Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000834285 | |
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-17007 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2486815 | |
Entity Address, Address Line One | 50 South 16th Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19102 | |
City Area Code | 215 | |
Local Phone Number | 735-4422 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FRBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,855,778 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 36,786 | $ 41,928 |
Interest bearing deposits with banks | 654,458 | 126,391 |
Cash and cash equivalents | 691,244 | 168,319 |
Investment securities available for sale, at fair value | 382,221 | 539,042 |
Investment securities held to maturity, at amortized cost (fair value of $583,182 and $653,109, respectively) | 556,159 | 644,842 |
Restricted stock, at cost | 3,789 | 2,746 |
Mortgage loans held for sale, at fair value | 24,744 | 10,345 |
Other loans held for sale | 1,382 | 3,004 |
Loans receivable (net of allowance for loan losses of $11,040 and $9,266, respectively) | 2,531,208 | 1,738,929 |
Premises and equipment, net | 121,149 | 116,956 |
Other real estate owned, net | 1,144 | 1,730 |
Accrued interest receivable | 12,393 | 9,934 |
Operating leases – right-of-use asset | 64,693 | 64,805 |
Goodwill | 5,011 | 5,011 |
Other assets | 39,506 | 35,627 |
Total Assets | 4,434,643 | 3,341,290 |
Deposits | ||
Demand - non-interest bearing | 1,095,782 | 661,431 |
Demand - interest bearing | 1,435,198 | 1,352,360 |
Money market and savings | 902,528 | 761,793 |
Time deposits | 210,446 | 223,579 |
Total Deposits | 3,643,954 | 2,999,163 |
Short-term borrowings | 438,478 | 0 |
Accrued interest payable | 1,403 | 1,630 |
Other liabilities | 15,316 | 11,208 |
Operating lease liability obligation | 69,046 | 68,856 |
Subordinated debt | 11,268 | 11,265 |
Total Liabilities | 4,179,465 | 3,092,122 |
Shareholders’ Equity | ||
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01 per share: 100,000,000 shares authorized; shares issued 59,379,623 as of June 30, 2020 and 59,371,623 as of December 31, 2019; shares outstanding 58,850,778 as of June 30, 2020 and 58,842,778 as of December 31, 2019 | 594 | 594 |
Additional paid in capital | 273,118 | 272,039 |
Accumulated deficit | (10,297) | (12,216) |
Treasury stock at cost (503,408 shares as of June 30, 2020 and December 31, 2019) | (3,725) | (3,725) |
Stock held by deferred compensation plan (25,437 shares as of June 30, 2020 and December 31, 2019) | (183) | (183) |
Accumulated other comprehensive loss | (4,329) | (7,341) |
Total Shareholders’ Equity | 255,178 | 249,168 |
Total Liabilities and Shareholders’ Equity | $ 4,434,643 | $ 3,341,290 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment securities held to maturity, at fair value | $ 583,182 | $ 653,109 |
Loans receivable, allowance for loan losses | $ 11,040 | $ 9,266 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 59,379,623 | 59,371,623 |
Common stock, shares outstanding (in shares) | 58,850,778 | 58,842,778 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Interest and fees on taxable loans | $ 22,183 | $ 18,149 | $ 41,806 | $ 35,529 |
Interest and fees on tax-exempt loans | 554 | 420 | 1,104 | 840 |
Interest and dividends on taxable investment securities | 5,053 | 7,059 | 11,854 | 14,304 |
Interest and dividends on tax-exempt investment securities | 19 | 99 | 39 | 237 |
Interest on federal funds sold and other interest-earning assets | 50 | 518 | 339 | 854 |
Total interest income | 27,859 | 26,245 | 55,142 | 51,764 |
Interest expense: | ||||
Demand- interest bearing | 2,856 | 4,206 | 6,277 | 8,144 |
Money market and savings | 1,431 | 1,628 | 3,214 | 3,080 |
Time deposits | 1,033 | 861 | 2,254 | 1,485 |
