Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $1.00 per share | |
Trading Symbol | CBAN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,592,459 | |
Entity Central Index Key | 0000711669 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 25,283 | $ 20,584 |
Federal funds sold and interest-bearing deposits in banks | 56,683 | 60,094 |
Cash and cash equivalents | 81,966 | 80,678 |
Investment securities available for sale, at fair value | 434,705 | 432,553 |
Investment securities held to maturity, at amortized cost | 463,946 | 465,858 |
Other investments, at cost | 14,999 | 13,793 |
Loans held for sale | 13,623 | 17,743 |
Loans | 1,799,853 | 1,737,106 |
Allowance for credit losses on loans | (16,599) | (16,128) |
Loans, net | 1,783,254 | 1,720,978 |
Premises and equipment | 41,867 | 41,606 |
Other real estate owned | 651 | 651 |
Goodwill | 48,923 | 48,923 |
Other intangible assets | 5,262 | 5,664 |
Bank-owned life insurance | 55,848 | 55,504 |
Deferred income taxes, net | 26,254 | 28,199 |
Other assets | 25,643 | 24,420 |
Total assets | 2,996,941 | 2,936,570 |
Deposits | ||
Noninterest-bearing | 537,928 | 569,170 |
Interest-bearing | 1,978,201 | 1,921,827 |
Total deposits | 2,516,129 | 2,490,997 |
Federal Home Loan Bank advances | 165,000 | 125,000 |
Other borrowings | 63,375 | 78,352 |
Other liabilities | 13,660 | 11,953 |
Total liabilities | 2,758,164 | 2,706,302 |
Stockholders' equity: | ||
Preferred stock, no par value; 10,000,000 shares authorized, none issued or outstanding as of March 31, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, par value $1.00 per share; 50,000,000 shares authorized, 17,593,879 and 17,598,123 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 17,594 | 17,598 |
Paid in capital | 167,922 | 167,537 |
Retained earnings | 113,485 | 111,573 |
Accumulated other comprehensive loss, net of tax | (60,224) | (66,440) |
Total stockholders' equity | 238,777 | 230,268 |
Total liabilities and stockholders' equity | $ 2,996,941 | $ 2,936,570 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 50,000,000 |
Common stock, shares issued (in shares) | 17,593,879 | 17,598,123 |
Common stock, shares outstanding (in shares) | 17,593,879 | 17,598,123 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Interest income | |||
Loans, including fees | $ 22,153 | $ 16,010 | |
Investment securities | 5,860 | 4,171 | |
Federal funds sold, interest bearing deposits in banks and short term investments | 357 | 56 | |
Total interest income | 28,370 | 20,237 | |
Interest expense | |||
Deposits | 4,999 | 599 | |
Federal funds purchased | 88 | 0 | |
Federal Home Loan Bank Advances | 1,626 | 249 | |
Other borrowings | 1,089 | 201 | |
Total interest expense | 7,802 | 1,049 | |
Net interest income | 20,568 | 19,188 | |
Provision for credit losses | [1] | 900 | 50 |
Net interest income after provision for credit losses | 19,668 | 19,138 | |
Noninterest income | |||
Gain on sales of SBA loans | 1,057 | 1,726 | |
Gain on sales of securities | 0 | 24 | |
BOLI Income | 331 | 312 | |
Other | 1,106 | 353 | |
Total noninterest income | 7,659 | 9,152 | |
Noninterest expense | |||
Salaries and employee benefits | 12,609 | 13,272 | |
Occupancy and equipment | 1,622 | 1,619 | |
Information technology expenses | 2,180 | 2,354 | |
Professional fees | 715 | 869 | |
Advertising and public relations | 993 | 766 | |
Communications | 294 | 437 | |
Other | 2,752 | 2,488 | |
Total noninterest expense | 21,165 | 21,805 | |
Income before income taxes | 6,162 | 6,485 | |
Income taxes | 1,119 | 1,161 | |
Net income | $ 5,043 | $ 5,324 | |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.29 | $ 0.34 | |
Diluted (in dollars per share) | 0.29 | 0.34 | |
Dividends declared per share (in dollars per share) | $ 0.11 | $ 0.1075 | |
Weighted average common shares outstanding: | |||
Basic (in shares) | 17,595,688 | 15,877,695 | |
Diluted (in shares) | 17,595,688 | 15,877,695 | |
Service charges on deposits | |||
Noninterest income | |||
Noninterest income | $ 1,914 | $ 1,825 | |
Mortgage fee income | |||
Noninterest income | |||
Noninterest income | 1,183 | 2,912 | |
Interchange fees | |||
Noninterest income | |||
Noninterest income | $ 2,068 | $ 2,000 | |
[1](1) Beginning January 1, 2023, provision calculation is based on current expected loss methodology. Prior to January 1, 2023, calculation was based on incurred loss methodology. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 5,043 | $ 5,324 |
Other comprehensive income (loss): | ||
Net unrealized gains (losses) on securities arising during the period | 13,719 | (28,774) |
Tax effect | (2,488) | 5,467 |
Reclassification adjustment for amortization of unrealized holding losses included in accumulated other comprehensive income (loss) from the transfer of securities from available for sale to held to maturity | (6,126) | (9,507) |
Tax effect | 1,111 | 1,806 |
Realized gains on sales of available for sale securities | 0 | (24) |
Tax effect | 0 | 5 |
Change in unrealized gains (losses) on securities available for sale, net of reclassification adjustment and tax effects | 6,216 | (31,027) |
Comprehensive income (loss) | $ 11,259 | $ (25,703) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | [1] | Common Stock | Paid-In Capital | Retained Earnings | Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment | [1] | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 13,673,898 | ||||||||
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] | |||||||||
Other comprehensive income (loss) | (31,027) | (31,027) | |||||||
Dividends on common shares | (1,477) | (1,477) | |||||||
Issuance of common stock (in shares) | 3,848,485 | ||||||||
Issuance of common stock | 59,468 | $ 3,848 | 55,620 | ||||||
Issuance of restricted stock, net of forfeitures (in shares) | 63,950 | ||||||||
Issuance of restricted stock, net of forfeitures | 0 | $ 64 | (64) | ||||||
Stock-based compensation expense | 282 | 282 | |||||||
Net income | 5,324 | 5,324 | |||||||
Balance at end of period (in shares) at Mar. 31, 2022 | 17,586,333 | ||||||||
Balance at end of period at Mar. 31, 2022 | $ 250,277 | $ 17,586 | 166,859 | 103,036 | (37,204) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||||
Balance at beginning of period (in shares) at Dec. 31, 2021 | 13,673,898 | ||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 217,707 | $ 13,674 | 111,021 | 99,189 | (6,177) | ||||
Balance at end of period (in shares) at Dec. 31, 2022 | 17,598,123 | ||||||||
Balance at end of period at Dec. 31, 2022 | 230,268 | $ (1,198) | $ 17,598 | 167,537 | 111,573 | $ (1,198) | (66,440) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other comprehensive income (loss) | 6,216 | 6,216 | |||||||
Dividends on common shares | (1,933) | (1,933) | |||||||
Tax withholding related to vesting of restricted stock (in shares) | (5,790) | ||||||||
Tax withholding related to vesting of restricted stock | (73) | $ (6) | (67) | ||||||
Issuance of restricted stock, net of forfeitures (in shares) | 1,546 | ||||||||
Issuance of restricted stock, net of forfeitures | 0 | $ 2 | (2) | ||||||
Stock-based compensation expense | 454 | 454 | |||||||
Net income | 5,043 | 5,043 | |||||||
Balance at end of period (in shares) at Mar. 31, 2023 | 17,593,879 | ||||||||
Balance at end of period at Mar. 31, 2023 | $ 238,777 | $ 17,594 | $ 167,922 | $ 113,485 | $ (60,224) | ||||
[1] (1) Represents the impact of the adoption of Accounting Standards Update ("ASU") No. 2016-13: CECL |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share (in dollars per share) | $ 0.11 | $ 0.1075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating Activities | |||
Net income | $ 5,043 | $ 5,324 | |
Adjustments reconciling net income to net cash provided by operating activities: | |||
Provision for credit losses | [1] | 900 | 50 |
Depreciation, amortization, and accretion | 2,233 | 3,115 | |
Equity method investment (loss) income | (88) | 292 | |
Share-based compensation expense | 454 | 282 | |
Net change in servicing asset | (219) | (359) | |
Gain on sales of securities, available-for-sale | 0 | (24) | |
Gain on sales of SBA loans | (1,057) | (1,726) | |
Donation of other real estate owned | 0 | 35 | |
(Gain) loss on sales of premises & equipment | 18 | (31) | |
Originations of loans held for sale | (43,910) | (89,078) | |
Proceeds from sales of loans held for sale | 49,087 | 104,726 | |
Change in bank-owned life insurance | (344) | (329) | |
Deferred tax benefit | 228 | (230) | |
Change in other assets | (1,004) | 1,063 | |
Change in other liabilities | 45 | (1,168) | |
Net cash provided by operating activities | 11,386 | 21,942 | |
Investing Activities | |||
Purchases of investment securities, available-for-sale | (3,518) | (90,258) | |
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale | 7,924 | 17,618 | |
Proceeds from sales of investment securities, available-for-sale | 0 | 3,061 | |
Proceeds from maturities, calls and paydowns of securities, held-to-maturity | 2,575 | 2,340 | |
Change in loans, net | (63,194) | (16,365) | |
Purchase of premises and equipment | (893) | (692) | |
Proceeds from sales of premises and equipment | 0 | 40 | |
Redemption of other investments | 702 | 0 | |
Purchase of Federal Home Loan Bank Stock | (1,820) | (107) | |
Net cash used in investing activities | (58,224) | (84,363) | |
Financing Activities | |||
Change in noninterest-bearing customer deposits | (31,242) | 5,409 | |
Change in interest-bearing customer deposits | 56,374 | (29,231) | |
Issuance of common stock, net of stock issuance cost | 0 | 59,468 | |
Dividends paid for common stock | (1,933) | (1,477) | |
Repayments on Federal Home Loan Bank Advances | (280,000) | 0 | |
Proceeds from Federal Home Loan Bank Advances | 320,000 | 0 | |
Repayments on Other borrowings | (15,000) | (12,563) | |
Tax withholding related to vesting of restricted stock | (73) | 0 | |
Net cash provided by financing activities | 48,126 | 21,606 | |
Net increase (decrease) in cash and cash equivalents | 1,288 | (40,815) | |
Cash and cash equivalents at beginning of period | 80,678 | 197,232 | |
Cash and cash equivalents at end of period | 81,966 | 156,417 | |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the period for interest | 6,734 | 1,109 | |
Cash paid during the period for income taxes | 3 | 7 | |
Noncash Investing and Financing Activities | |||
Goodwill adjustment | 0 | (4) | |
Carrying amount of Securities AFS transferred to HTM, net of $13.1 million, respectively, unrealized loss | $ 0 | $ 320,116 | |
[1](1) Beginning January 1, 2023, provision calculation is based on current expected loss methodology. Prior to January 1, 2023, calculation was based on incurred loss methodology. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Statement of Cash Flows [Abstract] | |
Transfer to held-to-maturity, unrealized loss | $ 13.1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 are not necessarily indicative of the results which may be expected for the year ending December 31, 2023. 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, 2022 (“2022 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 north central, south and coastal Georgia and in Alabama through two loan production offices. 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 and loan production offices in Birmingham and Huntsville, Alabama. 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 credit 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 2023. Such reclassifications have not materially affected previously reported stockholders’ equity or net income. 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 March 31, 2023, 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 credit 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. Allowance for Credit Losses ("ACL") – Loans The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company also considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast period. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. For the majority of loans and leases the ACL is calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The ACL-loans is measured on a collective basis when similar risk characteristics exist. The Company has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: • Construction, land & land development - Risks common to construction, land & development loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. • Other commercial real estate - Loans in this category are susceptible to business failure and general economic conditions declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. • Commercial, financial & agricultural - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. • Residential real estate - Residential real estate loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. • Consumer and other - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Allowance for Credit Losses – Off-Balance Sheet Credit Exposures Management estimates expected credit losses on commitments to extend credit over the contractual period during which the Company is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. Allowance for Credit Losses – Held-to-Maturity ("HTM") Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. agencies and state, county and municipal, and mortgage-backed securities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by the Company as HTM are issued by U.S. Government agencies and government sponsored entities. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are also highly rated by major rating agencies. Allowance for Credit Losses – Available-for-Sale Securities ("AFS") For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Changes in Accounting Principles ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, was adopted by the Company on January 1, 2023, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost, and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $1.2 million, net of tax, as of January 1, 2023 for the cumulative effect of adopting ASC 326, primarily related to credit losses for unfunded commitments. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, was adopted by the Company on January 1, 2023. This ASU provides guidance on eliminating the requirement for classification of and disclosures around troubled debt restructurings (TDRs). The purpose of this guidance is to eliminate unnecessary and overly-complex disclosures of loans that are already incorporated into the allowance for credit losses and related disclosures. This ASU further requires the disclosure of current-period gross charge-offs by year of origination. The Company includes TDRs in its measurement of expected credit losses under the CECL methodology and also did not have any new loans identified as TDRs during the period ended March 31, 2023. Current period gross charge-offs are included in the term loan vintage table in Note 3 - Loans. In March 2023, the FASB issued ASU 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. ASU 2023-02 is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,346 $ — $ (22) $ 1,324 U.S. agency 4,913 — (386) 4,527 Asset backed securities 29,573 9 (723) 28,859 State, county & municipal securities 125,765 7 (17,739) 108,033 Corporate debt securities 54,712 22 (6,116) 48,618 Mortgage-backed securities 268,967 29 (25,652) 243,344 Total $ 485,276 $ 67 $ (50,638) $ 434,705 March 31, 2023 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 92,032 $ — $ (2,856) $ 89,176 U.S. agency 16,377 — (1,573) 14,804 State, county & municipal securities 136,270 157 (14,957) 121,470 Mortgage-backed securities 219,267 — (25,646) 193,621 Total $ 463,946 $ 157 $ (45,032) $ 419,071 December 31, 2022 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,644 $ — $ (22) $ 1,622 U.S. agency 5,035 — (450) 4,585 Asset backed securities 31,468 — (1,480) 29,988 State, county & municipal securities 126,119 — (21,363) 104,756 Corporate debt securities 54,741 164 (5,320) 49,585 Mortgage-backed securities 271,199 9 (29,191) 242,017 Total $ 490,206 $ 173 $ (57,826) $ 432,553 December 31, 2022 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 91,615 $ — $ (4,149) $ 87,466 U.S. agency 16,409 — (1,838) 14,571 State, county & municipal securities 136,138 32 (19,518) 116,652 Mortgage-backed securities 221,696 — (29,121) 192,575 Total $ 465,858 $ 32 $ (54,626) $ 411,264 The Company elected to exclude accrued interest receivable from the amortized cost basis of available-for-sale and held-to-maturity securities disclosed throughout this note. As of March 31, 2023 and December 31, 2022, accrued interest receivable for available-for-sale and held-to-maturity securities totaled $2.2 million and $2.6 million, and $2.0 million and $1.9 million, respectively, and is included in the "other assets" line item on the Company’s consolidated balance sheet. 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 Company has had no other transfers of securities since September 1, 2022. The amortized cost and fair value of investment securities as of March 31, 2023, 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 $ 1,517 $ 1,494 $ — $ — Due after one year through five years 13,778 12,766 84,463 81,520 Due after five years through ten years 95,218 82,084 74,282 67,157 Due after ten years 105,796 95,017 85,934 76,773 $ 216,309 $ 191,361 $ 244,679 $ 225,450 Mortgage-backed securities 268,967 243,344 219,267 193,621 $ 485,276 $ 434,705 $ 463,946 $ 419,071 Proceeds from the sale of investment securities totaled $3.1 million for the three months ended March 31, 2022. The sale of investment securities resulted in gross realized gains of $24,000 for the three months ended March 31, 2022. Investment securities having a carrying value of approximately $389.3 million and $541.8 million were pledged to secure public deposits and for other purposes as of March 31, 2023 and December 31, 2022, respectively. Information pertaining to available-for-sale securities with gross unrealized losses at March 31, 2023 and December 31, 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 March 31, 2023 U.S. treasury securities $ 1,078 $ (18) $ 246 $ (4) $ 1,324 $ (22) U.S. agency securities 149 (1) 4,378 (385) 4,527 (386) Asset backed securities 1,280 (30) 21,658 (693) 22,938 (723) State, county & municipal securities 8,433 (327) 99,032 (17,412) 107,465 (17,739) Corporate debt securities 10,021 (1,533) 37,053 (4,583) 47,074 (6,116) Mortgage-backed securities 31,643 (825) 204,292 (24,827) 235,935 (25,652) $ 52,604 $ (2,734) $ 366,659 $ (47,904) $ 419,263 $ (50,638) December 31, 2022 U.S. treasury securities $ 1,377 $ (17) $ 245 $ (5) $ 1,622 $ (22) U.S. agency securities 3,221 (257) 1,364 (193) 4,585 (450) Asset backed securities 10,780 (319) 19,208 (1,161) 29,988 (1,480) State, county & municipal securities 29,284 (3,629) 75,472 (17,734) 104,756 (21,363) Corporate debt securities 17,258 (1,463) 30,651 (3,857) 47,909 (5,320) Mortgage-backed securities 122,031 (7,890) 119,409 (21,301) 241,440 (29,191) $ 183,951 $ (13,575) $ 246,349 $ (44,251) $ 430,300 $ (57,826) Information pertaining to held-to-maturity securities with gross unrealized losses at March 31, 2023 and December 31, 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 March 31, 2023 U.S. treasury securities $ — $ — $ 89,176 $ (2,856) $ 89,176 $ (2,856) U.S. agency securities — — 14,804 (1,573) 14,804 (1,573) State, county & municipal securities 3,286 (47) 101,998 (14,910) 105,284 (14,957) Mortgage-backed securities — — 193,621 (25,646) 193,621 (25,646) $ 3,286 $ (47) $ 399,599 $ (44,985) $ 402,885 $ (45,032) December 31, 2022 U.S. treasury securities $ — $ — $ 87,466 $ (4,149) $ 87,466 $ (4,149) U.S. agency securities — — 14,571 (1,838) 14,571 (1,838) State, county & municipal securities 9,858 (1,392) 105,734 (18,126) 115,592 (19,518) Mortgage-backed securities 13,580 (729) 178,995 (28,392) 192,575 (29,121) $ 23,438 $ (2,121) $ 386,766 $ (52,505) $ 410,204 $ (54,626) 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. At March 31, 2023, there were 281 available-for-sale securities and 149 held-to-maturity securities that had unrealized losses. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary. The Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), as amended on January 1, 2023 which included evaluation of expected credit losses on debt securities. As part of the Company's calculated credit losses, the allowance for credit losses on investment securities was determined to be de minimis due to the high credit quality of the portfolio, which includes securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies and high quality municipalities. Therefore, no allowance for credit losses was recorded as of March 31, 2023. See Note 1 for additional details on the allowance for credit losses as it relates to the securities portfolio. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans | Loans The following table presents the composition of loans segregated by class of loans, as of March 31, 2023 and December 31, 2022. (dollars in thousands) March 31, 2023 December 31, 2022 Construction, land & land development $ 249,720 $ 229,435 Other commercial real estate 985,627 975,447 Total commercial real estate 1,235,347 1,204,882 Residential real estate 316,415 290,054 Commercial, financial, & agricultural 225,269 223,923 Consumer and other 22,822 18,247 Total Loans $ 1,799,853 $ 1,737,106 The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this note. As of March 31, 2023 and December 31, 2022, accrued interest receivable for loans totaled $7.1 million and $6.8 million, respectively, and is included in the "other assets" line item on the Company’s consolidated balance sheet. Commercial, financial & agricultural 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 and other 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 credit 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 segregated by class of loans and the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of March 31, 2023. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. There were no loans with a risk rating of "doubtful" or "loss" at March 31, 2023. Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolvers Revolvers converted to term loans Total March 31, 2023 Construction, land & land development Risk rating Pass $ 25,111 $ 156,160 $ 39,399 $ 8,807 $ 1,724 $ 6,342 $ 11,184 $ — $ 248,727 Special Mention — — — — — 233 — — 233 Substandard — 599 5 — 67 89 — — 760 Total Construction, land & land development 25,111 156,759 39,404 8,807 1,791 6,664 11,184 — 249,720 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate Risk rating Pass 24,793 324,093 222,365 99,740 91,335 174,315 26,595 48 963,284 Special Mention — 54 2,843 1,767 4,634 6,879 — — 16,177 Substandard — 2,672 170 — — 3,278 46 — 6,166 Total Other commercial real estate 24,793 326,819 225,378 101,507 95,969 184,472 26,641 48 985,627 Current period gross write offs — — — — — — — — — Residential real estate Risk rating Pass 17,738 121,766 56,799 24,317 9,924 51,143 21,485 — 303,172 Special Mention 299 158 109 87 968 5,211 122 — 6,954 Substandard — 532 240 234 96 5,187 — — 6,289 Total Residential real estate 18,037 122,456 57,148 24,638 10,988 61,541 21,607 — 316,415 Current period gross write offs — — — — — — — — — Commercial, financial, & agricultural Risk rating Pass 19,919 65,936 30,800 17,615 6,670 16,188 61,430 151 218,709 Special Mention — 83 200 197 35 91 491 — 1,097 Substandard — 34 4,676 309 33 319 92 — 5,463 Total Commercial, financial, & agricultural 19,919 66,053 35,676 18,121 6,738 16,598 62,013 151 225,269 Current period gross write offs — 200 12 — — 61 — — 273 Consumer and other Risk rating Pass 8,219 6,252 3,291 2,109 1,281 1,169 358 — 22,679 Special Mention — 11 23 8 27 5 — — 74 Substandard 15 18 1 22 2 11 — — 69 Total Consumer and other 8,234 6,281 3,315 2,139 1,310 1,185 358 — 22,822 Current period gross write offs — — — 3 — — — — 3 Total Loans Risk rating Pass 95,780 674,207 352,654 152,588 110,934 249,157 121,052 199 1,756,571 Special Mention 299 307 3,174 2,059 5,664 12,418 613 — 24,534 Substandard 15 3,855 5,092 566 198 8,884 138 — 18,748 Total Loans $ 96,094 $ 678,369 $ 360,920 $ 155,213 $ 116,796 $ 270,459 $ 121,803 $ 199 $ 1,799,853 Total current period gross write offs $ — $ 200 $ 12 $ 3 $ — $ 61 $ — $ — $ 276 The following table presents the loan portfolio by credit quality indicator (risk grade) as of December 31, 2022. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. There were no loans with a risk rating of "doubtful" or "loss" at December 31, 2022. (dollars in thousands) Special December 31, 2022 Pass Mention Substandard Total Construction, land & land development $ 228,494 $ 290 $ 651 $ 229,435 Other commercial real estate 951,126 17,562 6,759 975,447 Total commercial real estate 1,179,620 17,852 7,410 1,204,882 Residential real estate 277,930 6,574 5,550 290,054 Commercial, financial, & agricultural 220,908 885 2,130 223,923 Consumer and other 18,157 54 $ 36 18,247 Total Loans $ 1,696,615 $ 25,365 $ 15,126 $ 1,737,106 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 $500,000 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 credit 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. Collateral-Dependent Loans We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate. There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the three months ended March 31, 2023. The following table presents the aging of the amortized cost basis of loans by aging category and accrual status as of March 31, 2023 and December 31, 2022: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans March 31, 2023 Construction, land & land development $ 9 $ — $ 9 $ 124 $ 249,587 $ 249,720 Other commercial real estate 554 — 554 1,541 983,532 985,627 Total commercial real estate 563 — 563 1,665 1,233,119 1,235,347 Residential real estate 1,596 — 1,596 2,953 311,866 316,415 Commercial, financial, & agricultural 2,602 — 2,602 2,530 220,137 225,269 Consumer and other 15 — 15 17 22,790 22,822 Total Loans $ 4,776 $ — $ 4,776 $ 7,165 $ 1,787,912 $ 1,799,853 December 31, 2022 Construction, land & land development $ — $ — $ — $ 149 $ 229,286 $ 229,435 Other commercial real estate 395 — 395 1,509 973,543 975,447 Total commercial real estate 395 — 395 1,658 1,202,829 1,204,882 Residential real estate 882 — 882 2,686 286,486 290,054 Commercial, financial, & agricultural 476 — 476 1,341 222,106 223,923 Consumer and other 40 — 40 21 18,186 18,247 Total Loans $ 1,793 $ — $ 1,793 $ 5,706 $ 1,729,607 $ 1,737,106 The following table is a summary of the Company's nonaccrual loans by major categories for the periods indicated. March 31, 2023 (dollars in thousands) Nonaccrual Loans with No Related ACL Nonaccrual Loans with a Related ACL Total Nonaccrual Loans Construction, land & land development $ 124 $ — $ 124 Other commercial real estate 1,497 44 1,541 Total commercial real estate 1,621 44 1,665 Residential real estate 2,953 — 2,953 Commercial, financial, & agricultural 2,530 — 2,530 Consumer and other 17 — 17 Total Loans $ 7,121 $ 44 $ 7,165 The following table details impaired loan data, including purchased credit impaired loans, as of December 31, 2022. December 31, 2022 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land & land development $ 40 $ 40 $ — $ 10 Other commercial real estate 3,754 3,754 — 5,311 Residential real estate 62 62 — 570 Commercial, financial & agricultural — — — 306 Consumer and other — — — 1 3,856 3,856 — 6,198 With An Allowance Recorded Construction, land & land development 474 474 44 177 Other commercial real estate — — — 503 Residential real estate — — — 588 Commercial, financial & agricultural — — — 369 Consumer and other — — — — 474 474 44 1,637 Purchased Credit Impaired Loans Construction, land & land development — — — — Other commercial real estate 798 798 33 760 Residential real estate — — — 13 Commercial, financial & agricultural — — — — Consumer and other — — — 65 798 798 33 838 Total Construction, land & land development 514 514 44 187 Other commercial real estate 4,552 4,552 33 6,574 Residential real estate 62 62 — 1,171 Commercial, financial & agricultural — — — 675 Consumer and other — — — 66 $ 5,128 $ 5,128 $ 77 $ 8,673 Interest income recorded on impaired loans during the three months ended March 31, 2023 and 2022 was $154,000 and $215,000, respectively. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a discounted cash flow model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. Upon the Company's determination that a modified loan, or portion of a loan, has subsequently been deemed uncollectible, the loan, or portion of the loan, is written off. The Company had no loans that were modified due to financial difficulty during the three months ended March 31, 2023. Prior to adoption of ASU 2022-02 on January 1, 2023, the restructuring of a loan was considered a troubled debt restructuring ("TDR") if both the borrower was experiencing financial difficulties and the Company had granted a concession to the terms of the loan. Concessions may have included interest rate reductions to below market interest rates, principal forgiveness, restructured 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, 2022, which are included in the Company’s 2022 Form 10-K, once a loan was identified as a TDR, it was accounted for as an impaired loan. The Company had no unfunded commitments to lend to a customer that had a troubled debt restructured loan as of December 31, 2022 and March 31, 2022. Loans modified in a TDR were considered to be in default once the loan became 90 days past due. A TDR ceased being classified as impaired if the loan was subsequently modified at market terms and, had performed according to the modified terms for at least six months, and there had not been any prior principal forgiveness on a cumulative basis. The Company had no loans that subsequently defaulted during the three months ended March 31, 2022 and for the year ended December 31, 2022. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses As previously mentioned in Note 1, since the adoption of ASC 326 on January 1, 2023, the ACL for loans represents management's estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet. The following tables present the balance sheet activity in the ACL by portfolio segment for loans for the three month periods ended March 31, 2023 and March 31, 2022. CECL (dollars in thousands) Balance December 31, 2022 Adoption of ASU 2016-13 Charge-Offs Recoveries Provision for credit losses on loans Balance, March 31, 2023 Three Months Ended March 31, 2023 Construction, land & land development $ 1,959 $ 148 $ — $ 3 $ 232 $ 2,342 Other commercial real estate 8,886 (630) — 14 (148) 8,122 Total commercial real estate 10,845 (482) — 17 84 10,464 Residential real estate 2,354 1,053 — 11 694 4,112 Commercial, financial & agricultural 2,709 (690) (273) 7 (96) 1,657 Consumer and other 220 66 (3) 4 79 366 Total allowance for credit losses on loans $ 16,128 $ (53) $ (276) $ 39 $ 761 $ 16,599 Incurred Loss (dollars in thousands) Balance December 31, 2021 Charge-Offs Recoveries Provision Balance, March 31, 2022 Three Months Ended March 31, 2022 Construction, land & land development $ 1,127 $ — $ 6 $ 206 $ 1,339 Other commercial real estate 7,691 (58) 7 (285) 7,355 Total commercial real estate 8,818 (58) 13 (79) 8,694 Residential real estate 1,805 (18) 4 20 1,811 Commercial, financial & agricultural 1,083 (16) 44 976 2,087 Consumer and other 1,204 (16) 6 (867) 327 Total allowance for loan losses $ 12,910 $ (108) $ 67 $ 50 $ 12,919 As of March 31, 2023, Colony used a one-year reasonable and supportable forecast period. The changes in loss rates used as the basis for the estimate of credit losses during this period were modeled using historical data from peer banks and macroeconomic forecast data obtained from a third party vendor, which were then applied to Colony's recent default experience as a starting point. As of March 31, 2023, the Company expects that the markets in which it operates will experience a decline in economic conditions and an increase in the unemployment rate and level and trend of delinquencies, over the next two years. Management adjusted the historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio. The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance assigned to each segment based on the incurred loss methodology of evaluating the loans for impairment as of December 31, 2022. (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Year ended December 31, 2022 Period end amount allocated to Individually evaluated for impairment $ 44 $ — $ — $ — $ — $ 44 Collectively evaluated for impairment 1,915 8,853 2,354 2,709 220 16,051 Purchase credit impaired — 33 — — — 33 Ending Balance $ 1,959 $ 8,886 $ 2,354 $ 2,709 $ 220 $ 16,128 Loans Individually evaluated for impairment $ 514 $ 3,754 $ 62 $ — $ — $ 4,330 Collectively evaluated for impairment 228,921 970,895 289,992 223,923 18,247 1,731,978 Purchase credit impaired — 798 — — — 798 Ending Balance $ 229,435 $ 975,447 $ 290,054 $ 223,923 $ 18,247 $ 1,737,106 The Company determines its individual reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 6 or greater and an outstanding balance of $500,000 or more, regardless of the loans impairment classification. The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable. The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded commitments is separately classified on the balance sheet within Other liabilities. The following table presents the balance and activity in the allowance for credit losses for unfunded commitments for the three months ended March 31, 2023. (dollars in thousands) Total Allowance for Credit Losses-Unfunded Commitments Balance, December 31, 2022 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,661 Provision for unfunded commitments 139 Balance, March 31, 2023 $ 1,800 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table presents information regarding the Company’s outstanding borrowings at March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Federal Home Loan Bank advances 165,000 125,000 Other borrowings 63,375 78,352 $ 228,375 $ 203,352 Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2023 to 2028 and interest rates ranging from 3.83% to 4.93%. 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. At March 31, 2023, the lendable collateral of those loans pledged is $252.2 million. At March 31, 2023, the Company had remaining credit availability from the FHLB of $567.0 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. 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 March 31, 2023 and December 31, 2022, $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 completed a private placement of $40.0 million in fixed-to-floating rate subordinated notes due 2032 (the "Notes"). The Notes will bear a fixed rate of 5.25% for the first five years and will reset quarterly thereafter to then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 265 basis points for the five-year floating term. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after May 20, 2027, or at any time, in whole or in part, upon certain other specified events. At March 31, 2023, $39.1 million of the Notes, net of debt issuance costs were outstanding. The aggregate stated maturities of other borrowed money at March 31, 2023 are as follows: (dollars in thousands) Year Amount 2023 $ 110,000 2027 15,000 2028 and After 103,375 $ 228,375 The Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, with no outstanding balance at March 31, 2023. The Company has the ability to borrow funds from the Federal Reserve Bank (“FRB”) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At March 31, 2023, the Company had $57.2 million borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement. The Company also has the ability to participate in the FRB Term Funding Program, a new form of one-year emergency funding, with an available line of $100.0 million. The Company would be required to purchase Treasury securities or other debt obligations. The Company has not utilized this source of funding as of March 31, 2023. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022. (dollars in thousands, except per share data) Three Months Ended 2023 2022 Numerator Net income available to common stockholders $ 5,043 $ 5,324 Denominator Weighted average number of common shares Outstanding for basic earnings per common share 17,595,688 15,877,695 Weighted-average number of shares outstanding for diluted earnings per common share 17,595,688 15,877,695 Earnings per share - basic $ 0.29 $ 0.34 Earnings per share - diluted $ 0.29 $ 0.34 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (dollars in thousands) March 31, 2023 December 31, 2022 Loan commitments $ 406,282 $ 379,997 Letters of credit 3,158 3,333 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 March 31, 2023, 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 are as follows: Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level March 31, 2023 Assets Cash and short-term investments $ 81,966 $ 81,966 $ 81,966 $ — $ — Investment securities available for sale 434,705 434,705 — 419,750 14,955 Investment securities held to maturity 463,946 419,071 — 419,071 — Other investments, at cost 14,999 14,999 — 14,903 96 Loans held for sale 13,623 13,623 — 13,623 — Loans, net 1,783,254 1,628,671 — — 1,628,671 Liabilities Deposits 2,516,129 2,506,457 — 2,506,457 — Federal Home Loan Bank advances 165,000 164,831 — 164,831 — Other borrowings 63,375 53,951 — 53,951 — Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level December 31, 2022 Assets Cash and short-term investments $ 80,678 $ 80,678 $ 80,678 $ — $ — Investment securities available for sale 432,553 432,553 — 416,957 15,596 Investment securities held to maturity 465,858 411,264 — 411,264 — Other investments, at cost 13,793 13,793 — 13,003 790 Loans held for sale 17,743 17,743 — 17,743 — Loans, net 1,720,978 1,469,707 — — 1,469,707 Liabilities Deposits 2,490,997 2,489,481 — 2,489,481 — Federal Home Loan Bank advances 125,000 125,163 — 125,163 — Other borrowings 78,352 69,930 — 69,930 — 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. Collateral dependent impaired loans – Prior to the adoption of ASU 2016-13, impaired loans were those loans which the Company measured impairment generally based on the fair value of the loan’s collateral. Fair value was generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets were included as Level 3 fair values, based upon the lowest level of input that was 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 tables present the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall. The tables below include only collateral dependent impaired loans with a specific reserve and only other real estate properties with a valuation allowance at March 31, 2023 and December 31, 2022. 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) March 31, 2023 Nonrecurring Collateral dependent impaired loans $ 651 $ — $ — $ 651 Other real estate owned 651 — — 651 Total nonrecurring assets $ 1,302 $ — $ — $ 1,302 Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair (Level 1) (Level 2) (Level 3) December 31, 2022 Nonrecurring Collateral dependent impaired loans $ 521 $ — $ — $ 521 Other real estate owned 651 — — 651 Total nonrecurring assets $ 1,172 $ — $ — $ 1,172 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 March 31, 2023 and December 31, 2022. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: (dollars in thousands) March 31, 2023 Valuation Unobservable Range Collateral dependent impaired loans $ 651 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 50 % Other real estate owned 651 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % (dollars in thousands) December 31, 2022 Valuation Unobservable Range Collateral dependent impaired loans $ 521 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 50 % Other real estate owned 651 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 March 31, 2023 and December 31, 2022. As of March 31, 2023 (dollars in thousands) Fair Value Valuation Unobservable Range Available for sale securities $ 14,955 Discounted Cash Flow Discount Rate or Yield N/A* Other investments 96 Discounted Cash Flow Discount Rate or Yield N/A* As of December 31, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range Available for sale securities $ 15,596 Discounted Cash Flow Discount Rate or Yield N/A* Other investments 790 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 months ended March 31, 2023. Available for sale securities Other Investments (dollars in thousands) Balance, Beginning $ 15,596 $ 790 Redemptions/Payments (533) (703) Unrealized/realized losses/(gains) included in earnings (488) 9 Transfer to Level 3 380 — Balance, Ending $ 14,955 $ 96 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 was $380,000 in transfers between levels for the period ended March 31, 2023 and no transfers of securities between levels for the three months ended March 31, 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
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 months ended March 31, 2023 and 2022: (dollars in thousands) Bank Mortgage Small Totals Three Months Ended March 31, 2023 Net Interest Income $ 20,138 $ 3 $ 427 $ 20,568 Provision for Credit Losses 900 — — 900 Noninterest Income 4,918 1,277 1,464 7,659 Noninterest Expenses 17,812 1,712 1,641 21,165 Income Taxes 1,155 (86) 50 1,119 Segment Profit $ 5,189 $ (346) $ 200 $ 5,043 Segments Assets at March 31, 2023 $ 2,930,421 $ 7,895 $ 58,625 $ 2,996,941 Full time employees at March 31, 2023 407 59 30 496 (dollars in thousands) Bank Mortgage Small Totals Three Months Ended March 31, 2022 Net Interest Income $ 18,824 $ 71 $ 293 $ 19,188 Provision for Credit Losses 50 — — 50 Noninterest Income 4,300 2,912 1,940 9,152 Noninterest Expenses 17,701 2,711 1,393 21,805 Income Taxes 900 101 160 1,161 Segment Profit $ 4,473 $ 171 $ 680 $ 5,324 Segments Assets at December 31, 2022 $ 2,857,893 $ 18,221 $ 60,456 $ 2,936,570 Full time employees at March 31, 2022 404 62 28 494 |
Regulatory Capital Matters
Regulatory Capital Matters | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, 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 tables below, and have met certain other requirements. Management believes that the Company and the Bank exceeded all well-capitalized requirements at March 31, 2023, 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 tables summarize regulatory capital information as of March 31, 2023 and December 31, 2022 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for March 31, 2023 and December 31, 2022 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 March 31, 2023 Total Capital to Risk-Weighted Assets Consolidated $ 319,700 14.80 % $ 172,811 8.00 % N/A N/A Colony Bank 277,346 12.88 172,265 8.00 $ 215,331 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 262,154 12.14 129,565 6.00 N/A N/A Colony Bank 258,947 12.02 129,258 6.00 172,344 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 237,925 11.01 97,245 4.50 N/A N/A Colony Bank 258,947 12.02 96,944 4.50 140,030 6.50 Tier 1 Capital to Average Assets Consolidated 262,154 8.90 117,822 4.00 N/A N/A Colony Bank 258,947 8.82 117,436 4.00 146,795 5.00 (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Total Capital to Risk-Weighted Assets Consolidated $ 318,250 15.11 % $ 168,498 8.00 % N/A N/A Colony Bank 272,812 12.99 168,014 8.00 $ 210,017 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 262,999 12.49 126,341 6.00 N/A N/A Colony Bank 256,684 12.22 126,031 6.00 168,042 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 238,770 11.34 94,750 4.50 N/A N/A Colony Bank 256,684 12.22 94,524 4.50 136,534 6.50 Tier 1 Capital to Average Assets Consolidated 262,999 9.17 114,721 4.00 N/A N/A Colony Bank 256,684 8.97 114,463 4.00 143,079 5.00 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On April 27, 2023, the Board of Directors declared a quarterly cash dividend of $0.11 per share, to be paid on its common stock on May 24, 2023, to shareholders of record as of the close of business on May 10, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 are not necessarily indicative of the results which may be expected for the year ending December 31, 2023. 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, 2022 (“2022 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 north central, south and coastal Georgia and in Alabama through two loan production offices. 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 and loan production offices in Birmingham and Huntsville, Alabama. 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 credit 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 2023. 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 March 31, 2023, 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 credit 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. |
