased | 0 | 0 |
Federal Home Loan Bank advances | 95,000 | 51,656 |
Other borrowings | 63,364 | 36,792 |
Other liabilities | 11,819 | 10,952 |
Total liabilities | 2,579,845 | 2,474,008 |
Stockholders' equity: | ||
Preferred stock, no par value; 10,000,000 shares authorized, none issued or outstanding as of September 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Common stock, par value $1.00 per share; 50,000,000 and 20,000,000 shares authorized, 17,641,123 and 13,673,898 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 17,641 | 13,674 |
Paid in capital | 167,608 | 111,021 |
Retained earnings | 107,918 | 99,189 |
Accumulated other comprehensive loss, net of tax | (67,100) | (6,177) |
Total stockholders' equity | 226,067 | 217,707 |
Total liabilities and stockholders' equity | $ 2,805,912 | $ 2,691,715 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 20,000,000,000 |
Common stock, shares issued (in shares) | 17,641,123 | 13,673,898 |
Common stock, shares outstanding (in shares) | 17,641,123 | 13,673,898 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Loans, including fees | $ 18,150 | $ 16,013 | $ 50,431 | $ 43,684 |
Investment securities | 5,266 | 2,954 | 14,240 | 6,546 |
Federal funds sold, interest bearing deposits in banks and short term investments | 278 | 58 | 437 | 154 |
Total interest income | 23,694 | 19,025 | 65,108 | 50,384 |
Interest expense | ||||
Deposits | 1,449 | 698 | 2,674 | 1,921 |
Federal funds purchased | 3 | 0 | 22 | 0 |
Federal Home Loan Bank Advances | 555 | 170 | 1,746 | 401 |
Paycheck Protection Program Liquidity Facility | 0 | 0 | 0 | 93 |
Other borrowings | 822 | 289 | 1,441 | 802 |
Total interest expense | 2,829 | 1,157 | 5,883 | 3,217 |
Net interest income | 20,865 | 17,868 | 59,225 | 47,167 |
Provision for loan losses | 1,320 | 150 | 2,470 | 650 |
Net interest income after provision for loan losses | 19,545 | 17,718 | 56,755 | 46,517 |
Noninterest income | ||||
Gain on sales of SBA loans | 1,215 | 1,813 | 4,805 | 4,548 |
Gain (loss) on sales of securities | (96) | 0 | (72) | 137 |
BOLI Income | 312 | 280 | 977 | 710 |
Other | 757 | 701 | 2,157 | 754 |
Total noninterest income | 8,179 | 9,438 | 27,384 | 25,475 |
Noninterest expense | ||||
Salaries and employee benefits | 12,154 | 11,826 | 40,498 | 31,907 |
Occupancy and equipment | 1,645 | 1,599 | 4,872 | 4,169 |
Acquisition related expenses | 2 | 1,994 | 142 | 3,031 |
Information technology expenses | 2,491 | 2,045 | 7,394 | 5,493 |
Professional fees | 881 | 804 | 2,773 | 1,975 |
Advertising and public relations | 876 | 674 | 2,406 | 1,817 |
Communications | 471 | 310 | 1,325 | 837 |
Other | 2,847 | 1,959 | 8,238 | 4,884 |
Total noninterest expense | 21,367 | 21,211 | 67,648 | 54,113 |
Income before income taxes | 6,357 | 5,945 | 16,491 | 17,879 |
Income taxes | 1,105 | 362 | 2,500 | 3,379 |
Net income | $ 5,252 | $ 5,583 | $ 13,991 | $ 14,500 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.45 | $ 0.82 | $ 1.39 |
Diluted (in dollars per share) | 0.30 | 0.45 | 0.82 | 1.39 |
Dividends declared per share (in dollars per share) | $ 0.1075 | $ 0.1025 | $ 0.3225 | $ 0.3075 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 |
Diluted (in shares) | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 |
Service charges on deposits | ||||
Noninterest income | ||||
Noninterest income | $ 2,104 | $ 1,792 | $ 5,823 | $ 4,278 |
Mortgage fee income | ||||
Noninterest income | ||||
Noninterest income | 1,708 | 3,107 | 7,356 | 10,107 |
Interchange fees | ||||
Noninterest income | ||||
Noninterest income | $ 2,179 | $ 1,745 | $ 6,338 | $ 4,941 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 5,252 | $ 5,583 | $ 13,991 | $ 14,500 |
Other comprehensive (loss) income: | ||||
Unrealized losses on securities arising during the period | (14,256) | (7,335) | (70,913) | (13,186) |
Tax effect | 1,996 | 1,724 | 9,928 | 3,099 |
Realized (gains) losses on sales of available for sale securities | 96 | 0 | 72 | (137) |
Tax effect | (13) | 0 | (10) | 32 |
Change in unrealized (losses) gains on securities available for sale, net of reclassification adjustment and tax effects | (12,177) | (5,611) | (60,923) | (10,192) |
Comprehensive (loss) income | $ (6,925) | $ (28) | $ (46,932) | $ 4,308 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 9,499 | ||||
Balance at beginning of period at Dec. 31, 2020 | $ 144,488 | $ 9,499 | $ 43,215 | $ 84,993 | $ 6,781 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | (10,192) | (10,192) | |||
Dividends on common shares | (3,348) | (3,348) | |||
Issuance of common stock (in shares) | 3,988 | ||||
Issuance of common stock | 71,383 | $ 3,988 | 67,395 | ||
Issuance of restricted stock (in shares) | 187 | ||||
Issuance of restricted stock | 0 | $ 187 | (187) | ||
Stock-based compensation expense | 299 | 299 | |||
Net income | 14,500 | 14,500 | |||
Balance at end of period (in shares) at Sep. 30, 2021 | 13,674 | ||||
Balance at end of period at Sep. 30, 2021 | 217,130 | $ 13,674 | 110,722 | 96,145 | (3,411) |
Balance at beginning of period (in shares) at Jun. 30, 2021 | 9,499 | ||||
Balance at beginning of period at Jun. 30, 2021 | 146,894 | $ 9,499 | 43,232 | 91,963 | 2,200 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | (5,611) | (5,611) | |||
Dividends on common shares | (1,401) | (1,401) | |||
Issuance of common stock (in shares) | 3,988 | ||||
Issuance of common stock | 71,383 | $ 3,988 | 67,395 | ||
Issuance of restricted stock (in shares) | 187 | ||||
Issuance of restricted stock | 0 | $ 187 | (187) | ||
Stock-based compensation expense | 282 | 282 | |||
Net income | 5,583 | 5,583 | |||
Balance at end of period (in shares) at Sep. 30, 2021 | 13,674 | ||||
Balance at end of period at Sep. 30, 2021 | 217,130 | $ 13,674 | 110,722 | 96,145 | (3,411) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 13,674 | ||||
Balance at beginning of period at Dec. 31, 2021 | 217,707 | $ 13,674 | 111,021 | 99,189 | (6,177) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | (60,923) | (60,923) | |||
Dividends on common shares | (5,262) | (5,262) | |||
Issuance of common stock (in shares) | 3,848 | ||||
Issuance of common stock | 59,468 | $ 3,848 | 55,620 | ||
Tax withholding related to vesting of restricted stock (in shares) | (15) | ||||
Tax withholding related to vesting of restricted stock | (231) | $ (15) | (216) | ||
Issuance of restricted stock (in shares) | 134 | ||||
Issuance of restricted stock | 0 | $ 134 | (134) | ||
Stock-based compensation expense | 1,317 | 1,317 | |||
Net income | 13,991 | 13,991 | |||
Balance at end of period (in shares) at Sep. 30, 2022 | 17,641 | ||||
Balance at end of period at Sep. 30, 2022 | 226,067 | $ 17,641 | 167,608 | 107,918 | (67,100) |
Balance at beginning of period (in shares) at Jun. 30, 2022 | 17,581 | ||||
Balance at beginning of period at Jun. 30, 2022 | 234,595 | $ 17,581 | 167,376 | 104,561 | (54,923) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | (12,177) | (12,177) | |||
Dividends on common shares | (1,895) | (1,895) | |||
Tax withholding related to vesting of restricted stock (in shares) | (12) | ||||
Tax withholding related to vesting of restricted stock | (149) | $ (12) | (137) | ||
Issuance of restricted stock (in shares) | 72 | ||||
Issuance of restricted stock | 0 | $ 72 | (72) | ||
Stock-based compensation expense | 441 | 441 | |||
Net income | 5,252 | 5,252 | |||
Balance at end of period (in shares) at Sep. 30, 2022 | 17,641 | ||||
Balance at end of period at Sep. 30, 2022 | $ 226,067 | $ 17,641 | $ 167,608 | $ 107,918 | $ (67,100) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in dollars per share) | $ 0.1075 | $ 0.1025 | $ 0.3225 | $ 0.3075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net income | $ 13,991 | $ 14,500 |
Adjustments reconciling net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,470 | 650 |
Depreciation, amortization, and accretion | 9,322 | 5,592 |
Equity method investment income | 357 | 0 |
Share-based compensation expense | 1,317 | 299 |
Net change in servicing asset | (582) | (656) |
(Gain)/Loss on sales of securities, available-for-sale | 72 | (137) |
Gain on sales of SBA loans | (4,805) | (4,548) |
Loss on sales of other real estate owned | 0 | 54 |
Donation of other real estate owned | 35 | 0 |
Writedown on other real estate owned | 0 | 21 |
Gain on sales of premises & equipment | (65) | 0 |
Originations of loans held for sale | (269,586) | (294,759) |
Proceeds from sales of loans held for sale | 288,596 | 324,996 |
Change in bank-owned life insurance | (1,006) | (538) |
Deferred tax benefit | (990) | (2,794) |
Change in other assets | (4,529) | 1,924 |
Change in other liabilities | 867 | (3,426) |
Net cash provided by operating activities | 35,464 | 41,178 |
Investing Activities | ||
Purchases of investment securities, available-for-sale | (157,391) | (230,868) |
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale | 45,014 | 75,830 |
Proceeds from sales of investment securities, available-for-sale | 47,175 | 17,559 |
Proceeds from maturities, calls and paydowns of securities, held-to-maturity | 8,432 | 0 |
Change in loans, net | (249,384) | 56,679 |
Purchase of premises and equipment | (1,449) | (2,924) |
Proceeds from sales of premises and equipment | 71 | 0 |
Proceeds from sales of other real estate owned | 0 | 807 |
Proceeds from bank-owned life insurance | 1,008 | 585 |
Redemption (purchase of) other investments | 2,506 | (9,582) |
Redemption (purchase) of Federal Home Loan Bank Stock | (1,701) | 2,307 |
Net cash and cash equivalents received from acquisition | 0 | 34,087 |
Net cash used in investing activities | (305,719) | (55,520) |
Financing Activities | ||
Change in noninterest-bearing customer deposits | 5,771 | 72,982 |
Change in interest-bearing customer deposits | 29,283 | 45,738 |
Issuance of common stock, net of stock issuance cost | 59,468 | 0 |
Dividends paid for common stock | (5,262) | (3,348) |
Issuance of Subordinated Debt | 39,097 | 0 |
Repayment on Paycheck Protection Program Liquidity Fund | 0 | (106,789) |
Repayments on Federal Home Loan Bank Advances | (137,500) | 0 |
Proceeds from Federal Home Loan Bank Advances | 180,000 | 0 |
Repayments on Other borrowings | (12,563) | (750) |
Tax withholding related to vesting of restricted stock | (231) | 0 |
Net cash provided by financing activities | 158,063 | 7,833 |
Net decrease in cash and cash equivalents | (112,192) | (6,509) |
Cash and cash equivalents at beginning of period | 197,232 | 183,506 |
Cash and cash equivalents at end of period | 85,040 | 176,997 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 5,053 | 3,189 |
Cash paid during the period for income taxes | 3,625 | 4,923 |
Noncash Investing and Financing Activities | ||
Goodwill adjustment | (3,983) | 0 |
Acquisition of real estate through foreclosure | 0 | 145 |
Carrying amount of Securities AFS transferred to HTM, net of $34.0 million unrealized loss | $ 510,956 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Statement of Cash Flows [Abstract] | |
Transfer to held-to-maturity, unrealized loss | $ 34 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Presentation Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank, except where the context requires otherwise. In July 2019, a new subsidiary of the Company was incorporated under the name Colony Risk Management, Inc. Colony Risk Management, Inc. is a subsidiary of the Company and is located in Las Vegas, Nevada. It is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. Colony Risk Management is regulated by the State of Nevada Division of Insurance. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of the Company conform to generally accepted accounting principles and practices utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results which may be expected for the year ending December 31, 2022. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). Nature of Operations The Bank provides a full range of retail, commercial and mortgage banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. The Bank is headquartered in Fitzgerald, Georgia with banking and mortgage offices in Albany, Ashburn, Athens, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman, Fitzgerald, LaGrange, Leesburg, Macon, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, Sylvester, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2022. Such reclassifications have not materially affected previously reported stockholders’ equity or net income. Adjustments The Company finalized its purchase accounting adjustment during the second and third quarters of 2022 with a $4.0 million net adjustment to goodwill primarily related to premises and equipment and deferred taxes. Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At September 30, 2022, approximately 86% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk. Changes in Accounting Principles and Effects of New Accounting Pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This ASU sets forth a “current expected credit loss” ("CECL") model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supported forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the Financial Accounting Standards Board ("FASB") voted to extend the delay of the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022. The Company is expecting a 15-25% increase in allowance for credit losses related to CECL implementation inclusive of expected credit losses for loans and unfunded commitments. The estimates provided above are subject to substantial change and will ultimately depend upon the composition of the loan portfolio, as well as economic conditions and forecasts at the time of CECL adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The provisions of ASU 2020-04 did not have a material impact on the consolidated financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) September 30, 2022 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,642 $ — $ (12) $ 1,630 U.S. agency 5,405 — (487) 4,918 Asset backed securities 26,919 — (747) 26,172 State, county & municipal securities 126,472 — (23,182) 103,290 Corporate debt securities 54,782 — (4,117) 50,665 Mortgage-backed securities 282,269 15 (29,243) 253,041 Total $ 497,489 $ 15 $ (57,788) $ 439,716 September 30, 2022 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 91,189 $ — $ (4,460) $ 86,729 U.S. agency 16,440 — (1,853) 14,587 State, county & municipal securities 135,994 — (21,030) 114,964 Mortgage-backed securities 224,683 — (29,945) 194,738 Total $ 468,306 $ — $ (57,288) $ 411,018 December 31, 2021 Securities Available for Sale: U.S. treasury securities $ 88,638 $ — $ (1,087) $ 87,551 U.S. agency 17,916 5 (140) 17,781 State, county & municipal securities 252,632 877 (3,356) 250,153 Corporate debt securities 48,153 520 (265) 48,408 Mortgage-backed securities 539,172 2,160 (7,061) 534,271 Total $ 946,511 $ 3,562 $ (11,909) $ 938,164 The Company transferred certain agency-issued securities from the available-for-sale to held-to-maturity portfolio on January 1, 2022 and September 1, 2022, having a combined book value of approximately $511.0 million and a combined market value of approximately $477.0 million. As of the date of each transfer, the related pre-tax net unrecognized losses of approximately $34.0 million within the accumulated other comprehensive loss balance are being amortized over the remaining term of the securities using the effective interest method. This transfer was completed after careful consideration of the Company’s intent and ability to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. The amortized cost and fair value of investment securities as of September 30, 2022, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 