Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 0-15572 | |
Entity Registrant Name | FIRST BANCORP | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1421916 | |
Entity Address, Address Line One | 300 SW Broad St., | |
Entity Address, City or Town | Southern Pines, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28387 | |
City Area Code | (910) | |
Local Phone Number | 246-2500 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | FBNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,040,827 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000811589 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks, noninterest-bearing | $ 93,666 | $ 64,519 |
Due from banks, interest-bearing | 282,683 | 166,783 |
Total cash and cash equivalents | 376,349 | 231,302 |
Securities available for sale | 806,470 | 821,945 |
Securities held to maturity (fair values of $62,385 and $68,333) | 61,303 | 67,932 |
Presold mortgages in process of settlement | 14,861 | 19,712 |
SBA Loans held for sale | 18,449 | 0 |
Loans | 4,552,708 | 4,453,466 |
Allowance for loan losses | (24,498) | (21,398) |
Net loans | 4,528,210 | 4,432,068 |
Premises and equipment | 113,669 | 114,859 |
Operating right-of-use lease assets | 19,347 | 19,669 |
Accrued interest receivable | 15,767 | 16,648 |
Goodwill | 234,368 | 234,368 |
Other intangible assets | 15,461 | 17,217 |
Foreclosed properties | 3,487 | 3,873 |
Bank-owned life insurance | 105,083 | 104,441 |
Other assets | 63,234 | 59,605 |
Total assets | 6,376,058 | 6,143,639 |
LIABILITIES | ||
Noninterest bearing checking accounts | 1,580,849 | 1,515,977 |
Interest bearing checking accounts | 922,985 | 912,784 |
Money market accounts | 1,224,414 | 1,173,107 |
Savings accounts | 431,377 | 424,415 |
Time deposits of $100,000 or more | 639,762 | 649,947 |
Other time deposits | 245,601 | 255,125 |
Total deposits | 5,044,988 | 4,931,355 |
Borrowings | 402,185 | 300,671 |
Accrued interest payable | 2,100 | 2,154 |
Operating lease liabilities | 19,578 | 19,855 |
Other liabilities | 45,009 | 37,203 |
Total liabilities | 5,513,860 | 5,291,238 |
Commitments and contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value per share. Authorized: 5,000,000 shares Issued & outstanding: none, none, and none | 0 | 0 |
Common stock, no par value per share. Authorized: 40,000,000 shares Issued & outstanding: 29,717,223, 29,724,874, and 29,702,912 shares | 410,236 | 429,514 |
Retained earnings | 430,709 | 417,764 |
Stock in rabbi trust assumed in acquisition | (2,602) | (2,587) |
Rabbi trust obligation | 2,602 | 2,587 |
Accumulated other comprehensive income (loss) | 21,253 | 5,123 |
Total shareholders’ equity | 862,198 | 852,401 |
Total liabilities and shareholders’ equity | $ 6,376,058 | $ 6,143,639 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity fair values | $ 62,385 | $ 68,333 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 29,040,827 | 29,601,264 |
Common stock, shares outstanding (in shares) | 29,040,827 | 29,601,264 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 55,297 | $ 53,960 |
Interest on investment securities: | ||
Taxable interest income | 5,474 | 4,737 |
Tax-exempt interest income | 164 | 337 |
Other, principally overnight investments | 1,098 | 2,701 |
Total interest income | 62,033 | 61,735 |
INTEREST EXPENSE | ||
Savings, checking and money market accounts | 2,359 | 2,009 |
Time deposits of $100,000 or more | 2,924 | 3,178 |
Other time deposits | 490 | 390 |
Borrowings | 1,501 | 2,797 |
Total interest expense | 7,274 | 8,374 |
Net interest income | 54,759 | 53,361 |
Provision for loan losses | 5,590 | 500 |
Net interest income after provision for loan losses | 49,169 | 52,861 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 3,337 | 2,945 |
Other service charges, commissions and fees | 4,069 | 4,506 |
Fees from presold mortgage loans | 1,841 | 545 |
Commissions from sales of insurance and financial products | 2,068 | 2,029 |
SBA consulting fees | 1,027 | 1,263 |
SBA loan sale gains | 647 | 2,062 |
Bank-owned life insurance income | 642 | 646 |
Other gains (losses), net | 74 | 82 |
Total noninterest income | 13,705 | 14,078 |
NONINTEREST EXPENSES | ||
Salaries expense | 20,110 | 18,965 |
Employee benefits expense | 4,547 | 4,588 |
Total personnel expense | 24,657 | 23,553 |
Occupancy expense | 2,958 | 2,754 |
Equipment related expenses | 1,145 | 1,369 |
Merger and acquisition expenses | 0 | 110 |
Intangibles amortization expense | 1,055 | 1,332 |
Foreclosed property losses, net | 159 | 245 |
Other operating expenses | 10,102 | 9,411 |
Total noninterest expenses | 40,076 | 38,774 |
Income before income taxes | 22,798 | 28,165 |
Income tax expense | 4,618 | 5,880 |
Net income | $ 18,180 | $ 22,285 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.62 | $ 0.75 |
Diluted (in dollars per share) | 0.62 | 0.75 |
Dividends declared per common share (in dollars per share) | $ 0.18 | $ 0.12 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 29,230,788 | 29,587,217 |
Diluted (in shares) | 29,399,114 | 29,743,395 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,180 | $ 22,285 |
Unrealized gains (losses) on securities available for sale: | ||
Unrealized holding gains (losses) arising during the period, pretax | 20,765 | 5,903 |
Tax (expense) benefit | (4,772) | (1,380) |
Postretirement Plans: | ||
Amortization of unrecognized net actuarial loss | 178 | 228 |
Tax benefit | (41) | (54) |
Other comprehensive income (loss) | 16,130 | 4,697 |
Comprehensive income | $ 34,310 | $ 26,982 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Stock in Rabbi Trust Assumed in Acquisition | Rabbi Trust Obligation | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2018 | 29,725,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 764,230 | $ 434,453 | $ 341,738 | $ (3,235) | $ 3,235 | $ (11,961) |
Net income | 22,285 | 22,285 | ||||
Cash dividends declared | (3,568) | (3,568) | ||||
Change in Rabbi Trust Obligation | 0 | (10) | 10 | |||
Stock withheld for payment of taxes (in shares) | (3,000) | |||||
Stock withheld for payment of taxes | (91) | $ (91) | ||||
Stock-based compensation (in shares) | 24,000 | |||||
Stock-based compensation | 586 | $ 586 | ||||
Other comprehensive income (loss) | 4,697 | 4,697 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 29,746,000 | |||||
Ending balance at Mar. 31, 2019 | $ 788,139 | $ 434,948 | 360,455 | (3,245) | 3,245 | (7,264) |
Beginning balance (in shares) at Dec. 31, 2019 | 29,601,264 | 29,601,000 | ||||
Beginning balance at Dec. 31, 2019 | $ 852,401 | $ 429,514 | 417,764 | (2,587) | 2,587 | 5,123 |
Net income | 18,180 | 18,180 | ||||
Cash dividends declared | (5,235) | (5,235) | ||||
Change in Rabbi Trust Obligation | 0 | (15) | 15 | |||
Stock repurchased (in shares) | (576,000) | |||||
Stock repurchases | (20,000) | $ (20,000) | ||||
Stock-based compensation (in shares) | 16,000 | |||||
Stock-based compensation | 722 | $ 722 | ||||
Other comprehensive income (loss) | $ 16,130 | 16,130 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 29,040,827 | 29,041,000 | ||||
Ending balance at Mar. 31, 2020 | $ 862,198 | $ 410,236 | $ 430,709 | $ (2,602) | $ 2,602 | $ 21,253 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per common share (in dollars per share) | $ 0.18 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net income | $ 18,180 | $ 22,285 |
Reconciliation of net income to net cash provided by operating activities: | ||
Provision for loan losses | 5,590 | 500 |
Net security premium amortization | 804 | 459 |
Loan discount accretion | (1,841) | (1,419) |
Other purchase accounting accretion and amortization, net | 14 | (13) |
Foreclosed property losses and write-downs, net | 159 | 245 |
Other gains | (74) | (82) |
Decrease (increase) in net deferred loan costs | 320 | (325) |
Depreciation of premises and equipment | 1,563 | 1,468 |
Amortization of operating lease right-of-use assets | 496 | 475 |
Repayments of lease obligations | (452) | (455) |
Stock-based compensation expense | 513 | 403 |
Amortization of intangible assets | 1,055 | 1,332 |
Amortization of SBA servicing assets | 918 | 299 |
Fees/gains from sale of presold mortgages and SBA loans | (2,488) | (2,607) |
Origination of presold mortgage loans in process of settlement | (48,143) | (19,025) |
Proceeds from sales of presold mortgage loans in process of settlement | 54,764 | 20,506 |
Origination of SBA loans for sale | (36,081) | (38,329) |
Proceeds from sales of SBA loans | 16,031 | 30,678 |
Decrease (increase) in accrued interest receivable | (881) | 512 |
Increase in other assets | (1,738) | (4,493) |
(Decrease) increase in accrued interest payable | (54) | 365 |
Increase in other liabilities | 3,255 | 5,254 |
Net cash provided by operating activities | 13,672 | 17,009 |
Cash Flows From Investing Activities | ||
Purchases of securities available for sale | (9,423) | (161,892) |
Purchases of securities held to maturity | (3,624) | 0 |
Proceeds from maturities/issuer calls of securities available for sale | 45,037 | 29,313 |
Proceeds from maturities/issuer calls of securities held to maturity | 10,075 | 10,098 |
Purchases of FRB and FHLB stock, net | (4,572) | (308) |
Net increase in loans | (95,680) | (45,018) |
Proceeds from sales of foreclosed properties | 889 | 1,513 |
Purchases of premises and equipment | (1,321) | (1,450) |
Proceeds from sales of premises and equipment | 189 | 279 |
Net cash used by investing activities | (58,430) | (167,465) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 113,664 | 137,957 |
Net increase (decrease) in short-term borrowings | (48,000) | 0 |
Proceeds from long-term borrowings | 150,000 | 0 |
Payments on long-term borrowings | (531) | (529) |
Cash dividends paid – common stock | (5,328) | (2,972) |
Repurchases of common stock | (20,000) | 0 |
Payment of taxes related to stock withheld | 0 | (91) |
Net cash provided by financing activities | 189,805 | 134,365 |
Increase (decrease) in cash and cash equivalents | 145,047 | (16,091) |
Cash and cash equivalents, beginning of period | 231,302 | 462,898 |
Cash and cash equivalents, end of period | 376,349 | 446,807 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 7,328 | 8,009 |
Cash paid during the period for income taxes | 20 | 103 |
Non-cash: Unrealized gain (loss) on securities available for sale, net of taxes | 15,993 | 4,523 |
Non-cash: Foreclosed loans transferred to other real estate | 662 | 708 |
Non-cash: Initial recognition of operating lease right-of-use assets | 0 | 19,406 |
Non-cash: Initial recognition of operating lease liabilities | $ 0 | $ 19,406 |
Basis of Presentation and Risks
Basis of Presentation and Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Risks and Uncertainties | Basis of Presentation and Risks and Uncertainties Basis of Presentation In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2020 , the consolidated results of operations for the three months ended March 31, 2020 and 2019 , and the consolidated cash flows for the three months ended March 31, 2020 and 2019 . All such adjustments were of a normal, recurring nature. Reference is made to the 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended March 31, 2020 and 2019 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued. Risks and Uncertainties The coronavirus (COVID-19) pandemic has negatively impacted the global economy, disrupted global supply chains and increased unemployment levels. The resulting temporary closure of many businesses and the implementation of social distancing and sheltering-in-place policies have and may continue to impact many of the Company’s customers. While the full effects of the pandemic remain unknown, the Company is committed to supporting its customers, employees and communities during this difficult time. The Company has given hardship relief assistance to customers, including the consideration of various loan payment deferral and fee waiver options, and encourages customers to reach out for assistance to support their individual circumstances. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States. Certain provisions within the CARES Act encourage financial institutions to practice prudent efforts to work with borrowers impacted by COVID-19. Under these provisions, which the Company has applied, modifications deemed to be COVID-19-related would not be considered a troubled debt restructuring (“TDR”) if the loan was not more than 30 days past due as of December 31, 2019 and the deferral was executed between March 1, 2020 and the earlier of 60 days after the date of termination of the COVID-19 national emergency or December 31, 2020. The banking regulators issued similar guidance, which also clarified that a COVID-19-related modification would not meet the requirements under accounting principles generally accepted in the United States of America to be a TDR if the borrower was current on payments at the time the underlying loan modification program was implemented and if the modification is considered to be short-term. Under these terms, as of March 31, 2020, the Company had processed payment deferrals for 315 loans with an aggregate loan balance of $120 million . Through April 30, 2020, the number of deferrals increased to 1,269 with an aggregate loan balance of $647 million . These deferrals were generally no more than 90 days in duration. Additionally, the Company is a lender for the Small Business Administration's (“SBA”) Paycheck Protection Program ("PPP"), a program under the CARES Act, and other SBA, Federal Reserve or United States Treasury programs that have been created in response to the pandemic and may be a lender for programs created in the future. These programs are new and their effects on the Company’s business are uncertain. In April and early May 2020, the Company approved 2,799 PPP loans totaling approximately $249.5 million under the allocation approved by Congress, of which $208.0 million had been funded at May 6, 2020. The Company identified several loan portfolio categories totaling approximately $553 million that it considered to be most “at-risk” from the COVID-19 pandemic, including hotels, restaurants, retail stores, travel accommodations, child care facilities, arts and entertainment, barber shops and beauty salons, car and boat dealers, and mini-storage facilities, as well as all credit cards. As a result of the analysis, the Company recorded an approximately $4.3 million COVID-19 related provision for loan losses, which brought the total provision for loan losses to $5.6 million for the three months ended March 31, 2020. The amount was determined as if the risk grades for the loans in these portfolios had been adjusted downwards and then applying the historical loss rates associated with those risk grades. In a period of economic contraction, additional loan losses and lost interest income may occur, either in the industries previously noted or others to which the Company has exposure. The Company continues to accrue interest on loans modified in accordance with the CARES Act. To the extent those borrowers are unable to resume normal contractual payments, the Company could experience additional losses of principal and interest. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Accounting Standards: Note 1 to the 2019 Annual Report on Form 10-K filed with the SEC contains a description of the accounting policies followed by the Company and a discussion of recent accounting pronouncements. The following paragraphs update that information as necessary. SBA Loans Held for Sale - SBA Loans Held for Sale represent the guaranteed portion of SBA loans that the Company intends to sell in the near future. These loans are carried at the lower of cost or market as determined on an individual loan basis. Accounting Standards Adopted in 2020 In January 2017, the FASB amended the Goodwill and Other Intangibles topic of the Accounting Standards Codification to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. The amount of goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections were effective for the Company on January 1, 2020 and the adoption of this amendment did not have a material effect on the Company's financial statements. The Company's policy is to test goodwill for impairment annually on October 31 or on an interim basis if an event triggering impairment may have occurred. During the period ended March 31, 2020, the economic turmoil and market volatility resulting from the COVID-19 crisis resulted in a substantial decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring an interim goodwill impairment quantitative analysis. Under the new simplified guidance, the Company determined that none of it's goodwill was impaired as of March 31, 2020. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. In August 2018, the FASB amended the Fair Value Measurement Topic of the Accounting Standards Codification. The amendments remove, modify, and add certain fair value disclosure requirements based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements . The amendments were effective on January 1, 2020. These amendments did not have a material effect on the Company's financial statements. In March 2019, the FASB issued guidance to address concerns companies had raised about an accounting exception they would lose when assessing the fair value of underlying assets under the leases standard and clarify that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new standard. The amendments were effective for the Company on January 1, 2020 and their adoption did not have a material effect on its financial statements. Accounting Standards Pending Adoption In June 2016, the FASB issued guidance to change the accounting for credit losses. The guidance requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit losses" and record an allowance that, when deducted from the amortized cost basis of the financial assets, presents the net amount expected to be collected on the financial assets. In May 2019, the FASB issued additional guidance to provide entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of the CECL model. The Company does not expect to elect this option. The CECL framework is expected to result in earlier recognition of credit losses and is expected to be significantly influenced by the composition, characteristics and quality of the Company's loan portfolio, as well as the prevailing economic conditions and forecasts. Except as discussed below, the Company would have applied the new guidance through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, which, for the Company, is January 1, 2020, with future adjustments to credit loss expectations recorded through the income statement as charges or credits to earnings. In the first quarter of 2020, in response to the COVID-19 pandemic, the CARES Act was enacted by the United States Congress and signed by the President. This CARES Act included an election to defer the implementation of CECL until the earlier of the cessation of the national emergency, or December 31, 2020. The Company is prepared for CECL implementation but elected to defer its effective date, as permitted by the CARES Act, because of the challenges associated with developing a reliable forecast of losses that may result from the unprecedented COVID-19 pandemic. Upon the adoption of CECL, the Company expects its allowance for credit losses related to all financial assets will increase to approximately $40 - $44 million as of January 1, 2020 compared to its allowance for loan losses at December 31, 2019 of approximately $21 million . As noted above, this initial impact will be reflected as a cumulative-effect adjustment to retained earnings. In August 2018, the FASB amended the Compensation - Retirement Benefits – Defined Benefit Plans Topic of the Accounting Standards Codification to improve disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The guidance removes disclosures that are no longer considered cost-beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. See Note 1 regarding temporary provisions of the Coronavirus Aid Relief, and Economic Security Act (CARES Act) related to loans. |