Allowance for Credit Losses ("ACL") - Loans | Allowance for Credit Losses ("ACL") – Loans The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company also considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast period. The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. For the majority of loans and leases the ACL is calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The ACL-loans is measured on a collective basis when similar risk characteristics exist. The Company has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: • Construction, land & land development - Risks common to construction, land & development loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. • Other commercial real estate - Loans in this category are susceptible to business failure and general economic conditions declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. • Commercial, financial & agricultural - Risks to this loan category include the inability to monitor the condition of the collateral, which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. • Residential real estate - Residential real estate loans are susceptible to weakening general economic conditions, increases in unemployment rates and declining real estate values. • Consumer and other - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Allowance for Credit Losses – Off-Balance Sheet Credit Exposures Management estimates expected credit losses on commitments to extend credit over the contractual period during which the Company is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. Allowance for Credit Losses – Held-to-Maturity ("HTM") Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. agencies and state, county and municipal, and mortgage-backed securities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by the Company as HTM are issued by U.S. Government agencies and government sponsored entities. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are also highly rated by major rating agencies. Allowance for Credit Losses – Available-for-Sale Securities ("AFS") For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
Changes in Accounting Principles | Changes in Accounting Principles ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, was adopted by the Company on January 1, 2023, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost, and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $1.2 million, net of tax, as of January 1, 2023 for the cumulative effect of adopting ASC 326, primarily related to credit losses for unfunded commitments. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, was adopted by the Company on January 1, 2023. This ASU provides guidance on eliminating the requirement for classification of and disclosures around troubled debt restructurings (TDRs). The purpose of this guidance is to eliminate unnecessary and overly-complex disclosures of loans that are already incorporated into the allowance for credit losses and related disclosures. This ASU further requires the disclosure of current-period gross charge-offs by year of origination. The Company includes TDRs in its measurement of expected credit losses under the CECL methodology and also did not have any new loans identified as TDRs during the period ended March 31, 2023. Current period gross charge-offs are included in the term loan vintage table in Note 3 - Loans. In March 2023, the FASB issued ASU 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. ASU 2023-02 is not expected to have a material impact on the Company’s 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) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,346 $ — $ (22) $ 1,324 U.S. agency 4,913 — (386) 4,527 Asset backed securities 29,573 9 (723) 28,859 State, county & municipal securities 125,765 7 (17,739) 108,033 Corporate debt securities 54,712 22 (6,116) 48,618 Mortgage-backed securities 268,967 29 (25,652) 243,344 Total $ 485,276 $ 67 $ (50,638) $ 434,705 March 31, 2023 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 92,032 $ — $ (2,856) $ 89,176 U.S. agency 16,377 — (1,573) 14,804 State, county & municipal securities 136,270 157 (14,957) 121,470 Mortgage-backed securities 219,267 — (25,646) 193,621 Total $ 463,946 $ 157 $ (45,032) $ 419,071 December 31, 2022 Amortized Gross Gross Fair Value Securities Available for Sale: U.S. treasury securities $ 1,644 $ — $ (22) $ 1,622 U.S. agency 5,035 — (450) 4,585 Asset backed securities 31,468 — (1,480) 29,988 State, county & municipal securities 126,119 — (21,363) 104,756 Corporate debt securities 54,741 164 (5,320) 49,585 Mortgage-backed securities 271,199 9 (29,191) 242,017 Total $ 490,206 $ 173 $ (57,826) $ 432,553 December 31, 2022 Amortized Gross Gross Fair Value Securities Held to Maturity: U.S. treasury securities $ 91,615 $ — $ (4,149) $ 87,466 U.S. agency 16,409 — (1,838) 14,571 State, county & municipal securities 136,138 32 (19,518) 116,652 Mortgage-backed securities 221,696 — (29,121) 192,575 Total $ 465,858 $ 32 $ (54,626) $ 411,264 |
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 $ 1,517 $ 1,494 $ — $ — Due after one year through five years 13,778 12,766 84,463 81,520 Due after five years through ten years 95,218 82,084 74,282 67,157 Due after ten years 105,796 95,017 85,934 76,773 $ 216,309 $ 191,361 $ 244,679 $ 225,450 Mortgage-backed securities 268,967 243,344 219,267 193,621 $ 485,276 $ 434,705 $ 463,946 $ 419,071 |
Schedule of Continuous Unrealized Loss Position | Information pertaining to available-for-sale securities with gross unrealized losses at March 31, 2023 and December 31, 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 March 31, 2023 U.S. treasury securities $ 1,078 $ (18) $ 246 $ (4) $ 1,324 $ (22) U.S. agency securities 149 (1) 4,378 (385) 4,527 (386) Asset backed securities 1,280 (30) 21,658 (693) 22,938 (723) State, county & municipal securities 8,433 (327) 99,032 (17,412) 107,465 (17,739) Corporate debt securities 10,021 (1,533) 37,053 (4,583) 47,074 (6,116) Mortgage-backed securities 31,643 (825) 204,292 (24,827) 235,935 (25,652) $ 52,604 $ (2,734) $ 366,659 $ (47,904) $ 419,263 $ (50,638) December 31, 2022 U.S. treasury securities $ 1,377 $ (17) $ 245 $ (5) $ 1,622 $ (22) U.S. agency securities 3,221 (257) 1,364 (193) 4,585 (450) Asset backed securities 10,780 (319) 19,208 (1,161) 29,988 (1,480) State, county & municipal securities 29,284 (3,629) 75,472 (17,734) 104,756 (21,363) Corporate debt securities 17,258 (1,463) 30,651 (3,857) 47,909 (5,320) Mortgage-backed securities 122,031 (7,890) 119,409 (21,301) 241,440 (29,191) $ 183,951 $ (13,575) $ 246,349 $ (44,251) $ 430,300 $ (57,826) Information pertaining to held-to-maturity securities with gross unrealized losses at March 31, 2023 and December 31, 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 March 31, 2023 U.S. treasury securities $ — $ — $ 89,176 $ (2,856) $ 89,176 $ (2,856) U.S. agency securities — — 14,804 (1,573) 14,804 (1,573) State, county & municipal securities 3,286 (47) 101,998 (14,910) 105,284 (14,957) Mortgage-backed securities — — 193,621 (25,646) 193,621 (25,646) $ 3,286 $ (47) $ 399,599 $ (44,985) $ 402,885 $ (45,032) December 31, 2022 U.S. treasury securities $ — $ — $ 87,466 $ (4,149) $ 87,466 $ (4,149) U.S. agency securities — — 14,571 (1,838) 14,571 (1,838) State, county & municipal securities 9,858 (1,392) 105,734 (18,126) 115,592 (19,518) Mortgage-backed securities 13,580 (729) 178,995 (28,392) 192,575 (29,121) $ 23,438 $ (2,121) $ 386,766 $ (52,505) $ 410,204 $ (54,626) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loans Segregated by Class | The following table presents the composition of loans segregated by class of loans, as of March 31, 2023 and December 31, 2022. (dollars in thousands) March 31, 2023 December 31, 2022 Construction, land & land development $ 249,720 $ 229,435 Other commercial real estate 985,627 975,447 Total commercial real estate 1,235,347 1,204,882 Residential real estate 316,415 290,054 Commercial, financial, & agricultural 225,269 223,923 Consumer and other 22,822 18,247 Total Loans $ 1,799,853 $ 1,737,106 |
Schedule of Loan Portfolio by Credit Quality Indicators | The following table presents the loan portfolio segregated by class of loans and the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of March 31, 2023. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. There were no loans with a risk rating of "doubtful" or "loss" at March 31, 2023. Term Loans Amortized Cost Basis by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolvers Revolvers converted to term loans Total March 31, 2023 Construction, land & land development Risk rating Pass $ 25,111 $ 156,160 $ 39,399 $ 8,807 $ 1,724 $ 6,342 $ 11,184 $ — $ 248,727 Special Mention — — — — — 233 — — 233 Substandard — 599 5 — 67 89 — — 760 Total Construction, land & land development 25,111 156,759 39,404 8,807 1,791 6,664 11,184 — 249,720 Current period gross write offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Other commercial real estate Risk rating Pass 24,793 324,093 222,365 99,740 91,335 174,315 26,595 48 963,284 Special Mention — 54 2,843 1,767 4,634 6,879 — — 16,177 Substandard — 2,672 170 — — 3,278 46 — 6,166 Total Other commercial real estate 24,793 326,819 225,378 101,507 95,969 184,472 26,641 48 985,627 Current period gross write offs — — — — — — — — — Residential real estate Risk rating Pass 17,738 121,766 56,799 24,317 9,924 51,143 21,485 — 303,172 Special Mention 299 158 109 87 968 5,211 122 — 6,954 Substandard — 532 240 234 96 5,187 — — 6,289 Total Residential real estate 18,037 122,456 57,148 24,638 10,988 61,541 21,607 — 316,415 Current period gross write offs — — — — — — — — — Commercial, financial, & agricultural Risk rating Pass 19,919 65,936 30,800 17,615 6,670 16,188 61,430 151 218,709 Special Mention — 83 200 197 35 91 491 — 1,097 Substandard — 34 4,676 309 33 319 92 — 5,463 Total Commercial, financial, & agricultural 19,919 66,053 35,676 18,121 6,738 16,598 62,013 151 225,269 Current period gross write offs — 200 12 — — 61 — — 273 Consumer and other Risk rating Pass 8,219 6,252 3,291 2,109 1,281 1,169 358 — 22,679 Special Mention — 11 23 8 27 5 — — 74 Substandard 15 18 1 22 2 11 — — 69 Total Consumer and other 8,234 6,281 3,315 2,139 1,310 1,185 358 — 22,822 Current period gross write offs — — — 3 — — — — 3 Total Loans Risk rating Pass 95,780 674,207 352,654 152,588 110,934 249,157 121,052 199 1,756,571 Special Mention 299 307 3,174 2,059 5,664 12,418 613 — 24,534 Substandard 15 3,855 5,092 566 198 8,884 138 — 18,748 Total Loans $ 96,094 $ 678,369 $ 360,920 $ 155,213 $ 116,796 $ 270,459 $ 121,803 $ 199 $ 1,799,853 Total current period gross write offs $ — $ 200 $ 12 $ 3 $ — $ 61 $ — $ — $ 276 The following table presents the loan portfolio by credit quality indicator (risk grade) as of December 31, 2022. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes. There were no loans with a risk rating of "doubtful" or "loss" at December 31, 2022. (dollars in thousands) Special December 31, 2022 Pass Mention Substandard Total Construction, land & land development $ 228,494 $ 290 $ 651 $ 229,435 Other commercial real estate 951,126 17,562 6,759 975,447 Total commercial real estate 1,179,620 17,852 7,410 1,204,882 Residential real estate 277,930 6,574 5,550 290,054 Commercial, financial, & agricultural 220,908 885 2,130 223,923 Consumer and other 18,157 54 $ 36 18,247 Total Loans $ 1,696,615 $ 25,365 $ 15,126 $ 1,737,106 |
Summary of Age Analysis of Past Due Loans | The following table presents the aging of the amortized cost basis of loans by aging category and accrual status as of March 31, 2023 and December 31, 2022: (dollars in thousands) 30-89 Days 90 Days Total Accruing Nonaccrual Current Loans Total Loans March 31, 2023 Construction, land & land development $ 9 $ — $ 9 $ 124 $ 249,587 $ 249,720 Other commercial real estate 554 — 554 1,541 983,532 985,627 Total commercial real estate 563 — 563 1,665 1,233,119 1,235,347 Residential real estate 1,596 — 1,596 2,953 311,866 316,415 Commercial, financial, & agricultural 2,602 — 2,602 2,530 220,137 225,269 Consumer and other 15 — 15 17 22,790 22,822 Total Loans $ 4,776 $ — $ 4,776 $ 7,165 $ 1,787,912 $ 1,799,853 December 31, 2022 Construction, land & land development $ — $ — $ — $ 149 $ 229,286 $ 229,435 Other commercial real estate 395 — 395 1,509 973,543 975,447 Total commercial real estate 395 — 395 1,658 1,202,829 1,204,882 Residential real estate 882 — 882 2,686 286,486 290,054 Commercial, financial, & agricultural 476 — 476 1,341 222,106 223,923 Consumer and other 40 — 40 21 18,186 18,247 Total Loans $ 1,793 $ — $ 1,793 $ 5,706 $ 1,729,607 $ 1,737,106 |
Summary of Nonaccrual Loans | The following table is a summary of the Company's nonaccrual loans by major categories for the periods indicated. March 31, 2023 (dollars in thousands) Nonaccrual Loans with No Related ACL Nonaccrual Loans with a Related ACL Total Nonaccrual Loans Construction, land & land development $ 124 $ — $ 124 Other commercial real estate 1,497 44 1,541 Total commercial real estate 1,621 44 1,665 Residential real estate 2,953 — 2,953 Commercial, financial, & agricultural 2,530 — 2,530 Consumer and other 17 — 17 Total Loans $ 7,121 $ 44 $ 7,165 |