1,020 $ 1,011 $ — $ — Due after one year through five years 13,612 12,701 62,300 59,996 Due after five years through ten years 88,747 77,200 87,245 77,143 Due after ten years 111,841 95,763 94,078 79,141 $ 215,220 $ 186,675 $ 243,623 $ 216,280 Mortgage-backed securities 282,269 253,041 224,683 194,738 $ 497,489 $ 439,716 $ 468,306 $ 411,018 Proceeds from the sale of investment securities totaled $44.1 million and $47.2 million, and $0 and $17.6 million for the three and nine months ended September 30, 2022 and 2021, respectively. The sale of investment securities for the three months ended September 30, 2022 and 2021 resulted in no gross realized gains for each period and losses of $96,000 and $0, respectively. The sale of investment securities for the nine months ended September 30, 2022 and 2021 resulted in gross realized gains of $24,000 and $209,000 and losses of $96,000 and $72,000, respectively. Investment securities having a carrying value of approximately $350.1 million and $247.4 million were pledged to secure public deposits and for other purposes as of September 30, 2022 and December 31, 2021, respectively. Information pertaining to available-for-sale securities with gross unrealized losses at September 30, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows: Less Than 12 Months 12 Months or Greater Total (dollars in thousands) Fair Gross Fair Gross Fair Gross September 30, 2022 U.S. treasury securities $ 841 $ (7) $ 789 $ (5) $ 1,630 $ (12) U.S. agency 4,918 (487) — — 4,918 (487) Asset backed securities 14,785 (262) 11,387 (485) 26,172 (747) State, county & municipal securities 50,600 (9,562) 52,690 (13,620) 103,290 (23,182) Corporate debt securities 26,326 (2,538) 15,086 (1,579) 41,412 (4,117) Mortgage-backed securities 155,170 (13,980) 82,264 (15,263) 237,434 (29,243) $ 252,640 $ (26,836) $ 162,216 $ (30,952) $ 414,856 $ (57,788) December 31, 2021 U.S. treasury securities $ 87,302 $ (1,087) $ — $ — $ 87,302 $ (1,087) U.S. agency 10,969 (140) — — 10,969 (140) State, county & municipal securities 180,551 (3,131) 5,970 (225) 186,521 (3,356) Corporate debt securities 31,977 (265) — — 31,977 (265) Mortgage-backed securities 377,413 (6,421) 21,129 (640) 398,542 (7,061) $ 688,212 $ (11,044) $ 27,099 $ (865) $ 715,311 $ (11,909) Information pertaining to held-to-maturity securities with gross unrealized losses at September 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows: Less Than 12 Months 12 Months or Greater Total (dollars in thousands) Fair Gross Fair Gross Fair Gross September 30, 2022 U.S. Treasury $ 77,682 $ (4,058) $ 9,047 $ (402,000) $ 86,729 $ (4,460) U.S. agency 6,235 (489) 8,352 (1,364) 14,587 (1,853) State, county & municipal securities 47,941 (7,526) 67,023 (13,504) 114,964 (21,030) Mortgage-backed securities 31,436 (3,299) 163,302 (26,646) 194,738 (29,945) $ 163,294 $ (15,372) $ 247,724 $ (41,916) $ 411,018 $ (57,288) Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | Loans The following table presents the composition of loans segregated by legacy and purchased loans and by class of loans, as of September 30, 2022 and December 31, 2021. Purchased loans are defined as loans that were acquired in bank acquisitions. September 30, 2022 (dollars in thousands) Legacy Loans Purchased Loans Total Construction, land and land development $ 215,731 $ 19,923 $ 235,654 Other commercial real estate 750,531 135,276 885,807 Total commercial real estate 966,262 155,199 1,121,461 Residential real estate 198,377 42,874 241,251 Commercial, financial, & agricultural (*) 191,362 15,223 206,585 Consumer and other 16,256 1,060 17,316 Total Loans $ 1,372,257 $ 214,356 $ 1,586,613 December 31, 2021 (dollars in thousands) Legacy Loans Purchased Loans Total Construction, land and land development $ 119,953 $ 45,493 $ 165,446 Other commercial real estate 595,739 191,653 787,392 Total commercial real estate 715,692 237,146 952,838 Residential real estate 159,469 53,058 212,527 Commercial, financial, & agricultural (*) 113,040 41,008 154,048 Consumer and other 16,003 2,561 18,564 Total Loans $ 1,004,204 $ 333,773 $ 1,337,977 (*) Includes $98,000 and $9.0 million in PPP loans at September 30, 2022 and December 31, 2021, respectively. Commercial and industrial loans are extended to a diverse group of businesses within the Company’s market area. These loans are often underwritten based on the borrower’s ability to service the debt from income from the business. Real estate construction loans often require loan funds to be advanced prior to completion of the project. Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer loans are originated at the Bank level. Credit Quality Indicators. As part of the ongoing monitoring of the credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (1) the risk grade assigned to commercial and consumer loans, (2) the level of classified commercial loans, (3) net charge-offs, (4) nonperforming loans, and (5) the general economic conditions in the Company’s geographic markets. The Company uses a risk grading matrix to assign a risk grade to each of its loans. Loans are graded on a scale of 1 to 10. A description of the general characteristics of the grades is as follows: • Grades 1, 2 and 3 - Borrowers with these assigned risk grades range from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. • Grades 4 and 5 - Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. These loans are also included in into the “pass” classification. • Grade 6 - This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. • Grades 7 and 8 - These grades includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned grade 8, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. • Grades 9 and 10 - These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 7 or 8. The following table presents the loan portfolio, excluding purchased loans, by credit quality indicator (risk grade) as of September 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. (dollars in thousands) Pass Special Mention Substandard Total Loans September 30, 2022 Construction, land and land development $ 215,087 $ 240 $ 404 $ 215,731 Other commercial real estate 726,455 14,872 9,204 750,531 Total commercial real estate 941,542 15,112 9,608 966,262 Residential real estate 188,721 5,819 3,837 198,377 Commercial, financial, & agricultural 189,093 802 1,467 191,362 Consumer and other 16,149 58 49 16,256 Total Loans $ 1,335,505 $ 21,791 $ 14,961 $ 1,372,257 (dollars in thousands) December 31, 2021 Construction, land and land development $ 117,044 $ 2,634 $ 275 $ 119,953 Other commercial real estate 562,228 25,718 7,793 595,739 Total commercial real estate 679,272 28,352 8,068 715,692 Residential real estate 148,507 5,733 5,229 159,469 Commercial, financial, & agricultural 110,267 1,488 1,285 113,040 Consumer and other 15,787 78 $ 138 16,003 Total Loans $ 953,833 $ 35,651 $ 14,720 $ 1,004,204 The following table presents the purchased loan portfolio by credit quality indicator (risk grade) as of September 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 or 5 have been combined in the pass column for presentation purposes. For the period ending September 30, 2022, the Company did not have any loans classified as “doubtful” or a “loss”. (dollars in thousands) Pass Special Mention Substandard Total Loans September 30, 2022 Construction, land and land development $ 19,923 $ — $ — $ 19,923 Other commercial real estate 131,111 3,117 1,048 135,276 Total commercial real estate 151,034 3,117 1,048 155,199 Residential real estate 40,444 632 1,798 42,874 Commercial, financial, & agricultural 14,638 82 503 15,223 Consumer and other 1,060 — — 1,060 Total Loans $ 207,176 $ 3,831 $ 3,349 $ 214,356 December 31, 2021 Construction, land and land development $ 45,432 $ — $ 61 $ 45,493 Other commercial real estate 186,905 3,518 1,230 191,653 Total commercial real estate 232,337 3,518 1,291 237,146 Residential real estate 49,875 563 2,620 53,058 Commercial, financial, & agricultural 40,711 — 297 41,008 Consumer and other 2,558 3 — 2,561 Total Loans $ 325,481 $ 4,084 $ 4,208 $ 333,773 A loan’s risk grade is assigned at loan origination and is based on the financial strength of the borrower and the type of collateral. Loan risk grades are subject to review at various times throughout the year as part of the Company’s ongoing loan review process. Loans with an assigned risk grade of six or below and an outstanding balance of $250,000 or more are reassessed on a quarterly basis. During this reassessment process individual reserves may be identified and placed against certain loans which are not considered impaired. In assessing the overall economic condition of the markets in which it operates, the Company monitors the unemployment rates for its major service areas. The unemployment rates are reviewed on a quarterly basis as part of the allowance for loan loss determination. Loans are placed on nonaccrual status if principal or interest payments become 90 days past due or when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory guidelines. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. The following table presents the aging of the amortized cost basis in legacy loans by aging category and accrual status as of September 30, 2022 and December 31, 2021: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans September 30, 2022 Construction, land and land development $ 315 $ — $ 315 $ 143 $ 215,273 $ 215,731 Other commercial real estate 650 — 650 1,283 748,598 750,531 Total commercial real estate 965 — 965 1,426 963,871 966,262 Residential real estate 411 — 411 1,457 196,509 198,377 Commercial, financial, & agricultural 159 — 159 900 190,303 191,362 Consumer and other 29 — 29 26 16,201 16,256 Total Loans $ 1,564 $ — $ 1,564 $ 3,809 $ 1,366,884 $ 1,372,257 December 31, 2021 Construction, land and land development $ 6 $ — $ 6 $ — $ 119,947 $ 119,953 Other commercial real estate 349 — 349 577 594,813 595,739 Total commercial real estate 355 — 355 577 714,760 715,692 Residential real estate 421 — 421 2,641 156,407 159,469 Commercial, financial, & agricultural 69 — 69 708 112,263 113,040 Consumer and other 93 — 93 26 15,884 16,003 Total Loans $ 938 $ — $ 938 $ 3,952 $ 999,314 $ 1,004,204 The following table presents the aging of the amortized cost basis in purchased loans by aging category and accrual status as of September 30, 2022 and December 31, 2021: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans September 30, 2022 Construction, land and land development $ — $ — $ — $ — $ 19,923 $ 19,923 Other commercial real estate — — — 126 135,150 135,276 Total commercial real estate — — — 126 155,073 155,199 Residential real estate 125 — 125 864 41,885 42,874 Commercial, financial, & agricultural — — — 503 14,720 15,223 Consumer and other — — — — 1,060 1,060 Total Loans $ 125 $ — $ 125 $ 1,493 $ 212,738 $ 214,356 December 31, 2021 Construction, land and land development $ 2,680 $ — $ 2,680 $ 31 $ 42,782 $ 45,493 Other commercial real estate — — — 260 191,393 191,653 Total commercial real estate 2,680 — 2,680 291 234,175 237,146 Residential real estate 560 — 560 1,198 51,300 53,058 Commercial, financial, & agricultural 389 — 389 — 40,619 41,008 Consumer and other — — — 8 2,553 2,561 Total Loans $ 3,629 $ — $ 3,629 $ 1,497 $ 328,647 $ 333,773 The following table details impaired loan data, including purchased credit impaired loans, as of September 30, 2022. September 30, 2022 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land and land development $ — $ — $ — $ 21 Commercial real estate 4,954 4,954 — 5,964 Residential real estate 640 640 — 804 Commercial, financial & agriculture 708 708 — 325 Consumer & other — — — 1 6,302 6,302 — 7,115 With An Allowance Recorded Construction, land and land development 235 235 70 59 Commercial real estate 412 412 126 624 Residential real estate 299 350 57 781 Commercial, financial & agriculture 452 456 251 369 Consumer & other — — — — 1,398 1,453 504 1,833 Purchased Credit Impaired Loans Construction, land and land development — — — — Commercial real estate 812 812 17 1,061 Residential real estate — — — 14 Commercial, financial & agriculture — — — — Consumer & other — — — 113 812 812 17 1,188 Total Construction, land and land development 235 235 70 80 Commercial real estate 6,178 6,178 143 7,649 Residential real estate 939 990 57 1,599 Commercial, financial & agriculture 1,160 1,164 251 694 Consumer & other — — — 114 $ 8,512 $ 8,567 $ 521 $ 10,136 The following table details impaired loan data, including purchased credit impaired loans. as of December 31, 2021. December 31, 2021 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land and land development $ 62 $ 62 $ — $ 4,311 Commercial real estate 7,203 6,369 — 8,113 Residential real estate 958 997 — 1,083 Commercial, financial & agriculture 75 75 — 56 Consumer & other — — — — 8,298 7,503 — 13,563 With An Allowance Recorded Construction, land and land development — — — — Commercial real estate 430 483 148 4,429 Residential real estate 685 773 108 1,029 Commercial, financial & agriculture — — — 79 Consumer & other — — — 1 1,115 1,256 256 5,538 Purchased Credit Impaired Loans Construction, land and land development — — — 51 Commercial real estate 2,003 1,916 18 802 Residential real estate 4 — 6 7 Commercial, financial & agriculture — — — 35 Consumer & other 192 73 96 72 2,199 1,989 120 967 Total Construction, land and land development 62 62 — 4,362 Commercial real estate 9,636 8,768 166 13,344 Residential real estate 1,647 1,770 114 2,119 Commercial, financial & agriculture 75 75 — 170 Consumer & other 192 73 96 73 $ 11,612 $ 10,748 $ 376 $ 20,068 Interest income recorded on impaired loans during the three months ended September 30, 2022 and 2021 was $152,000 and $261,000, respectively. Interest income recorded on impaired loans during the nine months ended September 30, 2022 and 2021 was $532,000 and $825,000, respectively. Troubled Debt Restructurings The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both the borrower is experiencing financial difficulties and the Company has granted a concession to the terms of the loan. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. As discussed in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2021, which are included in the Company’s 2021 Form 10-K, once a loan is identified as a TDR, it is accounted for as an impaired loan. The Company had no unfunded commitments to lend to a customer that has a troubled debt restructured loan as of September 30, 2022. The Company had one commercial real estate loan restructured during the three and nine month period ended September 30, 2022 with outstanding principal balance of $181,000. The loan was restructured related to payment terms. Loans modified in a TDR are considered to be in default once the loan becomes 90 days past due. A TDR may cease being classified as impaired if the loan is subsequently modified at market terms and, has performed according to the modified terms for at least six months, and there has not been any prior principal forgiveness on a cumulative basis. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three and nine month periods ended September 30, 2022 and September 30, 2021. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories. (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Three Months Ended September 30, 2022 Beginning Balance $ 1,052 $ 8,028 $ 1,488 $ 1,678 $ 1,717 $ 13,963 Charge-offs — — — (118) (33) (151) Recoveries 5 5 23 7 10 50 Provision 873 345 424 1,163 (1,485) $ 1,320 Ending balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Nine Months Ended September 30, 2022 Beginning Balance $ 1,127 $ 7,691 $ 1,805 $ 1,083 $ 1,204 $ 12,910 Charge-offs — (58) (48) (266) (54) (426) Recoveries 16 79 45 63 25 228 Provision 787 666 133 1,850 (966) 2,470 Ending balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Period end amount allocated to Individually evaluated for impairment $ 70 $ 126 $ 57 $ 251 $ — $ 504 Collectively evaluated for impairment 1,860 8,235 1,878 2,479 209 14,661 Purchase credit impaired — 17 — — — 17 Ending Balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Loans Individually evaluated for impairment $ 235 $ 5,366 $ 939 $ 1,160 $ — $ 7,700 Collectively evaluated for impairment 235,419 879,629 240,312 205,425 17,316 1,578,101 Purchase credit impaired — 812 — — — 812 Ending balance $ 235,654 $ 885,807 $ 241,251 $ 206,585 $ 17,316 $ 1,586,613 (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Three Months Ended September 30, 2021 Beginning Balance $ 1,125 $ 7,277 $ 2,273 $ 1,773 $ 423 $ 12,871 Charge-offs — (531) — (209) (3) (743) Recoveries 363 14 143 66 13 599 Provision (439) 540 (126) 203 (28) 150 Ending balance $ 1,049 $ 7,300 $ 2,290 $ 1,833 $ 405 $ 12,877 Nine Months Ended September 30, 2021 Beginning Balance $ 1,013 $ 6,880 $ 2,278 $ 1,713 $ 243 $ 12,127 Charge-offs — (568) — (225) (44) (837) Recoveries 448 108 254 83 44 937 Provision (412) 880 (242) 262 162 650 Ending balance $ 1,049 $ 7,300 $ 2,290 $ 1,833 $ 405 $ 12,877 Year ended December 31, 2021 Period end amount allocated to Individually evaluated for impairment $ — $ 148 $ 108 $ — $ — $ 256 Collectively evaluated for impairment 1,127 7,525 1,691 1,083 1,108 12,534 Purchase credit impaired — 18 6 — 96 120 Ending Balance $ 1,127 $ 7,691 $ 1,805 $ 1,083 $ 1,204 $ 12,910 Loans Individually evaluated for impairment $ 62 $ 6,852 $ 1,770 $ 75 $ — $ 8,759 Collectively evaluated for impairment 165,384 778,624 210,757 153,973 18,491 1,327,229 Purchase credit impaired — 1,916 — — 73 1,989 Ending Balance $ 165,446 $ 787,392 $ 212,527 $ 154,048 $ 18,564 $ 1,337,977 Management continually evaluates the allowance for loan losses methodology seeking to refine and enhance this process as appropriate, and it is likely that the methodology will continue to evolve over time. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table presents information regarding the Company’s outstanding borrowings at September 30, 2022 and December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Federal Home Loan Bank advances 95,000 51,656 Other borrowings 63,364 36,792 $ 158,364 $ 88,448 Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2022 to 2028 and interest rates ranging from 2.07% to 2.95%. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial loans, multifamily loans and HELOC loans, as well as U.S. Treasury and Agency securities. At September 30, 2022, the lendable collateral of those loans pledged is $126.6 million. At September 30, 2022, the Company had remaining credit availability from the FHLB of $585.6 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. On May 1, 2019, the Company entered into two borrowing arrangements with a correspondent bank for $10.0 million each. The term note is secured by the Bank’s stock, expiring on May 1, 2024, and bears a fixed interest rate of 4.70%. The line of credit is also secured by the Bank’s stock, expiring on July 30, 2022, and bears a variable interest rate of Wall Street Journal Prime minus 0.40%.The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of September 30, 2022, the term note and the line of credit were closed and had zero balances, as both were paid off with the proceeds from the Company's public offering of its common stock completed on February 10, 2022. The Company's debentures issued in connection with trust preferred securities are recorded as other borrowings on the consolidated balance sheets, but, subject to certain limitations, qualify as Tier 1 capital for regulatory capital purposes. At September 30, 2022 and December 31, 2021, $24.2 million of debentures underlying trust preferred securities were outstanding. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. The debentures underlying the trust preferred securities require quarterly interest payments. On May 20, 2022, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers in which the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes (the "Notes"). The Notes mature on May 20, 2032 and bear interest at a fixed rate of 5.25% per year, from May 20, 2022 to, but excluding, May 20, 2027, payable semi-annually in arrears on June 30 and December 30 of each year. From and including May 20, 2027 to, but excluding, the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 265 basis points, payable quarterly in arrears. Prior to May 20, 2027, the Company may redeem the Notes, in whole but not in part, only under certain limited circumstances set forth in the Notes. On or after May 20, 2027, the Company may redeem the Notes, in whole or in part, at its option, on any interest payment date. The Notes are included on the consolidated balance sheets as other borrowings at the carrying value, net of issuance costs. The debt issuance costs are being amortized through maturity and recognized as a component of interest expense. At September 30, 2022, $39.1 million of Subordinated Notes were outstanding. The proceeds from the sale of the Notes was used for general corporate purposes. The aggregate stated maturities of other borrowed money at September 30, 2022 are as follows: (dollars in thousands) Year Amount 2022 $ 90,000 2027 and After 68,364 $ 158,364 The Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, with no outstanding balance at September 30, 2022. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock. The following table presents earnings per share for the three and nine months ended September 30, 2022 and 2021. (dollars in thousands, except per share data) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator Net income available to common stockholders $ 5,252 $ 5,583 $ 13,991 $ 14,500 Denominator Weighted average number of common shares Outstanding for basic earnings per common share 17,645 12,345 17,043 10,447 Weighted-average number of shares outstanding for diluted earnings per common share 17,645 12,345 17,043 10,447 Earnings per share - basic $ 0.30 $ 0.45 $ 0.82 $ 1.39 Earnings per share - diluted $ 0.30 $ 0.45 $ 0.82 $ 1.39 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments. The Company is a party to credit related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include cash or cash equivalents, negotiable instruments, real estate, accounts receivable, inventory, oil, gas and mineral interests, property, plant, and equipment. At September 30, 2022 and December 31, 2021 the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (dollars in thousands) September 30, 2022 December 31, 2021 Loan commitments $ 365,739 $ 318,853 Letters of credit 3,584 4,869 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. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Legal Contingencies . In the ordinary course of business, there are various legal proceedings pending against the Company and the Bank. As of September 30, 2022, the aggregate liabilities, if any, arising from such proceedings would not, in the opinion of management, have a material adverse effect on the Company’s consolidated financial position. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Generally accepted accounting standards in the U.S. require disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company and the Bank’s financial instruments are detailed hereafter. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Generally accepted accounting principles related to Fair Value Measurements define fair value, establish a framework for measuring fair value, establish a three-level valuation hierarchy for disclosure of fair value measurement and enhance disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good-faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination or issuance. Cash and short-term investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1. Investment securities – Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Other investments, at cost – The fair value of other bank stock approximates carrying value and is classified as Level 2. Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Loans held for sale – The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Loans – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. Most loans are classified as Level 3. Deposit liabilities – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 2. The fair value of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2. Federal funds purchased – The carrying amounts of Federal funds purchased approximate fair value and are classified as Level 2. Federal Home Loan Bank advances – The fair value of Federal Home Loan Bank advances is estimated by discounting the future cash flows using the current rates at which similar advances would be obtained. Federal Home Loan Bank advances are classified as Level 2. Other borrowings – The fair value of other borrowings is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowings is classified as Level 2 due to their expected maturities. Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements. The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2022 and December 31, 2021 are as follows: Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level September 30, 2022 Assets Cash and short-term investments $ 85,040 $ 85,040 $ 85,040 $ — $ — Investment securities available for sale 439,716 439,716 — 439,716 — Investment securities held to maturity 468,306 411,018 — 411,018 — Other investments, at cost 12,850 12,850 — 11,235 1,615 Loans held for sale 23,945 23,945 — 23,945 — Loans, net 1,571,431 1,420,257 — — 1,420,257 Liabilities Deposits 2,409,662 2,409,080 — 2,409,080 — Federal Home Loan Bank advances 95,000 95,011 — 95,011 — Other borrowings 63,364 57,807 — 57,807 — Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level December 31, 2021 Assets Cash and short-term investments $ 197,232 $ 197,232 $ 197,232 $ — $ — Investment securities available for sale 938,164 938,164 87,551 850,613 — Other investments, at cost 14,012 14,012 5,574 4,183 4,255 Loans held for sale 38,150 38,150 — 38,150 — Loans, net 1,325,067 1,328,853 — — 1,328,853 Liabilities Deposits 2,374,608 2,375,385 — 2,375,385 — Federal Home Loan Bank advances 51,656 51,162 — 51,162 — Other borrowings 36,792 36,796 — 36,796 — Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring and nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy: Securities – Where quoted prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Examples of such instruments, which would generally be classified within level 2 of the valuation hierarchy, include certain collateralized mortgage and debt obligations and certain high-yield debt securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within level 3 of the valuation hierarchy. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. Impaired Loans – Impaired loans are those loans which the Company has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Other Real Estate Owned – Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Typically, an external, third-party appraisal is performed on the collateral upon transfer into the other real estate owned account to determine the asset’s fair value. Subsequent adjustments to the collateral’s value may be based upon either updated third-party appraisals or management’s knowledge of the collateral and the current real estate market conditions. Appraised amounts used in determining the asset’s fair value, whether internally or externally prepared, are discounted 10% to account for selling and marketing costs. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of other real estate owned assets and because of the relationship between fair value and general economic conditions, we consider the fair value of other real estate owned assets to be highly sensitive to changes in market conditions. Assets Measured at Fair Value on a Recurring and Nonrecurring Basis – The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at September 30, 2022 and December 31, 2021. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances. Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair Value (Level 1) (Level 2) (Level 3) September 30, 2022 Nonrecurring Collateral dependent impaired loans $ 949 $ — $ — $ 949 Other real estate owned 246 — — 246 Total nonrecurring assets $ 1,195 $ — $ — $ 1,195 Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair (Level 1) (Level 2) (Level 3) December 31, 2021 Nonrecurring Collateral dependent impaired loans $ 1,837 $ — $ — $ 1,837 Other real estate owned 281 — — 281 Total nonrecurring assets $ 2,118 $ — $ — $ 2,118 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at September 30, 2022 and December 31, 2021. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: (dollars in thousands) September 30, 2022 Valuation Unobservable Range Collateral dependent impaired loans $ 949 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 100 % Other real estate owned 246 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % (dollars in thousands) December 31, 2021 Valuation Unobservable Range Collateral dependent impaired loans $ 1,837 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 100 % Other real estate owned 281 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % The following table presents quantitative information about recurring level 3 fair value measurements as of September 30, 2022 and December 31, 2021. As of September 30, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range Other investments $ 1,615 Discounted Cash Flow Discount Rate or Yield N/A* As of December 31, 2021 (dollars in thousands) Fair Value Valuation Unobservable Range Other investments $ 4,255 Discounted Cash Flow Discount Rate or Yield N/A* * The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three and nine months ended September 30, 2022. Available for Sale Securities Three Months Ended Nine Months Ended (dollars in thousands) Balance, Beginning $ 2,769 $ 4,255 Redemption of security (1,151) (2,507) Unrealized/realized losses included in earnings (3) (133) Balance, Ending $ 1,615 $ 1,615 The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. There were no transfers of securities between levels for the three and nine months ended September 30, 2022 and September 30, 2021. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operating segments include banking, mortgage banking and small business specialty lending division. The reportable segments are determined by the products and services offered, and internal reporting. The Bank segment derives its revenues from the delivery of full-service financial services, including retail and commercial banking services and deposit accounts. The Mortgage Banking segment derives its revenues from the origination and sales of residential mortgage loans held for sale. The Small Business Specialty Lending Division segment derives its revenue from the origination, sales and servicing of Small Business Administration loans and other government guaranteed loans. Segment performance is evaluated using net interest income and noninterest income. Income taxes are allocated based on income before income taxes, and indirect expenses (includes management fees) are allocated based on various internal factors for each segment. Transactions among segments are made at fair value. Information reported internally for performance assessment follows. The following tables present information reported internally for performance assessment for the three and nine months ended September 30, 2022 and 2021: (dollars in thousands) Bank Mortgage Small Totals Nine Months Ended September 30, 2022 Net Interest Income $ 58,156 $ 145 $ 924 $ 59,225 Provision for Loan Losses 2,470 — — 2,470 Noninterest Income 13,770 7,993 5,621 27,384 Noninterest Expenses 54,742 7,799 5,107 67,648 Income Taxes 2,174 104 222 2,500 Segment Profit $ 12,540 $ 235 $ 1,216 $ 13,991 Segments Assets at September 30, 2022 $ 2,738,082 $ 16,905 $ 50,925 $ 2,805,912 Full time employees at September 30, 2022 396 61 29 486 (dollars in thousands) Bank Mortgage Small Totals Nine Months Ended September 30, 2021 Net Interest Income $ 45,977 $ 429 $ 761 $ 47,167 Provision for Loan Losses 650 — — 650 Noninterest Income 10,409 10,087 4,979 25,475 Noninterest Expenses 41,922 8,445 3,746 54,113 Income Taxes 2,836 124 419 3,379 Segment Profit $ 10,978 $ 1,947 $ 1,575 $ 14,500 Segments Assets at December 31, 2021 $ 2,620,501 $ 25,149 $ 46,065 $ 2,691,715 Full time employees at September 30, 2021 417 53 24 494 (dollars in thousands) Bank Mortgage Small Totals Three months ended September 30, 2022 Net Interest Income $ 20,508 $ 17 $ 340 $ 20,865 Provision for Loan Losses 1,320 — — 1,320 Noninterest Income 4,288 2,345 1,546 8,179 Noninterest Expenses 17,537 2,289 1,541 21,367 Income Taxes 1,047 10 48 1,105 Segment Profit $ 4,892 $ 63 $ 297 $ 5,252 (dollars in thousands) Bank Mortgage Small Totals Three months ended September 30, 2021 Net Interest Income $ 17,181 $ 138 $ 549 $ 17,868 Provision for Loan Losses 150 — — 150 Noninterest Income 4,340 3,104 1,994 9,438 Noninterest Expenses 16,941 2,765 1,505 21,211 Income Taxes 434 (290) 218 362 Segment Profit $ 3,996 $ 767 $ 820 $ 5,583 |