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain amounts reported in the periods ended March 31, 2019 and December 31, 2019 may have been reclassified to conform to the presentation for March 31, 2020 . These reclassifications had no effect on net income or shareholders’ equity for the periods presented, nor did they materially impact trends in financial information. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded total stock-based compensation expense of $513,000 and $403,000 for the three months ended March 31, 2020 and 2019 , respectively. The Company recognized $118,000 and $93,000 of income tax benefits related to stock-based compensation expense in the income statement for the three months ended March 31, 2020 and 2019 , respectively. At March 31, 2020 , the sole equity-based compensation plan for the Company is the First Bancorp 2014 Equity Plan (the "Equity Plan"), which was approved by shareholders on May 8, 2014. As of March 31, 2020 , the Equity Plan had 616,757 shares remaining available for grant. The Equity Plan is intended to serve as a means to attract, retain and motivate key employees and directors and to associate the interests of the plans' participants with those of the Company and its shareholders. The Equity Plan allows for both grants of stock options and other types of equity-based compensation, including stock appreciation rights, restricted stock, restricted performance stock, unrestricted stock, and performance units. Recent equity awards to employees have been made in the form of shares of restricted stock with service vesting conditions only. Compensation expense for these awards is recorded over the requisite service periods. Upon forfeiture, any previously recognized compensation cost is reversed. Upon a change in control (as defined in the plans), unless the awards remain outstanding or substitute equivalent awards are provided, the awards become immediately vested. Certain of the Company’s equity grants contain terms that provide for a graded vesting schedule whereby portions of the award vest in increments over the requisite service period. The Company recognizes compensation expense for awards with graded vesting schedules on a straight-line basis over the requisite service period for each incremental award. Compensation expense is based on the estimated number of stock options and awards that will ultimately vest. Over the past five years, there have been insignificant amounts of forfeitures, and therefore the Company assumes that all awards granted with service conditions only will vest. The Company issues new shares of common stock when options are exercised. In addition to employee equity awards, the Company's practice is to grant common shares, valued at approximately $32,000 , to each non-employee director (currently 11 in total) in June of each year. Compensation expense associated with these director awards is recognized on the date of award since there are no vesting conditions. The following table presents information regarding the activity for the first three months of 2020 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2020 159,366 $ 36.79 Granted during the period 15,969 36.29 Vested during the period (1,042 ) 28.80 Forfeited or expired during the period — — Nonvested at March 31, 2020 174,293 $ 36.79 Total unrecognized compensation expense as of March 31, 2020 amounted to $2,957,000 with a weighted-average remaining term of 1.9 years . For the nonvested awards that are outstanding at March 31, 2020, the Company expects to record $1,821,000 in compensation expense in the next twelve months, $ 1,440,000 of which is expected to be recorded in the remaining quarters of 2020 . Prior to 2010, stock options were the primary form of stock-based compensation utilized by the Company. At March 31, 2020 , there were no stock options outstanding. During both the three months ended March 31, 2020 and 2019 , there were no |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic Earnings Per Common Share is calculated by dividing net income, less income allocated to participating securities, by the weighted average number of common shares outstanding during the period, excluding unvested shares of restricted stock. For the Company, participating securities include unvested shares of restricted stock. Diluted Earnings Per Common Share is computed by assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. For the periods presented, the Company’s potentially dilutive common stock issuances related to unvested shares of restricted stock and stock option grants under the Company’s equity-based plans, as well as contingently issuable shares. In computing Diluted Earnings Per Common Share, adjustments are made to the computation of Basic Earnings Per Common shares, as follows. As it relates to unvested shares of restricted stock, the number of shares added to the denominator is equal to the total number of weighted average unvested shares outstanding. As it relates to stock options, it is assumed that all dilutive stock options are exercised during the reporting period at their respective exercise prices, with the proceeds from the exercises used by the Company to buy back stock in the open market at the average market price in effect during the reporting period. The difference between the number of shares assumed to be exercised and the number of shares bought back is included in the calculation of dilutive securities. As it relates to contingently issuable shares, the number of shares that are included in the calculation of dilutive securities is based on the weighted average number of shares that would have been issuable if the end of the reporting period were the end of the contingency period. If any of the potentially dilutive common stock issuances have an anti-dilutive effect, the potentially dilutive common stock issuance is disregarded. The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended March 31, 2020 2019 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 18,180 $ 22,285 Less: income allocated to participating securities (81 ) — Basic EPS per common share $ 18,099 29,230,788 $ 0.62 $ 22,285 29,587,217 $ 0.75 Diluted EPS: Net income $ 18,180 29,230,788 $ 22,285 29,587,217 Effect of Dilutive Securities — 168,326 — 156,178 Diluted EPS per common share $ 18,180 29,399,114 $ 0.62 $ 22,285 29,743,395 $ 0.75 For both the three months ended March 31, 2020 and 2019 , there were no options that were antidilutive. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The book values and approximate fair values of investment securities at March 31, 2020 and December 31, 2019 are summarized as follows: ($ in thousands) March 31, 2020 December 31, 2019 Amortized Cost Fair Value Unrealized Amortized Cost Fair Value Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 5,000 5,032 32 — 20,000 20,009 17 (8 ) Mortgage-backed securities 727,261 756,926 29,892 (227 ) 758,491 767,285 9,463 (669 ) Corporate bonds 43,701 44,512 866 (55 ) 33,711 34,651 1,025 (85 ) Total available for sale $ 775,962 806,470 30,790 (282 ) 812,202 821,945 10,505 (762 ) Securities held to maturity: Mortgage-backed securities $ 39,113 39,992 879 — 41,423 41,542 125 (6 ) State and local governments 22,190 22,393 209 (6 ) 26,509 26,791 285 (3 ) Total held to maturity $ 61,303 62,385 1,088 (6 ) 67,932 68,333 410 (9 ) All of the Company’s mortgage-backed securities were issued by government-sponsored corporations, except for private mortgage-backed securities with a fair value of $1.0 million and $1.1 million as of March 31, 2020 and December 31, 2019 , respectively. The following table presents information regarding securities with unrealized losses at March 31, 2020 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ — — — — — — Mortgage-backed securities 3,389 28 10,570 199 13,959 227 Corporate bonds 3,949 50 995 5 4,944 55 State and local governments 3,615 6 — — 3,615 6 Total temporarily impaired securities $ 10,953 84 11,565 204 22,518 288 The following table presents information regarding securities with unrealized losses at December 31, 2019 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ 4,992 8 — — 4,992 8 Mortgage-backed securities 77,274 293 50,851 382 128,125 675 Corporate bonds — — 915 85 915 85 State and local governments — — 934 3 934 3 Total temporarily impaired securities $ 82,266 301 52,700 470 134,966 771 In the above tables, all of the securities that were in an unrealized loss position at March 31, 2020 and December 31, 2019 were bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. The Company evaluated the collectability of each of these bonds and concluded that there was no other-than-temporary impairment. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. As of March 31, 2020 and December 31, 2019 , the Company's security portfolio held 22 securities and 54 securities, respectively, that were in an unrealized loss position. The book values and approximate fair values of investment securities at March 31, 2020 , by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities Due within one year $ — — 1,730 1,750 Due after one year but within five years 28,701 29,567 11,496 11,639 Due after five years but within ten years 15,000 15,032 5,342 5,389 Due after ten years 5,000 4,945 3,622 3,615 Mortgage-backed securities 727,261 756,926 39,113 39,992 Total securities $ 775,962 806,470 61,303 62,385 At March 31, 2020 and December 31, 2019 investment securities with carrying values of $254,486,000 and $260,826,000 , respectively, were pledged as collateral for public deposits. Included in “other assets” in the Consolidated Balance Sheets are cost-method investments in Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank of Richmond (“FRB”) stock totaling $37,952,000 and $33,380,000 at March 31, 2020 and December 31, 2019 , respectively. The FHLB stock had a cost and fair value of $20,329,000 and $15,789,000 at March 31, 2020 and December 31, 2019 , respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The FRB stock had a cost and fair value of $17,623,000 and $17,591,000 at March 31, 2020 and December 31, 2019 , respectively, and is a requirement for FRB member bank qualification. Periodically, both the FHLB and FRB recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end. The Company owns 12,356 Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering. These shares are expected to convert into Class A Visa shares subsequent to the settlement of certain litigation against Visa, to which the Company is not a party. The Class B shares have transfer restrictions, and the conversion rate into Class A shares is periodically adjusted as Visa settles litigation. The conversion rate at March 31, 2020 was approximately 1.62 , which means the Company would receive approximately 20,051 Class A shares if the stock had converted on that date. This Class B stock does not have a readily determinable fair value and is carried at zero. If a readily determinable fair value becomes available for the Class B shares, or upon the conversion to Class A shares, the Company will adjust the carrying value of the stock to its market value with a credit to earnings. |
Loans and Asset Quality Informa
Loans and Asset Quality Information | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and Asset Quality Information | Loans and Asset Quality Information The following is a summary of the major categories of total loans outstanding: ($ in thousands) March 31, 2020 December 31, 2019 Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 521,470 12 % $ 504,271 11 % Real estate – construction, land development & other land loans 590,485 13 % 530,866 12 % Real estate – mortgage – residential (1-4 family) first mortgages 1,083,022 24 % 1,105,014 25 % Real estate – mortgage – home equity loans / lines of credit 331,170 7 % 337,922 8 % Real estate – mortgage – commercial and other 1,970,716 43 % 1,917,280 43 % Consumer loans 54,133 1 % 56,172 1 % Subtotal 4,550,996 100 % 4,451,525 100 % Unamortized net deferred loan costs 1,712 1,941 Total loans $ 4,552,708 $ 4,453,466 Included in the table above are the following amounts of SBA loans: ($ in thousands) March 31, December 31, Guaranteed portions of SBA Loans included in table above $ 27,985 54,400 Unguaranteed portions of SBA Loans included in table above 119,857 110,782 Total SBA loans included in the table above $ 147,842 165,182 Sold portions of SBA loans with servicing retained - not included in table above $ 324,231 316,730 At March 31, 2020 and December 31, 2019 , there was a remaining unaccreted discount on the retained portion of sold SBA loans amounting to $6.8 million and $7.1 million , respectively. The Company has several acquired loan portfolios as a result of merger and acquisition transactions. In these transactions, the Company recorded loans at their fair value as required by applicable accounting guidance. Included in these loan portfolios were purchased credit impaired (“PCI”) loans, which are loans for which it is probable at acquisition date that all contractually required payments will not be collected. The remaining loans were considered to be purchased non-impaired loans and their related fair value discount or premium is being recognized as an adjustment to yield over the remaining life of each loan. As of March 31, 2020 and December 31, 2019 , there was a remaining accretable discount of $10.3 million and $11.1 million , respectively, related to purchased non-impaired loans. The discounts are amortized as yield adjustments over the respective lives of the loans, so long as the loans perform. The following table presents changes in the carrying value of PCI loans. PCI loans For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Balance at beginning of period $ 12,664 17,393 Change due to payments received and accretion (2,841 ) (1,556 ) Change due to loan charge-offs (10 ) (8 ) Transfers to foreclosed real estate — — Other 26 38 Balance at end of period $ 9,839 15,867 The following table presents changes in the accretable yield for PCI loans. Accretable Yield for PCI loans For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Balance at beginning of period $ 4,149 4,750 Accretion (567 ) (392 ) Reclassification from (to) nonaccretable difference 304 237 Other, net (453 ) 550 Balance at end of period $ 3,433 5,145 During the first three months of 2020, the Company received $408,000 in payments that exceeded the carrying amount of the related PCI loans, of which $336,000 was recognized as loan discount accretion income, $58,000 was recorded as additional loan interest income, and $14,000 was recorded as a recovery. During the first three months of 2019, the Company received $133,000 in payments that exceeded the carrying amount of the related PCI loans, of which $112,000 was recognized as loan discount accretion income and $21,000 was recorded as additional loan interest income. Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) March 31, December 31, Nonperforming assets Nonaccrual loans $ 25,066 24,866 Restructured loans - accruing 9,747 9,053 Accruing loans > 90 days past due — — Total nonperforming loans 34,813 33,919 Foreclosed real estate 3,487 3,873 Total nonperforming assets $ 38,300 37,792 Purchased credit impaired loans not included above (1) $ 9,839 12,664 (1) In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million , respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.7 million and $0.8 million in PCI loans at March 31, 2020 and December 31, 2019 , respectively, that were contractually past due 90 days or more. At March 31, 2020 and December 31, 2019 , the Company had $2.2 million and $0.6 million in residential mortgage loans in process of foreclosure, respectively. The following is a summary of the Company’s nonaccrual loans by major categories. ($ in thousands) March 31, December 31, Commercial, financial, and agricultural $ 3,703 5,518 Real estate – construction, land development & other land loans 958 1,067 Real estate – mortgage – residential (1-4 family) first mortgages 8,581 7,552 Real estate – mortgage – home equity loans / lines of credit 1,874 1,797 Real estate – mortgage – commercial and other 9,837 8,820 Consumer loans 113 112 Total $ 25,066 24,866 The following table presents an analysis of the payment status of the Company’s loans as of March 31, 2020 . Due to the onset of the COVID-19 pandemic not occurring until late in the first quarter of 2020, as well as the Company's COVID-19 deferral program, the past due amounts below were not impacted by the pandemic. ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 2,387 201 — 3,703 514,992 521,283 Real estate – construction, land development & other land loans 1,333 42 — 958 587,989 590,322 Real estate – mortgage – residential (1-4 family) first mortgages 10,829 30 — 8,581 1,058,281 1,077,721 Real estate – mortgage – home equity loans / lines of credit 1,532 155 — 1,874 327,516 331,077 Real estate – mortgage – commercial and other 4,850 7,164 — 9,837 1,944,844 1,966,695 Consumer loans 129 67 — 113 53,750 54,059 Purchased credit impaired 625 15 746 — 8,453 9,839 Total $ 21,685 7,674 746 25,066 4,495,825 4,550,996 Unamortized net deferred loan costs 1,712 Total loans $ 4,552,708 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2019 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 752 — — 5,518 497,788 504,058 Real estate – construction, land development & other land loans 37 152 — 1,067 529,444 530,700 Real estate – mortgage – residential (1-4 family) first mortgages 10,858 5,056 — 7,552 1,076,205 1,099,671 Real estate – mortgage – home equity loans / lines of credit 770 300 — 1,797 334,832 337,699 Real estate – mortgage – commercial and other 4,257 — — 8,820 1,897,573 1,910,650 Consumer loans 344 137 — 112 55,490 56,083 Purchased credit impaired 218 38 762 — 11,646 12,664 Total $ 17,236 5,683 762 24,866 4,402,978 4,451,525 Unamortized net deferred loan costs 1,941 Total loans $ 4,453,466 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2020 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended March 31, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (2,460 ) (40 ) (195 ) (68 ) (263 ) (287 ) — (3,313 ) Recoveries 217 290 91 83 47 95 — 823 Provisions 1,894 373 645 252 2,191 235 — 5,590 Ending balance $ 4,204 2,599 4,373 1,394 10,913 1,015 — 24,498 Ending balance as of March 31, 2020: Allowance for loan losses Individually evaluated for impairment $ 1,093 73 739 90 1,233 — — 3,228 Collectively evaluated for impairment $ 3,069 2,526 3,528 1,304 9,680 1,006 — 21,113 Purchased credit impaired $ 42 — 106 — — 9 — 157 Loans receivable as of March 31, 2020 Ending balance – total $ 521,470 590,485 1,083,022 331,170 1,970,716 54,133 — 4,550,996 Unamortized net deferred loan costs 1,712 Total loans $ 4,552,708 Ending balances as of March 31, 2020: Loans Individually evaluated for impairment $ 3,050 756 9,915 433 11,862 — — 26,016 Collectively evaluated for impairment $ 518,233 589,566 1,067,805 330,644 1,954,834 54,059 — 4,515,141 Purchased credit impaired $ 187 163 5,302 93 4,020 74 — 9,839 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2019 . ($ in thousands) Commercial, Financial, and Agricultural Real Estate – Construction, Land Development & Other Land Loans Real Estate – Residential (1-4 Family) First Mortgages Real Estate – Mortgage – Home Equity Lines of Credit Real Estate – Mortgage – Commercial and Other Consumer Loans Unallocated Total As of and for the year ended December 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (2,473 ) (553 ) (657 ) (307 ) (1,556 ) (757 ) — (6,303 ) Recoveries 980 1,275 705 629 575 235 — 4,399 Provisions 3,157 (989 ) (1,413 ) (860 ) 1,936 542 (110 ) 2,263 Ending balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Ending balances as of December 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 1,791 50 750 — 983 — — 3,574 Collectively evaluated for impairment $ 2,720 1,926 2,976 1,127 7,931 961 — 17,641 Purchased credit impaired $ 42 — 106 — 24 11 — 183 Loans receivable as of December 31, 2019: Ending balance – total $ 504,271 530,866 1,105,014 337,922 1,917,280 56,172 — 4,451,525 Unamortized net deferred loan costs 1,941 Total loans $ 4,453,466 Ending balances as of December 31, 2019: Loans Individually evaluated for impairment $ 4,957 796 9,546 333 9,570 — — 25,202 Collectively evaluated for impairment $ 499,101 529,904 1,090,125 337,366 1,901,080 56,083 — 4,413,659 Purchased credit impaired $ 213 166 5,343 223 6,630 89 — 12,664 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2019 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended March 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (246 ) (264 ) (30 ) (80 ) (836 ) (281 ) — (1,737 ) Recoveries 414 287 160 128 271 33 — 1,293 Provisions 652 18 (817 ) (339 ) 702 302 (18 ) 500 Ending balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Ending balances as of March 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 857 28 858 — 312 — — 2,055 Collectively evaluated for impairment $ 2,852 2,256 3,596 1,362 7,723 990 92 18,871 Purchased credit impaired $ — — 56 12 85 16 — 169 Loans receivable as of March 31, 2019 Ending balance – total $ 468,388 553,760 1,061,049 354,669 1,794,794 69,503 — 4,302,163 Unamortized net deferred loan fees 1,624 Total loans 4,303,787 Ending balances as of March 31, 2019: Loans Individually evaluated for impairment $ 1,044 797 10,891 21 8,396 — — 21,149 Collectively evaluated for impairment $ 467,139 552,788 1,044,104 354,316 1,777,481 69,319 — 4,265,147 Purchased credit impaired $ 205 175 6,054 332 8,917 184 — 15,867 The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of March 31, 2020 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 19 51 — 18 Real estate – mortgage – construction, land development & other land loans 116 168 — 169 Real estate – mortgage – residential (1-4 family) first mortgages 4,901 5,160 — 4,601 Real estate – mortgage –home equity loans / lines of credit 330 358 — 332 Real estate – mortgage –commercial and other 5,471 7,035 — 4,057 Consumer loans — — — — Total impaired loans with no allowance $ 10,837 12,772 — 9,177 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 3,031 3,063 1,093 3,986 Real estate – mortgage – construction, land development & other land loans 640 649 73 608 Real estate – mortgage – residential (1-4 family) first mortgages 5,014 5,244 739 5,130 Real estate – mortgage –home equity loans / lines of credit 103 103 90 52 Real estate – mortgage –commercial and other 6,391 6,821 1,233 6,659 Consumer loans — — — — Total impaired loans with allowance $ 15,179 15,880 3,228 16,435 Interest income recorded on impaired loans during the three months ended March 31, 2020 was insignificant, and reflects interest income recorded on nonaccrual loans prior to them being placed on nonaccrual status and interest income recorded on accruing restructured loans. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2019 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 16 19 — 74 Real estate – mortgage – construction, land development & other land loans 221 263 — 366 Real estate – mortgage – residential (1-4 family) first mortgages 4,300 4,539 — 4,415 Real estate – mortgage –home equity loans / lines of credit 333 357 — 147 Real estate – mortgage –commercial and other 2,643 3,328 — 3,240 Consumer loans — — — — Total impaired loans with no allowance $ 7,513 8,506 — 8,242 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 4,941 4,995 1,791 1,681 Real estate – mortgage – construction, land development & other land loans 575 575 50 586 Real estate – mortgage – residential (1-4 family) first mortgages 5,246 5,469 750 6,206 Real estate – mortgage –home equity loans / lines of credit — — — 55 Real estate – mortgage –commercial and other 6,927 7,914 983 5,136 Consumer loans — — — — Total impaired loans with allowance $ 17,689 18,953 3,574 13,664 Interest income recorded on impaired loans during the year ended December 31, 2019 was $1.3 million , and reflects interest income recorded on nonaccrual loans prior to them being placed on nonaccrual status and interest income recorded on accruing restructured loans. The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. Loans that are risk-graded as substandard during the origination process are declined. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P (Pass) Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F (Fail) Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators as of March 31, 2020 . Due to the onset of the COVID-19 pandemic not occurring until late in the first quarter of 2020, the special mention and classified loans levels shown below were not impacted by the pandemic. ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 504,858 7,736 4,986 3,703 521,283 Real estate – construction, land development & other land loans 583,176 4,743 1,445 958 590,322 Real estate – mortgage – residential (1-4 family) first mortgages 1,046,994 8,427 13,719 8,581 1,077,721 Real estate – mortgage – home equity loans / lines of credit 322,000 1,217 5,986 1,874 331,077 Real estate – mortgage – commercial and other 1,920,923 28,557 7,378 9,837 1,966,695 Consumer loans 53,532 207 207 113 54,059 Purchased credit impaired 8,022 87 1,730 — 9,839 Total $ 4,439,505 50,974 35,451 25,066 4,550,996 Unamortized net deferred loan costs 1,712 Total loans 4,552,708 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2019 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 486,081 7,998 4,461 5,518 504,058 Real estate – construction, land development & other land loans 522,767 4,075 2,791 1,067 530,700 Real estate – mortgage – residential (1-4 family) first mortgages 1,063,735 13,187 15,197 7,552 1,099,671 Real estate – mortgage – home equity loans / lines of credit 328,903 1,258 5,741 1,797 337,699 Real estate – mortgage – commercial and other 1,873,594 20,800 7,436 8,820 1,910,650 Consumer loans 55,203 413 355 112 56,083 Purchased credit impaired 8,098 2,590 1,976 — 12,664 Total $ 4,338,381 50,321 37,957 24,866 4,451,525 Unamortized net deferred loan costs 1,941 Total loans 4,453,466 Troubled Debt Restructurings The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, extension of terms and other actions intended to minimize potential losses. As previously noted, under the CARES Act and banking regulator guidance, which the Company has applied, modifications deemed to be COVID-19-related are not considered a troubled debt restructuring if the loan was not more than 30 days past due as of December 31, 2019 and the deferral was executed between March 1, 2020 and the earlier of 60 days after the date of termination of the COVID-19 national emergency or December 31, 2020. Under these terms, as of March 31, 2020, the Company had processed payment deferrals for 315 loans with an aggregate loan balance of $120 million . Through April 30, 2020, the number of deferrals increased to 1,269 with an aggregate loan balance of $647 million . These deferrals were generally no more than 90 days in duration and are not included in the troubled debt restructurings disclosed in this report. The Company continues to accrue interest on these loans during the deferral period. The vast majority of the Company’s troubled debt restructurings modified during the periods ended March 31, 2020 and March 31, 2019 related to interest rate reductions combined with extension of terms. The Company does not generally grant principal forgiveness. All loans classified as troubled debt restructurings are considered to be impaired and are evaluated as such for determination of the allowance for loan losses. The Company’s troubled debt restructurings can be classified as either nonaccrual or accruing based on the loan’s payment status. The troubled debt restructurings that are nonaccrual are reported within the nonaccrual loan totals presented previously. The following table presents information related to loans modified in a troubled debt restructuring during the three months ended March 31, 2020 and 2019 . ($ in thousands) For the three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural 2 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — 2 254 258 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural — — — — — — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — Total TDRs arising during period 2 $ 143 $ 143 2 $ 254 $ 258 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended March 31, 2020 and 2019 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 93 Real estate – mortgage – commercial and other — — — — Total accruing TDRs that subsequently defaulted — $ — 1 $ 93 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of March 31, 2020 and December 31, 2019 , and the carrying amount of unamortized intangible assets as of those same dates. March 31, 2020 December 31, 2019 ($ in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists $ 6,013 2,316 6,013 2,185 Core deposit intangibles 28,440 21,510 28,440 20,610 SBA servicing asset 7,993 3,311 7,776 2,393 Other 1,303 1,151 1,303 1,127 Total $ 43,749 28,288 43,532 26,315 Unamortizable intangible assets: Goodwill $ 234,368 234,368 Servicing assets are recorded for loans, or portions thereof, that the Company has sold but continue to service for a fee. Servicing assets are initially recorded at fair value and amortized over the expected lives of the related loans and are tested for impairment on a quarterly basis. SBA servicing asset amortization expense is recorded within noninterest income as an offset to SBA servicing fees within the line item "Other service charges, commissions, and fees." As noted in the table above, the Company has a SBA servicing asset at March 31, 2020 with a remaining book value of $ 4,682,000 . The Company recorded $217,000 and $600,000 in servicing assets associated with the guaranteed portion of SBA loans originated and sold during the first three months of 2020 and 2019 , respectively. During the first three months of 2020 and 2019 , the Company recorded $918,000 and $299,000 , respectively, in related amortization expense. Included in the amortization expense for the first three months of 2020 is an impairment charge of approximately $500,000 due to a decrease in the fair value of the asset resulting from deteriorations in market conditions as of March 31, 2020. Amortization expense of all other intangible assets totaled $ 1,055,000 and $ 1,332,000 for the three months ended March 31, 2020 and 2019 , respectively. During the period ended March 31, 2020, the economic turmoil and market volatility resulting from the COVID-19 crisis resulted in a substantial decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring an interim goodwill impairment quantitative analysis. In this analysis, the Company determined that none of it's goodwill was impaired as of March 31, 2020. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization Expense April 1 to December 31, 2020 $ 2,786 2021 2,927 2022 2,022 2023 1,041 2024 404 Thereafter 1,599 Total $ 10,779 |
Pension Plans
Pension Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012. The Company recorded periodic pension cost totaling $216,000 and $244,000 for the three months ended March 31, 2020 and 2019 , respectively. The following table contains the components of the pension cost. For the Three Months Ended March 31, ($ in thousands) 2020 2019 2020 2019 2020 Total 2019 Total Service cost $ — — — — — — Interest cost 308 372 55 41 363 413 Expected return on plan assets (325 ) (397 ) — — (325 ) (397 ) Amortization of net (gain)/loss 219 223 (41 ) 5 178 228 Net periodic pension cost $ 202 198 14 46 216 244 The service cost component of net periodic pension cost is included in salaries and benefits expense and all other components of net periodic pension cost are included in other noninterest expense. The Company’s contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The Company did no t contribute to the Pension Plan in the first three months of 2020 and does no t expect to contribute to the Pension Plan in the remainder of 2020 . The Company’s funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period for non-owner transactions and is divided into net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes revenues, expenses, gains, and losses that are excluded from earnings under current accounting standards. The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) March 31, 2020 December 31, 2019 Unrealized gain (loss) on securities available for sale $ 30,508 9,743 Deferred tax asset (liability) (7,011 ) (2,239 ) Net unrealized gain (loss) on securities available for sale 23,497 7,504 Postretirement plans asset (liability) (2,913 ) (3,092 ) Deferred tax asset (liability) 669 711 Net postretirement plans asset (liability) (2,244 ) (2,381 ) Total accumulated other comprehensive income (loss) $ 21,253 5,123 The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Postretirement Plans Asset (Liability) Total Beginning balance at January 1, 2020 $ 7,504 (2,381 ) 5,123 Other comprehensive income (loss) before reclassifications 15,993 — 15,993 Amounts reclassified from accumulated other comprehensive income — 137 137 Net current-period other comprehensive income (loss) 15,993 137 16,130 Ending balance at March 31, 2020 $ 23,497 (2,244 ) 21,253 The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Postretirement Plans Asset (Liability) Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 4,523 — 4,523 Amounts reclassified from accumulated other comprehensive income — 174 174 Net current-period other comprehensive income (loss) 4,523 174 4,697 Ending balance at March 31, 2019 $ (4,971 ) (2,293 ) (7,264 ) Amounts reclassified from accumulated other comprehensive income for Unrealized Gain (Loss) on Securities Available for Sale represent realized securities gains or losses, net of tax effects. Amounts reclassified from accumulated other comprehensive income for Postretirement Plans Asset (Liability) represent amortization of amounts included in Accumulated Other Comprehensive Income, net of taxes, and are recorded in the "Other operating expenses" line item of the Consolidated Statements of Income. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal and most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at March 31, 2020 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 5,032 — 5,032 — Mortgage-backed securities 756,927 — 756,927 — Corporate bonds 44,511 — 44,511 — Total available for sale securities $ 806,470 — 806,470 — Presold mortgages in process of settlement $ 14,861 14,861 — — Nonrecurring Impaired loans $ 14,979 — — 14,979 Foreclosed real estate 1,681 — — 1,681 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2019 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 20,009 — 20,009 — Mortgage-backed securities 767,285 — 767,285 — Corporate bonds 34,651 — 34,651 — Total available for sale securities $ 821,945 — 821,945 — Presold mortgages in process of settlement $ 19,712 19,712 — — Nonrecurring Impaired loans $ 16,215 — — 16,215 Foreclosed real estate 1,830 — — 1,830 The following is a description of the valuation methodologies used for instruments measured at fair value. Presold Mortgages in Process of Settlement - The fair value is based on the committed price that an investor has agreed to pay for the loan and is considered a Level 1 input. Securities Available for Sale — When quoted market prices are available in an active market, the securities are classified as Level 1 in the valuation hierarchy. If quoted market prices are not available, but fair values can be estimated by observing quoted prices of securities with similar characteristics, the securities are classified as Level 2 on the valuation hierarchy. Most of the fair values for the Company’s Level 2 securities are determined by our third-party bond accounting provider using matrix pricing. Matrix pricing is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. For the Company, Level 2 securities include mortgage-backed securities, commercial mortgage-backed obligations, government-sponsored enterprise securities, and corporate bonds. In cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The Company reviews the pricing methodologies utilized by the bond accounting provider to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Impaired loans — Fair values for impaired loans in the above table are measured on a non-recurring basis and are based on the underlying collateral values securing the loans, adjusted for estimated selling costs, or the net present value of the cash flows expected to be received for such loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is generally determined by third-party appraisers using an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower’s financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Appraisals used in this analysis are generally obtained at least annually based on when the loans first became impaired, and thus the appraisals are not necessarily as of the period ends presented. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. Foreclosed real estate – Foreclosed real estate, consisting of properties obtained through foreclosure or in satisfaction of loans, is reported at the lower of cost or fair value. Fair value is measured on a non-recurring basis and is based upon independent market prices or current appraisals that are generally prepared using an income or market valuation approach and conducted by an independent, licensed third party appraiser, adjusted for estimated selling costs (Level 3). Appraisals used in this analysis are generally obtained at least annually based on when the assets were acquired, and thus the appraisals are not necessarily as of the period ends presented. At the time of foreclosure, any excess of the loan balance over the fair value of the real estate held as collateral is treated as a charge against the allowance for loan losses. For any real estate valuations subsequent to foreclosure, any excess of the real estate recorded value over the fair value of the real estate is treated as a foreclosed real estate write-down on the Consolidated Statements of Income. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2020 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Impaired loans - valued at collateral value $ 9,649 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 5,330 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4-11% (6.31%) Foreclosed real estate 1,681 Appraised value Discounts for estimated costs to sell 10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2019 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Impaired loans - valued at collateral value $ 10,718 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 5,497 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4-11% (6.50%) Foreclosed real estate 1,830 Appraised value Discounts for estimated costs to sell 10% The carrying amounts and estimated fair values of financial instruments not carried at fair value at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 ($ in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and due from banks, noninterest-bearing Level 1 $ 93,666 93,666 64,519 64,519 Due from banks, interest-bearing Level 1 282,683 282,683 166,783 166,783 Securities held to maturity Level 2 61,303 62,385 67,932 68,333 SBA loans held for sale Level 2 18,449 19,332 — — Total loans, net of allowance Level 3 4,528,210 4,428,870 4,432,068 4,407,610 Accrued interest receivable Level 1 15,767 15,767 16,648 16,648 Bank-owned life insurance Level 1 105,083 105,083 104,441 104,441 SBA Servicing Asset Level 3 4,682 4,906 5,383 5,649 Deposits Level 2 5,044,988 5,045,800 4,931,355 4,930,751 Borrowings Level 2 402,185 393,542 300,671 295,399 Accrued interest payable Level 2 2,100 2,100 2,154 2,154 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 highly liquid market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. 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 assets or liabilities include net premises and equipment, intangible and other assets such as deferred income taxes, prepaid expense accounts, income taxes currently payable and other various accrued expenses. In addition, the income 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 any of the estimates. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of the Company’s revenues that are in the scope of the “ Revenue from Contracts with Customers ” accounting standard (“ASC 606”) are recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2020 and 2019 . Items outside the scope of ASC 606 are noted as such. For the Three Months Ended $ in thousands March 31, 2020 March 31, 2019 Noninterest Income In-scope of ASC 606: Service charges on deposit accounts: $ 3,337 2,945 Other service charges, commissions, and fees: Interchange income 2,887 2,809 Other service charges and fees 1,182 1,697 Commissions from sales of insurance and financial products: Insurance income 1,198 1,368 Wealth management income 870 661 SBA consulting fees 1,027 1,263 Noninterest income (in-scope of ASC 606) 10,501 10,743 Noninterest income (out-of-scope of ASC 606) 3,204 3,335 Total noninterest income $ 13,705 14,078 A description of the Company’s revenue streams accounted for under ASC 606 is detailed below. Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Overdraft fees are recognized at the point in time that the overdraft occurs. Maintenance and activity fees include account maintenance fees and transaction-based fees. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Service charges on deposits are withdrawn from the customer’s account balance. Other service charges, commissions, and fees: The Company earns interchange income on its customers’ debit and credit card usage and earns fees from other services utilized by its customers. Interchange income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as MasterCard. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange expenses were presented on a gross basis prior to the adoption of ASC 606 and are presented on a net basis in 2019 and 2020. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, ATM surcharge fees, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Commissions from the sale of insurance and financial products: The Company earns commissions from the sale of insurance policies and wealth management products. Insurance income generally consists of commissions from the sale of insurance policies and performance-based commissions from insurance companies. The Company recognizes commission income from the sale of insurance policies when it acts as an agent between the insurance company and the policyholder. The Company’s performance obligation is generally satisfied upon the issuance of the insurance policy. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. Performance-based commissions from insurance companies are recognized at a point in time as policies are sold. Wealth Management Income primarily consists of commissions received on financial product sales, such as annuities. The Company’s performance obligation is generally satisfied upon the issuance of the financial product. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. The Company also earns some fees from asset management, which is billed quarterly for services rendered in the most recent period, for which the performance obligation has been satisfied. SBA Consulting fees: The Company earns fees for its consulting services related to the origination of SBA loans. Fees are based on a percentage of the dollar amount of the originated loans and are recorded when the performance obligation has been satisfied. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The Company enters into leases in the normal course of business. As of March 31, 2020 , the Company leased eight branch offices for which the land and buildings are leased and nine branch offices for which the land is leased but the building is owned. The Company also leases office space for several operational departments. All of the Company’s leases are operating leases under applicable accounting standards and the lease agreements have maturity dates ranging from January 2021 through May 2076, some of which include options for multiple five- and ten-year extensions. The weighted average remaining life of the lease term for these leases was 20.3 years as of March 31, 2020 . The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. As permitted by applicable accounting standards, the Company has elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on the Company's Consolidated Balance Sheets. Leases are classified as either operating or finance leases at the lease commencement date, and as previously noted, all of the Company's leases have been determined to be operating leases. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate, on a collateralized basis, at lease commencement to calculate the present value of lease payments when the rate implicit in the lease is not known. The weighted average discount rate for leases was 3.26% as of March 31, 2020 . Total operating lease expense was $0.7 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively. The right-of-use assets and lease liabilities were $19.3 million and $19.6 million as of March 31, 2020 , respectively. Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2020 are as follows. ($ in thousands) April 1 to December 31, 2020 $ 1,853 2021 2,257 2022 1,898 2023 1,776 2024 1,574 Thereafter 19,564 Total undiscounted lease payments 28,922 Less effect of discounting (9,344 ) Present value of estimated lease payments (lease liability) $ 19,578 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Stock Repurchases During the first three months of 2020, the Company repurchased approximately 576,406 shares of the Company's common stock at an average stock price of $34.70 per share, which totaled $20 million , under a $40 million repurchase authorization publicly announced in November 2019. The Company has $20 million remaining of the $40 million repurchase authorization. The Company suspended repurchases in March 2020 for the foreseeable future. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings and Borrowings Availability | Borrowings The following tables present information regarding the Company’s outstanding borrowings at March, 31, 2020 and December 31, 2019 - dollars are in thousands: Description Due date Call Feature March 31, 2020 Interest Rate FHLB Term Note 4/6/2020 None $ 50,000 1.01% fixed FHLB Term Note 5/6/2020 None 50,000 0.88% fixed FHLB Term Note 5/29/2020 None 40,000 1.62% fixed FHLB Term Note 6/8/2020 None 50,000 0.71% fixed FHLB Term Note 6/18/2020 None 50,000 0.41% fixed FHLB Term Note 9/4/2020 None 50,000 0.64% fixed FHLB Term Note 9/18/2020 None 50,000 0.50% fixed FHLB Principal Reducing Credit 7/24/2023 None 158 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 1,020 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 6,000 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 242 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 54 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 179 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 179 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 364 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 4.47% at 3/31/2020 Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 2.13% at 3/31/2020 Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 3.28% at 3/31/2020 Total borrowings/ weighted average rate as of March 31, 2020 $ 404,900 1.16% Unamortized discount on acquired borrowings (2,715 ) Total borrowings $ 402,185 Description Due date Call Feature December 31, 2019 Interest Rate FHLB Term Note 1/30/2020 None $ 100,000 1.70% fixed FHLB Term Note 1/31/2020 None 68,000 1.70% fixed FHLB Term Note 1/31/2020 None 30,000 1.70% fixed FHLB Term Note 5/29/2020 None 40,000 1.62% fixed FHLB Principal Reducing Credit 7/24/2023 None 168 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 1,029 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 6,500 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 245 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 55 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 181 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 181 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 367 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 4.64% at 12/31/2019 Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 3.28% at 12/31/2019 Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 3.99% at 12/31/2019 Total borrowings / weighted average rate as of December 31, 2019 $ 303,430 2.12% Unamortized discount on acquired borrowings (2,759 ) Total borrowings $ 300,671 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Risks and Uncertainties Basis of Presentation In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2020 , the consolidated results of operations for the three months ended March 31, 2020 and 2019 , and the consolidated cash flows for the three months ended March 31, 2020 and 2019 . All such adjustments were of a normal, recurring nature. Reference is made to the 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended March 31, 2020 and 2019 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued. |
Accounting Standards Adopted and Pending Adoption | Accounting Standards Pending Adoption In June 2016, the FASB issued guidance to change the accounting for credit losses. The guidance requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit losses" and record an allowance that, when deducted from the amortized cost basis of the financial assets, presents the net amount expected to be collected on the financial assets. In May 2019, the FASB issued additional guidance to provide entities with an option to irrevocably elect the fair value option, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of the CECL model. The Company does not expect to elect this option. The CECL framework is expected to result in earlier recognition of credit losses and is expected to be significantly influenced by the composition, characteristics and quality of the Company's loan portfolio, as well as the prevailing economic conditions and forecasts. Except as discussed below, the Company would have applied the new guidance through a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, which, for the Company, is January 1, 2020, with future adjustments to credit loss expectations recorded through the income statement as charges or credits to earnings. In the first quarter of 2020, in response to the COVID-19 pandemic, the CARES Act was enacted by the United States Congress and signed by the President. This CARES Act included an election to defer the implementation of CECL until the earlier of the cessation of the national emergency, or December 31, 2020. The Company is prepared for CECL implementation but elected to defer its effective date, as permitted by the CARES Act, because of the challenges associated with developing a reliable forecast of losses that may result from the unprecedented COVID-19 pandemic. Upon the adoption of CECL, the Company expects its allowance for credit losses related to all financial assets will increase to approximately $40 - $44 million as of January 1, 2020 compared to its allowance for loan losses at December 31, 2019 of approximately $21 million . As noted above, this initial impact will be reflected as a cumulative-effect adjustment to retained earnings. In August 2018, the FASB amended the Compensation - Retirement Benefits – Defined Benefit Plans Topic of the Accounting Standards Codification to improve disclosure requirements for employers that sponsor defined benefit pension and other postretirement plans. The guidance removes disclosures that are no longer considered cost-beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Reclassifications | Reclassifications Certain amounts reported in the periods ended March 31, 2019 and December 31, 2019 may have been reclassified to conform to the presentation for March 31, 2020 . These reclassifications had no effect on net income or shareholders’ equity for the periods presented, nor did they materially impact trends in financial information. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of outstanding restricted stock | The following table presents information regarding the activity for the first three months of 2020 related to the Company’s outstanding restricted stock: Long-Term Restricted Stock Number of Units Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2020 159,366 $ 36.79 Granted during the period 15,969 36.29 Vested during the period (1,042 ) 28.80 Forfeited or expired during the period — — Nonvested at March 31, 2020 174,293 $ 36.79 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share | The following is a reconciliation of the numerators and denominators used in computing Basic and Diluted Earnings Per Common Share: For the Three Months Ended March 31, 2020 2019 ($ in thousands except per share amounts) Per Share Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS: Net income $ 18,180 $ 22,285 Less: income allocated to participating securities (81 ) — Basic EPS per common share $ 18,099 29,230,788 $ 0.62 $ 22,285 29,587,217 $ 0.75 Diluted EPS: Net income $ 18,180 29,230,788 $ 22,285 29,587,217 Effect of Dilutive Securities — 168,326 — 156,178 Diluted EPS per common share $ 18,180 29,399,114 $ 0.62 $ 22,285 29,743,395 $ 0.75 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Securities | The book values and approximate fair values of investment securities at March 31, 2020 and December 31, 2019 are summarized as follows: ($ in thousands) March 31, 2020 December 31, 2019 Amortized Cost Fair Value Unrealized Amortized Cost Fair Value Unrealized Gains (Losses) Gains (Losses) Securities available for sale: Government-sponsored enterprise securities $ 5,000 5,032 32 — 20,000 20,009 17 (8 ) Mortgage-backed securities 727,261 756,926 29,892 (227 ) 758,491 767,285 9,463 (669 ) Corporate bonds 43,701 44,512 866 (55 ) 33,711 34,651 1,025 (85 ) Total available for sale $ 775,962 806,470 30,790 (282 ) 812,202 821,945 10,505 (762 ) Securities held to maturity: Mortgage-backed securities $ 39,113 39,992 879 — 41,423 41,542 125 (6 ) State and local governments 22,190 22,393 209 (6 ) 26,509 26,791 285 (3 ) Total held to maturity $ 61,303 62,385 1,088 (6 ) 67,932 68,333 410 (9 ) |
Schedule of Unrealized Losses on Investment Securities | The following table presents information regarding securities with unrealized losses at March 31, 2020 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ — — — — — — Mortgage-backed securities 3,389 28 10,570 199 13,959 227 Corporate bonds 3,949 50 995 5 4,944 55 State and local governments 3,615 6 — — 3,615 6 Total temporarily impaired securities $ 10,953 84 11,565 204 22,518 288 The following table presents information regarding securities with unrealized losses at December 31, 2019 : ($ in thousands) Securities in an Unrealized Loss Position for Less than 12 Months Securities in an Unrealized Loss Position for More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Government-sponsored enterprise securities $ 4,992 8 — — 4,992 8 Mortgage-backed securities 77,274 293 50,851 382 128,125 675 Corporate bonds — — 915 85 915 85 State and local governments — — 934 3 934 3 Total temporarily impaired securities $ 82,266 301 52,700 470 134,966 771 |
Schedule of Contractual Maturity of Investment Securities | The book values and approximate fair values of investment securities at March 31, 2020 , by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Available for Sale Securities Held to Maturity ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Securities Due within one year $ — — 1,730 1,750 Due after one year but within five years 28,701 29,567 11,496 11,639 Due after five years but within ten years 15,000 15,032 5,342 5,389 Due after ten years 5,000 4,945 3,622 3,615 Mortgage-backed securities 727,261 756,926 39,113 39,992 Total securities $ 775,962 806,470 61,303 62,385 |
Loans and Asset Quality Infor_2
Loans and Asset Quality Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Major Categories of Total Loans Outstanding | The following is a summary of the major categories of total loans outstanding: ($ in thousands) March 31, 2020 December 31, 2019 Amount Percentage Amount Percentage All loans: Commercial, financial, and agricultural $ 521,470 12 % $ 504,271 11 % Real estate – construction, land development & other land loans 590,485 13 % 530,866 12 % Real estate – mortgage – residential (1-4 family) first mortgages 1,083,022 24 % 1,105,014 25 % Real estate – mortgage – home equity loans / lines of credit 331,170 7 % 337,922 8 % Real estate – mortgage – commercial and other 1,970,716 43 % 1,917,280 43 % Consumer loans 54,133 1 % 56,172 1 % Subtotal 4,550,996 100 % 4,451,525 100 % Unamortized net deferred loan costs 1,712 1,941 Total loans $ 4,552,708 $ 4,453,466 Included in the table above are the following amounts of SBA loans: ($ in thousands) March 31, December 31, Guaranteed portions of SBA Loans included in table above $ 27,985 54,400 Unguaranteed portions of SBA Loans included in table above 119,857 110,782 Total SBA loans included in the table above $ 147,842 165,182 Sold portions of SBA loans with servicing retained - not included in table above $ 324,231 316,730 |