Summary of Impaired Loan Data | The following table details impaired loan data, including purchased credit impaired loans, as of December 31, 2022. December 31, 2022 (dollars in thousands) Unpaid Recorded Investment Related Average With No Related Allowance Recorded Construction, land & land development $ 40 $ 40 $ — $ 10 Other commercial real estate 3,754 3,754 — 5,311 Residential real estate 62 62 — 570 Commercial, financial & agricultural — — — 306 Consumer and other — — — 1 3,856 3,856 — 6,198 With An Allowance Recorded Construction, land & land development 474 474 44 177 Other commercial real estate — — — 503 Residential real estate — — — 588 Commercial, financial & agricultural — — — 369 Consumer and other — — — — 474 474 44 1,637 Purchased Credit Impaired Loans Construction, land & land development — — — — Other commercial real estate 798 798 33 760 Residential real estate — — — 13 Commercial, financial & agricultural — — — — Consumer and other — — — 65 798 798 33 838 Total Construction, land & land development 514 514 44 187 Other commercial real estate 4,552 4,552 33 6,574 Residential real estate 62 62 — 1,171 Commercial, financial & agricultural — — — 675 Consumer and other — — — 66 $ 5,128 $ 5,128 $ 77 $ 8,673 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Allowance for Credit Losses | The following tables present the balance sheet activity in the ACL by portfolio segment for loans for the three month periods ended March 31, 2023 and March 31, 2022. CECL (dollars in thousands) Balance December 31, 2022 Adoption of ASU 2016-13 Charge-Offs Recoveries Provision for credit losses on loans Balance, March 31, 2023 Three Months Ended March 31, 2023 Construction, land & land development $ 1,959 $ 148 $ — $ 3 $ 232 $ 2,342 Other commercial real estate 8,886 (630) — 14 (148) 8,122 Total commercial real estate 10,845 (482) — 17 84 10,464 Residential real estate 2,354 1,053 — 11 694 4,112 Commercial, financial & agricultural 2,709 (690) (273) 7 (96) 1,657 Consumer and other 220 66 (3) 4 79 366 Total allowance for credit losses on loans $ 16,128 $ (53) $ (276) $ 39 $ 761 $ 16,599 Incurred Loss (dollars in thousands) Balance December 31, 2021 Charge-Offs Recoveries Provision Balance, March 31, 2022 Three Months Ended March 31, 2022 Construction, land & land development $ 1,127 $ — $ 6 $ 206 $ 1,339 Other commercial real estate 7,691 (58) 7 (285) 7,355 Total commercial real estate 8,818 (58) 13 (79) 8,694 Residential real estate 1,805 (18) 4 20 1,811 Commercial, financial & agricultural 1,083 (16) 44 976 2,087 Consumer and other 1,204 (16) 6 (867) 327 Total allowance for loan losses $ 12,910 $ (108) $ 67 $ 50 $ 12,919 (dollars in thousands) Construction, land and land development Other commercial real estate Residential real estate Commercial, financial & agricultural Consumer and other Total Year ended December 31, 2022 Period end amount allocated to Individually evaluated for impairment $ 44 $ — $ — $ — $ — $ 44 Collectively evaluated for impairment 1,915 8,853 2,354 2,709 220 16,051 Purchase credit impaired — 33 — — — 33 Ending Balance $ 1,959 $ 8,886 $ 2,354 $ 2,709 $ 220 $ 16,128 Loans Individually evaluated for impairment $ 514 $ 3,754 $ 62 $ — $ — $ 4,330 Collectively evaluated for impairment 228,921 970,895 289,992 223,923 18,247 1,731,978 Purchase credit impaired — 798 — — — 798 Ending Balance $ 229,435 $ 975,447 $ 290,054 $ 223,923 $ 18,247 $ 1,737,106 The following table presents the balance and activity in the allowance for credit losses for unfunded commitments for the three months ended March 31, 2023. (dollars in thousands) Total Allowance for Credit Losses-Unfunded Commitments Balance, December 31, 2022 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,661 Provision for unfunded commitments 139 Balance, March 31, 2023 $ 1,800 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowed Money | The following table presents information regarding the Company’s outstanding borrowings at March 31, 2023 and December 31, 2022: (dollars in thousands) March 31, 2023 December 31, 2022 Federal Home Loan Bank advances 165,000 125,000 Other borrowings 63,375 78,352 $ 228,375 $ 203,352 |
Schedule of Aggregate Stated Maturities | The aggregate stated maturities of other borrowed money at March 31, 2023 are as follows: (dollars in thousands) Year Amount 2023 $ 110,000 2027 15,000 2028 and After 103,375 $ 228,375 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents earnings per share for the three months ended March 31, 2023 and 2022. (dollars in thousands, except per share data) Three Months Ended 2023 2022 Numerator Net income available to common stockholders $ 5,043 $ 5,324 Denominator Weighted average number of common shares Outstanding for basic earnings per common share 17,595,688 15,877,695 Weighted-average number of shares outstanding for diluted earnings per common share 17,595,688 15,877,695 Earnings per share - basic $ 0.29 $ 0.34 Earnings per share - diluted $ 0.29 $ 0.34 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk | At March 31, 2023 and December 31, 2022 the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (dollars in thousands) March 31, 2023 December 31, 2022 Loan commitments $ 406,282 $ 379,997 Letters of credit 3,158 3,333 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 are as follows: Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level March 31, 2023 Assets Cash and short-term investments $ 81,966 $ 81,966 $ 81,966 $ — $ — Investment securities available for sale 434,705 434,705 — 419,750 14,955 Investment securities held to maturity 463,946 419,071 — 419,071 — Other investments, at cost 14,999 14,999 — 14,903 96 Loans held for sale 13,623 13,623 — 13,623 — Loans, net 1,783,254 1,628,671 — — 1,628,671 Liabilities Deposits 2,516,129 2,506,457 — 2,506,457 — Federal Home Loan Bank advances 165,000 164,831 — 164,831 — Other borrowings 63,375 53,951 — 53,951 — Fair Value Measurements (dollars in thousands) Carrying Estimated Level Level Level December 31, 2022 Assets Cash and short-term investments $ 80,678 $ 80,678 $ 80,678 $ — $ — Investment securities available for sale 432,553 432,553 — 416,957 15,596 Investment securities held to maturity 465,858 411,264 — 411,264 — Other investments, at cost 13,793 13,793 — 13,003 790 Loans held for sale 17,743 17,743 — 17,743 — Loans, net 1,720,978 1,469,707 — — 1,469,707 Liabilities Deposits 2,490,997 2,489,481 — 2,489,481 — Federal Home Loan Bank advances 125,000 125,163 — 125,163 — Other borrowings 78,352 69,930 — 69,930 — |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall. The tables below include only collateral dependent impaired loans with a specific reserve and only other real estate properties with a valuation allowance at March 31, 2023 and December 31, 2022. 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) March 31, 2023 Nonrecurring Collateral dependent impaired loans $ 651 $ — $ — $ 651 Other real estate owned 651 — — 651 Total nonrecurring assets $ 1,302 $ — $ — $ 1,302 Fair Value Measurements at Reporting Date Using (dollars in thousands) Total Fair (Level 1) (Level 2) (Level 3) December 31, 2022 Nonrecurring Collateral dependent impaired loans $ 521 $ — $ — $ 521 Other real estate owned 651 — — 651 Total nonrecurring assets $ 1,172 $ — $ — $ 1,172 |
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 March 31, 2023 and December 31, 2022. This table is comprised primarily of collateral dependent impaired loans and other real estate owned: (dollars in thousands) March 31, 2023 Valuation Unobservable Range Collateral dependent impaired loans $ 651 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 50 % Other real estate owned 651 Appraised Value/Comparable Sales Discounts to reflect current market conditions and estimated costs to sell — % 20 % (dollars in thousands) December 31, 2022 Valuation Unobservable Range Collateral dependent impaired loans $ 521 Appraised Value Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 25 % 50 % Other real estate owned 651 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 March 31, 2023 and December 31, 2022. As of March 31, 2023 (dollars in thousands) Fair Value Valuation Unobservable Range Available for sale securities $ 14,955 Discounted Cash Flow Discount Rate or Yield N/A* Other investments 96 Discounted Cash Flow Discount Rate or Yield N/A* As of December 31, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range Available for sale securities $ 15,596 Discounted Cash Flow Discount Rate or Yield N/A* Other investments 790 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 months ended March 31, 2023. Available for sale securities Other Investments (dollars in thousands) Balance, Beginning $ 15,596 $ 790 Redemptions/Payments (533) (703) Unrealized/realized losses/(gains) included in earnings (488) 9 Transfer to Level 3 380 — Balance, Ending $ 14,955 $ 96 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present information reported internally for performance assessment for the three months ended March 31, 2023 and 2022: (dollars in thousands) Bank Mortgage Small Totals Three Months Ended March 31, 2023 Net Interest Income $ 20,138 $ 3 $ 427 $ 20,568 Provision for Credit Losses 900 — — 900 Noninterest Income 4,918 1,277 1,464 7,659 Noninterest Expenses 17,812 1,712 1,641 21,165 Income Taxes 1,155 (86) 50 1,119 Segment Profit $ 5,189 $ (346) $ 200 $ 5,043 Segments Assets at March 31, 2023 $ 2,930,421 $ 7,895 $ 58,625 $ 2,996,941 Full time employees at March 31, 2023 407 59 30 496 (dollars in thousands) Bank Mortgage Small Totals Three Months Ended March 31, 2022 Net Interest Income $ 18,824 $ 71 $ 293 $ 19,188 Provision for Credit Losses 50 — — 50 Noninterest Income 4,300 2,912 1,940 9,152 Noninterest Expenses 17,701 2,711 1,393 21,805 Income Taxes 900 101 160 1,161 Segment Profit $ 4,473 $ 171 $ 680 $ 5,324 Segments Assets at December 31, 2022 $ 2,857,893 $ 18,221 $ 60,456 $ 2,936,570 Full time employees at March 31, 2022 404 62 28 494 |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Banking And Thrift Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables summarize regulatory capital information as of March 31, 2023 and December 31, 2022 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for March 31, 2023 and December 31, 2022 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 March 31, 2023 Total Capital to Risk-Weighted Assets Consolidated $ 319,700 14.80 % $ 172,811 8.00 % N/A N/A Colony Bank 277,346 12.88 172,265 8.00 $ 215,331 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 262,154 12.14 129,565 6.00 N/A N/A Colony Bank 258,947 12.02 129,258 6.00 172,344 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 237,925 11.01 97,245 4.50 N/A N/A Colony Bank 258,947 12.02 96,944 4.50 140,030 6.50 Tier 1 Capital to Average Assets Consolidated 262,154 8.90 117,822 4.00 N/A N/A Colony Bank 258,947 8.82 117,436 4.00 146,795 5.00 (dollars in thousands) Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Total Capital to Risk-Weighted Assets Consolidated $ 318,250 15.11 % $ 168,498 8.00 % N/A N/A Colony Bank 272,812 12.99 168,014 8.00 $ 210,017 10.00 % Tier 1 Capital to Risk-Weighted Assets Consolidated 262,999 12.49 126,341 6.00 N/A N/A Colony Bank 256,684 12.22 126,031 6.00 168,042 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 238,770 11.34 94,750 4.50 N/A N/A Colony Bank 256,684 12.22 94,524 4.50 136,534 6.50 Tier 1 Capital to Average Assets Consolidated 262,999 9.17 114,721 4.00 N/A N/A Colony Bank 256,684 8.97 114,463 4.00 143,079 5.00 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Percentage of loan portfolio concentrated in loans secured by real estate | 86% | ||||||
Stockholders' Equity Attributable to Parent | $ 238,777 | $ 230,268 | $ 250,277 | $ 217,707 | |||
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' Equity Attributable to Parent | $ 113,485 | 111,573 | $ 103,036 | $ 99,189 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' Equity Attributable to Parent | [1] | (1,198) | |||||
Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' Equity Attributable to Parent | $ 1,200 | $ (1,198) | [1] | ||||
[1] (1) Represents the impact of the adoption of Accounting Standards Update ("ASU") No. 2016-13: CECL |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Securities Available for Sale: | |||
Amortized Cost | $ 485,276 | $ 490,206 | |
Gross Unrealized Gains | 67 | 173 | |
Gross Unrealized Losses | (50,638) | (57,826) | |
Fair Value | 434,705 | 432,553 | |
Securities Held to Maturity: | |||
Amortized Cost | 463,946 | 465,858 | |
Gross Unrealized Gains | 157 | 32 | |
Gross Unrealized Losses | (45,032) | (54,626) | |
Fair Value | 419,071 | 411,264 | $ 477,000 |
U.S. treasury securities | |||
Securities Available for Sale: | |||
Amortized Cost | 1,346 | 1,644 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (22) | (22) | |
Fair Value | 1,324 | 1,622 | |
Securities Held to Maturity: | |||
Amortized Cost | 92,032 | 91,615 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (2,856) | (4,149) | |
Fair Value | 89,176 | 87,466 | |
U.S. agency | |||
Securities Available for Sale: | |||
Amortized Cost | 4,913 | 5,035 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (386) | (450) | |
Fair Value | 4,527 | 4,585 | |
Securities Held to Maturity: | |||
Amortized Cost | 16,377 | 16,409 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (1,573) | (1,838) | |
Fair Value | 14,804 | 14,571 | |
Asset backed securities | |||
Securities Available for Sale: | |||
Amortized Cost | 29,573 | 31,468 | |
Gross Unrealized Gains | 9 | 0 | |
Gross Unrealized Losses | (723) | (1,480) | |
Fair Value | 28,859 | 29,988 | |
State, county & municipal securities | |||
Securities Available for Sale: | |||
Amortized Cost | 125,765 | 126,119 | |
Gross Unrealized Gains | 7 | 0 | |
Gross Unrealized Losses | (17,739) | (21,363) | |
Fair Value | 108,033 | 104,756 | |
Securities Held to Maturity: | |||
Amortized Cost | 136,270 | 136,138 | |
Gross Unrealized Gains | 157 | 32 | |
Gross Unrealized Losses | (14,957) | (19,518) | |
Fair Value | 121,470 | 116,652 | |
Corporate debt securities | |||
Securities Available for Sale: | |||
Amortized Cost | 54,712 | 54,741 | |
Gross Unrealized Gains | 22 | 164 | |
Gross Unrealized Losses | (6,116) | (5,320) | |
Fair Value | 48,618 | 49,585 | |
Mortgage-backed securities | |||
Securities Available for Sale: | |||
Amortized Cost | 268,967 | 271,199 | |
Gross Unrealized Gains | 29 | 9 | |
Gross Unrealized Losses | (25,652) | (29,191) | |
Fair Value | 243,344 | 242,017 | |
Securities Held to Maturity: | |||
Amortized Cost | 219,267 | 221,696 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (25,646) | (29,121) | |
Fair Value | $ 193,621 | $ 192,575 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 8 Months Ended | |||
Mar. 31, 2023 USD ($) security | Mar. 31, 2022 USD ($) | Sep. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Available-for-sale securities, accrued interest receivable | $ 2,200,000 | $ 2,600,000 | |||
Held-to-maturity securities, accrued interest receivable | 2,000,000 | 1,900,000 | |||
Held-to-maturity, book value | $ 511,000,000 | ||||
Fair Value | 419,071,000 | 477,000,000 | 411,264,000 | ||
Available-for-sale to held-to-maturity, transfer unrealized loss | $ 34,000,000 | ||||
Proceeds from sales of investment securities, available-for-sale | $ 0 | $ 3,061,000 | |||
Gross realized gain on sale | 24,000 | ||||
Number of available for sale securities that have unrealized losses | security | 281 | ||||
Number of held to maturity securities that have unrealized losses | security | 149 | ||||
Allowance for credit loss | $ 16,599,000 | $ 12,919,000 | 16,128,000 | $ 12,910,000 | |