Regulatory Capital Matters
Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2022 | |
Banking And Thrift Disclosure [Abstract] | |
Regulatory Capital Matters | Regulatory Capital Matters The amount of dividends payable to the parent company from the subsidiary bank is limited by various banking regulatory agencies. Upon approval by regulatory authorities, the Bank may pay cash dividends to the parent company in excess of regulatory limitations. As of September 30, 2022, the Company and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized, the Company and the Bank must have exceeded the well-capitalized guideline ratios in effect at the time, as set forth in the table below, and have met certain other requirements. Management believes that the Company and the Bank exceeded all well-capitalized requirements at September 30, 2022, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. The Board of Governors of the Federal Reserve raised the threshold for determining applicable of the Small Bank Holding Company and Savings and Loan Company Policy Statement in August 2018 from $1 billion to $3 billion in consolidated total assets to provide regulatory burden relief, therefore, the Company is no longer subject to the minimum capital requirements on a consolidated basis. The following table summarizes regulatory capital information as of September 30, 2022 and December 31, 2021 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for September 30, 2022 and December 31, 2021 were calculated in accordance with the Basel III rules. (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022 Total Capital to Risk-Weighted Assets Consolidated $ 311,849 15.78 % $ 158,098 8.00 % N/A N/A Colony Bank 263,104 13.34 157,784 8.00 $ 197,229 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 257,531 13.04 118,496 6.00 N/A N/A Colony Bank 247,922 12.57 118,340 6.00 157,786 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 233,302 11.81 88,896 4.50 N/A N/A Colony Bank 247,922 12.57 88,755 4.50 128,202 6.50 Tier 1 Capital to Average Assets Consolidated 257,531 9.28 111,005 4.00 N/A N/A Colony Bank 247,922 8.96 110,679 4.00 138,349 5.00 (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 207,366 12.05 % $ 137,670 8.00 % N/A N/A Colony Bank 203,265 12.18 133,507 8.00 $ 166,884 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 194,456 11.28 103,434 6.00 N/A N/A Colony Bank 190,355 11.41 100,099 6.00 133,465 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 170,956 9.87 77,943 4.50 N/A N/A Colony Bank 190,355 11.41 75,074 4.50 108,441 6.50 Tier 1 Capital to Average Assets Consolidated 194,456 7.25 107,286 4.00 N/A N/A Colony Bank 190,355 7.53 101,118 4.00 126,398 5.00 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On October 20, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on November 18, 2022, to shareholders of record as of the close of business on November 4, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Presentation | Presentation Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank, except where the context requires otherwise. In July 2019, a new subsidiary of the Company was incorporated under the name Colony Risk Management, Inc. Colony Risk Management, Inc. is a subsidiary of the Company and is located in Las Vegas, Nevada. It is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. Colony Risk Management is regulated by the State of Nevada Division of Insurance. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of the Company conform to generally accepted accounting principles and practices utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results which may be expected for the year ending December 31, 2022. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). |
Nature of Operations | Nature of Operations The Bank provides a full range of retail, commercial and mortgage banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. The Bank is headquartered in Fitzgerald, Georgia with banking and mortgage offices in Albany, Ashburn, Athens, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman, Fitzgerald, LaGrange, Leesburg, Macon, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, Sylvester, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment. |
Reclassifications | Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2022. Such reclassifications have not materially affected previously reported stockholders’ equity or net income. |
Concentrations of Credit Risk | Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At September 30, 2022, approximately 86% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk. |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This ASU sets forth a “current expected credit loss” ("CECL") model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supported forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the Financial Accounting Standards Board ("FASB") voted to extend the delay of the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022. The Company is expecting a 15-25% increase in allowance for credit losses related to CECL implementation inclusive of expected credit losses for loans and unfunded commitments. The estimates provided above are subject to substantial change and will ultimately depend upon the composition of the loan portfolio, as well as economic conditions and forecasts at the time of CECL adoption. In March 2020, the FASB issued ASU No. 2020-04, Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The provisions of ASU 2020-04 did not have a material impact on the consolidated financial statements. |
Earnings Per Share | Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock. |
Fair Value of Financial Instruments and Fair Value Measurements | Cash and short-term investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1. Investment securities – Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Other investments, at cost – The fair value of other bank stock approximates carrying value and is classified as Level 2. Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Loans held for sale – The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Loans – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. Most loans are classified as Level 3. Deposit liabilities – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 2. The fair value of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2. Federal funds purchased – The carrying amounts of Federal funds purchased approximate fair value and are classified as Level 2. Federal Home Loan Bank advances – The fair value of Federal Home Loan Bank advances is estimated by discounting the future cash flows using the current rates at which similar advances would be obtained. Federal Home Loan Bank advances are classified as Level 2. Other borrowings – The fair value of other borrowings is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowings is classified as Level 2 due to their expected maturities. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) September 30, 2022 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,642 $ — $ (12) $ 1,630 U.S. agency 5,405 — (487) 4,918 Asset backed securities 26,919 — (747) 26,172 State, county & municipal securities 126,472 — (23,182) 103,290 Corporate debt securities 54,782 — (4,117) 50,665 Mortgage-backed securities 282,269 15 (29,243) 253,041 Total $ 497,489 $ 15 $ (57,788) $ 439,716 September 30, 2022 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 91,189 $ — $ (4,460) $ 86,729 U.S. agency 16,440 — (1,853) 14,587 State, county & municipal securities 135,994 — (21,030) 114,964 Mortgage-backed securities 224,683 — (29,945) 194,738 Total $ 468,306 $ — $ (57,288) $ 411,018 December 31, 2021 Securities Available for Sale: U.S. treasury securities $ 88,638 $ — $ (1,087) $ 87,551 U.S. agency 17,916 5 (140) 17,781 State, county & municipal securities 252,632 877 (3,356) 250,153 Corporate debt securities 48,153 520 (265) 48,408 Mortgage-backed securities 539,172 2,160 (7,061) 534,271 Total $ 946,511 $ 3,562 $ (11,909) $ 938,164 |
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | This is often the case with mortgage-backed securities, which are disclosed separately in the table below. Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 1,020 $ 1,011 $ — $ — Due after one year through five years 13,612 12,701 62,300 59,996 Due after five years through ten years 88,747 77,200 87,245 77,143 Due after ten years 111,841 95,763 94,078 79,141 $ 215,220 $ 186,675 $ 243,623 $ 216,280 Mortgage-backed securities 282,269 253,041 224,683 194,738 $ 497,489 $ 439,716 $ 468,306 $ 411,018 |
Schedule of Continuous Unrealized Loss Position | Information pertaining to available-for-sale securities with gross unrealized losses at September 30, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows: Less Than 12 Months 12 Months or Greater Total (dollars in thousands) Fair Gross Fair Gross Fair Gross September 30, 2022 U.S. treasury securities $ 841 $ (7) $ 789 $ (5) $ 1,630 $ (12) U.S. agency 4,918 (487) — — 4,918 (487) Asset backed securities 14,785 (262) 11,387 (485) 26,172 (747) State, county & municipal securities 50,600 (9,562) 52,690 (13,620) 103,290 (23,182) Corporate debt securities 26,326 (2,538) 15,086 (1,579) 41,412 (4,117) Mortgage-backed securities 155,170 (13,980) 82,264 (15,263) 237,434 (29,243) $ 252,640 $ (26,836) $ 162,216 $ (30,952) $ 414,856 $ (57,788) December 31, 2021 U.S. treasury securities $ 87,302 $ (1,087) $ — $ — $ 87,302 $ (1,087) U.S. agency 10,969 (140) — — 10,969 (140) State, county & municipal securities 180,551 (3,131) 5,970 (225) 186,521 (3,356) Corporate debt securities 31,977 (265) — — 31,977 (265) Mortgage-backed securities 377,413 (6,421) 21,129 (640) 398,542 (7,061) $ 688,212 $ (11,044) $ 27,099 $ (865) $ 715,311 $ (11,909) Information pertaining to held-to-maturity securities with gross unrealized losses at September 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows: Less Than 12 Months 12 Months or Greater Total (dollars in thousands) Fair Gross Fair Gross Fair Gross September 30, 2022 U.S. Treasury $ 77,682 $ (4,058) $ 9,047 $ (402,000) $ 86,729 $ (4,460) U.S. agency 6,235 (489) 8,352 (1,364) 14,587 (1,853) State, county & municipal securities 47,941 (7,526) 67,023 (13,504) 114,964 (21,030) Mortgage-backed securities 31,436 (3,299) 163,302 (26,646) 194,738 (29,945) $ 163,294 $ (15,372) $ 247,724 $ (41,916) $ 411,018 $ (57,288) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Segregated by Class | The following table presents the composition of loans segregated by legacy and purchased loans and by class of loans, as of September 30, 2022 and December 31, 2021. Purchased loans are defined as loans that were acquired in bank acquisitions. September 30, 2022 (dollars in thousands) Legacy Loans Purchased Loans Total Construction, land and land development $ 215,731 $ 19,923 $ 235,654 Other commercial real estate 750,531 135,276 885,807 Total commercial real estate 966,262 155,199 1,121,461 Residential real estate 198,377 42,874 241,251 Commercial, financial, & agricultural (*) 191,362 15,223 206,585 Consumer and other 16,256 1,060 17,316 Total Loans $ 1,372,257 $ 214,356 $ 1,586,613 December 31, 2021 (dollars in thousands) Legacy Loans Purchased Loans Total Construction, land and land development $ 119,953 $ 45,493 $ 165,446 Other commercial real estate 595,739 191,653 787,392 Total commercial real estate 715,692 237,146 952,838 Residential real estate 159,469 53,058 212,527 Commercial, financial, & agricultural (*) 113,040 41,008 154,048 Consumer and other 16,003 2,561 18,564 Total Loans $ 1,004,204 $ 333,773 $ 1,337,977 |
Loan Portfolio by Credit Quality Indicators | The following table presents the loan portfolio, excluding purchased loans, by credit quality indicator (risk grade) as of September 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. (dollars in thousands) Pass Special Mention Substandard Total Loans September 30, 2022 Construction, land and land development $ 215,087 $ 240 $ 404 $ 215,731 Other commercial real estate 726,455 14,872 9,204 750,531 Total commercial real estate 941,542 15,112 9,608 966,262 Residential real estate 188,721 5,819 3,837 198,377 Commercial, financial, & agricultural 189,093 802 1,467 191,362 Consumer and other 16,149 58 49 16,256 Total Loans $ 1,335,505 $ 21,791 $ 14,961 $ 1,372,257 (dollars in thousands) December 31, 2021 Construction, land and land development $ 117,044 $ 2,634 $ 275 $ 119,953 Other commercial real estate 562,228 25,718 7,793 595,739 Total commercial real estate 679,272 28,352 8,068 715,692 Residential real estate 148,507 5,733 5,229 159,469 Commercial, financial, & agricultural 110,267 1,488 1,285 113,040 Consumer and other 15,787 78 $ 138 16,003 Total Loans $ 953,833 $ 35,651 $ 14,720 $ 1,004,204 The following table presents the purchased loan portfolio by credit quality indicator (risk grade) as of September 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 or 5 have been combined in the pass column for presentation purposes. For the period ending September 30, 2022, the Company did not have any loans classified as “doubtful” or a “loss”. (dollars in thousands) Pass Special Mention Substandard Total Loans September 30, 2022 Construction, land and land development $ 19,923 $ — $ — $ 19,923 Other commercial real estate 131,111 3,117 1,048 135,276 Total commercial real estate 151,034 3,117 1,048 155,199 Residential real estate 40,444 632 1,798 42,874 Commercial, financial, & agricultural 14,638 82 503 15,223 Consumer and other 1,060 — — 1,060 Total Loans $ 207,176 $ 3,831 $ 3,349 $ 214,356 December 31, 2021 Construction, land and land development $ 45,432 $ — $ 61 $ 45,493 Other commercial real estate 186,905 3,518 1,230 191,653 Total commercial real estate 232,337 3,518 1,291 237,146 Residential real estate 49,875 563 2,620 53,058 Commercial, financial, & agricultural 40,711 — 297 41,008 Consumer and other 2,558 3 — 2,561 Total Loans $ 325,481 $ 4,084 $ 4,208 $ 333,773 |