Other borrowings | 112 | 179 | 216 | 544 |
Total interest expense | 5,432 | 6,874 | 11,961 | 13,253 |
Net interest income | 22,427 | 19,371 | 43,181 | 38,511 |
Provision for loan losses | 1,000 | 0 | 1,950 | 300 |
Net interest income after provision for loan losses | 21,427 | 19,371 | 41,231 | 38,211 |
Non-interest income: | ||||
Non-interest income | 2,362 | 1,898 | 4,488 | 3,589 |
Gain on sales of SBA loans | 269 | 1,147 | 918 | 1,649 |
Gain on sale of investment securities | 1,640 | 261 | 2,481 | 583 |
Other non-interest income | 34 | 50 | 96 | 129 |
Total non-interest income | 8,424 | 7,026 | 14,969 | 11,971 |
Non-interest expenses: | ||||
Salaries and employee benefits | 13,177 | 13,705 | 26,558 | 26,064 |
Occupancy | 3,312 | 2,682 | 6,734 | 5,276 |
Depreciation and amortization | 2,242 | 1,539 | 4,117 | 2,960 |
Legal | 253 | 333 | 549 | 562 |
Other real estate owned | 75 | 517 | 357 | 854 |
Appraisal and other loan expenses | 539 | 390 | 961 | 851 |
Advertising | 288 | 454 | 669 | 769 |
Data processing | 1,567 | 1,184 | 3,141 | 2,346 |
Insurance | 281 | 216 | 557 | 451 |
Professional fees | 756 | 725 | 1,390 | 1,203 |
Debit card processing | 899 | 607 | 1,724 | 1,163 |
Regulatory assessments and costs | 675 | 421 | 1,305 | 842 |
Taxes, other | 283 | 207 | 486 | 494 |
Other operating expenses | 2,317 | 2,931 | 5,388 | 5,343 |
Total non-interest expense | 26,664 | 25,911 | 53,936 | 49,178 |
Income before provision for income taxes | 3,187 | 486 | 2,264 | 1,004 |
Provision for income taxes | 675 | 105 | 345 | 197 |
Net income | $ 2,512 | $ 381 | $ 1,919 | $ 807 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.01 |
Diluted (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.01 |
Loan and Servicing Fees [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 764 | $ 689 | $ 1,235 | $ 899 |
Mortgage Banking [Member] | ||||
Non-interest income: | ||||
Non-interest income | 3,389 | 3,031 | 5,847 | 5,251 |
Deposit Account [Member] | ||||
Non-interest income: | ||||
Non-interest income | $ 2,328 | $ 1,848 | $ 4,392 | $ 3,460 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 2,512 | $ 381 | $ 1,919 | $ 807 |
Unrealized gains on securities (pre-tax $1,089, $2,473, $5,463, and $4,775, respectively) | 813 | 1,902 | 4,077 | 3,672 |
Reclassification adjustment for securities gains (pre-tax ($1,640), ($261), ($2,481), and ($583), respectively) | (1,224) | (200) | (1,852) | (448) |
Net unrealized gains (losses) on securities | (411) | 1,702 | 2,225 | 3,224 |
Amortization of net unrealized holding losses to income during the period (pre-tax $646, $332, $1,055, and $644 respectively) | 482 | 255 | 787 | 495 |
Total other comprehensive income (loss) | 71 | 1,957 | 3,012 | 3,719 |
Total comprehensive income | $ 2,583 | $ 2,338 | $ 4,931 | $ 4,526 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Unrealized gain (loss) on securities, pre-tax | $ 1,089 | $ 2,473 | $ 5,463 | $ 4,775 |
Reclassification adjustment for impairment charge, pre-tax | (1,640) | (261) | (2,481) | (583) |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 646 | $ 332 | $ 1,055 | $ 644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 1,919,000 | $ 807,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,950,000 | 300,000 |
Write down of other real estate owned | 0 | 16,000 |
Depreciation and amortization | 4,117,000 | 2,960,000 |
Stock based compensation | 1,056,000 | 1,382,000 |
Net (gain) loss on sale of investment securities | (2,481,000) | (583,000) |
Amortization of premiums on investment securities | 3,610,000 | 1,277,000 |
Accretion of discounts on retained SBA loans | (429,000) | (703,000) |
Fair value adjustments on SBA servicing assets | 158,000 | 745,000 |
Proceeds from sales of SBA loans originated for sale | 15,179,000 | 25,099,000 |