Investment Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Allowance for credit loss | 0 | ||||
Asset Pledged as Collateral | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Investment securities pledged as collateral | $ 389,300,000 | $ 541,800,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Amortized Cost | |||
Due in one year or less | $ 1,517 | ||
Due after one year through five years | 13,778 | ||
Due after five years through ten years | 95,218 | ||
Due after ten years | 105,796 | ||
Total amortized cost | 216,309 | ||
Mortgage-backed securities | 268,967 | ||
Amortized Cost | 485,276 | $ 490,206 | |
Fair Value | |||
Due in one year or less | 1,494 | ||
Due after one year through five years | 12,766 | ||
Due after five years through ten years | 82,084 | ||
Due after ten years | 95,017 | ||
Total fair value | 191,361 | ||
Mortgage-backed securities | 243,344 | ||
Fair value | 434,705 | 432,553 | |
Amortized Cost | |||
Due in one year or less | 0 | ||
Due after one year through five years | 84,463 | ||
Due after five years through ten years | 74,282 | ||
Due after ten years | 85,934 | ||
Total amortized cost | 244,679 | ||
Mortgage-backed securities | 219,267 | ||
Amortized Cost | 463,946 | 465,858 | |
Fair Value | |||
Due in one year or less | 0 | ||
Due after one year through five years | 81,520 | ||
Due after five years through ten years | 67,157 | ||
Due after ten years | 76,773 | ||
Total fair value | 225,450 | ||
Mortgage-backed securities | 193,621 | ||
Fair value | $ 419,071 | $ 411,264 | $ 477,000 |
Investment Securities - Availab
Investment Securities - Available for Sale Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less Than 12 Months | $ 52,604 | $ 183,951 |
12 Months or Greater | 366,659 | 246,349 |
Total | 419,263 | 430,300 |
Gross Unrealized Losses | ||
Less Than 12 Months | (2,734) | (13,575) |
12 Months or Greater | (47,904) | (44,251) |
Total | (50,638) | (57,826) |
U.S. treasury securities | ||
Fair Value | ||
Less Than 12 Months | 1,078 | 1,377 |
12 Months or Greater | 246 | 245 |
Total | 1,324 | 1,622 |
Gross Unrealized Losses | ||
Less Than 12 Months | (18) | (17) |
12 Months or Greater | (4) | (5) |
Total | (22) | (22) |
U.S. agency securities | ||
Fair Value | ||
Less Than 12 Months | 149 | 3,221 |
12 Months or Greater | 4,378 | 1,364 |
Total | 4,527 | 4,585 |
Gross Unrealized Losses | ||
Less Than 12 Months | (1) | (257) |
12 Months or Greater | (385) | (193) |
Total | (386) | (450) |
Asset backed securities | ||
Fair Value | ||
Less Than 12 Months | 1,280 | 10,780 |
12 Months or Greater | 21,658 | 19,208 |
Total | 22,938 | 29,988 |
Gross Unrealized Losses | ||
Less Than 12 Months | (30) | (319) |
12 Months or Greater | (693) | (1,161) |
Total | (723) | (1,480) |
State, county & municipal securities | ||
Fair Value | ||
Less Than 12 Months | 8,433 | 29,284 |
12 Months or Greater | 99,032 | 75,472 |
Total | 107,465 | 104,756 |
Gross Unrealized Losses | ||
Less Than 12 Months | (327) | (3,629) |
12 Months or Greater | (17,412) | (17,734) |
Total | (17,739) | (21,363) |
Corporate debt securities | ||
Fair Value | ||
Less Than 12 Months | 10,021 | 17,258 |
12 Months or Greater | 37,053 | 30,651 |
Total | 47,074 | 47,909 |
Gross Unrealized Losses | ||
Less Than 12 Months | (1,533) | (1,463) |
12 Months or Greater | (4,583) | (3,857) |
Total | (6,116) | (5,320) |
Mortgage-backed securities | ||
Fair Value | ||
Less Than 12 Months | 31,643 | 122,031 |
12 Months or Greater | 204,292 | 119,409 |
Total | 235,935 | 241,440 |
Gross Unrealized Losses | ||
Less Than 12 Months | (825) | (7,890) |
12 Months or Greater | (24,827) | (21,301) |
Total | $ (25,652) | $ (29,191) |
Investment Securities - Held to
Investment Securities - Held to Maturity Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less Than 12 Months | $ 3,286 | $ 23,438 |
12 Months or Greater | 399,599 | 386,766 |
Total | 402,885 | 410,204 |
Gross Unrealized Losses | ||
Less Than 12 Months | (47) | (2,121) |
12 Months or Greater | (44,985) | (52,505) |
Total | (45,032) | (54,626) |
U.S. treasury securities | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Greater | 89,176 | 87,466 |
Total | 89,176 | 87,466 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or Greater | (2,856) | (4,149) |
Total | (2,856) | (4,149) |
U.S. agency | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Greater | 14,804 | 14,571 |
Total | 14,804 | 14,571 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or Greater | (1,573) | (1,838) |
Total | (1,573) | (1,838) |
State, county & municipal securities | ||
Fair Value | ||
Less Than 12 Months | 3,286 | 9,858 |
12 Months or Greater | 101,998 | 105,734 |
Total | 105,284 | 115,592 |
Gross Unrealized Losses | ||
Less Than 12 Months | (47) | (1,392) |
12 Months or Greater | (14,910) | (18,126) |
Total | (14,957) | (19,518) |
Mortgage-backed securities | ||
Fair Value | ||
Less Than 12 Months | 0 | 13,580 |
12 Months or Greater | 193,621 | 178,995 |
Total | 193,621 | 192,575 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | (729) |
12 Months or Greater | (25,646) | (28,392) |
Total | $ (25,646) | $ (29,121) |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Accrued interest receivable for loans | $ 7,100,000 | $ 6,800,000 | |
Interest income | 154,000 | $ 215,000 | |
Unfunded commitments to lend | $ 0 |
Loans - Loans Segregated by Cla
Loans - Loans Segregated by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 1,799,853 | $ 1,737,106 |
Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 229,435 | |
Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 975,447 | |
Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,235,347 | 1,204,882 |
Commercial real estate | Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 249,720 | 229,435 |
Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 985,627 | 975,447 |
Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 316,415 | 290,054 |
Commercial, financial, & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 225,269 | 223,923 |
Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 22,822 | $ 18,247 |
Loans - Loan Portfolio by Credi
Loans - Loan Portfolio by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | $ 96,094 | |
2023, current period gross write-offs | 0 | |
2022 | 678,369 | |
2022, current period gross write-offs | 200 | |
2021 | 360,920 | |
2021, current period gross write-offs | 12 | |
2020 | 155,213 | |
2020, current period gross write-offs | 3 | |
2019 | 116,796 | |
2019, current period gross write-offs | 0 | |
Prior | 270,459 | |
Prior, current period gross write-offs | 61 | |
Revolvers | 121,803 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 199 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 1,799,853 | $ 1,737,106 |
Loans, current period gross write-offs | 276 | |
Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,799,853 | 1,737,106 |
Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 229,435 | |
Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 229,435 | |
Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 975,447 | |
Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 975,447 | |
Commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,235,347 | 1,204,882 |
Commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,235,347 | 1,204,882 |
Commercial real estate | Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 25,111 | |
2023, current period gross write-offs | 0 | |
2022 | 156,759 | |
2022, current period gross write-offs | 0 | |
2021 | 39,404 | |
2021, current period gross write-offs | 0 | |
2020 | 8,807 | |
2020, current period gross write-offs | 0 | |
2019 | 1,791 | |
2019, current period gross write-offs | 0 | |
Prior | 6,664 | |
Prior, current period gross write-offs | 0 | |
Revolvers | 11,184 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 0 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 249,720 | 229,435 |
Loans, current period gross write-offs | 0 | |
Commercial real estate | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 249,720 | 229,435 |
Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 24,793 | |
2023, current period gross write-offs | 0 | |
2022 | 326,819 | |
2022, current period gross write-offs | 0 | |
2021 | 225,378 | |
2021, current period gross write-offs | 0 | |
2020 | 101,507 | |
2020, current period gross write-offs | 0 | |
2019 | 95,969 | |
2019, current period gross write-offs | 0 | |
Prior | 184,472 | |
Prior, current period gross write-offs | 0 | |
Revolvers | 26,641 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 48 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 985,627 | 975,447 |
Loans, current period gross write-offs | 0 | |
Commercial real estate | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 985,627 | 975,447 |
Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 18,037 | |
2023, current period gross write-offs | 0 | |
2022 | 122,456 | |
2022, current period gross write-offs | 0 | |
2021 | 57,148 | |
2021, current period gross write-offs | 0 | |
2020 | 24,638 | |
2020, current period gross write-offs | 0 | |
2019 | 10,988 | |
2019, current period gross write-offs | 0 | |
Prior | 61,541 | |
Prior, current period gross write-offs | 0 | |
Revolvers | 21,607 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 0 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 316,415 | 290,054 |
Loans, current period gross write-offs | 0 | |
Residential real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 316,415 | 290,054 |
Commercial, financial, & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 19,919 | |
2023, current period gross write-offs | 0 | |
2022 | 66,053 | |
2022, current period gross write-offs | 200 | |
2021 | 35,676 | |
2021, current period gross write-offs | 12 | |
2020 | 18,121 | |
2020, current period gross write-offs | 0 | |
2019 | 6,738 | |
2019, current period gross write-offs | 0 | |
Prior | 16,598 | |
Prior, current period gross write-offs | 61 | |
Revolvers | 62,013 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 151 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 225,269 | 223,923 |
Loans, current period gross write-offs | 273 | |
Commercial, financial, & agricultural | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 225,269 | 223,923 |
Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 8,234 | |
2023, current period gross write-offs | 0 | |
2022 | 6,281 | |
2022, current period gross write-offs | 0 | |
2021 | 3,315 | |
2021, current period gross write-offs | 0 | |
2020 | 2,139 | |
2020, current period gross write-offs | 3 | |
2019 | 1,310 | |
2019, current period gross write-offs | 0 | |
Prior | 1,185 | |
Prior, current period gross write-offs | 0 | |
Revolvers | 358 | |
Revolvers, current period gross write-offs | 0 | |
Revolvers converted to term loans | 0 | |
Revolvers converted to term loans, current period gross write-offs | 0 | |
Loans | 22,822 | 18,247 |
Loans, current period gross write-offs | 3 | |
Consumer and other | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 22,822 | 18,247 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 95,780 | |
2022 | 674,207 | |
2021 | 352,654 | |
2020 | 152,588 | |
2019 | 110,934 | |
Prior | 249,157 | |
Revolvers | 121,052 | |
Revolvers converted to term loans | 199 | |
Loans | 1,756,571 | |
Pass | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,696,615 | |
Pass | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 228,494 | |
Pass | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 951,126 | |
Pass | Commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,179,620 | |
Pass | Commercial real estate | Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 25,111 | |
2022 | 156,160 | |
2021 | 39,399 | |
2020 | 8,807 | |
2019 | 1,724 | |
Prior | 6,342 | |
Revolvers | 11,184 | |
Revolvers converted to term loans | 0 | |
Loans | 248,727 | |
Pass | Commercial real estate | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 228,494 | |
Pass | Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 24,793 | |
2022 | 324,093 | |
2021 | 222,365 | |
2020 | 99,740 | |
2019 | 91,335 | |
Prior | 174,315 | |
Revolvers | 26,595 | |
Revolvers converted to term loans | 48 | |
Loans | 963,284 | |
Pass | Commercial real estate | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 951,126 | |
Pass | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 17,738 | |
2022 | 121,766 | |
2021 | 56,799 | |
2020 | 24,317 | |
2019 | 9,924 | |
Prior | 51,143 | |
Revolvers | 21,485 | |
Revolvers converted to term loans | 0 | |
Loans | 303,172 | |
Pass | Residential real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 277,930 | |
Pass | Commercial, financial, & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 19,919 | |
2022 | 65,936 | |
2021 | 30,800 | |
2020 | 17,615 | |
2019 | 6,670 | |
Prior | 16,188 | |
Revolvers | 61,430 | |
Revolvers converted to term loans | 151 | |
Loans | 218,709 | |
Pass | Commercial, financial, & agricultural | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 220,908 | |
Pass | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 8,219 | |
2022 | 6,252 | |
2021 | 3,291 | |
2020 | 2,109 | |
2019 | 1,281 | |
Prior | 1,169 | |
Revolvers | 358 | |
Revolvers converted to term loans | 0 | |
Loans | 22,679 | |
Pass | Consumer and other | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 18,157 | |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 299 | |
2022 | 307 | |
2021 | 3,174 | |
2020 | 2,059 | |
2019 | 5,664 | |
Prior | 12,418 | |
Revolvers | 613 | |
Revolvers converted to term loans | 0 | |
Loans | 24,534 | |
Special Mention | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 25,365 | |
Special Mention | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 290 | |
Special Mention | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,562 | |
Special Mention | Commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,852 | |
Special Mention | Commercial real estate | Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 233 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | 233 | |
Special Mention | Commercial real estate | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 290 | |
Special Mention | Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 54 | |
2021 | 2,843 | |
2020 | 1,767 | |
2019 | 4,634 | |
Prior | 6,879 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | 16,177 | |
Special Mention | Commercial real estate | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 17,562 | |
Special Mention | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 299 | |
2022 | 158 | |
2021 | 109 | |
2020 | 87 | |
2019 | 968 | |
Prior | 5,211 | |
Revolvers | 122 | |
Revolvers converted to term loans | 0 | |
Loans | 6,954 | |
Special Mention | Residential real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 6,574 | |