Age Analysis of Past Due Loans and Nonaccrual Loans | The following table presents the aging of the amortized cost basis in legacy loans by aging category and accrual status as of September 30, 2022 and December 31, 2021: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans September 30, 2022 Construction, land and land development $ 315 $ — $ 315 $ 143 $ 215,273 $ 215,731 Other commercial real estate 650 — 650 1,283 748,598 750,531 Total commercial real estate 965 — 965 1,426 963,871 966,262 Residential real estate 411 — 411 1,457 196,509 198,377 Commercial, financial, & agricultural 159 — 159 900 190,303 191,362 Consumer and other 29 — 29 26 16,201 16,256 Total Loans $ 1,564 $ — $ 1,564 $ 3,809 $ 1,366,884 $ 1,372,257 December 31, 2021 Construction, land and land development $ 6 $ — $ 6 $ — $ 119,947 $ 119,953 Other commercial real estate 349 — 349 577 594,813 595,739 Total commercial real estate 355 — 355 577 714,760 715,692 Residential real estate 421 — 421 2,641 156,407 159,469 Commercial, financial, & agricultural 69 — 69 708 112,263 113,040 Consumer and other 93 — 93 26 15,884 16,003 Total Loans $ 938 $ — $ 938 $ 3,952 $ 999,314 $ 1,004,204 The following table presents the aging of the amortized cost basis in purchased loans by aging category and accrual status as of September 30, 2022 and December 31, 2021: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans September 30, 2022 Construction, land and land development $ — $ — $ — $ — $ 19,923 $ 19,923 Other commercial real estate — — — 126 135,150 135,276 Total commercial real estate — — — 126 155,073 155,199 Residential real estate 125 — 125 864 41,885 42,874 Commercial, financial, & agricultural — — — 503 14,720 15,223 Consumer and other — — — — 1,060 1,060 Total Loans $ 125 $ — $ 125 $ 1,493 $ 212,738 $ 214,356 December 31, 2021 Construction, land and land development $ 2,680 $ — $ 2,680 $ 31 $ 42,782 $ 45,493 Other commercial real estate — — — 260 191,393 191,653 Total commercial real estate 2,680 — 2,680 291 234,175 237,146 Residential real estate 560 — 560 1,198 51,300 53,058 Commercial, financial, & agricultural 389 — 389 — 40,619 41,008 Consumer and other — — — 8 2,553 2,561 Total Loans $ 3,629 $ — $ 3,629 $ 1,497 $ 328,647 $ 333,773 |
Impaired Loan Data | The following table details impaired loan data, including purchased credit impaired loans, as of September 30, 2022. September 30, 2022 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land and land development $ — $ — $ — $ 21 Commercial real estate 4,954 4,954 — 5,964 Residential real estate 640 640 — 804 Commercial, financial & agriculture 708 708 — 325 Consumer & other — — — 1 6,302 6,302 — 7,115 With An Allowance Recorded Construction, land and land development 235 235 70 59 Commercial real estate 412 412 126 624 Residential real estate 299 350 57 781 Commercial, financial & agriculture 452 456 251 369 Consumer & other — — — — 1,398 1,453 504 1,833 Purchased Credit Impaired Loans Construction, land and land development — — — — Commercial real estate 812 812 17 1,061 Residential real estate — — — 14 Commercial, financial & agriculture — — — — Consumer & other — — — 113 812 812 17 1,188 Total Construction, land and land development 235 235 70 80 Commercial real estate 6,178 6,178 143 7,649 Residential real estate 939 990 57 1,599 Commercial, financial & agriculture 1,160 1,164 251 694 Consumer & other — — — 114 $ 8,512 $ 8,567 $ 521 $ 10,136 December 31, 2021 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land and land development $ 62 $ 62 $ — $ 4,311 Commercial real estate 7,203 6,369 — 8,113 Residential real estate 958 997 — 1,083 Commercial, financial & agriculture 75 75 — 56 Consumer & other — — — — 8,298 7,503 — 13,563 With An Allowance Recorded Construction, land and land development — — — — Commercial real estate 430 483 148 4,429 Residential real estate 685 773 108 1,029 Commercial, financial & agriculture — — — 79 Consumer & other — — — 1 1,115 1,256 256 5,538 Purchased Credit Impaired Loans Construction, land and land development — — — 51 Commercial real estate 2,003 1,916 18 802 Residential real estate 4 — 6 7 Commercial, financial & agriculture — — — 35 Consumer & other 192 73 96 72 2,199 1,989 120 967 Total Construction, land and land development 62 62 — 4,362 Commercial real estate 9,636 8,768 166 13,344 Residential real estate 1,647 1,770 114 2,119 Commercial, financial & agriculture 75 75 — 170 Consumer & other 192 73 96 73 $ 11,612 $ 10,748 $ 376 $ 20,068 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Segregated by Class of Loan | The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three and nine month periods ended September 30, 2022 and September 30, 2021. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories. (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Three Months Ended September 30, 2022 Beginning Balance $ 1,052 $ 8,028 $ 1,488 $ 1,678 $ 1,717 $ 13,963 Charge-offs — — — (118) (33) (151) Recoveries 5 5 23 7 10 50 Provision 873 345 424 1,163 (1,485) $ 1,320 Ending balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Nine Months Ended September 30, 2022 Beginning Balance $ 1,127 $ 7,691 $ 1,805 $ 1,083 $ 1,204 $ 12,910 Charge-offs — (58) (48) (266) (54) (426) Recoveries 16 79 45 63 25 228 Provision 787 666 133 1,850 (966) 2,470 Ending balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Period end amount allocated to Individually evaluated for impairment $ 70 $ 126 $ 57 $ 251 $ — $ 504 Collectively evaluated for impairment 1,860 8,235 1,878 2,479 209 14,661 Purchase credit impaired — 17 — — — 17 Ending Balance $ 1,930 $ 8,378 $ 1,935 $ 2,730 $ 209 $ 15,182 Loans Individually evaluated for impairment $ 235 $ 5,366 $ 939 $ 1,160 $ — $ 7,700 Collectively evaluated for impairment 235,419 879,629 240,312 205,425 17,316 1,578,101 Purchase credit impaired — 812 — — — 812 Ending balance $ 235,654 $ 885,807 $ 241,251 $ 206,585 $ 17,316 $ 1,586,613 (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Three Months Ended September 30, 2021 Beginning Balance $ 1,125 $ 7,277 $ 2,273 $ 1,773 $ 423 $ 12,871 Charge-offs — (531) — (209) (3) (743) Recoveries 363 14 143 66 13 599 Provision (439) 540 (126) 203 (28) 150 Ending balance $ 1,049 $ 7,300 $ 2,290 $ 1,833 $ 405 $ 12,877 Nine Months Ended September 30, 2021 Beginning Balance $ 1,013 $ 6,880 $ 2,278 $ 1,713 $ 243 $ 12,127 Charge-offs — (568) — (225) (44) (837) Recoveries 448 108 254 83 44 937 Provision (412) 880 (242) 262 162 650 Ending balance $ 1,049 $ 7,300 $ 2,290 $ 1,833 $ 405 $ 12,877 Year ended December 31, 2021 Period end amount allocated to Individually evaluated for impairment $ — $ 148 $ 108 $ — $ — $ 256 Collectively evaluated for impairment 1,127 7,525 1,691 1,083 1,108 12,534 Purchase credit impaired — 18 6 — 96 120 Ending Balance $ 1,127 $ 7,691 $ 1,805 $ 1,083 $ 1,204 $ 12,910 Loans Individually evaluated for impairment $ 62 $ 6,852 $ 1,770 $ 75 $ — $ 8,759 Collectively evaluated for impairment 165,384 778,624 210,757 153,973 18,491 1,327,229 Purchase credit impaired — 1,916 — — 73 1,989 Ending Balance $ 165,446 $ 787,392 $ 212,527 $ 154,048 $ 18,564 $ 1,337,977 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowed Money | The following table presents information regarding the Company’s outstanding borrowings at September 30, 2022 and December 31, 2021: (dollars in thousands) September 30, 2022 December 31, 2021 Federal Home Loan Bank advances 95,000 51,656 Other borrowings 63,364 36,792 $ 158,364 $ 88,448 |
Schedule of Aggregate Stated Maturities | The aggregate stated maturities of other borrowed money at September 30, 2022 are as follows: (dollars in thousands) Year Amount 2022 $ 90,000 2027 and After 68,364 $ 158,364 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents earnings per share for the three and nine months ended September 30, 2022 and 2021. (dollars in thousands, except per share data) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator Net income available to common stockholders $ 5,252 $ 5,583 $ 13,991 $ 14,500 Denominator Weighted average number of common shares Outstanding for basic earnings per common share 17,645 12,345 17,043 10,447 Weighted-average number of shares outstanding for diluted earnings per common share 17,645 12,345 17,043 10,447 Earnings per share - basic $ 0.30 $ 0.45 $ 0.82 $ 1.39 Earnings per share - diluted $ 0.30 $ 0.45 $ 0.82 $ 1.39 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk | At September 30, 2022 and December 31, 2021 the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (dollars in thousands) September 30, 2022 December 31, 2021 Loan commitments $ 365,739 $ 318,853 Letters of credit 3,584 4,869 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2022 and December 31, 2021 are as follows: Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level September 30, 2022 Assets Cash and short-term investments $ 85,040 $ 85,040 $ 85,040 $ — $ — Investment securities available for sale 439,716 439,716 — 439,716 — Investment securities held to maturity 468,306 411,018 — 411,018 — Other investments, at cost 12,850 12,850 — 11,235 1,615 Loans held for sale 23,945 23,945 — 23,945 — Loans, net 1,571,431 1,420,257 — — 1,420,257 Liabilities Deposits 2,409,662 2,409,080 — 2,409,080 — Federal Home Loan Bank advances 95,000 95,011 — 95,011 — Other borrowings 63,364 57,807 — 57,807 — Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level December 31, 2021 Assets Cash and short-term investments $ 197,232 $ 197,232 $ 197,232 $ — $ — Investment securities available for sale 938,164 938,164 87,551 850,613 — Other investments, at cost 14,012 14,012 5,574 4,183 4,255 Loans held for sale 38,150 38,150 — 38,150 — Loans, net 1,325,067 1,328,853 — — 1,328,853 Liabilities Deposits 2,374,608 2,375,385 — 2,375,385 — Federal Home Loan Bank advances 51,656 51,162 — 51,162 — Other borrowings 36,792 36,796 — 36,796 — |
Fair Value Measurements, Recurring and Nonrecurring | The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at September 30, 2022 and December 31, 2021. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances. Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair Value (Level 1) (Level 2) (Level 3) September 30, 2022 Nonrecurring Collateral dependent impaired loans $ 949 $ — $ — $ 949 Other real estate owned 246 — — 246 Total nonrecurring assets $ 1,195 $ — $ — $ 1,195 Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair (Level 1) (Level 2) (Level 3) December 31, 2021 Nonrecurring Collateral dependent impaired loans $ 1,837 $ — $ — $ 1,837 Other real estate owned 281 — — 281 Total nonrecurring assets $ 2,118 $ — $ — $ 2,118 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at September 30, 2022 and December 31, 2021. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: (dollars in thousands) September 30, 2022 Valuation Unobservable Range Collateral dependent impaired loans $ 949 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 100 % Other real estate owned 246 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % (dollars in thousands) December 31, 2021 Valuation Unobservable Range Collateral dependent impaired loans $ 1,837 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 100 % Other real estate owned 281 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % The following table presents quantitative information about recurring level 3 fair value measurements as of September 30, 2022 and December 31, 2021. As of September 30, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range Other investments $ 1,615 Discounted Cash Flow Discount Rate or Yield N/A* As of December 31, 2021 (dollars in thousands) Fair Value Valuation Unobservable Range Other investments $ 4,255 Discounted Cash Flow Discount Rate or Yield N/A* * The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three and nine months ended September 30, 2022. Available for Sale Securities Three Months Ended Nine Months Ended (dollars in thousands) Balance, Beginning $ 2,769 $ 4,255 Redemption of security (1,151) (2,507) Unrealized/realized losses included in earnings (3) (133) Balance, Ending $ 1,615 $ 1,615 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present information reported internally for performance assessment for the three and nine months ended September 30, 2022 and 2021: (dollars in thousands) Bank Mortgage Small Totals Nine Months Ended September 30, 2022 Net Interest Income $ 58,156 $ 145 $ 924 $ 59,225 Provision for Loan Losses 2,470 — — 2,470 Noninterest Income 13,770 7,993 5,621 27,384 Noninterest Expenses 54,742 7,799 5,107 67,648 Income Taxes 2,174 104 222 2,500 Segment Profit $ 12,540 $ 235 $ 1,216 $ 13,991 Segments Assets at September 30, 2022 $ 2,738,082 $ 16,905 $ 50,925 $ 2,805,912 Full time employees at September 30, 2022 396 61 29 486 (dollars in thousands) Bank Mortgage Small Totals Nine Months Ended September 30, 2021 Net Interest Income $ 45,977 $ 429 $ 761 $ 47,167 Provision for Loan Losses 650 — — 650 Noninterest Income 10,409 10,087 4,979 25,475 Noninterest Expenses 41,922 8,445 3,746 54,113 Income Taxes 2,836 124 419 3,379 Segment Profit $ 10,978 $ 1,947 $ 1,575 $ 14,500 Segments Assets at December 31, 2021 $ 2,620,501 $ 25,149 $ 46,065 $ 2,691,715 Full time employees at September 30, 2021 417 53 24 494 (dollars in thousands) Bank Mortgage Small Totals Three months ended September 30, 2022 Net Interest Income $ 20,508 $ 17 $ 340 $ 20,865 Provision for Loan Losses 1,320 — — 1,320 Noninterest Income 4,288 2,345 1,546 8,179 Noninterest Expenses 17,537 2,289 1,541 21,367 Income Taxes 1,047 10 48 1,105 Segment Profit $ 4,892 $ 63 $ 297 $ 5,252 (dollars in thousands) Bank Mortgage Small Totals Three months ended September 30, 2021 Net Interest Income $ 17,181 $ 138 $ 549 $ 17,868 Provision for Loan Losses 150 — — 150 Noninterest Income 4,340 3,104 1,994 9,438 Noninterest Expenses 16,941 2,765 1,505 21,211 Income Taxes 434 (290) 218 362 Segment Profit $ 3,996 $ 767 $ 820 $ 5,583 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Banking And Thrift Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes regulatory capital information as of September 30, 2022 and December 31, 2021 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for September 30, 2022 and December 31, 2021 were calculated in accordance with the Basel III rules. (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022 Total Capital to Risk-Weighted Assets Consolidated $ 311,849 15.78 % $ 158,098 8.00 % N/A N/A Colony Bank 263,104 13.34 157,784 8.00 $ 197,229 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 257,531 13.04 118,496 6.00 N/A N/A Colony Bank 247,922 12.57 118,340 6.00 157,786 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 233,302 11.81 88,896 4.50 N/A N/A Colony Bank 247,922 12.57 88,755 4.50 128,202 6.50 Tier 1 Capital to Average Assets Consolidated 257,531 9.28 111,005 4.00 N/A N/A Colony Bank 247,922 8.96 110,679 4.00 138,349 5.00 (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 207,366 12.05 % $ 137,670 8.00 % N/A N/A Colony Bank 203,265 12.18 133,507 8.00 $ 166,884 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 194,456 11.28 103,434 6.00 N/A N/A Colony Bank 190,355 11.41 100,099 6.00 133,465 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 170,956 9.87 77,943 4.50 N/A N/A Colony Bank 190,355 11.41 75,074 4.50 108,441 6.50 Tier 1 Capital to Average Assets Consolidated 194,456 7.25 107,286 4.00 N/A N/A Colony Bank 190,355 7.53 101,118 4.00 126,398 5.00 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Goodwill, purchase accounting adjustments | $ 4 | |
Percentage of loan portfolio concentrated in loans secured by real estate | 86% | |
Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (decrease) in allowance for credit loss | 15% | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase (decrease) in allowance for credit loss | 25% |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 01, 2022 | Dec. 31, 2021 |
Securities Available for Sale: | |||
Amortized cost | $ 497,489 | $ 946,511 | |
Gross Unrealized Gains | 15 | 3,562 | |
Gross Unrealized Losses | (57,788) | (11,909) | |
Fair Value | 439,716 | 938,164 | |
Securities Held to Maturity: | |||
Amortized Cost | 468,306 | 0 | |
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (57,288) | ||
Fair Value | 411,018 | $ 477,000 | |
U.S. treasury securities | |||
Securities Available for Sale: | |||
Amortized cost | 1,642 | 88,638 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (12) | (1,087) | |
Fair Value | 1,630 | 87,551 | |
Securities Held to Maturity: | |||
Amortized Cost | 91,189 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (4,460) | ||
Fair Value | 86,729 | ||
U.S. agency | |||
Securities Available for Sale: | |||
Amortized cost | 5,405 | 17,916 | |
Gross Unrealized Gains | 0 | 5 | |
Gross Unrealized Losses | (487) | (140) | |
Fair Value | 4,918 | 17,781 | |
Securities Held to Maturity: | |||
Amortized Cost | 16,440 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (1,853) | ||
Fair Value | 14,587 | ||
Asset backed securities | |||
Securities Available for Sale: | |||
Amortized cost | 26,919 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (747) | ||
Fair Value | 26,172 | ||
State, county & municipal securities | |||
Securities Available for Sale: | |||
Amortized cost | 126,472 | 252,632 | |
Gross Unrealized Gains | 0 | 877 | |
Gross Unrealized Losses | (23,182) | (3,356) | |
Fair Value | 103,290 | 250,153 | |
Securities Held to Maturity: | |||
Amortized Cost | 135,994 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (21,030) | ||
Fair Value | 114,964 | ||
Corporate debt securities | |||
Securities Available for Sale: | |||
Amortized cost | 54,782 | 48,153 | |
Gross Unrealized Gains | 0 | 520 | |
Gross Unrealized Losses | (4,117) | (265) | |
Fair Value | 50,665 | 48,408 | |
Mortgage-backed securities | |||
Securities Available for Sale: | |||
Amortized cost | 282,269 | 539,172 | |
Gross Unrealized Gains | 15 | 2,160 | |
Gross Unrealized Losses | (29,243) | (7,061) | |
Fair Value | 253,041 | $ 534,271 | |
Securities Held to Maturity: | |||
Amortized Cost | 224,683 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (29,945) | ||
Fair Value | $ 194,738 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Sep. 01, 2022 USD ($) | Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Held-to-maturity, book value | $ 511,000,000 | |||||
Fair Value | $ 411,018,000 | 477,000,000 | $ 411,018,000 | |||
Available-for-sale to held-to-maturity, transfer unrealized loss | $ 34,000,000 | |||||
Proceeds from sales of investment securities, available-for-sale | 44,100,000 | $ 0 | 47,175,000 | $ 17,559,000 | ||
Gross realized gain on sale | 0 | 0 | 24,000 | 209,000 | ||
Gross realized loss on sale | $ 96,000 | $ 0 | $ 96,000 | $ 72,000 | ||
Number of securities that have unrealized losses | security | 272 | 272 | ||||
Number of held to maturity securities that have unrealized losses | security | 161 | 161 | ||||
Securities deemed to be other than temporary | $ 0 | |||||
Asset Pledged as Collateral | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Investment securities pledged as collateral | $ 350,100,000 | $ 350,100,000 | $ 247,400,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 01, 2022 | Dec. 31, 2021 |
Amortized Cost | |||
Due in one year or less | $ 1,020 | ||
Due after one year through five years | 13,612 | ||
Due after five years through ten years | 88,747 | ||
Due after ten years | 111,841 | ||
Total amortized cost | 215,220 | ||
Mortgage-backed securities | 282,269 | ||
Amortized cost | 497,489 | $ 946,511 | |
Fair Value | |||
Due in one year or less | 1,011 | ||
Due after one year through five years | 12,701 | ||
Due after five years through ten years | 77,200 | ||
Due after ten years | 95,763 | ||
Total fair value | 186,675 | ||
Mortgage-backed securities | 253,041 | ||
Fair value | 439,716 | 938,164 | |
Amortized Cost | |||
Due in one year or less | 0 | ||
Due after one year through five years | 62,300 | ||
Due after five years through ten years | 87,245 | ||
Due after ten years | 94,078 | ||
Total amortized cost | 243,623 | ||
Mortgage-backed securities | 224,683 | ||
Amortized Cost | 468,306 | $ 0 | |
Fair Value | |||
Due in one year or less | 0 | ||
Due after one year through five years | 59,996 | ||
Due after five years through ten years | 77,143 | ||
Due after ten years | 79,141 | ||
Total fair value | 216,280 | ||
Mortgage-backed securities | 194,738 | ||
Fair value | $ 411,018 | $ 477,000 |
Investment Securities - Availab
Investment Securities - Available for Sale Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less Than 12 Months | $ 252,640 | $ 688,212 |
12 Months or Greater | 162,216 | 27,099 |
Total | 414,856 | 715,311 |
Gross Unrealized Losses | ||
Less Than 12 Months | (26,836) | (11,044) |
12 Months or Greater | (30,952) | (865) |
Total | (57,788) | (11,909) |
U.S. treasury securities | ||
Fair Value | ||
Less Than 12 Months | 841 | 87,302 |
12 Months or Greater | 789 | 0 |
Total | 1,630 | 87,302 |
Gross Unrealized Losses | ||
Less Than 12 Months | (7) | (1,087) |
12 Months or Greater | (5) | 0 |
Total | (12) | (1,087) |
U.S. agency | ||
Fair Value | ||
Less Than 12 Months | 4,918 | 10,969 |
12 Months or Greater | 0 | 0 |
Total | 4,918 | 10,969 |
Gross Unrealized Losses | ||
Less Than 12 Months | (487) | (140) |
12 Months or Greater | 0 | 0 |
Total | (487) | (140) |
Asset backed securities | ||
Fair Value | ||
Less Than 12 Months | 14,785 | |
12 Months or Greater | 11,387 | |
Total | 26,172 | |
Gross Unrealized Losses | ||
Less Than 12 Months | (262) | |
12 Months or Greater | (485) | |
Total | (747) | |
State, county & municipal securities | ||
Fair Value | ||
Less Than 12 Months | 50,600 | 180,551 |
12 Months or Greater | 52,690 | 5,970 |
Total | 103,290 | 186,521 |
Gross Unrealized Losses | ||
Less Than 12 Months | (9,562) | (3,131) |
12 Months or Greater | (13,620) | (225) |
Total | (23,182) | (3,356) |
Corporate debt securities | ||
Fair Value | ||
Less Than 12 Months | 26,326 | 31,977 |
12 Months or Greater | 15,086 | 0 |
Total | 41,412 | 31,977 |
Gross Unrealized Losses | ||
Less Than 12 Months | (2,538) | (265) |
12 Months or Greater | (1,579) | 0 |
Total | (4,117) | (265) |
Mortgage-backed securities | ||
Fair Value | ||
Less Than 12 Months | 155,170 | 377,413 |
12 Months or Greater | 82,264 | 21,129 |
Total | 237,434 | 398,542 |
Gross Unrealized Losses | ||
Less Than 12 Months | (13,980) | (6,421) |
12 Months or Greater | (15,263) | (640) |
Total | $ (29,243) | $ (7,061) |
Investment Securities - Held to
Investment Securities - Held to Maturity Continuous Loss Position (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Fair Value | |
Less Than 12 Months | $ 163,294 |
12 Months or Greater | 247,724 |
Total | 411,018 |
Gross Unrealized Losses | |
Less Than 12 Months | (15,372) |
12 Months or Greater | (41,916) |
Total | (57,288) |
U.S. treasury securities | |
Fair Value | |
Less Than 12 Months | 77,682 |
12 Months or Greater | 9,047 |
Total | 86,729 |
Gross Unrealized Losses | |
Less Than 12 Months | (4,058) |
12 Months or Greater | (402) |
Total | (4,460) |
U.S. agency | |
Fair Value | |
Less Than 12 Months | 6,235 |
12 Months or Greater | 8,352 |
Total | 14,587 |
Gross Unrealized Losses | |
Less Than 12 Months | (489) |
12 Months or Greater | (1,364) |
Total | (1,853) |
State, county & municipal securities | |
Fair Value | |
Less Than 12 Months | 47,941 |
12 Months or Greater | 67,023 |
Total | 114,964 |
Gross Unrealized Losses | |
Less Than 12 Months | (7,526) |
12 Months or Greater | (13,504) |
Total | (21,030) |
Mortgage-backed securities | |
Fair Value | |
Less Than 12 Months | 31,436 |
12 Months or Greater | 163,302 |
Total | 194,738 |
Gross Unrealized Losses | |
Less Than 12 Months | (3,299) |
12 Months or Greater | (26,646) |
Total | $ (29,945) |
Loans - Loans Segregated by Cla
Loans - Loans Segregated by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,586,613 | $ 1,337,977 |
Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,372,257 | 1,004,204 |
Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 214,356 | 333,773 |
Construction, land and land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 235,654 | 165,446 |
Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 885,807 | 787,392 |
Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,121,461 | 952,838 |
Commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 966,262 | 715,692 |
Commercial real estate | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 155,199 | 237,146 |
Commercial real estate | Construction, land and land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 235,654 | 165,446 |
Commercial real estate | Construction, land and land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 215,731 | 119,953 |
Commercial real estate | Construction, land and land development | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,923 | 45,493 |
Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 885,807 | 787,392 |
Commercial real estate | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 750,531 | 595,739 |
Commercial real estate | Other commercial real estate | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 135,276 | 191,653 |
Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 241,251 | 212,527 |
Residential real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 198,377 | 159,469 |
Residential real estate | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 42,874 | 53,058 |
Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 206,585 | 154,048 |
Commercial, financial & agricultural | Paycheck Protection Program, CARES Act | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 98 | 9,000 |
Commercial, financial & agricultural | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 191,362 | 113,040 |
Commercial, financial & agricultural | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,223 | 41,008 |
Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,316 | 18,564 |
Consumer and other | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 16,256 | 16,003 |
Consumer and other | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,060 | $ 2,561 |
Loans - Loan Portfolio by Credi
Loans - Loan Portfolio by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,586,613 | $ 1,337,977 |
Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,121,461 | 952,838 |
Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 241,251 | 212,527 |
Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 206,585 | 154,048 |
Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,316 | 18,564 |
Construction, land and land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 235,654 | 165,446 |
Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 235,654 | 165,446 |
Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 885,807 | 787,392 |
Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 885,807 | 787,392 |
Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,372,257 | 1,004,204 |
Legacy Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 966,262 | 715,692 |
Legacy Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 198,377 | 159,469 |
Legacy Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 191,362 | 113,040 |
Legacy Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 16,256 | 16,003 |
Legacy Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 215,731 | 119,953 |
Legacy Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 750,531 | 595,739 |
Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 214,356 | 333,773 |
Purchased Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 155,199 | 237,146 |
Purchased Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 42,874 | 53,058 |
Purchased Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,223 | 41,008 |
Purchased Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,060 | 2,561 |
Purchased Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,923 | 45,493 |
Purchased Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 135,276 | 191,653 |
Pass | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,335,505 | 953,833 |
Pass | Legacy Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 941,542 | 679,272 |
Pass | Legacy Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 188,721 | 148,507 |
Pass | Legacy Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 189,093 | 110,267 |
Pass | Legacy Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 16,149 | 15,787 |
Pass | Legacy Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 215,087 | 117,044 |
Pass | Legacy Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 726,455 | 562,228 |
Pass | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 207,176 | 325,481 |
Pass | Purchased Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 151,034 | 232,337 |
Pass | Purchased Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 40,444 | 49,875 |
Pass | Purchased Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,638 | 40,711 |
Pass | Purchased Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,060 | 2,558 |
Pass | Purchased Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 19,923 | 45,432 |
Pass | Purchased Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 131,111 | 186,905 |
Special Mention | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 21,791 | 35,651 |
Special Mention | Legacy Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,112 | 28,352 |
Special Mention | Legacy Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 5,819 | 5,733 |
Special Mention | Legacy Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 802 | 1,488 |
Special Mention | Legacy Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 58 | 78 |
Special Mention | Legacy Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 240 | 2,634 |
Special Mention | Legacy Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,872 | 25,718 |
Special Mention | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,831 | 4,084 |
Special Mention | Purchased Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,117 | 3,518 |
Special Mention | Purchased Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 632 | 563 |
Special Mention | Purchased Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 82 | 0 |
Special Mention | Purchased Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 3 |
Special Mention | Purchased Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Special Mention | Purchased Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,117 | 3,518 |
Substandard | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 14,961 | 14,720 |
Substandard | Legacy Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 9,608 | 8,068 |
Substandard | Legacy Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,837 | 5,229 |
Substandard | Legacy Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,467 | 1,285 |
Substandard | Legacy Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 49 | 138 |
Substandard | Legacy Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 404 | 275 |
Substandard | Legacy Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 9,204 | 7,793 |
Substandard | Purchased Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,349 | 4,208 |
Substandard | Purchased Loans | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,048 | 1,291 |
Substandard | Purchased Loans | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,798 | 2,620 |