Schedule of Activity in Purchased Credit Impaired Loans | The following table presents changes in the carrying value of PCI loans. PCI loans For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Balance at beginning of period $ 12,664 17,393 Change due to payments received and accretion (2,841 ) (1,556 ) Change due to loan charge-offs (10 ) (8 ) Transfers to foreclosed real estate — — Other 26 38 Balance at end of period $ 9,839 15,867 The following table presents changes in the accretable yield for PCI loans. Accretable Yield for PCI loans For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Balance at beginning of period $ 4,149 4,750 Accretion (567 ) (392 ) Reclassification from (to) nonaccretable difference 304 237 Other, net (453 ) 550 Balance at end of period $ 3,433 5,145 |
Schedule of Nonperforming Assets and Nonaccrual Loans | The following is a summary of the Company’s nonaccrual loans by major categories. ($ in thousands) March 31, December 31, Commercial, financial, and agricultural $ 3,703 5,518 Real estate – construction, land development & other land loans 958 1,067 Real estate – mortgage – residential (1-4 family) first mortgages 8,581 7,552 Real estate – mortgage – home equity loans / lines of credit 1,874 1,797 Real estate – mortgage – commercial and other 9,837 8,820 Consumer loans 113 112 Total $ 25,066 24,866 Nonperforming assets are defined as nonaccrual loans, restructured loans, loans past due 90 or more days and still accruing interest, and foreclosed real estate. Nonperforming assets are summarized as follows. ($ in thousands) March 31, December 31, Nonperforming assets Nonaccrual loans $ 25,066 24,866 Restructured loans - accruing 9,747 9,053 Accruing loans > 90 days past due — — Total nonperforming loans 34,813 33,919 Foreclosed real estate 3,487 3,873 Total nonperforming assets $ 38,300 37,792 Purchased credit impaired loans not included above (1) $ 9,839 12,664 (1) In the March 3, 2017 acquisition of Carolina Bank, and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million , respectively, in PCI loans in accordance with ASC 310-30 accounting guidance. These loans are excluded from nonperforming loans, including $0.7 million and $0.8 million in PCI loans at March 31, 2020 and December 31, 2019 , respectively, that were contractually past due 90 days or more. |
Schedule of Analysis of Payment Status | The following table presents an analysis of the payment status of the Company’s loans as of March 31, 2020 . Due to the onset of the COVID-19 pandemic not occurring until late in the first quarter of 2020, as well as the Company's COVID-19 deferral program, the past due amounts below were not impacted by the pandemic. ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 2,387 201 — 3,703 514,992 521,283 Real estate – construction, land development & other land loans 1,333 42 — 958 587,989 590,322 Real estate – mortgage – residential (1-4 family) first mortgages 10,829 30 — 8,581 1,058,281 1,077,721 Real estate – mortgage – home equity loans / lines of credit 1,532 155 — 1,874 327,516 331,077 Real estate – mortgage – commercial and other 4,850 7,164 — 9,837 1,944,844 1,966,695 Consumer loans 129 67 — 113 53,750 54,059 Purchased credit impaired 625 15 746 — 8,453 9,839 Total $ 21,685 7,674 746 25,066 4,495,825 4,550,996 Unamortized net deferred loan costs 1,712 Total loans $ 4,552,708 The following table presents an analysis of the payment status of the Company’s loans as of December 31, 2019 . ($ in thousands) Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90 Days or More Past Due Nonaccrual Loans Accruing Current Total Loans Receivable Commercial, financial, and agricultural $ 752 — — 5,518 497,788 504,058 Real estate – construction, land development & other land loans 37 152 — 1,067 529,444 530,700 Real estate – mortgage – residential (1-4 family) first mortgages 10,858 5,056 — 7,552 1,076,205 1,099,671 Real estate – mortgage – home equity loans / lines of credit 770 300 — 1,797 334,832 337,699 Real estate – mortgage – commercial and other 4,257 — — 8,820 1,897,573 1,910,650 Consumer loans 344 137 — 112 55,490 56,083 Purchased credit impaired 218 38 762 — 11,646 12,664 Total $ 17,236 5,683 762 24,866 4,402,978 4,451,525 Unamortized net deferred loan costs 1,941 Total loans $ 4,453,466 |
Schedule of Allowance for Loan Losses | The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2020 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended March 31, 2020 Beginning balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Charge-offs (2,460 ) (40 ) (195 ) (68 ) (263 ) (287 ) — (3,313 ) Recoveries 217 290 91 83 47 95 — 823 Provisions 1,894 373 645 252 2,191 235 — 5,590 Ending balance $ 4,204 2,599 4,373 1,394 10,913 1,015 — 24,498 Ending balance as of March 31, 2020: Allowance for loan losses Individually evaluated for impairment $ 1,093 73 739 90 1,233 — — 3,228 Collectively evaluated for impairment $ 3,069 2,526 3,528 1,304 9,680 1,006 — 21,113 Purchased credit impaired $ 42 — 106 — — 9 — 157 Loans receivable as of March 31, 2020 Ending balance – total $ 521,470 590,485 1,083,022 331,170 1,970,716 54,133 — 4,550,996 Unamortized net deferred loan costs 1,712 Total loans $ 4,552,708 Ending balances as of March 31, 2020: Loans Individually evaluated for impairment $ 3,050 756 9,915 433 11,862 — — 26,016 Collectively evaluated for impairment $ 518,233 589,566 1,067,805 330,644 1,954,834 54,059 — 4,515,141 Purchased credit impaired $ 187 163 5,302 93 4,020 74 — 9,839 The following table presents the activity in the allowance for loan losses for the year ended December 31, 2019 . ($ in thousands) Commercial, Financial, and Agricultural Real Estate – Construction, Land Development & Other Land Loans Real Estate – Residential (1-4 Family) First Mortgages Real Estate – Mortgage – Home Equity Lines of Credit Real Estate – Mortgage – Commercial and Other Consumer Loans Unallocated Total As of and for the year ended December 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (2,473 ) (553 ) (657 ) (307 ) (1,556 ) (757 ) — (6,303 ) Recoveries 980 1,275 705 629 575 235 — 4,399 Provisions 3,157 (989 ) (1,413 ) (860 ) 1,936 542 (110 ) 2,263 Ending balance $ 4,553 1,976 3,832 1,127 8,938 972 — 21,398 Ending balances as of December 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 1,791 50 750 — 983 — — 3,574 Collectively evaluated for impairment $ 2,720 1,926 2,976 1,127 7,931 961 — 17,641 Purchased credit impaired $ 42 — 106 — 24 11 — 183 Loans receivable as of December 31, 2019: Ending balance – total $ 504,271 530,866 1,105,014 337,922 1,917,280 56,172 — 4,451,525 Unamortized net deferred loan costs 1,941 Total loans $ 4,453,466 Ending balances as of December 31, 2019: Loans Individually evaluated for impairment $ 4,957 796 9,546 333 9,570 — — 25,202 Collectively evaluated for impairment $ 499,101 529,904 1,090,125 337,366 1,901,080 56,083 — 4,413,659 Purchased credit impaired $ 213 166 5,343 223 6,630 89 — 12,664 The following table presents the activity in the allowance for loan losses for all loans for the three months ended March 31, 2019 . ($ in thousands) Commercial, Real Estate Real Estate Real Estate Real Estate Consumer Loans Unallocated Total As of and for the three months ended March 31, 2019 Beginning balance $ 2,889 2,243 5,197 1,665 7,983 952 110 21,039 Charge-offs (246 ) (264 ) (30 ) (80 ) (836 ) (281 ) — (1,737 ) Recoveries 414 287 160 128 271 33 — 1,293 Provisions 652 18 (817 ) (339 ) 702 302 (18 ) 500 Ending balance $ 3,709 2,284 4,510 1,374 8,120 1,006 92 21,095 Ending balances as of March 31, 2019: Allowance for loan losses Individually evaluated for impairment $ 857 28 858 — 312 — — 2,055 Collectively evaluated for impairment $ 2,852 2,256 3,596 1,362 7,723 990 92 18,871 Purchased credit impaired $ — — 56 12 85 16 — 169 Loans receivable as of March 31, 2019 Ending balance – total $ 468,388 553,760 1,061,049 354,669 1,794,794 69,503 — 4,302,163 Unamortized net deferred loan fees 1,624 Total loans 4,303,787 Ending balances as of March 31, 2019: Loans Individually evaluated for impairment $ 1,044 797 10,891 21 8,396 — — 21,149 Collectively evaluated for impairment $ 467,139 552,788 1,044,104 354,316 1,777,481 69,319 — 4,265,147 Purchased credit impaired $ 205 175 6,054 332 8,917 184 — 15,867 |
Schedule of Loans Individually Evaluated for Impairment | The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of March 31, 2020 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 19 51 — 18 Real estate – mortgage – construction, land development & other land loans 116 168 — 169 Real estate – mortgage – residential (1-4 family) first mortgages 4,901 5,160 — 4,601 Real estate – mortgage –home equity loans / lines of credit 330 358 — 332 Real estate – mortgage –commercial and other 5,471 7,035 — 4,057 Consumer loans — — — — Total impaired loans with no allowance $ 10,837 12,772 — 9,177 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 3,031 3,063 1,093 3,986 Real estate – mortgage – construction, land development & other land loans 640 649 73 608 Real estate – mortgage – residential (1-4 family) first mortgages 5,014 5,244 739 5,130 Real estate – mortgage –home equity loans / lines of credit 103 103 90 52 Real estate – mortgage –commercial and other 6,391 6,821 1,233 6,659 Consumer loans — — — — Total impaired loans with allowance $ 15,179 15,880 3,228 16,435 Interest income recorded on impaired loans during the three months ended March 31, 2020 was insignificant, and reflects interest income recorded on nonaccrual loans prior to them being placed on nonaccrual status and interest income recorded on accruing restructured loans. The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2019 . ($ in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Impaired loans with no related allowance recorded: Commercial, financial, and agricultural $ 16 19 — 74 Real estate – mortgage – construction, land development & other land loans 221 263 — 366 Real estate – mortgage – residential (1-4 family) first mortgages 4,300 4,539 — 4,415 Real estate – mortgage –home equity loans / lines of credit 333 357 — 147 Real estate – mortgage –commercial and other 2,643 3,328 — 3,240 Consumer loans — — — — Total impaired loans with no allowance $ 7,513 8,506 — 8,242 Impaired loans with an allowance recorded: Commercial, financial, and agricultural $ 4,941 4,995 1,791 1,681 Real estate – mortgage – construction, land development & other land loans 575 575 50 586 Real estate – mortgage – residential (1-4 family) first mortgages 5,246 5,469 750 6,206 Real estate – mortgage –home equity loans / lines of credit — — — 55 Real estate – mortgage –commercial and other 6,927 7,914 983 5,136 Consumer loans — — — — Total impaired loans with allowance $ 17,689 18,953 3,574 13,664 |
Schedule of Recorded Investment in Loans by Credit Quality Indicators | The following describes the Company’s internal risk grades in ascending order of likelihood of loss: Risk Grade Description Pass: 1 Loans with virtually no risk, including cash secured loans. 2 Loans with documented significant overall financial strength. These loans have minimum chance of loss due to the presence of multiple sources of repayment – each clearly sufficient to satisfy the obligation. 3 Loans with documented satisfactory overall financial strength. These loans have a low loss potential due to presence of at least two clearly identified sources of repayment – each of which is sufficient to satisfy the obligation under the present circumstances. 4 Loans to borrowers with acceptable financial condition. These loans could have signs of minor operational weaknesses, lack of adequate financial information, or loans supported by collateral with questionable value or marketability. 5 Loans that represent above average risk due to minor weaknesses and warrant closer scrutiny by management. Collateral is generally required and felt to provide reasonable coverage with realizable liquidation values in normal circumstances. Repayment performance is satisfactory. P (Pass) Consumer loans (<$500,000) that are of satisfactory credit quality with borrowers who exhibit good personal credit history, average personal financial strength and moderate debt levels. These loans generally conform to Bank policy, but may include approved mitigated exceptions to the guidelines. Special Mention: 6 Existing loans with defined weaknesses in primary source of repayment that, if not corrected, could cause a loss to the Bank. Classified: 7 An existing loan inadequately protected by the current sound net worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. 8 Loans that have a well-defined weakness that make the collection or liquidation in full highly questionable and improbable. Loss appears imminent, but the exact amount and timing is uncertain. 9 Loans that are considered uncollectible and are in the process of being charged-off. This grade is a temporary grade assigned for administrative purposes until the charge-off is completed. F (Fail) Consumer loans (<$500,000) with a well-defined weakness, such as exceptions of any kind with no mitigating factors, history of paying outside the terms of the note, insufficient income to support the current level of debt, etc. The following table presents the Company’s recorded investment in loans by credit quality indicators as of March 31, 2020 . Due to the onset of the COVID-19 pandemic not occurring until late in the first quarter of 2020, the special mention and classified loans levels shown below were not impacted by the pandemic. ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 504,858 7,736 4,986 3,703 521,283 Real estate – construction, land development & other land loans 583,176 4,743 1,445 958 590,322 Real estate – mortgage – residential (1-4 family) first mortgages 1,046,994 8,427 13,719 8,581 1,077,721 Real estate – mortgage – home equity loans / lines of credit 322,000 1,217 5,986 1,874 331,077 Real estate – mortgage – commercial and other 1,920,923 28,557 7,378 9,837 1,966,695 Consumer loans 53,532 207 207 113 54,059 Purchased credit impaired 8,022 87 1,730 — 9,839 Total $ 4,439,505 50,974 35,451 25,066 4,550,996 Unamortized net deferred loan costs 1,712 Total loans 4,552,708 The following table presents the Company’s recorded investment in loans by credit quality indicators as of December 31, 2019 . ($ in thousands) Pass Special Mention Loans Classified Accruing Loans Classified Nonaccrual Loans Total Commercial, financial, and agricultural $ 486,081 7,998 4,461 5,518 504,058 Real estate – construction, land development & other land loans 522,767 4,075 2,791 1,067 530,700 Real estate – mortgage – residential (1-4 family) first mortgages 1,063,735 13,187 15,197 7,552 1,099,671 Real estate – mortgage – home equity loans / lines of credit 328,903 1,258 5,741 1,797 337,699 Real estate – mortgage – commercial and other 1,873,594 20,800 7,436 8,820 1,910,650 Consumer loans 55,203 413 355 112 56,083 Purchased credit impaired 8,098 2,590 1,976 — 12,664 Total $ 4,338,381 50,321 37,957 24,866 4,451,525 Unamortized net deferred loan costs 1,941 Total loans 4,453,466 |
Schedule of Information Related to Loans Modified in a Troubled Debt Restructuring | The following table presents information related to loans modified in a troubled debt restructuring during the three months ended March 31, 2020 and 2019 . ($ in thousands) For the three months ended For the three months ended Number of Pre- Post- Number of Pre- Post- TDRs – Accruing Commercial, financial, and agricultural 2 $ 143 $ 143 — $ — $ — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — 2 254 258 Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — TDRs – Nonaccrual Commercial, financial, and agricultural — — — — — — Real estate – construction, land development & other land loans — — — — — — Real estate – mortgage – residential (1-4 family) first mortgages — — — — — — Real estate – mortgage – home equity loans / lines of credit — — — — — — Real estate – mortgage – commercial and other — — — — — — Consumer loans — — — — — — Total TDRs arising during period 2 $ 143 $ 143 2 $ 254 $ 258 Accruing restructured loans that were modified in the previous 12 months and that defaulted during the three months ended March 31, 2020 and 2019 are presented in the table below. The Company considers a loan to have defaulted when it becomes 90 or more days delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to foreclosed real estate. ($ in thousands) For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Number of Recorded Number of Recorded Accruing TDRs that subsequently defaulted Real estate – mortgage – residential (1-4 family first mortgages) — $ — 1 $ 93 Real estate – mortgage – commercial and other — — — — Total accruing TDRs that subsequently defaulted — $ — 1 $ 93 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets and goodwill | The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of March 31, 2020 and December 31, 2019 , and the carrying amount of unamortized intangible assets as of those same dates. March 31, 2020 December 31, 2019 ($ in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists $ 6,013 2,316 6,013 2,185 Core deposit intangibles 28,440 21,510 28,440 20,610 SBA servicing asset 7,993 3,311 7,776 2,393 Other 1,303 1,151 1,303 1,127 Total $ 43,749 28,288 43,532 26,315 Unamortizable intangible assets: Goodwill $ 234,368 234,368 |
Schedule of the estimated amortization expense for the five succeeding fiscal years | The following table presents the estimated amortization expense schedule related to acquisition-related amortizable intangible assets. These amounts will be recorded as "Intangibles amortization expense" within the noninterest expense section of the Consolidated Statements of Income. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets. income within the line item "Other service charges, commissions and fees" of the Consolidated Statements of Income. ($ in thousands) Estimated Amortization Expense April 1 to December 31, 2020 $ 2,786 2021 2,927 2022 2,022 2023 1,041 2024 404 Thereafter 1,599 Total $ 10,779 |
Pension Plans (Tables)
Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of the components of pension (income) expense | The following table contains the components of the pension cost. For the Three Months Ended March 31, ($ in thousands) 2020 2019 2020 2019 2020 Total 2019 Total Service cost $ — — — — — — Interest cost 308 372 55 41 363 413 Expected return on plan assets (325 ) (397 ) — — (325 ) (397 ) Amortization of net (gain)/loss 219 223 (41 ) 5 178 228 Net periodic pension cost $ 202 198 14 46 216 244 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) for the Company are as follows: ($ in thousands) March 31, 2020 December 31, 2019 Unrealized gain (loss) on securities available for sale $ 30,508 9,743 Deferred tax asset (liability) (7,011 ) (2,239 ) Net unrealized gain (loss) on securities available for sale 23,497 7,504 Postretirement plans asset (liability) (2,913 ) (3,092 ) Deferred tax asset (liability) 669 711 Net postretirement plans asset (liability) (2,244 ) (2,381 ) Total accumulated other comprehensive income (loss) $ 21,253 5,123 The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Postretirement Plans Asset (Liability) Total Beginning balance at January 1, 2020 $ 7,504 (2,381 ) 5,123 Other comprehensive income (loss) before reclassifications 15,993 — 15,993 Amounts reclassified from accumulated other comprehensive income — 137 137 Net current-period other comprehensive income (loss) 15,993 137 16,130 Ending balance at March 31, 2020 $ 23,497 (2,244 ) 21,253 The following table discloses the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 (all amounts are net of tax). ($ in thousands) Unrealized Gain (Loss) on Securities Available for Sale Postretirement Plans Asset (Liability) Total Beginning balance at January 1, 2019 $ (9,494 ) (2,467 ) (11,961 ) Other comprehensive income (loss) before reclassifications 4,523 — 4,523 Amounts reclassified from accumulated other comprehensive income — 174 174 Net current-period other comprehensive income (loss) 4,523 174 4,697 Ending balance at March 31, 2019 $ (4,971 ) (2,293 ) (7,264 ) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial instruments that were measured at fair value on a recurring and nonrecurring basis | The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at March 31, 2020 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 5,032 — 5,032 — Mortgage-backed securities 756,927 — 756,927 — Corporate bonds 44,511 — 44,511 — Total available for sale securities $ 806,470 — 806,470 — Presold mortgages in process of settlement $ 14,861 14,861 — — Nonrecurring Impaired loans $ 14,979 — — 14,979 Foreclosed real estate 1,681 — — 1,681 The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2019 . ($ in thousands) Description of Financial Instruments Fair Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities available for sale: Government-sponsored enterprise securities $ 20,009 — 20,009 — Mortgage-backed securities 767,285 — 767,285 — Corporate bonds 34,651 — 34,651 — Total available for sale securities $ 821,945 — 821,945 — Presold mortgages in process of settlement $ 19,712 19,712 — — Nonrecurring Impaired loans $ 16,215 — — 16,215 Foreclosed real estate 1,830 — — 1,830 |
Schedule of significant unobservable inputs | For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2020 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Impaired loans - valued at collateral value $ 9,649 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 5,330 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4-11% (6.31%) Foreclosed real estate 1,681 Appraised value Discounts for estimated costs to sell 10% For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2019 , the significant unobservable inputs used in the fair value measurements were as follows: ($ in thousands) Description Fair Value at Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Impaired loans - valued at collateral value $ 10,718 Appraised value Discounts applied for estimated costs to sell 10% Impaired loans - valued at PV of expected cash flows 5,497 PV of expected cash flows Discount rates used in the calculation of PV of expected cash flows 4-11% (6.50%) Foreclosed real estate 1,830 Appraised value Discounts for estimated costs to sell 10% |
Schedule of the carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments not carried at fair value at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 ($ in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and due from banks, noninterest-bearing Level 1 $ 93,666 93,666 64,519 64,519 Due from banks, interest-bearing Level 1 282,683 282,683 166,783 166,783 Securities held to maturity Level 2 61,303 62,385 67,932 68,333 SBA loans held for sale Level 2 18,449 19,332 — — Total loans, net of allowance Level 3 4,528,210 4,428,870 4,432,068 4,407,610 Accrued interest receivable Level 1 15,767 15,767 16,648 16,648 Bank-owned life insurance Level 1 105,083 105,083 104,441 104,441 SBA Servicing Asset Level 3 4,682 4,906 5,383 5,649 Deposits Level 2 5,044,988 5,045,800 4,931,355 4,930,751 Borrowings Level 2 402,185 393,542 300,671 295,399 Accrued interest payable Level 2 2,100 2,100 2,154 2,154 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2020 and 2019 . Items outside the scope of ASC 606 are noted as such. For the Three Months Ended $ in thousands March 31, 2020 March 31, 2019 Noninterest Income In-scope of ASC 606: Service charges on deposit accounts: $ 3,337 2,945 Other service charges, commissions, and fees: Interchange income 2,887 2,809 Other service charges and fees 1,182 1,697 Commissions from sales of insurance and financial products: Insurance income 1,198 1,368 Wealth management income 870 661 SBA consulting fees 1,027 1,263 Noninterest income (in-scope of ASC 606) 10,501 10,743 Noninterest income (out-of-scope of ASC 606) 3,204 3,335 Total noninterest income $ 13,705 14,078 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Schedule of Estimated Lease Payments | operating leases with initial terms of one year or more as of March 31, 2020 are as follows. ($ in thousands) April 1 to December 31, 2020 $ 1,853 2021 2,257 2022 1,898 2023 1,776 2024 1,574 Thereafter 19,564 Total undiscounted lease payments 28,922 Less effect of discounting (9,344 ) Present value of estimated lease payments (lease liability) $ 19,578 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The following tables present information regarding the Company’s outstanding borrowings at March, 31, 2020 and December 31, 2019 - dollars are in thousands: Description Due date Call Feature March 31, 2020 Interest Rate FHLB Term Note 4/6/2020 None $ 50,000 1.01% fixed FHLB Term Note 5/6/2020 None 50,000 0.88% fixed FHLB Term Note 5/29/2020 None 40,000 1.62% fixed FHLB Term Note 6/8/2020 None 50,000 0.71% fixed FHLB Term Note 6/18/2020 None 50,000 0.41% fixed FHLB Term Note 9/4/2020 None 50,000 0.64% fixed FHLB Term Note 9/18/2020 None 50,000 0.50% fixed FHLB Principal Reducing Credit 7/24/2023 None 158 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 1,020 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 6,000 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 242 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 54 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 179 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 179 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 364 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 4.47% at 3/31/2020 Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 2.13% at 3/31/2020 Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 3.28% at 3/31/2020 Total borrowings/ weighted average rate as of March 31, 2020 $ 404,900 1.16% Unamortized discount on acquired borrowings (2,715 ) Total borrowings $ 402,185 Description Due date Call Feature December 31, 2019 Interest Rate FHLB Term Note 1/30/2020 None $ 100,000 1.70% fixed FHLB Term Note 1/31/2020 None 68,000 1.70% fixed FHLB Term Note 1/31/2020 None 30,000 1.70% fixed FHLB Term Note 5/29/2020 None 40,000 1.62% fixed FHLB Principal Reducing Credit 7/24/2023 None 168 1.00% fixed FHLB Principal Reducing Credit 12/22/2023 None 1,029 1.25% fixed FHLB Principal Reducing Credit 1/15/2026 None 6,500 1.98% fixed FHLB Principal Reducing Credit 6/26/2028 None 245 0.25% fixed FHLB Principal Reducing Credit 7/17/2028 None 55 0.00% fixed FHLB Principal Reducing Credit 8/18/2028 None 181 1.00% fixed FHLB Principal Reducing Credit 8/22/2028 None 181 1.00% fixed FHLB Principal Reducing Credit 12/20/2028 None 367 0.50% fixed Trust Preferred Securities 1/23/2034 Quarterly by Company 20,620 4.64% at 12/31/2019 Trust Preferred Securities 6/15/2036 Quarterly by Company 25,774 3.28% at 12/31/2019 Trust Preferred Securities 1/7/2035 Quarterly by Company 10,310 3.99% at 12/31/2019 Total borrowings / weighted average rate as of December 31, 2019 $ 303,430 2.12% Unamortized discount on acquired borrowings (2,759 ) Total borrowings $ 300,671 |
Basis of Presentation and Ris_2
Basis of Presentation and Risks and Uncertainties (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | May 11, 2020USD ($)loan | May 06, 2020USD ($) | Apr. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Number of loans with processed payment deferrals | loan | 315 | |||||
Aggregate loan balance of loans processed payment deferrals | $ 120,000 | |||||
Deferral period | 90 days | |||||
Loans | $ 4,552,708 | $ 4,303,787 | $ 4,453,466 | |||
Provisions | 5,590 | $ 500 | $ 2,263 | |||
Subsequent Event | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Number of loans with processed payment deferrals | loan | 1,269 | |||||
Aggregate loan balance of loans processed payment deferrals | $ 647,000 | |||||
Number of PPP loans approved | loan | 2,799 | |||||
Aggregate loan balance of PPP loans approved | $ 249,500 | $ 208,000 | ||||
At-Risk From COVID-19 Pandemic [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||||
Loans | 553,000 | |||||
Provisions | $ 4,300 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Provision for loan losses | $ 5,590 | $ 500 | |||
Allowance for loan losses | $ 24,498 | $ 21,095 | $ 21,398 | $ 21,039 | |
Minimum | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for loan losses | $ 40,000 | ||||
Maximum | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for loan losses | $ 44,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)directorshares | Mar. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 513,000 | $ 403,000 |
Stock-based compensation tax benefit | 118,000 | 93,000 |
Proceeds from stock options exercised | 0 | $ 0 |
Non-Employee Director Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Director equity grants granted, value | $ 32,000 | |
Number of directors | director | 11 | |
Long-Term Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 2,957,000 | |
Unrecognized compensation expense, period for recognition | 1 year 10 months 24 days | |
Long-Term Restricted Stock | Next Twelve Months | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 1,821,000 | |
Long-Term Restricted Stock | Remaining Quarters of 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 1,440,000 | |
First Bancorp 2014 Equity Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares remaining available for grant (in shares) | shares | 616,757 | |
First Bancorp Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding (in shares) | shares | 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Outstanding Restricted Stock) (Details) - Long-Term Restricted Stock | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Units | |
Nonvested, beginning (in shares) | shares | 159,366 |
Granted during the period (in shares) | shares | 15,969 |
Vested during the period (in shares) | shares | (1,042) |
Forfeited or expired during the period (in shares) | shares | 0 |
Nonvested, ending (in shares) | shares | 174,293 |
Weighted-Average Grant-Date Fair Value | |
Nonvested, beginning (in dollars per share) | $ / shares | $ 36.79 |
Granted during the period (in dollars per share) | $ / shares | 36.29 |
Vested during the period (in dollars per share) | $ / shares | 28.80 |
Forfeited or expired during the period (in dollars per share) | $ / shares | 0 |
Nonvested, ending (in dollars per share) | $ / shares | $ 36.79 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Numerators And Denominators ) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic EPS: | ||
Net income | $ 18,180 | $ 22,285 |
Less: income allocated to participating securities | (81) | 0 |
Basic EPS per common share | $ 18,099 | $ 22,285 |
Basic (in shares) | 29,230,788 | 29,587,217 |
Basic (in dollars per share) | $ 0.62 | $ 0.75 |
Diluted EPS: | ||
Net income | $ 18,180 | $ 22,285 |
Effect of Dilutive Securities | 0 | 0 |
Diluted EPS per common share | $ 18,180 | $ 22,285 |
Basic (in shares) | 29,230,788 | 29,587,217 |
Effect of Dilutive Securities (in shares) | 168,326 | 156,178 |
Diluted (in shares) | 29,399,114 | 29,743,395 |
Diluted (in dollars per share) | $ 0.62 | $ 0.75 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Number of anti-dilutive securities (in shares) | 0 | 0 |
Securities (Summary of Book Val
Securities (Summary of Book Values and Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Amortized Cost | $ 775,962 | $ 812,202 |
Fair Value | 806,470 | 821,945 |
Unrealized Gains | 30,790 | 10,505 |
Unrealized (Losses) | (282) | (762) |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 61,303 | 67,932 |
Fair Value | 62,385 | 68,333 |
Unrealized Gains | 1,088 | 410 |
Unrealized (Losses) | (6) | (9) |
Government-sponsored enterprise securities | ||
Fair Value | ||
Amortized Cost | 5,000 | 20,000 |
Fair Value | 5,032 | 20,009 |
Unrealized Gains | 32 | 17 |
Unrealized (Losses) | 0 | (8) |
Mortgage-backed securities | ||
Fair Value | ||
Amortized Cost | 727,261 | 758,491 |
Fair Value | 756,926 | 767,285 |
Unrealized Gains | 29,892 | 9,463 |
Unrealized (Losses) | (227) | (669) |
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 39,113 | 41,423 |
Fair Value | 39,992 | 41,542 |
Unrealized Gains | 879 | 125 |
Unrealized (Losses) | 0 | (6) |
Corporate bonds | ||
Fair Value | ||
Amortized Cost | 43,701 | 33,711 |
Fair Value | 44,512 | 34,651 |
Unrealized Gains | 866 | 1,025 |
Unrealized (Losses) | (55) | (85) |
State and local governments | ||
Debt Securities, Held-to-maturity, Maturity [Abstract] | ||
Amortized Cost | 22,190 | 26,509 |
Fair Value | 22,393 | 26,791 |
Unrealized Gains | 209 | 285 |
Unrealized (Losses) | $ (6) | $ (3) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)security$ / sharesshares | Dec. 31, 2019USD ($)security | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Private mortgage-backed security fair value | $ 1,000,000 | $ 1,100,000 |
Other than temporary impairment losses | $ 0 | $ 0 |
Number of securities held in an unrealized loss position | security | 22 | 54 |
Investment securities, pledged as collateral for public deposits | $ 254,486,000 | $ 260,826,000 |
FHLB stock and FRB stock, cost | 37,952,000 | 33,380,000 |
FHLB, cost | 20,329,000 | 15,789,000 |
FRB stock | $ 17,623,000 | $ 17,591,000 |
Visa, Inc | Common Class B | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Stock owned (in shares) | shares | 12,356 | |
Visa, Inc | Common Class A | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Conversion price (in dollars per share) | $ / shares | $ 1.62 | |
Conversion of stock (in shares) | shares | 20,051 |
Securities (Schedule of Informa
Securities (Schedule of Information Regarding Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | $ 10,953 | $ 82,266 |
Unrealized Losses, AFS and HTM | 84 | 301 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 11,565 | 52,700 |
Unrealized Losses, AFS and HTM | 204 | 470 |
Total | ||
Fair Value, AFS and HTM | 22,518 | 134,966 |
Unrealized Losses, AFS and HTM | 288 | 771 |
Government-sponsored enterprise securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 0 | 4,992 |
Unrealized Losses, AFS | 0 | 8 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 0 | 0 |
Unrealized Losses, AFS | 0 | 0 |
Total | ||
Fair Value, AFS | 0 | 4,992 |
Unrealized Losses, AFS | 0 | 8 |
Mortgage-backed securities | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS and HTM | 3,389 | 77,274 |
Unrealized Losses, AFS and HTM | 28 | 293 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS and HTM | 10,570 | 50,851 |
Unrealized Losses, AFS and HTM | 199 | 382 |
Total | ||
Fair Value, AFS and HTM | 13,959 | 128,125 |
Unrealized Losses, AFS and HTM | 227 | 675 |
Corporate bonds | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, AFS | 3,949 | 0 |
Unrealized Losses, AFS | 50 | 0 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, AFS | 995 | 915 |
Unrealized Losses, AFS | 5 | 85 |
Total | ||
Fair Value, AFS | 4,944 | 915 |
Unrealized Losses, AFS | 55 | 85 |
State and local governments | ||
Securities in an Unrealized Loss Position for Less than 12 Months | ||
Fair Value, HTM | 3,615 | 0 |
Unrealized Losses, HTM | 6 | 0 |
Securities in an Unrealized Loss Position for More than 12 Months | ||
Fair Value, HTM | 0 | 934 |
Unrealized Losses, HTM | 0 | 3 |
Total | ||
Fair Value, HTM | 3,615 | 934 |
Unrealized Losses, HTM | $ 6 | $ 3 |
Securities (Schedule of Book Va
Securities (Schedule of Book Values and Fair Values of Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due within one year | $ 0 | |
Due after one year but within five years | 28,701 | |
Due after five years but within ten years | 15,000 | |
Due after ten years | 5,000 | |
Mortgage-backed securities | 727,261 | |
Amortized Cost | 775,962 | $ 812,202 |
Fair Value | ||
Due within one year | 0 | |
Due after one year but within five years | 29,567 | |
Due after five years but within ten years | 15,032 | |
Due after ten years | 4,945 | |
Mortgage-backed securities | 756,926 | |
Total securities | 806,470 | 821,945 |
Amortized Cost | ||
Due within one year | 1,730 | |
Due after one year but within five years | 11,496 | |
Due after five years but within ten years | 5,342 | |
Due after ten years | 3,622 | |
Mortgage-backed securities | 39,113 | |
Amortized Cost | 61,303 | 67,932 |
Fair Value | ||
Due within one year | 1,750 | |
Due after one year but within five years | 11,639 | |
Due after five years but within ten years | 5,389 | |
Due after ten years | 3,615 | |
Mortgage-backed securities | 39,992 | |
Total securities | $ 62,385 | $ 68,333 |
Loans and Asset Quality Infor_3
Loans and Asset Quality Information (Summary of Major Categories of Total Loans Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 4,550,996 | $ 4,451,525 | $ 4,302,163 |
Unamortized net deferred loan costs | 1,712 | 1,941 | 1,624 |
Total loans | $ 4,552,708 | $ 4,453,466 | 4,303,787 |
Percentage | 100.00% | 100.00% | |
SBA Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 147,842 | $ 165,182 | |
SBA Loans, Guaranteed Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 27,985 | 54,400 | |
SBA Loans, Unguaranteed Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 119,857 | 110,782 | |
SBA Loans, Sold Portion | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 324,231 | 316,730 | |
Commercial, financial, and agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 521,470 | $ 504,271 | 468,388 |
Percentage | 12.00% | 11.00% | |
Real estate, commercial | Real estate – construction, land development & other land loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 590,485 | $ 530,866 | 553,760 |
Percentage | 13.00% | 12.00% | |
Real estate, commercial | Real estate – mortgage – commercial and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 1,970,716 | $ 1,917,280 | 1,794,794 |
Percentage | 43.00% | 43.00% | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 1,083,022 | $ 1,105,014 | 1,061,049 |
Percentage | 24.00% | 25.00% | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 331,170 | $ 337,922 | 354,669 |
Percentage | 7.00% | 8.00% | |
Consumer loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, gross | $ 54,133 | $ 56,172 | $ 69,503 |
Percentage | 1.00% | 1.00% |
Loans and Asset Quality Infor_4
Loans and Asset Quality Information (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)loan | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2020USD ($)loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Payments that exceeded carrying amount of PCI loans | $ 408,000 | $ 133,000 | ||
Loan discount accretion income | 336,000 | 112,000 | ||
Additional loan interest income | 58,000 | $ 21,000 | ||
Payments That Exceeded The Initial Carrying Amount On Purchased Impaired Loans, Portion Recorded As Recovery | $ 14,000 | |||
Number of Contracts | 0 | 1 | ||
Interest income on restructured loans | $ 1,300,000 | |||
Number of loans with processed payment deferrals | loan | 315 | |||