Special Mention | Commercial, financial, & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 83 | |
2021 | 200 | |
2020 | 197 | |
2019 | 35 | |
Prior | 91 | |
Revolvers | 491 | |
Revolvers converted to term loans | 0 | |
Loans | 1,097 | |
Special Mention | Commercial, financial, & agricultural | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 885 | |
Special Mention | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 11 | |
2021 | 23 | |
2020 | 8 | |
2019 | 27 | |
Prior | 5 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | 74 | |
Special Mention | Consumer and other | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 54 | |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 15 | |
2022 | 3,855 | |
2021 | 5,092 | |
2020 | 566 | |
2019 | 198 | |
Prior | 8,884 | |
Revolvers | 138 | |
Revolvers converted to term loans | 0 | |
Loans | 18,748 | |
Substandard | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,126 | |
Substandard | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 651 | |
Substandard | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 6,759 | |
Substandard | Commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,410 | |
Substandard | Commercial real estate | Construction, land & land development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 599 | |
2021 | 5 | |
2020 | 0 | |
2019 | 67 | |
Prior | 89 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | 760 | |
Substandard | Commercial real estate | Construction, land & land development | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 651 | |
Substandard | Commercial real estate | Other commercial real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 2,672 | |
2021 | 170 | |
2020 | 0 | |
2019 | 0 | |
Prior | 3,278 | |
Revolvers | 46 | |
Revolvers converted to term loans | 0 | |
Loans | 6,166 | |
Substandard | Commercial real estate | Other commercial real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 6,759 | |
Substandard | Residential real estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 532 | |
2021 | 240 | |
2020 | 234 | |
2019 | 96 | |
Prior | 5,187 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | 6,289 | |
Substandard | Residential real estate | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 5,550 | |
Substandard | Commercial, financial, & agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 0 | |
2022 | 34 | |
2021 | 4,676 | |
2020 | 309 | |
2019 | 33 | |
Prior | 319 | |
Revolvers | 92 | |
Revolvers converted to term loans | 0 | |
Loans | 5,463 | |
Substandard | Commercial, financial, & agricultural | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,130 | |
Substandard | Consumer and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2023 | 15 | |
2022 | 18 | |
2021 | 1 | |
2020 | 22 | |
2019 | 2 | |
Prior | 11 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Loans | $ 69 | |
Substandard | Consumer and other | Legacy Loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 36 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1,799,853 | $ 1,737,106 |
Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,799,853 | 1,737,106 |
Nonaccrual Loans | 7,165 | 5,706 |
30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,776 | 1,793 |
90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,776 | 1,793 |
Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,787,912 | 1,729,607 |
Construction, land & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 229,435 | |
Construction, land & land development | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 229,435 | |
Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 975,447 | |
Other commercial real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 975,447 | |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,235,347 | 1,204,882 |
Commercial real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,235,347 | 1,204,882 |
Nonaccrual Loans | 1,665 | 1,658 |
Commercial real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 563 | 395 |
Commercial real estate | 90 Days or More Past Due | Legacy 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 | 563 | 395 |
Commercial real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,233,119 | 1,202,829 |
Commercial real estate | Construction, land & land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 249,720 | 229,435 |
Commercial real estate | Construction, land & land development | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 249,720 | 229,435 |
Nonaccrual Loans | 124 | 149 |
Commercial real estate | Construction, land & land development | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9 | 0 |
Commercial real estate | Construction, land & land development | 90 Days or More Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction, land & land development | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9 | 0 |
Commercial real estate | Construction, land & land development | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 249,587 | 229,286 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 985,627 | 975,447 |
Commercial real estate | Other commercial real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 985,627 | 975,447 |
Nonaccrual Loans | 1,541 | 1,509 |
Commercial real estate | Other commercial real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 554 | 395 |
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 | Total Accruing Loans Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 554 | 395 |
Commercial real estate | Other commercial real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 983,532 | 973,543 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 316,415 | 290,054 |
Residential real estate | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 316,415 | 290,054 |
Nonaccrual Loans | 2,953 | 2,686 |
Residential real estate | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,596 | 882 |
Residential real estate | 90 Days or More Past Due | Legacy 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 | 1,596 | 882 |
Residential real estate | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 311,866 | 286,486 |
Commercial, financial, & agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 225,269 | 223,923 |
Commercial, financial, & agricultural | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 225,269 | 223,923 |
Nonaccrual Loans | 2,530 | 1,341 |
Commercial, financial, & agricultural | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,602 | 476 |
Commercial, financial, & agricultural | 90 Days or More Past Due | Legacy 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 | 2,602 | 476 |
Commercial, financial, & agricultural | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 220,137 | 222,106 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,822 | 18,247 |
Consumer and other | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,822 | 18,247 |
Nonaccrual Loans | 17 | 21 |
Consumer and other | 30-89 Days Past Due | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 15 | 40 |
Consumer and other | 90 Days or More Past Due | Legacy 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 | 15 | 40 |
Consumer and other | Current Loans | Legacy Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 22,790 | $ 18,186 |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | $ 7,121 |
Nonaccrual Loans with a Related ACL | 44 |
Total Nonaccrual Loans | 7,165 |
Commercial real estate | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 1,621 |
Nonaccrual Loans with a Related ACL | 44 |
Total Nonaccrual Loans | 1,665 |
Commercial real estate | Construction, land & land development | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 124 |
Nonaccrual Loans with a Related ACL | 0 |
Total Nonaccrual Loans | 124 |
Commercial real estate | Other commercial real estate | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 1,497 |
Nonaccrual Loans with a Related ACL | 44 |
Total Nonaccrual Loans | 1,541 |
Residential real estate | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 2,953 |
Nonaccrual Loans with a Related ACL | 0 |
Total Nonaccrual Loans | 2,953 |
Commercial, financial, & agricultural | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 2,530 |
Nonaccrual Loans with a Related ACL | 0 |
Total Nonaccrual Loans | 2,530 |
Consumer and other | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Nonaccrual Loans with No Related ACL | 17 |
Nonaccrual Loans with a Related ACL | 0 |
Total Nonaccrual Loans | $ 17 |
Loans - Impaired Loan Data (Det
Loans - Impaired Loan Data (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | $ 3,856 |
With An Allowance Recorded | 474 |
Loans Including Purchased Credit Impaired Loans | 5,128 |
Recorded Investment | |
With No Related Allowance Recorded | 3,856 |
With An Allowance Recorded | 474 |
Loans Including Purchased Credit Impaired Loans | 5,128 |
Related Allowance | |
With An Allowance Recorded | 44 |
Total Impaired Loans | 77 |
Average Recorded Investment | |
With No Related Allowance Recorded | 6,198 |
With An Allowance Recorded | 1,637 |
Loans Including Purchased Credit Impaired Loans | 8,673 |
Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 798 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 798 |
Related Allowance | |
With An Allowance Recorded | 33 |
Purchased Credit Impaired Loans | 33 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 838 |
Residential real estate | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | 62 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 62 |
Recorded Investment | |
With No Related Allowance Recorded | 62 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 62 |
Related Allowance | |
With An Allowance Recorded | 0 |
Total Impaired Loans | 0 |
Average Recorded Investment | |
With No Related Allowance Recorded | 570 |
With An Allowance Recorded | 588 |
Loans Including Purchased Credit Impaired Loans | 1,171 |
Residential real estate | Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Purchased Credit Impaired Loans | 0 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 13 |
Commercial, financial, & agricultural | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | 0 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
With No Related Allowance Recorded | 0 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Total Impaired Loans | 0 |
Average Recorded Investment | |
With No Related Allowance Recorded | 306 |
With An Allowance Recorded | 369 |
Loans Including Purchased Credit Impaired Loans | 675 |
Commercial, financial, & agricultural | Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Purchased Credit Impaired Loans | 0 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Consumer and other | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | 0 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
With No Related Allowance Recorded | 0 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Total Impaired Loans | 0 |
Average Recorded Investment | |
With No Related Allowance Recorded | 1 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 66 |
Consumer and other | Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Purchased Credit Impaired Loans | 0 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 65 |
Construction, land & land development | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | 40 |
With An Allowance Recorded | 474 |
Loans Including Purchased Credit Impaired Loans | 514 |
Recorded Investment | |
With No Related Allowance Recorded | 40 |
With An Allowance Recorded | 474 |
Loans Including Purchased Credit Impaired Loans | 514 |
Related Allowance | |
With An Allowance Recorded | 44 |
Total Impaired Loans | 44 |
Average Recorded Investment | |
With No Related Allowance Recorded | 10 |
With An Allowance Recorded | 177 |
Loans Including Purchased Credit Impaired Loans | 187 |
Construction, land & land development | Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 0 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Related Allowance | |
With An Allowance Recorded | 0 |
Purchased Credit Impaired Loans | 0 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 0 |
Other commercial real estate | |
Unpaid Contractual Principal Balance | |
With No Related Allowance Recorded | 3,754 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 4,552 |
Recorded Investment | |
With No Related Allowance Recorded | 3,754 |
With An Allowance Recorded | 0 |
Loans Including Purchased Credit Impaired Loans | 4,552 |
Related Allowance | |
With An Allowance Recorded | 0 |
Total Impaired Loans | 33 |
Average Recorded Investment | |
With No Related Allowance Recorded | 5,311 |
With An Allowance Recorded | 503 |
Loans Including Purchased Credit Impaired Loans | 6,574 |
Other commercial real estate | Purchase credit impaired | |
Unpaid Contractual Principal Balance | |
Loans Including Purchased Credit Impaired Loans | 798 |
Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | 798 |
Related Allowance | |
With An Allowance Recorded | 33 |
Purchased Credit Impaired Loans | 33 |
Average Recorded Investment | |
Loans Including Purchased Credit Impaired Loans | $ 760 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Segregated by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 16,128 | $ 12,910 | ||
Adoption of ASU 2016-13 | $ (53) | |||
Charge-Offs | (276) | (108) | ||
Recoveries | 39 | 67 | ||
Provision for credit losses on loans | 761 | 50 | ||
Ending balance | 16,599 | 12,919 | ||
Period end amount allocated to | ||||
Individually evaluated for impairment | $ 44 | |||
Collectively evaluated for impairment | 16,051 | |||
Purchase credit impaired | 44 | |||
Allowance for credit loss | 16,599 | 12,919 | 16,128 | |
Loans | ||||
Individually evaluated for impairment | 4,330 | |||
Collectively evaluated for impairment | 1,731,978 | |||
Purchase credit impaired | 5,128 | |||
Ending Balance | 1,799,853 | 1,737,106 | ||
Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 33 | |||
Loans | ||||
Purchase credit impaired | 798 | |||
Construction, land & land development | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,959 | |||
Period end amount allocated to | ||||
Individually evaluated for impairment | 44 | |||
Collectively evaluated for impairment | 1,915 | |||
Purchase credit impaired | 44 | |||
Allowance for credit loss | 1,959 | |||
Loans | ||||
Individually evaluated for impairment | 514 | |||
Collectively evaluated for impairment | 228,921 | |||
Purchase credit impaired | 514 | |||
Ending Balance | 229,435 | |||
Construction, land & land development | Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 0 | |||
Loans | ||||
Purchase credit impaired | 0 | |||
Other commercial real estate | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,886 | |||
Period end amount allocated to | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 8,853 | |||