Substandard | Purchased Loans | Commercial, financial & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 503 | 297 |
Substandard | Purchased Loans | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Substandard | Purchased Loans | Construction, land and land development | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 61 |
Substandard | Purchased Loans | Other commercial real estate | Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,048 | $ 1,230 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Outstanding balance of high risk loans, minimum | $ 250,000 | $ 250,000 | ||
Interest income on impaired loans | 152,000 | $ 261,000 | 532,000 | $ 825,000 |
Unfunded commitments to lend | 0 | 0 | ||
Troubled debt restructuring | $ 181,000,000 | $ 181,000,000 | ||
Number of loans that subsequently defaulted | loan | 0 | 0 | 0 | 0 |
Construction, land and land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loan contracts restructured | loan | 1 | 1 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,586,613 | $ 1,337,977 |
Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,372,257 | 1,004,204 |
Nonaccrual Loans | 3,809 | 3,952 |
Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 214,356 | 333,773 |
Nonaccrual Loans | 1,493 | 1,497 |
30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,564 | 938 |
30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 125 | 3,629 |
90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,564 | 938 |
Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 125 | 3,629 |
Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,366,884 | 999,314 |
Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 212,738 | 328,647 |
Construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 235,654 | 165,446 |
Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 885,807 | 787,392 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,121,461 | 952,838 |
Commercial real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 966,262 | 715,692 |
Nonaccrual Loans | 1,426 | 577 |
Commercial real estate | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 155,199 | 237,146 |
Nonaccrual Loans | 126 | 291 |
Commercial real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 965 | 355 |
Commercial real estate | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 2,680 |
Commercial real estate | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 965 | 355 |
Commercial real estate | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 2,680 |
Commercial real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 963,871 | 714,760 |
Commercial real estate | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 155,073 | 234,175 |
Commercial real estate | Construction, land and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 235,654 | 165,446 |
Commercial real estate | Construction, land and land development | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 215,731 | 119,953 |
Nonaccrual Loans | 143 | 0 |
Commercial real estate | Construction, land and land development | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,923 | 45,493 |
Nonaccrual Loans | 0 | 31 |
Commercial real estate | Construction, land and land development | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 315 | 6 |
Commercial real estate | Construction, land and land development | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 2,680 |
Commercial real estate | Construction, land and land development | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction, land and land development | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction, land and land development | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 315 | 6 |
Commercial real estate | Construction, land and land development | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 2,680 |
Commercial real estate | Construction, land and land development | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 215,273 | 119,947 |
Commercial real estate | Construction, land and land development | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,923 | 42,782 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 885,807 | 787,392 |
Commercial real estate | Other commercial real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 750,531 | 595,739 |
Nonaccrual Loans | 1,283 | 577 |
Commercial real estate | Other commercial real estate | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 135,276 | 191,653 |
Nonaccrual Loans | 126 | 260 |
Commercial real estate | Other commercial real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 650 | 349 |
Commercial real estate | Other commercial real estate | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Other commercial real estate | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Other commercial real estate | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Other commercial real estate | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 650 | 349 |
Commercial real estate | Other commercial real estate | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Other commercial real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 748,598 | 594,813 |
Commercial real estate | Other commercial real estate | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 135,150 | 191,393 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 241,251 | 212,527 |
Residential real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 198,377 | 159,469 |
Nonaccrual Loans | 1,457 | 2,641 |
Residential real estate | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 42,874 | 53,058 |
Nonaccrual Loans | 864 | 1,198 |
Residential real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 411 | 421 |
Residential real estate | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 125 | 560 |
Residential real estate | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 411 | 421 |
Residential real estate | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 125 | 560 |
Residential real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 196,509 | 156,407 |
Residential real estate | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 41,885 | 51,300 |
Commercial, financial & agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 206,585 | 154,048 |
Commercial, financial & agricultural | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 191,362 | 113,040 |
Nonaccrual Loans | 900 | 708 |
Commercial, financial & agricultural | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 15,223 | 41,008 |
Nonaccrual Loans | 503 | 0 |
Commercial, financial & agricultural | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 159 | 69 |
Commercial, financial & agricultural | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 389 |
Commercial, financial & agricultural | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, financial & agricultural | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial, financial & agricultural | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 159 | 69 |
Commercial, financial & agricultural | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 389 |
Commercial, financial & agricultural | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 190,303 | 112,263 |
Commercial, financial & agricultural | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,720 | 40,619 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,316 | 18,564 |
Consumer and other | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 16,256 | 16,003 |
Nonaccrual Loans | 26 | 26 |
Consumer and other | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,060 | 2,561 |
Nonaccrual Loans | 0 | 8 |
Consumer and other | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29 | 93 |
Consumer and other | 30-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer and other | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer and other | 90 Days or More Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer and other | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 29 | 93 |
Consumer and other | Total Accruing Loans Past Due | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer and other | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 16,201 | 15,884 |
Consumer and other | Current Loans | Purchased Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,060 | $ 2,553 |
Loans - Impaired Loan Data (Det
Loans - Impaired Loan Data (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | $ 6,302 | $ 8,298 |
With An Allowance Recorded | 1,398 | 1,115 |
Loans Including Purchased Credit Impaired Loans | 8,512 | 11,612 |
Recorded Investment | ||
With No Related Allowance Recorded | 6,302 | 7,503 |
With An Allowance Recorded | 1,453 | 1,256 |
Loans Including Purchased Credit Impaired Loans | 8,567 | 10,748 |
Related Allowance | ||
With An Allowance Recorded | 504 | 256 |
Total Impaired Loans | 521 | 376 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 7,115 | 13,563 |
With An Allowance Recorded | 1,833 | 5,538 |
Loans Including Purchased Credit Impaired Loans | 10,136 | 20,068 |
Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 812 | 2,199 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 812 | 1,989 |
Related Allowance | ||
With An Allowance Recorded | 17 | 120 |
Purchased Credit Impaired Loans | 17 | 120 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 1,188 | 967 |
Residential real estate | ||
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | 640 | 958 |
With An Allowance Recorded | 299 | 685 |
Loans Including Purchased Credit Impaired Loans | 939 | 1,647 |
Recorded Investment | ||
With No Related Allowance Recorded | 640 | 997 |
With An Allowance Recorded | 350 | 773 |
Loans Including Purchased Credit Impaired Loans | 990 | 1,770 |
Related Allowance | ||
With An Allowance Recorded | 57 | 108 |
Total Impaired Loans | 57 | 114 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 804 | 1,083 |
With An Allowance Recorded | 781 | 1,029 |
Loans Including Purchased Credit Impaired Loans | 1,599 | 2,119 |
Residential real estate | Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 0 | 4 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 0 |
Related Allowance | ||
With An Allowance Recorded | 0 | 6 |
Purchased Credit Impaired Loans | 0 | 6 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 14 | 7 |
Commercial, financial & agricultural | ||
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | 708 | 75 |
With An Allowance Recorded | 452 | 0 |
Loans Including Purchased Credit Impaired Loans | 1,160 | 75 |
Recorded Investment | ||
With No Related Allowance Recorded | 708 | 75 |
With An Allowance Recorded | 456 | 0 |
Loans Including Purchased Credit Impaired Loans | 1,164 | 75 |
Related Allowance | ||
With An Allowance Recorded | 251 | 0 |
Total Impaired Loans | 251 | 0 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 325 | 56 |
With An Allowance Recorded | 369 | 79 |
Loans Including Purchased Credit Impaired Loans | 694 | 170 |
Commercial, financial & agricultural | Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 0 | 0 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 0 |
Related Allowance | ||
With An Allowance Recorded | 0 | 0 |
Purchased Credit Impaired Loans | 0 | 0 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 35 |
Consumer and other | ||
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | 0 | 0 |
With An Allowance Recorded | 0 | 0 |
Loans Including Purchased Credit Impaired Loans | 0 | 192 |
Recorded Investment | ||
With No Related Allowance Recorded | 0 | 0 |
With An Allowance Recorded | 0 | 0 |
Loans Including Purchased Credit Impaired Loans | 0 | 73 |
Related Allowance | ||
With An Allowance Recorded | 0 | 0 |
Total Impaired Loans | 0 | 96 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 1 | 0 |
With An Allowance Recorded | 0 | 1 |
Loans Including Purchased Credit Impaired Loans | 114 | 73 |
Consumer and other | Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 0 | 192 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 73 |
Related Allowance | ||
With An Allowance Recorded | 0 | 96 |
Purchased Credit Impaired Loans | 0 | 96 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 113 | 72 |
Construction, land and land development | ||
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | 0 | 62 |
With An Allowance Recorded | 235 | 0 |
Loans Including Purchased Credit Impaired Loans | 235 | 62 |
Recorded Investment | ||
With No Related Allowance Recorded | 0 | 62 |
With An Allowance Recorded | 235 | 0 |
Loans Including Purchased Credit Impaired Loans | 235 | 62 |
Related Allowance | ||
With An Allowance Recorded | 70 | 0 |
Total Impaired Loans | 70 | 0 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 21 | 4,311 |
With An Allowance Recorded | 59 | 0 |
Loans Including Purchased Credit Impaired Loans | 80 | 4,362 |
Construction, land and land development | Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 0 | 0 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 0 |
Related Allowance | ||
With An Allowance Recorded | 0 | 0 |
Purchased Credit Impaired Loans | 0 | 0 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 0 | 51 |
Commercial real estate | ||
Unpaid Contractual Principal Balance | ||
With No Related Allowance Recorded | 4,954 | 7,203 |
With An Allowance Recorded | 412 | 430 |
Loans Including Purchased Credit Impaired Loans | 6,178 | 9,636 |
Recorded Investment | ||
With No Related Allowance Recorded | 4,954 | 6,369 |
With An Allowance Recorded | 412 | 483 |
Loans Including Purchased Credit Impaired Loans | 6,178 | 8,768 |
Related Allowance | ||
With An Allowance Recorded | 126 | 148 |
Total Impaired Loans | 143 | 166 |
Average Recorded Investment | ||
With No Related Allowance Recorded | 5,964 | 8,113 |
With An Allowance Recorded | 624 | 4,429 |
Loans Including Purchased Credit Impaired Loans | 7,649 | 13,344 |
Commercial real estate | Purchase credit impaired | ||
Unpaid Contractual Principal Balance | ||
Loans Including Purchased Credit Impaired Loans | 812 | 2,003 |
Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | 812 | 1,916 |
Related Allowance | ||
With An Allowance Recorded | 17 | 18 |
Purchased Credit Impaired Loans | 17 | 18 |
Average Recorded Investment | ||
Loans Including Purchased Credit Impaired Loans | $ 1,061 | $ 802 |
Allowance for Loan Losses - Seg
Allowance for Loan Losses - Segregated by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | $ 13,963 | $ 12,871 | $ 12,910 | $ 12,127 | |
Charge-offs | (151) | (743) | (426) | (837) | |
Recoveries | 50 | 599 | 228 | 937 | |
Provision | 1,320 | 150 | 2,470 | 650 | |
Ending balance | 15,182 | 12,877 | 15,182 | 12,877 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 504 | 504 | $ 256 | ||
Collectively evaluated for impairment | 14,661 | 14,661 | 12,534 | ||
Purchase credit impaired | 504 | 504 | 256 | ||
Ending Balance | 15,182 | 12,877 | 15,182 | 12,877 | 12,910 |
Loans | |||||
Individually evaluated for impairment | 7,700 | 7,700 | 8,759 | ||
Collectively evaluated for impairment | 1,578,101 | 1,578,101 | 1,327,229 | ||
Purchase credit impaired | 8,567 | 8,567 | 10,748 | ||
Loans | 1,586,613 | 1,586,613 | 1,337,977 | ||
Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 17 | 17 | 120 | ||
Loans | |||||
Purchase credit impaired | 812 | 812 | 1,989 | ||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 1,488 | 2,273 | 1,805 | 2,278 | |
Charge-offs | 0 | 0 | (48) | 0 | |
Recoveries | 23 | 143 | 45 | 254 | |
Provision | 424 | (126) | 133 | (242) | |
Ending balance | 1,935 | 2,290 | 1,935 | 2,290 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 57 | 57 | 108 | ||
Collectively evaluated for impairment | 1,878 | 1,878 | 1,691 | ||