Aggregate loan balance of loans processed payment deferrals | $ 120,000,000 | |||
Deferral period | 90 days | |||
SBA Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Remaining unaccreted discount | $ 6,800,000 | 7,100,000 | ||
Purchased Non-Impaired Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Remaining unaccreted discount | 10,300,000 | 11,100,000 | ||
Real estate – mortgage – residential (1-4 family) first mortgages | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Presold mortgages in process of settlement | $ 2,200,000 | $ 600,000 | ||
Subsequent Event | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Number of loans with processed payment deferrals | loan | 1,269 | |||
Aggregate loan balance of loans processed payment deferrals | $ 647,000,000 |
Loans and Asset Quality Infor_5
Loans and Asset Quality Information (Changes in Recorded Investment and Accretable Yield of PCI Loans) (Details) - Purchased Credit Impaired Loans - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
PCI Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 12,664 | $ 17,393 |
Accretion | (2,841) | (1,556) |
Change due to loan charge-offs | (10) | (8) |
Transfers to foreclosed real estate | 0 | 0 |
Other, net | 26 | 38 |
Balance at end of period | 9,839 | 15,867 |
PCI Loans, Accretable Discount | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 4,149 | 4,750 |
Accretion | (567) | (392) |
Reclassification from (to) nonaccretable difference | 304 | 237 |
Other, net | (453) | 550 |
Balance at end of period | $ 3,433 | $ 5,145 |
Loans and Asset Quality Infor_6
Loans and Asset Quality Information (Summary of Nonperforming Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Oct. 01, 2017 | Mar. 03, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonaccrual loans | $ 25,066 | $ 24,866 | |||
Total loans | 4,552,708 | 4,453,466 | $ 4,303,787 | ||
Foreclosed properties | 3,487 | 3,873 | |||
Purchased credit impaired loans not included above | 9,839 | 12,664 | |||
Nonperforming assets | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonaccrual loans | 25,066 | 24,866 | |||
Restructured loans - accruing | 9,747 | 9,053 | |||
Accruing loans 90 days past due | 0 | 0 | |||
Total loans | 34,813 | 33,919 | |||
Foreclosed properties | 3,487 | 3,873 | |||
Total nonperforming assets | 38,300 | 37,792 | |||
Purchased Impaired Loans | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Recorded loans with a fair value | $ 9,900 | $ 19,300 | |||
Carolina Bank Holdings, Inc. | Accruing 90 Days or More Past Due | Purchased Impaired Loans | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Recorded loans with a fair value | $ 700 | $ 800 |
Loans and Asset Quality Infor_7
Loans and Asset Quality Information (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | $ 25,066 | $ 24,866 |
Commercial, financial, and agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 3,703 | 5,518 |
Real estate, commercial | Real estate – construction, land development & other land loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 958 | 1,067 |
Real estate, commercial | Real estate – mortgage – commercial and other | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 9,837 | 8,820 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 8,581 | 7,552 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | 1,874 | 1,797 |
Consumer loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loans | $ 113 | $ 112 |
Loans and Asset Quality Infor_8
Loans and Asset Quality Information (Schedule of Analysis of Payment Status of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | $ 25,066 | $ 24,866 | |
Accruing Current | 4,495,825 | 4,402,978 | |
Loans, gross | 4,550,996 | 4,451,525 | $ 4,302,163 |
Unamortized net deferred loan costs | 1,712 | 1,941 | 1,624 |
Total loans | 4,552,708 | 4,453,466 | 4,303,787 |
Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 21,685 | 17,236 | |
Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 7,674 | 5,683 | |
Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 746 | 762 | |
PCI Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 0 | 0 | |
Accruing Current | 8,453 | 11,646 | |
Loans, gross | 9,839 | 12,664 | |
PCI Loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 625 | 218 | |
PCI Loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 15 | 38 | |
PCI Loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 746 | 762 | |
Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 3,703 | 5,518 | |
Accruing Current | 514,992 | 497,788 | |
Loans, gross | 521,470 | 504,271 | 468,388 |
Commercial, financial, and agricultural | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 2,387 | 752 | |
Commercial, financial, and agricultural | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 201 | 0 | |
Commercial, financial, and agricultural | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 9,837 | 8,820 | |
Accruing Current | 1,944,844 | 1,897,573 | |
Loans, gross | 1,970,716 | 1,917,280 | 1,794,794 |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 4,850 | 4,257 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 7,164 | 0 | |
Real estate, commercial | Real estate – mortgage – commercial and other | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 958 | 1,067 | |
Accruing Current | 587,989 | 529,444 | |
Loans, gross | 590,485 | 530,866 | 553,760 |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 1,333 | 37 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 42 | 152 | |
Real estate, commercial | Real estate – construction, land development & other land loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 1,874 | 1,797 | |
Accruing Current | 327,516 | 334,832 | |
Loans, gross | 331,170 | 337,922 | 354,669 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 1,532 | 770 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 155 | 300 | |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 8,581 | 7,552 | |
Accruing Current | 1,058,281 | 1,076,205 | |
Loans, gross | 1,083,022 | 1,105,014 | 1,061,049 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 10,829 | 10,858 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 30 | 5,056 | |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Consumer loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual loans | 113 | 112 | |
Accruing Current | 53,750 | 55,490 | |
Loans, gross | 54,133 | 56,172 | $ 69,503 |
Consumer loans | Accruing 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 129 | 344 | |
Consumer loans | Accruing 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 67 | 137 | |
Consumer loans | Accruing 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, past due | 0 | 0 | |
Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 521,283 | 504,058 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – mortgage – commercial and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 1,966,695 | 1,910,650 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | Real estate – construction, land development & other land loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 590,322 | 530,700 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 331,077 | 337,699 | |
Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | 1,077,721 | 1,099,671 | |
Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, gross | $ 54,059 | $ 56,083 |
Loans and Asset Quality Infor_9
Loans and Asset Quality Information (Schedule of Activity in Allowance for Loan Losses for Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 21,398 | $ 21,039 | $ 21,039 |
Charge-offs | (3,313) | (1,737) | (6,303) |
Recoveries | 823 | 1,293 | 4,399 |
Provisions | 5,590 | 500 | 2,263 |
Ending balance | 24,498 | 21,095 | 21,398 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 3,228 | 2,055 | 3,574 |
Collectively evaluated for impairment | 21,113 | 18,871 | 17,641 |
Purchased credit impaired | 157 | 169 | 183 |
Loans receivable: | |||
Loans, gross | 4,550,996 | 4,302,163 | 4,451,525 |
Unamortized net deferred loan costs | 1,712 | 1,624 | 1,941 |
Total loans | 4,552,708 | 4,303,787 | 4,453,466 |
Ending balances: Loans | |||
Individually evaluated for impairment | 26,016 | 21,149 | 25,202 |
Collectively evaluated for impairment | 4,515,141 | 4,265,147 | 4,413,659 |
Purchased credit impaired | 9,839 | 15,867 | 12,664 |
Commercial, financial, and agricultural | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,553 | 2,889 | 2,889 |
Charge-offs | (2,460) | (246) | (2,473) |
Recoveries | 217 | 414 | 980 |
Provisions | 1,894 | 652 | 3,157 |
Ending balance | 4,204 | 3,709 | 4,553 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 1,093 | 857 | 1,791 |
Collectively evaluated for impairment | 3,069 | 2,852 | 2,720 |
Purchased credit impaired | 42 | 0 | 42 |
Loans receivable: | |||
Loans, gross | 521,470 | 468,388 | 504,271 |
Ending balances: Loans | |||
Individually evaluated for impairment | 3,050 | 1,044 | 4,957 |
Collectively evaluated for impairment | 518,233 | 467,139 | 499,101 |
Purchased credit impaired | 187 | 205 | 213 |
Consumer loans | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 972 | 952 | 952 |
Charge-offs | (287) | (281) | (757) |
Recoveries | 95 | 33 | 235 |
Provisions | 235 | 302 | 542 |
Ending balance | 1,015 | 1,006 | 972 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,006 | 990 | 961 |
Purchased credit impaired | 9 | 16 | 11 |
Loans receivable: | |||
Loans, gross | 54,133 | 69,503 | 56,172 |
Ending balances: Loans | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 54,059 | 69,319 | 56,083 |
Purchased credit impaired | 74 | 184 | 89 |
Unallocated | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | 110 | 110 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provisions | 0 | (18) | (110) |
Ending balance | 0 | 92 | 0 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 0 | 92 | 0 |
Purchased credit impaired | 0 | 0 | 0 |
Loans receivable: | |||
Loans, gross | 0 | 0 | 0 |
Ending balances: Loans | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 0 | 0 | 0 |
Purchased credit impaired | 0 | 0 | 0 |
Real estate – construction, land development & other land loans | Real estate, commercial | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,976 | 2,243 | 2,243 |
Charge-offs | (40) | (264) | (553) |
Recoveries | 290 | 287 | 1,275 |
Provisions | 373 | 18 | (989) |
Ending balance | 2,599 | 2,284 | 1,976 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 73 | 28 | 50 |
Collectively evaluated for impairment | 2,526 | 2,256 | 1,926 |
Purchased credit impaired | 0 | 0 | 0 |
Loans receivable: | |||
Loans, gross | 590,485 | 553,760 | 530,866 |
Ending balances: Loans | |||
Individually evaluated for impairment | 756 | 797 | 796 |
Collectively evaluated for impairment | 589,566 | 552,788 | 529,904 |
Purchased credit impaired | 163 | 175 | 166 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3,832 | 5,197 | 5,197 |
Charge-offs | (195) | (30) | (657) |
Recoveries | 91 | 160 | 705 |
Provisions | 645 | (817) | (1,413) |
Ending balance | 4,373 | 4,510 | 3,832 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 739 | 858 | 750 |
Collectively evaluated for impairment | 3,528 | 3,596 | 2,976 |
Purchased credit impaired | 106 | 56 | 106 |
Loans receivable: | |||
Loans, gross | 1,083,022 | 1,061,049 | 1,105,014 |
Ending balances: Loans | |||
Individually evaluated for impairment | 9,915 | 10,891 | 9,546 |
Collectively evaluated for impairment | 1,067,805 | 1,044,104 | 1,090,125 |
Purchased credit impaired | 5,302 | 6,054 | 5,343 |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,127 | 1,665 | 1,665 |
Charge-offs | (68) | (80) | (307) |
Recoveries | 83 | 128 | 629 |
Provisions | 252 | (339) | (860) |
Ending balance | 1,394 | 1,374 | 1,127 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 90 | 0 | 0 |
Collectively evaluated for impairment | 1,304 | 1,362 | 1,127 |
Purchased credit impaired | 0 | 12 | 0 |
Loans receivable: | |||
Loans, gross | 331,170 | 354,669 | 337,922 |
Ending balances: Loans | |||
Individually evaluated for impairment | 433 | 21 | 333 |
Collectively evaluated for impairment | 330,644 | 354,316 | 337,366 |
Purchased credit impaired | 93 | 332 | 223 |
Real estate – mortgage – commercial and other | Real estate, commercial | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 8,938 | 7,983 | 7,983 |
Charge-offs | (263) | (836) | (1,556) |
Recoveries | 47 | 271 | 575 |
Provisions | 2,191 | 702 | 1,936 |
Ending balance | 10,913 | 8,120 | 8,938 |
Ending balances: Allowance for loan losses | |||
Individually evaluated for impairment | 1,233 | 312 | 983 |
Collectively evaluated for impairment | 9,680 | 7,723 | 7,931 |
Purchased credit impaired | 0 | 85 | 24 |
Loans receivable: | |||
Loans, gross | 1,970,716 | 1,794,794 | 1,917,280 |
Ending balances: Loans | |||
Individually evaluated for impairment | 11,862 | 8,396 | 9,570 |
Collectively evaluated for impairment | 1,954,834 | 1,777,481 | 1,901,080 |
Purchased credit impaired | $ 4,020 | $ 8,917 | $ 6,630 |
Loans and Asset Quality Info_10
Loans and Asset Quality Information (Schedule of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | $ 10,837 | $ 7,513 |
Impaired loans with no related allowance - Unpaid Principal Balance | 12,772 | 8,506 |
Impaired loans with no related allowance - Average Recorded Investment | 9,177 | 8,242 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 15,179 | 17,689 |
Impaired loans with allowance - Unpaid Principal Balance | 15,880 | 18,953 |
Impaired loans with related allowance - Related Allowance | 3,228 | 3,574 |
Impaired loans with related allowance - Average Recorded Investment | 16,435 | 13,664 |
Commercial, financial, and agricultural | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 19 | 16 |
Impaired loans with no related allowance - Unpaid Principal Balance | 51 | 19 |
Impaired loans with no related allowance - Average Recorded Investment | 18 | 74 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 3,031 | 4,941 |
Impaired loans with allowance - Unpaid Principal Balance | 3,063 | 4,995 |
Impaired loans with related allowance - Related Allowance | 1,093 | 1,791 |
Impaired loans with related allowance - Average Recorded Investment | 3,986 | 1,681 |
Consumer loans | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 0 | 0 |
Impaired loans with no related allowance - Unpaid Principal Balance | 0 | 0 |
Impaired loans with no related allowance - Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 0 | 0 |
Impaired loans with allowance - Unpaid Principal Balance | 0 | 0 |
Impaired loans with related allowance - Related Allowance | 0 | 0 |
Impaired loans with related allowance - Average Recorded Investment | 0 | 0 |
Real estate – construction, land development & other land loans | Real estate, commercial | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 116 | 221 |
Impaired loans with no related allowance - Unpaid Principal Balance | 168 | 263 |
Impaired loans with no related allowance - Average Recorded Investment | 169 | 366 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 640 | 575 |
Impaired loans with allowance - Unpaid Principal Balance | 649 | 575 |
Impaired loans with related allowance - Related Allowance | 73 | 50 |
Impaired loans with related allowance - Average Recorded Investment | 608 | 586 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 4,901 | 4,300 |
Impaired loans with no related allowance - Unpaid Principal Balance | 5,160 | 4,539 |
Impaired loans with no related allowance - Average Recorded Investment | 4,601 | 4,415 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 5,014 | 5,246 |
Impaired loans with allowance - Unpaid Principal Balance | 5,244 | 5,469 |
Impaired loans with related allowance - Related Allowance | 739 | 750 |
Impaired loans with related allowance - Average Recorded Investment | 5,130 | 6,206 |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 330 | 333 |
Impaired loans with no related allowance - Unpaid Principal Balance | 358 | 357 |
Impaired loans with no related allowance - Average Recorded Investment | 332 | 147 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 103 | 0 |
Impaired loans with allowance - Unpaid Principal Balance | 103 | 0 |
Impaired loans with related allowance - Related Allowance | 90 | 0 |
Impaired loans with related allowance - Average Recorded Investment | 52 | 55 |
Real estate – mortgage – commercial and other | Real estate, commercial | ||
Loans with no related allowance recorded: | ||
Impaired loans with no related allowance - Recorded Investment | 5,471 | 2,643 |
Impaired loans with no related allowance - Unpaid Principal Balance | 7,035 | 3,328 |
Impaired loans with no related allowance - Average Recorded Investment | 4,057 | 3,240 |
Loans with an allowance recorded: | ||
Impaired loans with allowance - Recorded Investment | 6,391 | 6,927 |
Impaired loans with allowance - Unpaid Principal Balance | 6,821 | 7,914 |
Impaired loans with related allowance - Related Allowance | 1,233 | 983 |
Impaired loans with related allowance - Average Recorded Investment | $ 6,659 | $ 5,136 |
Loans and Asset Quality Info_11
Loans and Asset Quality Information (Schedule of Recorded Investment in Loans by Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | $ 4,550,996 | $ 4,451,525 | $ 4,302,163 |
Unamortized net deferred loan costs | 1,712 | 1,941 | 1,624 |
Total loans | 4,552,708 | 4,453,466 | 4,303,787 |
Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 521,470 | 504,271 | 468,388 |
Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 54,133 | 56,172 | 69,503 |
Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 521,283 | 504,058 | |
Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 54,059 | 56,083 | |
Real estate – construction, land development & other land loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 590,485 | 530,866 | 553,760 |
Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 590,322 | 530,700 | |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,083,022 | 1,105,014 | 1,061,049 |
Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,077,721 | 1,099,671 | |
Real estate – mortgage – home equity loans / lines of credit | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 331,170 | 337,922 | 354,669 |
Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 331,077 | 337,699 | |
Real estate – mortgage – commercial and other | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,970,716 | 1,917,280 | $ 1,794,794 |
Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,966,695 | 1,910,650 | |
PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 9,839 | 12,664 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 4,439,505 | 4,338,381 | |
Pass | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 504,858 | 486,081 | |
Pass | Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 53,532 | 55,203 | |
Pass | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 583,176 | 522,767 | |
Pass | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,046,994 | 1,063,735 | |
Pass | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 322,000 | 328,903 | |
Pass | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,920,923 | 1,873,594 | |
Pass | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 8,022 | 8,098 | |
Special Mention Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 50,974 | 50,321 | |
Special Mention Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 7,736 | 7,998 | |
Special Mention Loans | Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 207 | 413 | |