Purchase credit impaired | 0 | |||
Allowance for credit loss | 8,886 | |||
Loans | ||||
Individually evaluated for impairment | 3,754 | |||
Collectively evaluated for impairment | 970,895 | |||
Purchase credit impaired | 4,552 | |||
Ending Balance | 975,447 | |||
Other commercial real estate | Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 33 | |||
Loans | ||||
Purchase credit impaired | 798 | |||
Commercial real estate | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 10,845 | 8,818 | ||
Adoption of ASU 2016-13 | (482) | |||
Charge-Offs | 0 | (58) | ||
Recoveries | 17 | 13 | ||
Provision for credit losses on loans | 84 | (79) | ||
Ending balance | 10,464 | 8,694 | ||
Period end amount allocated to | ||||
Allowance for credit loss | 10,464 | 8,694 | 10,845 | |
Loans | ||||
Ending Balance | 1,235,347 | 1,204,882 | ||
Commercial real estate | Construction, land & land development | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,959 | 1,127 | ||
Adoption of ASU 2016-13 | 148 | |||
Charge-Offs | 0 | 0 | ||
Recoveries | 3 | 6 | ||
Provision for credit losses on loans | 232 | 206 | ||
Ending balance | 2,342 | 1,339 | ||
Period end amount allocated to | ||||
Allowance for credit loss | 2,342 | 1,339 | 1,959 | |
Loans | ||||
Ending Balance | 249,720 | 229,435 | ||
Commercial real estate | Other commercial real estate | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,886 | 7,691 | ||
Adoption of ASU 2016-13 | (630) | |||
Charge-Offs | 0 | (58) | ||
Recoveries | 14 | 7 | ||
Provision for credit losses on loans | (148) | (285) | ||
Ending balance | 8,122 | 7,355 | ||
Period end amount allocated to | ||||
Allowance for credit loss | 8,122 | 7,355 | 8,886 | |
Loans | ||||
Ending Balance | 985,627 | 975,447 | ||
Residential real estate | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,354 | 1,805 | ||
Adoption of ASU 2016-13 | 1,053 | |||
Charge-Offs | 0 | (18) | ||
Recoveries | 11 | 4 | ||
Provision for credit losses on loans | 694 | 20 | ||
Ending balance | 4,112 | 1,811 | ||
Period end amount allocated to | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 2,354 | |||
Purchase credit impaired | 0 | |||
Allowance for credit loss | 4,112 | 1,811 | 2,354 | |
Loans | ||||
Individually evaluated for impairment | 62 | |||
Collectively evaluated for impairment | 289,992 | |||
Purchase credit impaired | 62 | |||
Ending Balance | 316,415 | 290,054 | ||
Residential real estate | Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 0 | |||
Loans | ||||
Purchase credit impaired | 0 | |||
Commercial, financial, & agricultural | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,709 | 1,083 | ||
Adoption of ASU 2016-13 | (690) | |||
Charge-Offs | (273) | (16) | ||
Recoveries | 7 | 44 | ||
Provision for credit losses on loans | (96) | 976 | ||
Ending balance | 1,657 | 2,087 | ||
Period end amount allocated to | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 2,709 | |||
Purchase credit impaired | 0 | |||
Allowance for credit loss | 1,657 | 2,087 | 2,709 | |
Loans | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 223,923 | |||
Purchase credit impaired | 0 | |||
Ending Balance | 225,269 | 223,923 | ||
Commercial, financial, & agricultural | Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 0 | |||
Loans | ||||
Purchase credit impaired | 0 | |||
Consumer and other | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 220 | 1,204 | ||
Adoption of ASU 2016-13 | $ 66 | |||
Charge-Offs | (3) | (16) | ||
Recoveries | 4 | 6 | ||
Provision for credit losses on loans | 79 | (867) | ||
Ending balance | 366 | 327 | ||
Period end amount allocated to | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 220 | |||
Purchase credit impaired | 0 | |||
Allowance for credit loss | 366 | $ 327 | 220 | |
Loans | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 18,247 | |||
Purchase credit impaired | 0 | |||
Ending Balance | $ 22,822 | 18,247 | ||
Consumer and other | Purchase credit impaired | ||||
Period end amount allocated to | ||||
Purchase credit impaired | 0 | |||
Loans | ||||
Purchase credit impaired | $ 0 |
Allowance for Credit Losses - U
Allowance for Credit Losses - Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Beginning balance | $ 16,128 | ||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | $ (53) | ||
Ending balance | 16,599 | ||
Unfunded Loan Commitment | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Beginning balance | 0 | ||
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 | $ 1,661 | ||
Provision for unfunded commitments | 139 | ||
Ending balance | $ 1,800 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Receivables [Abstract] | |
Outstanding balance of high risk loans, minimum | $ 0.5 |
Borrowings - Summary of Other B
Borrowings - Summary of Other Borrowed Money (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 165,000 | $ 125,000 |
Other borrowings | 63,375 | 78,352 |
Total borrowings | $ 228,375 | $ 203,352 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 3 Months Ended | ||
May 20, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Lendable collateral of loans | $ 252,200,000 | ||
Remaining credit available | 567,000,000 | ||
Subordinated debt | 24,200,000 | $ 24,200,000 | |
Line of credit, current borrowing capacity | 64,500,000 | ||
Outstanding balance on line of credit | $ 0 | ||
Emergency funding, term | 1 year | ||
Emergency funding, line of credit | $ 100,000,000 | ||
Federal Reserve Bank of Atlanta | |||
Debt Instrument [Line Items] | |||
Line of credit, current borrowing capacity | 57,200,000 | ||
Outstanding balance on line of credit | 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% | ||
Subordinated Debt, Fixed Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Subordinated Debt, Variable Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Minimum | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated interest rate | 3.83% | ||
Maximum | Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated interest rate | 4.93% |
Borrowings - Schedule of Aggreg
Borrowings - Schedule of Aggregate Stated Maturities (Details) - Other borrowings $ in Thousands | Mar. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 110,000 |
2027 | 15,000 |
2028 and After | 103,375 |
Long-term debt | $ 228,375 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net income available to common stockholders | $ 5,043 | $ 5,324 |
Weighted average number of common shares | ||
Outstanding for basic earnings per common share (in shares) | 17,595,688 | 15,877,695 |
Weighted-average number of shares outstanding for diluted earnings per common share (in shares) | 17,595,688 | 15,877,695 |
Earnings per share - basic (in dollars per share) | $ 0.29 | $ 0.34 |
Earnings per share - diluted (in dollars per share) | $ 0.29 | $ 0.34 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Letters of credit | $ 3,158 | $ 3,333 |
Loan Origination Commitments | ||
Other Commitments [Line Items] | ||
Loan commitments | $ 406,282 | $ 379,997 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Assets | |||
Investment securities available for sale, at fair value | $ 434,705 | $ 432,553 | |
Investment securities held to maturity | 419,071 | 411,264 | $ 477,000 |
Carrying Value | |||
Assets | |||
Cash and short-term investments | 81,966 | 80,678 | |
Investment securities available for sale, at fair value | 434,705 | 432,553 | |
Investment securities held to maturity | 463,946 | 465,858 | |
Other investments, at cost | 14,999 | 13,793 | |
Loans held for sale | 13,623 | 17,743 | |
Loans, net | 1,783,254 | 1,720,978 | |
Liabilities | |||
Deposits | 2,516,129 | 2,490,997 | |
Federal Home Loan Bank advances | 165,000 | 125,000 | |
Other borrowings | 63,375 | 78,352 | |
Estimated Fair Value | |||
Assets | |||
Cash and short-term investments | 81,966 | 80,678 | |
Investment securities available for sale, at fair value | 434,705 | 432,553 | |
Investment securities held to maturity | 419,071 | 411,264 | |
Other investments, at cost | 14,999 | 13,793 | |
Loans held for sale | 13,623 | 17,743 | |
Loans, net | 1,628,671 | 1,469,707 | |
Liabilities | |||
Deposits | 2,506,457 | 2,489,481 | |
Federal Home Loan Bank advances | 164,831 | 125,163 | |
Other borrowings | 53,951 | 69,930 | |
Estimated Fair Value | Level 1 | |||
Assets | |||
Cash and short-term investments | 81,966 | 80,678 | |
Investment securities available for sale, at fair value | 0 | 0 | |
Investment securities held to maturity | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
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 | 419,750 | 416,957 | |
Investment securities held to maturity | 419,071 | 411,264 | |
Other investments, at cost | 14,903 | 13,003 | |
Loans held for sale | 13,623 | 17,743 | |
Loans, net | 0 | 0 | |
Liabilities | |||
Deposits | 2,506,457 | 2,489,481 | |
Federal Home Loan Bank advances | 164,831 | 125,163 | |
Other borrowings | 53,951 | 69,930 | |
Estimated Fair Value | Level 3 | |||
Assets | |||
Cash and short-term investments | 0 | 0 | |
Investment securities available for sale, at fair value | 14,955 | 15,596 | |
Investment securities held to maturity | 0 | 0 | |
Other investments, at cost | 96 | 790 | |
Loans held for sale | 0 | 0 | |
Loans, net | 1,628,671 | 1,469,707 | |
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) | Mar. 31, 2023 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 651 | $ 521 |
Other real estate owned | 651 | 651 |
Total nonrecurring assets | 1,302 | 1,172 |
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 | 651 | 521 |
Other real estate owned | 651 | 651 |
Total nonrecurring assets | $ 1,302 | $ 1,172 |
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 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned | $ 651 | $ 651 |
Investment securities available for sale, at fair value | 434,705 | 432,553 |
Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans | 651 | 521 |
Level 3 | Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans | 651 | 521 |
Other real estate owned | 651 | 651 |
Investment securities available for sale, at fair value | 14,955 | 15,596 |
Other investments | $ 96 | $ 790 |
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 | 0.50 | 0.50 |
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) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Available for sale securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance, Beginning | $ 15,596 |
Redemptions/Payments | (533) |
Unrealized/realized losses/(gains) included in earnings | (488) |
Transfer to Level 3 | (380) |
Balance, Ending | 14,955 |
Other Investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance, Beginning | 790 |
Redemptions/Payments | (703) |
Unrealized/realized losses/(gains) included in earnings | 9 |
Transfer to Level 3 | 0 |
Balance, Ending | $ 96 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) employee | Mar. 31, 2022 USD ($) employee | Dec. 31, 2022 USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 20,568 | $ 19,188 | ||
Provision for Credit Losses | [1] | 900 | 50 | |
Noninterest Income | 7,659 | 9,152 | ||
Noninterest Expenses | 21,165 | 21,805 | ||
Income Taxes | 1,119 | 1,161 | ||
Net income | 5,043 | $ 5,324 | ||
Segment assets | $ 2,996,941 | $ 2,936,570 | ||
Full time employees | employee | 496 | 494 | ||
Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 20,138 | $ 18,824 | ||
Provision for Credit Losses | 900 | 50 | ||
Noninterest Income | 4,918 | 4,300 | ||
Noninterest Expenses | 17,812 | 17,701 | ||
Income Taxes | 1,155 | 900 | ||
Net income | 5,189 | $ 4,473 | ||
Segment assets | $ 2,930,421 | 2,857,893 | ||
Full time employees | employee | 407 | 404 | ||
Mortgage Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 3 | $ 71 | ||
Provision for Credit Losses | 0 | 0 | ||
Noninterest Income | 1,277 | 2,912 | ||
Noninterest Expenses | 1,712 | 2,711 | ||
Income Taxes | (86) | 101 | ||
Net income | (346) | $ 171 | ||
Segment assets | $ 7,895 | 18,221 | ||
Full time employees | employee | 59 | 62 | ||
Small Business Specialty Lending Division | ||||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 427 | $ 293 | ||
Provision for Credit Losses | 0 | 0 | ||
Noninterest Income | 1,464 | 1,940 | ||
Noninterest Expenses | 1,641 | 1,393 | ||
Income Taxes | 50 | 160 | ||
Net income | 200 | $ 680 | ||
Segment assets | $ 58,625 | $ 60,456 | ||
Full time employees | employee | 30 | 28 | ||
[1](1) Beginning January 1, 2023, provision calculation is based on current expected loss methodology. Prior to January 1, 2023, calculation was based on incurred loss methodology. |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Total Capital to Risk-Weighted Assets | ||
Actual Amount | $ 319,700 | $ 318,250 |
Actual Ratio | 0.1480 | 0.1511 |
For Capital Adequacy Purposes, Amount | $ 172,811 | $ 168,498 |
For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 262,154 | $ 262,999 |
Actual Ratio | 0.1214 | 0.1249 |
For Capital Adequacy Purposes, Amount | $ 129,565 | $ 126,341 |
For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 237,925 | $ 238,770 |
Actual Ratio | 0.1101 | 0.1134 |
For Capital Adequacy Purposes, Amount | $ 97,245 | $ 94,750 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets | ||
Actual Amount | $ 262,154 | $ 262,999 |
Actual Ratio | 0.0890 | 0.0917 |
For Capital Adequacy Purposes, Amount | $ 117,822 | $ 114,721 |
For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Colony Bank | ||
Total Capital to Risk-Weighted Assets | ||
Actual Amount | $ 277,346 | $ 272,812 |
Actual Ratio | 0.1288 | 0.1299 |
For Capital Adequacy Purposes, Amount | $ 172,265 | $ 168,014 |
For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 215,331 | $ 210,017 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual Amount | $ 258,947 | $ 256,684 |
Actual Ratio | 0.1202 | 0.1222 |
For Capital Adequacy Purposes, Amount | $ 129,258 | $ 126,031 |
For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 172,344 | $ 168,042 |
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 | $ 258,947 | $ 256,684 |
Actual Ratio | 0.1202 | 0.1222 |
For Capital Adequacy Purposes, Amount | $ 96,944 | $ 94,524 |
For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 140,030 | $ 136,534 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets | ||
Actual Amount | $ 258,947 | $ 256,684 |
Actual Ratio | 0.0882 | 0.0897 |
For Capital Adequacy Purposes, Amount | $ 117,436 | $ 114,463 |
For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 146,795 | $ 143,079 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||
Apr. 27, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||
Dividends declared per share (in dollars per share) | $ 0.11 | $ 0.1075 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared per share (in dollars per share) | $ 0.11 |