Purchase credit impaired | 57 | 57 | 108 | ||
Ending Balance | 1,935 | 2,290 | 1,935 | 2,290 | 1,805 |
Loans | |||||
Individually evaluated for impairment | 939 | 939 | 1,770 | ||
Collectively evaluated for impairment | 240,312 | 240,312 | 210,757 | ||
Purchase credit impaired | 990 | 990 | 1,770 | ||
Loans | 241,251 | 241,251 | 212,527 | ||
Residential real estate | Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 0 | 0 | 6 | ||
Loans | |||||
Purchase credit impaired | 0 | 0 | 0 | ||
Commercial, financial & agricultural | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 1,678 | 1,773 | 1,083 | 1,713 | |
Charge-offs | (118) | (209) | (266) | (225) | |
Recoveries | 7 | 66 | 63 | 83 | |
Provision | 1,163 | 203 | 1,850 | 262 | |
Ending balance | 2,730 | 1,833 | 2,730 | 1,833 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 251 | 251 | 0 | ||
Collectively evaluated for impairment | 2,479 | 2,479 | 1,083 | ||
Purchase credit impaired | 251 | 251 | 0 | ||
Ending Balance | 2,730 | 1,833 | 2,730 | 1,833 | 1,083 |
Loans | |||||
Individually evaluated for impairment | 1,160 | 1,160 | 75 | ||
Collectively evaluated for impairment | 205,425 | 205,425 | 153,973 | ||
Purchase credit impaired | 1,164 | 1,164 | 75 | ||
Loans | 206,585 | 206,585 | 154,048 | ||
Commercial, financial & agricultural | Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 0 | 0 | 0 | ||
Loans | |||||
Purchase credit impaired | 0 | 0 | 0 | ||
Consumer and other | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 1,717 | 423 | 1,204 | 243 | |
Charge-offs | (33) | (3) | (54) | (44) | |
Recoveries | 10 | 13 | 25 | 44 | |
Provision | (1,485) | (28) | (966) | 162 | |
Ending balance | 209 | 405 | 209 | 405 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 209 | 209 | 1,108 | ||
Purchase credit impaired | 0 | 0 | 0 | ||
Ending Balance | 209 | 405 | 209 | 405 | 1,204 |
Loans | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 17,316 | 17,316 | 18,491 | ||
Purchase credit impaired | 0 | 0 | 73 | ||
Loans | 17,316 | 17,316 | 18,564 | ||
Consumer and other | Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 0 | 0 | 96 | ||
Loans | |||||
Purchase credit impaired | 0 | 0 | 73 | ||
Construction, land and land development | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 1,052 | 1,125 | 1,127 | 1,013 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 5 | 363 | 16 | 448 | |
Provision | 873 | (439) | 787 | (412) | |
Ending balance | 1,930 | 1,049 | 1,930 | 1,049 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 70 | 70 | 0 | ||
Collectively evaluated for impairment | 1,860 | 1,860 | 1,127 | ||
Purchase credit impaired | 70 | 70 | 0 | ||
Ending Balance | 1,930 | 1,049 | 1,930 | 1,049 | 1,127 |
Loans | |||||
Individually evaluated for impairment | 235 | 235 | 62 | ||
Collectively evaluated for impairment | 235,419 | 235,419 | 165,384 | ||
Purchase credit impaired | 235 | 235 | 62 | ||
Loans | 235,654 | 235,654 | 165,446 | ||
Construction, land and land development | Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 0 | 0 | 0 | ||
Loans | |||||
Purchase credit impaired | 0 | 0 | 0 | ||
Other commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning Balance | 8,028 | 7,277 | 7,691 | 6,880 | |
Charge-offs | 0 | (531) | (58) | (568) | |
Recoveries | 5 | 14 | 79 | 108 | |
Provision | 345 | 540 | 666 | 880 | |
Ending balance | 8,378 | 7,300 | 8,378 | 7,300 | |
Period end amount allocated to | |||||
Individually evaluated for impairment | 126 | 126 | 148 | ||
Collectively evaluated for impairment | 8,235 | 8,235 | 7,525 | ||
Purchase credit impaired | 126 | 126 | 148 | ||
Ending Balance | 8,378 | $ 7,300 | 8,378 | $ 7,300 | 7,691 |
Loans | |||||
Individually evaluated for impairment | 5,366 | 5,366 | 6,852 | ||
Collectively evaluated for impairment | 879,629 | 879,629 | 778,624 | ||
Purchase credit impaired | 6,178 | 6,178 | 8,768 | ||
Loans | 885,807 | 885,807 | 787,392 | ||
Other commercial real estate | Purchase credit impaired | |||||
Period end amount allocated to | |||||
Purchase credit impaired | 17 | 17 | 18 | ||
Loans | |||||
Purchase credit impaired | $ 812 | $ 812 | $ 1,916 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) | Sep. 30, 2022 USD ($) |
Receivables [Abstract] | |
Outstanding balance of high risk loans, minimum | $ 250,000 |
Borrowings - Summary of Other B
Borrowings - Summary of Other Borrowed Money (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 95,000 | $ 51,656 |
Other borrowings | 63,364 | 36,792 |
Total borrowings | $ 158,364 | $ 88,448 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | May 20, 2022 USD ($) | May 01, 2019 USD ($) arrangement | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Lendable collateral of loans | $ 126,600,000 | |||
Remaining credit available | 585,600,000 | |||
Number of borrowing arrangements entered into | arrangement | 2 | |||
Outstanding balance on line of credit | 0 | |||
Subordinated debt | 24,200,000 | $ 24,200,000 | ||
Line of credit, current borrowing capacity | 64,500,000 | |||
Federal Reserve Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Short-term debt, borrowing capacity | 0 | |||
Term Note | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 4.70% | |||
Line of credit, maximum amount | $ 10,000,000 | |||
Long-term debt | 0 | |||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 5.25% | |||
Line of credit, maximum amount | $ 40,000,000 | |||
Long-term debt | 39,100,000 | |||
Subordinated Debt | SOFR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.65% | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | |||
Outstanding balance on line of credit | $ 0 | |||
Revolving Credit Facility | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.40% | |||
Minimum | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 2.95% | |||
Maximum | Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 2.07% |
Borrowings - Schedule of Aggreg
Borrowings - Schedule of Aggregate Stated Maturities (Details) - Other borrowings $ in Thousands | Sep. 30, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 90,000 |
2027 and After | 68,364 |
Long-term debt | $ 158,364 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | ||||
Net income available to common stockholders | $ 5,252 | $ 5,583 | $ 13,991 | $ 14,500 |
Weighted average number of common shares | ||||
Outstanding for basic earnings per common share (in shares) | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 |
Weighted-average number of shares outstanding for diluted earnings per common share (in shares) | 17,645,119 | 12,344,926 | 17,042,838 | 10,447,496 |
Earnings per share - basic (in dollars per share) | $ 0.30 | $ 0.45 | $ 0.82 | $ 1.39 |
Earnings per share - diluted (in dollars per share) | $ 0.30 | $ 0.45 | $ 0.82 | $ 1.39 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Letters of credit | $ 3,584 | $ 4,869 |
Loan Origination Commitments | ||
Other Commitments [Line Items] | ||
Loan commitments | $ 365,739 | $ 318,853 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Letter of credit, expiration date period | 1 year |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 01, 2022 | Dec. 31, 2021 |
Assets | |||
Investment securities available for sale, at fair value | $ 439,716 | $ 938,164 | |
Investment securities held to maturity | 411,018 | $ 477,000 | |
Carrying Value | |||
Assets | |||
Cash and short-term investments | 85,040 | 197,232 | |
Investment securities available for sale, at fair value | 439,716 | 938,164 | |
Investment securities held to maturity | 468,306 | ||
Other investments, at cost | 12,850 | 14,012 | |
Loans held for sale | 23,945 | 38,150 | |
Loans, net | 1,571,431 | 1,325,067 | |
Liabilities | |||
Deposits | 2,409,662 | 2,374,608 | |
Federal Home Loan Bank advances | 95,000 | 51,656 | |
Other borrowings | 63,364 | 36,792 | |
Estimated Fair Value | |||
Assets | |||
Cash and short-term investments | 85,040 | 197,232 | |
Investment securities available for sale, at fair value | 439,716 | 938,164 | |
Investment securities held to maturity | 411,018 | ||
Other investments, at cost | 12,850 | 14,012 | |
Loans held for sale | 23,945 | 38,150 | |
Loans, net | 1,420,257 | 1,328,853 | |
Liabilities | |||
Deposits | 2,409,080 | 2,375,385 | |
Federal Home Loan Bank advances | 95,011 | 51,162 | |
Other borrowings | 57,807 | 36,796 | |
Estimated Fair Value | Level 1 | |||
Assets | |||
Cash and short-term investments | 85,040 | 197,232 | |
Investment securities available for sale, at fair value | 0 | 87,551 | |
Investment securities held to maturity | 0 | ||
Other investments, at cost | 0 | 5,574 | |
Loans held for sale | 0 | 0 | |
Loans, net | 0 | 0 | |
Liabilities | |||
Deposits | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Estimated Fair Value | Level 2 | |||
Assets | |||
Cash and short-term investments | 0 | 0 | |
Investment securities available for sale, at fair value | 439,716 | 850,613 | |
Investment securities held to maturity | 411,018 | ||
Other investments, at cost | 11,235 | 4,183 | |
Loans held for sale | 23,945 | 38,150 | |
Loans, net | 0 | 0 | |
Liabilities | |||
Deposits | 2,409,080 | 2,375,385 | |
Federal Home Loan Bank advances | 95,011 | 51,162 | |
Other borrowings | 57,807 | 36,796 | |
Estimated Fair Value | Level 3 | |||
Assets | |||
Cash and short-term investments | 0 | 0 | |
Investment securities available for sale, at fair value | 0 | 0 | |
Investment securities held to maturity | 0 | ||
Other investments, at cost | 1,615 | 4,255 | |
Loans held for sale | 0 | 0 | |
Loans, net | 1,420,257 | 1,328,853 | |
Liabilities | |||
Deposits | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Fair Value Measurements - Narrative (Details) | Sep. 30, 2022 |
Fair Value Disclosures [Abstract] | |
Fair value input, discount amount | 10% |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 949 | $ 1,837 |
Other real estate owned | 246 | 281 |
Total nonrecurring assets | 1,195 | 2,118 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total nonrecurring assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total nonrecurring assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 949 | 1,837 |
Other real estate owned | 246 | 281 |
Total nonrecurring assets | $ 1,195 | $ 2,118 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Fair Value Measurements - Quantitative Information for Financial Instruments Measured at Fair Value (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | $ 246 | $ 281 |
Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans | 949 | 1,837 |
Level 3 | Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans | 949 | 1,837 |
Other real estate owned | 246 | 281 |
Other investments | $ 1,615 | $ 4,255 |
Level 3 | Nonrecurring | Minimum | Measurement Input, Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans, weighted average discount range | 0.25 | 0.25 |
Other real estate owned, weighted average discount range | 0 | 0 |
Level 3 | Nonrecurring | Maximum | Measurement Input, Appraised Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans, weighted average discount range | 1 | 1 |
Other real estate owned, weighted average discount range | 0.20 | 0.20 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Fair Value Measurements - Fair Value Measurement Using Significant Unobservable Inputs (Details) - Available for Sale Securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning | $ 2,769 | $ 4,255 |
Redemption of security | (1,151) | (2,507) |
Unrealized/realized losses included in earnings | (3) | (133) |
Balance, Ending | $ 1,615 | $ 1,615 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) employee | Sep. 30, 2021 USD ($) employee | Sep. 30, 2022 USD ($) employee | Sep. 30, 2021 USD ($) employee | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 20,865 | $ 17,868 | $ 59,225 | $ 47,167 | |
Provision for loan losses | 1,320 | 150 | 2,470 | 650 | |
Noninterest Income | 8,179 | 9,438 | 27,384 | 25,475 | |
Noninterest Expenses | 21,367 | 21,211 | 67,648 | 54,113 | |
Income Taxes | 1,105 | 362 | 2,500 | 3,379 | |
Net income | 5,252 | $ 5,583 | 13,991 | $ 14,500 | |
Segment assets | $ 2,805,912 | $ 2,805,912 | $ 2,691,715 | ||
Full time employees | employee | 486 | 494 | 486 | 494 | |
Bank | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 20,508 | $ 17,181 | $ 58,156 | $ 45,977 | |
Provision for loan losses | 1,320 | 150 | 2,470 | 650 | |
Noninterest Income | 4,288 | 4,340 | 13,770 | 10,409 | |
Noninterest Expenses | 17,537 | 16,941 | 54,742 | 41,922 | |
Income Taxes | 1,047 | 434 | 2,174 | 2,836 | |
Net income | 4,892 | $ 3,996 | 12,540 | $ 10,978 | |
Segment assets | $ 2,738,082 | $ 2,738,082 | 2,620,501 | ||
Full time employees | employee | 396 | 417 | 396 | 417 | |
Mortgage Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 17 | $ 138 | $ 145 | $ 429 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest Income | 2,345 | 3,104 | 7,993 | 10,087 | |
Noninterest Expenses | 2,289 | 2,765 | 7,799 | 8,445 | |
Income Taxes | 10 | (290) | 104 | 124 | |
Net income | 63 | $ 767 | 235 | $ 1,947 | |
Segment assets | $ 16,905 | $ 16,905 | 25,149 | ||
Full time employees | employee | 61 | 53 | 61 | 53 | |
Small Business Specialty Lending Division | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 340 | $ 549 | $ 924 | $ 761 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest Income | 1,546 | 1,994 | 5,621 | 4,979 | |
Noninterest Expenses | 1,541 | 1,505 | 5,107 | 3,746 | |
Income Taxes | 48 | 218 | 222 | 419 | |
Net income | 297 | $ 820 | 1,216 | $ 1,575 | |
Segment assets | $ 50,925 | $ 50,925 | $ 46,065 | ||
Full time employees | employee | 29 | 24 | 29 | 24 |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Total Capital to Risk-Weighted Assets | ||
Actual Amount | $ 311,849 | $ 207,366 |
Actual Ratio | 0.1578 | 0.1205 |
For Capital Adequacy Purposes, Amount | $ 158,098 | $ 137,670 |
For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 257,531 | $ 194,456 |
Actual Ratio | 0.1304 | 0.1128 |
For Capital Adequacy Purposes, Amount | $ 118,496 | $ 103,434 |
For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 233,302 | $ 170,956 |
Actual Ratio | 0.1181 | 0.0987 |
For Capital Adequacy Purposes, Amount | $ 88,896 | $ 77,943 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets | ||
Actual Amount | $ 257,531 | $ 194,456 |
Actual Ratio | 0.0928 | 0.0725 |
For Capital Adequacy Purposes, Amount | $ 111,005 | $ 107,286 |
For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Colony Bank | ||
Total Capital to Risk-Weighted Assets | ||
Actual Amount | $ 263,104 | $ 203,265 |
Actual Ratio | 0.1334 | 0.1218 |
For Capital Adequacy Purposes, Amount | $ 157,784 | $ 133,507 |
For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 197,229 | $ 166,884 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 247,922 | $ 190,355 |
Actual Ratio | 0.1257 | 0.1141 |
For Capital Adequacy Purposes, Amount | $ 118,340 | $ 100,099 |
For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 157,786 | $ 133,465 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 247,922 | $ 190,355 |
Actual Ratio | 0.1257 | 0.1141 |
For Capital Adequacy Purposes, Amount | $ 88,755 | $ 75,074 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 128,202 | $ 108,441 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets | ||
Actual Amount | $ 247,922 | $ 190,355 |
Actual Ratio | 0.0896 | 0.0753 |
For Capital Adequacy Purposes, Amount | $ 110,679 | $ 101,118 |
For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 138,349 | $ 126,398 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Oct. 20, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.1075 | $ 0.1025 | $ 0.3225 | $ 0.3075 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.1075 |