Special Mention Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 4,743 | 4,075 | |
Special Mention Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 8,427 | 13,187 | |
Special Mention Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,217 | 1,258 | |
Special Mention Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 28,557 | 20,800 | |
Special Mention Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 87 | 2,590 | |
Classified Accruing Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 35,451 | 37,957 | |
Classified Accruing Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 4,986 | 4,461 | |
Classified Accruing Loans | Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 207 | 355 | |
Classified Accruing Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,445 | 2,791 | |
Classified Accruing Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 13,719 | 15,197 | |
Classified Accruing Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 5,986 | 5,741 | |
Classified Accruing Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 7,378 | 7,436 | |
Classified Accruing Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,730 | 1,976 | |
Classified Nonaccrual Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 25,066 | 24,866 | |
Classified Nonaccrual Loans | Loans, Excluding Purchased Credit Impaired Loans | Commercial, financial, and agricultural | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 3,703 | 5,518 | |
Classified Nonaccrual Loans | Loans, Excluding Purchased Credit Impaired Loans | Consumer loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 113 | 112 | |
Classified Nonaccrual Loans | Real estate – construction, land development & other land loans | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 958 | 1,067 | |
Classified Nonaccrual Loans | Real estate – mortgage – residential (1-4 family) first mortgages | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 8,581 | 7,552 | |
Classified Nonaccrual Loans | Real estate – mortgage – home equity loans / lines of credit | Loans, Excluding Purchased Credit Impaired Loans | Real estate, mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 1,874 | 1,797 | |
Classified Nonaccrual Loans | Real estate – mortgage – commercial and other | Loans, Excluding Purchased Credit Impaired Loans | Real estate, commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | 9,837 | 8,820 | |
Classified Nonaccrual Loans | PCI Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans, gross | $ 0 | $ 0 |
Loans and Asset Quality Info_12
Loans and Asset Quality Information (Schedule of Information of Loans Modified in Troubled Debt Restructuring) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 2 |
Pre- Modification Restructured Balances | $ 143 | $ 254 |
Post- Modification Restructured Balances | $ 143 | $ 258 |
Commercial, financial, and agricultural | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 0 |
Pre- Modification Restructured Balances | $ 143 | $ 0 |
Post- Modification Restructured Balances | $ 143 | $ 0 |
Commercial, financial, and agricultural | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, commercial | Real estate – construction, land development & other land loans | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, commercial | Real estate – mortgage – commercial and other | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 2 |
Pre- Modification Restructured Balances | $ 0 | $ 254 |
Post- Modification Restructured Balances | $ 0 | $ 258 |
Real estate, mortgage | Real estate – mortgage – residential (1-4 family) first mortgages | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Real estate, mortgage | Real estate – mortgage – home equity loans / lines of credit | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Consumer loans | TDRs – Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Consumer loans | TDRs – Nonaccrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre- Modification Restructured Balances | $ 0 | $ 0 |
Post- Modification Restructured Balances | $ 0 | $ 0 |
Loans and Asset Quality Info_13
Loans and Asset Quality Information (Schedule of Accruing Restructured Loans Defaulted in Period) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment | $ 0 | $ 93 |
Real estate – mortgage – residential (1-4 family) first mortgages | Real estate, mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment | $ 0 | $ 93 |
Real estate – mortgage – commercial and other | Real estate, commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | 0 | 0 |
Recorded Investment | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Summary of the Gross Carrying Amount and Accumulated Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortizable intangible assets: | ||
Gross Carrying Amount | $ 43,749 | $ 43,532 |
Accumulated Amortization | 28,288 | 26,315 |
Unamortizable intangible assets: | ||
Goodwill | 234,368 | 234,368 |
Customer lists | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 6,013 | 6,013 |
Accumulated Amortization | 2,316 | 2,185 |
Core deposit intangibles | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 28,440 | 28,440 |
Accumulated Amortization | 21,510 | 20,610 |
SBA servicing asset | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 7,993 | 7,776 |
Accumulated Amortization | 3,311 | 2,393 |
Other | ||
Amortizable intangible assets: | ||
Gross Carrying Amount | 1,303 | 1,303 |
Accumulated Amortization | $ 1,151 | $ 1,127 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Servicing assets recorded | $ 217,000 | $ 600,000 |
Amortization of SBA servicing assets | 918,000 | 299,000 |
Impairment charge on SBA servicing assets | 500,000 | |
Amortization of intangible assets | 1,055,000 | $ 1,332,000 |
Servicing asset, remaining amortization | $ 4,682,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of the Estimated Amortization Expense) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
April 1 to December 31, 2020 | $ 2,786 |
2020 | 2,927 |
2021 | 2,022 |
2022 | 1,041 |
2023 | 404 |
Thereafter | 1,599 |
Total | $ 10,779 |
Pension Plans (Narrative) (Deta
Pension Plans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)plan | Mar. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of defined benefit plans | plan | 2 | |
Net periodic pension cost (income) | $ 216,000 | $ 244,000 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic pension cost (income) | 202,000 | $ 198,000 |
Contributions to plan | 0 | |
Expected contributions to plan | $ 0 |
Pension Plans (Components of Pe
Pension Plans (Components of Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 363 | 413 |
Expected return on plan assets | (325) | (397) |
Amortization of net (gain)/loss | 178 | 228 |
Net periodic pension cost | 216 | 244 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 308 | 372 |
Expected return on plan assets | (325) | (397) |
Amortization of net (gain)/loss | 219 | 223 |
Net periodic pension cost | 202 | 198 |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 55 | 41 |
Expected return on plan assets | 0 | 0 |
Amortization of net (gain)/loss | (41) | 5 |
Net periodic pension cost | $ 14 | $ 46 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | $ 21,253 | $ 5,123 |
Unrealized Gain (Loss) on Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | 30,508 | 9,743 |
Deferred tax asset (liability) | (7,011) | (2,239) |
Total accumulated other comprehensive income (loss) | 23,497 | 7,504 |
Postretirement Plans Asset (Liability) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | (2,913) | (3,092) |
Deferred tax asset (liability) | 669 | 711 |
Total accumulated other comprehensive income (loss) | (2,244) | (2,381) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) | $ 21,253 | $ 5,123 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 852,401 | $ 764,230 |
Other comprehensive income (loss) before reclassifications | 15,993 | 4,523 |
Amounts reclassified from accumulated other comprehensive income | 137 | 174 |
Net current-period other comprehensive income (loss) | 16,130 | 4,697 |
Ending balance | 862,198 | 788,139 |
Unrealized Gain (Loss) on Securities Available for Sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 7,504 | (9,494) |
Other comprehensive income (loss) before reclassifications | 15,993 | 4,523 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current-period other comprehensive income (loss) | 15,993 | 4,523 |
Ending balance | 23,497 | (4,971) |
Postretirement Plans Asset (Liability) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,381) | (2,467) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 137 | 174 |
Net current-period other comprehensive income (loss) | 137 | 174 |
Ending balance | (2,244) | (2,293) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 5,123 | (11,961) |
Ending balance | $ 21,253 | $ (7,264) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Asset transfers, level 1 to level 2 | $ 0 | $ 0 |
Liability transfers, level 1 to level 2 | 0 | 0 |
Asset transfers, level 2 to level 1 | 0 | 0 |
Liability transfers, level 2 to level 1 | $ 0 | $ 0 |
Fair Value (Financial instrumen
Fair Value (Financial instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 806,470 | $ 821,945 |
Foreclosed properties | 3,487 | 3,873 |
Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,032 | 20,009 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 756,926 | 767,285 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Presold mortgages in process of settlement | 14,861 | 19,712 |
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 806,470 | 821,945 |
Significant Other Observable Inputs (Level 2) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,032 | 20,009 |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 756,927 | 767,285 |
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 44,511 | 34,651 |
Significant Other Observable Inputs (Level 2) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Presold mortgages in process of settlement | 0 | 0 |
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 9,649 | 10,718 |
Foreclosed properties | 1,681 | 1,830 |
Significant Unobservable Inputs (Level 3) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Presold mortgages in process of settlement | 0 | 0 |
Impaired loans | 14,979 | 16,215 |
Foreclosed properties | 1,681 | 1,830 |
Estimated Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 806,470 | 821,945 |
Estimated Fair Value | Recurring | Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,032 | 20,009 |
Estimated Fair Value | Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 756,927 | 767,285 |
Estimated Fair Value | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 44,511 | 34,651 |
Estimated Fair Value | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Presold mortgages in process of settlement | 14,861 | 19,712 |
Impaired loans | 14,979 | 16,215 |
Foreclosed properties | $ 1,681 | $ 1,830 |
Fair Value (Level 3 Assets and
Fair Value (Level 3 Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate | $ 3,487 | $ 3,873 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 9,649 | 10,718 |
Impaired loans - valued at PV of expected cash flows | 5,330 | 5,497 |
Foreclosed real estate | $ 1,681 | $ 1,830 |
Significant Unobservable Inputs (Level 3) | Appraised value | Discounts applied for estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.10 | 0.10 |
Foreclosed real estate, measurement input | 0.10 | 0.10 |
Significant Unobservable Inputs (Level 3) | Minimum | Appraised value | Discounts applied for estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.04 | 0.04 |
Significant Unobservable Inputs (Level 3) | Maximum | Appraised value | Discounts applied for estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.11 | 0.11 |
Significant Unobservable Inputs (Level 3) | Weighted Average | Appraised value | Discounts applied for estimated costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans - valued at PV of expected cash flows, measurement input | 0.0631 | 0.0650 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | $ 93,666 | $ 64,519 |
Securities held to maturity | 61,303 | 67,932 |
Accrued interest receivable | 15,767 | 16,648 |
Bank-owned life insurance | 105,083 | 104,441 |
Accrued interest payable | 2,100 | 2,154 |
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | 93,666 | 64,519 |
Due from banks, interest-bearing | 282,683 | 166,783 |
Accrued interest receivable | 15,767 | 16,648 |
Bank-owned life insurance | 105,083 | 104,441 |
Carrying Amount | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | 61,303 | 67,932 |
SBA loans held for sale | 18,449 | 0 |
Deposits | 5,044,988 | 4,931,355 |
Borrowings | 402,185 | 300,671 |
Accrued interest payable | 2,100 | 2,154 |
Carrying Amount | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans, net of allowance | 4,528,210 | 4,432,068 |
SBA Servicing Asset | 4,682 | 5,383 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks, noninterest-bearing | 93,666 | 64,519 |
Due from banks, interest-bearing | 282,683 | 166,783 |
Accrued interest receivable | 15,767 | 16,648 |
Bank-owned life insurance | 105,083 | 104,441 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held to maturity | 62,385 | 68,333 |
SBA loans held for sale | 19,332 | 0 |
Deposits | 5,045,800 | 4,930,751 |
Borrowings | 393,542 | 295,399 |
Accrued interest payable | 2,100 | 2,154 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans, net of allowance | 4,428,870 | 4,407,610 |
SBA Servicing Asset | $ 4,906 | $ 5,649 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Noninterest Income [Abstract] | ||
Service charges on deposit accounts | $ 3,337 | $ 2,945 |
Other service charges, commissions, and fees: | ||
Interchange income | 2,887 | 2,809 |
Other service charges and fees | 1,182 | 1,697 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Alternative Presentation for Banks [Abstract] | ||
Insurance income | 1,198 | 1,368 |
Wealth management income | 870 | 661 |
SBA consulting fees | 1,027 | 1,263 |
Foreclosed property gains (losses), net | (159) | (245) |
Noninterest income (in-scope of ASC 606) | 10,501 | 10,743 |
Noninterest income (out-of-scope of ASC 606) | 3,204 | 3,335 |
Total noninterest income | $ 13,705 | $ 14,078 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)branch_office | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Weighted average remaining lease term | 20 years 3 months 18 days | ||
Weighted average discount rate | 3.26% | ||
Total operating lease expense | $ 700 | $ 600 | |
Operating right-of-use lease assets | 19,347 | $ 19,669 | |
Lease liabilities | $ 19,578 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Option extension period | 5 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Option extension period | 10 years | ||
Land and Building | |||
Lessee, Lease, Description [Line Items] | |||
Number of branch locations | branch_office | 8 | ||
Land | |||
Lessee, Lease, Description [Line Items] | |||
Number of branch locations | branch_office | 9 |
Leases (Schedule of Estimated L
Leases (Schedule of Estimated Lease Payments) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
April 1 to December 31, 2020 | $ 1,853 |
2021 | 2,257 |
2022 | 1,898 |
2023 | 1,776 |
2024 | 1,574 |
Thereafter | 19,564 |
Total undiscounted lease payments | 28,922 |
Less effect of discounting | (9,344) |
Present value of estimated lease payments (lease liability) | $ 19,578 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Nov. 30, 2019 | |
Equity [Abstract] | ||
Shares repurchased (in shares) | 576,406 | |
Average stock price (in dollars per share) | $ 34.70 | |
Cost of repurchase | $ 20,000,000 | |
Repurchase authorized amount | $ 40,000,000 | |
Remaining repurchase amount | $ 20,000,000 |
Borrowings (Schedule of Borrowi
Borrowings (Schedule of Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 404,900 | $ 303,430 |
Weighted average interest rate | 1.16% | 2.12% |
Unamortized discount on acquired borrowings | $ (2,715) | $ (2,759) |
Total borrowings | 402,185 | 300,671 |
Federal Home Loan Bank Term Note due January 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 100,000 | |
Weighted average interest rate | 1.70% | |
Federal Home Loan Bank Term Note due January 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 68,000 | |
Weighted average interest rate | 1.70% | |
Federal Home Loan Bank Term Note due January 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 30,000 | |
Weighted average interest rate | 1.70% | |
Federal Home Loan Bank Term Note due April 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 1.01% | |
Federal Home Loan Bank Term Note due May 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 0.88% | |
Federal Home Loan Bank Term Note due May 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 40,000 | $ 40,000 |
Weighted average interest rate | 1.62% | 1.62% |
Federal Home Loan Bank Term Note due June 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 0.71% | |
Federal Home Loan Bank Term Note due June 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 0.41% | |
Federal Home Loan Bank Term Note due September 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 0.64% | |
Federal Home Loan Bank Term Note due September 2020 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 50,000 | |
Weighted average interest rate | 0.50% | |
Federal Home Loan Bank Principal Reducing Credit due July 2023 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 158 | $ 168 |
Weighted average interest rate | 1.00% | 1.00% |
Federal Home Loan Bank Principal Reducing Credit due December 2023 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 1,020 | $ 1,029 |
Weighted average interest rate | 1.25% | 1.25% |
Federal Home Loan Bank Principal Reducing Credit due January 2026 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 6,000 | $ 6,500 |
Weighted average interest rate | 1.98% | 1.98% |
Federal Home Loan Bank Principal Reducing Credit due June 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 242 | $ 245 |
Weighted average interest rate | 0.25% | 0.25% |
Federal Home Loan Bank Principal Reducing Credit due July 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 54 | $ 55 |
Weighted average interest rate | 0.00% | 0.00% |
Federal Home Loan Bank Principal Reducing Credit due August 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 179 | $ 181 |
Weighted average interest rate | 1.00% | 1.00% |
Federal Home Loan Bank Principal Reducing Credit due August 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 179 | $ 181 |
Weighted average interest rate | 1.00% | 1.00% |
Federal Home Loan Bank Principal Reducing Credit due December 2028 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 364 | $ 367 |
Weighted average interest rate | 0.50% | 0.50% |
Trust Preferred Securities due January 2034 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 20,620 | $ 20,620 |
Weighted average interest rate | 4.47% | 4.64% |
Basis spread on variable rate | 2.70% | 2.70% |
Trust Preferred Securities due June 2036 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 25,774 | $ 25,774 |
Weighted average interest rate | 2.13% | 3.28% |
Basis spread on variable rate | 1.39% | 1.39% |
Trust Preferred Securities due January 2035 | ||
Debt Instrument [Line Items] | ||
Total borrowings, gross | $ 10,310 | $ 10,310 |
Weighted average interest rate | 3.28% | 3.99% |
Basis spread on variable rate | 2.00% | 2.00% |