SBA loans originated for sale | (12,639,000) | (20,112,000) |
Gains on sales of SBA loans originated for sale | (918,000) | (1,649,000) |
Proceeds from sales of mortgage loans originated for sale | 148,131,000 | 152,784,000 |
Mortgage loans originated for sale | (158,637,000) | (149,557,000) |
Fair value adjustment for mortgage loans originated for sale | (589,000) | 49,000 |
Gains on mortgage loans originated for sale | (3,822,000) | (3,968,000) |
Amortization of debt issuance costs | 3,000 | 3,000 |
Non-cash expense related to leases | 255,000 | 637,000 |
Increase in accrued interest receivable and other assets | (6,190,000) | (2,292,000) |
Increase (decrease) in accrued interest payable and other liabilities | 3,117,000 | (518,000) |
Net cash (used in) provided by operating activities | (6,210,000) | 6,677,000 |
Cash flows from investing activities | ||
Purchase of investment securities available for sale | (16,906,000) | (78,751,000) |
Proceeds from the sale of securities available for sale | 92,804,000 | 43,238,000 |
Proceeds from the paydown, maturity, or call of securities available for sale | 84,036,000 | 22,514,000 |
Proceeds from the paydown, maturity, or call of securities held to maturity | 88,476,000 | 42,898,000 |
Net (purchase) redemption of restricted stock | (1,043,000) | 624,000 |
Net increase in loans | (793,800,000) | (72,878,000) |
Net proceeds from sale of other real estate owned | 586,000 | 401,000 |
Premises and equipment expenditures | (8,310,000) | (20,610,000) |
Net cash used in investing activities | (554,157,000) | (62,564,000) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 23,000 | 261,000 |
Increase in demand, money market and savings deposits | 657,924,000 | 97,286,000 |
Net (decrease) increase in time deposits | (13,133,000) | 37,824,000 |
Net increase (repayment) in short-term borrowings | 438,478,000 | (22,443,000) |
Net cash provided by financing activities | 1,083,292,000 | 112,928,000 |
Net increase (decrease) in cash and cash equivalents | 522,925,000 | 57,041,000 |
Cash and cash equivalents, beginning of year | 168,319,000 | 72,473,000 |
Cash and cash equivalents, end of period | 691,244,000 | 129,514,000 |
Supplemental disclosures | ||
Interest paid | 11,734,000 | 13,829,000 |
Non-monetary transfers from loans to other real estate owned | $ 0 | $ 600,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balance at Dec. 31, 2018 | $ 593 | $ 269,147 | $ (8,716) | $ (3,725) | $ (183) | $ (11,927) | [1] | $ 245,189 | |
Net income | 807 | 807 | |||||||
Other comprehensive income, net of tax | 3,719 | [1] | 3,719 | ||||||
Stock based compensation | 1,382 | 1,382 | |||||||
Options exercised | 1 | 260 | 261 | ||||||
Balance at Jun. 30, 2019 | 594 | 270,789 | (7,909) | (3,725) | (183) | (8,208) | [1] | 251,358 | |
Balance at Dec. 31, 2018 | 593 | 269,147 | (8,716) | (3,725) | (183) | (11,927) | [1] | 245,189 | |
Other comprehensive income, net of tax | [1] | 4,586 | |||||||
Balance at Dec. 31, 2019 | 594 | 272,039 | (12,216) | (3,725) | (183) | (7,341) | [1] | 249,168 | |
Balance at Mar. 31, 2019 | 593 | 270,155 | (8,290) | (3,725) | (183) | (10,165) | 248,385 | ||
Net income | 381 | 381 | |||||||
Other comprehensive income, net of tax | 1,957 | 1,957 | |||||||
Stock based compensation | 614 | 614 | |||||||
Options exercised | 1 | 20 | 21 | ||||||
Balance at Jun. 30, 2019 | 594 | 270,789 | (7,909) | (3,725) | (183) | (8,208) | [1] | 251,358 | |
Balance at Dec. 31, 2019 | 594 | 272,039 | (12,216) | (3,725) | (183) | (7,341) | [1] | 249,168 | |
Net income | 1,919 | 1,919 | |||||||
Other comprehensive income, net of tax | 3,012 | [1] | 3,012 | ||||||
Stock based compensation | 1,056 | 1,056 | |||||||
Options exercised | 23 | 23 | |||||||
Balance at Jun. 30, 2020 | 594 | 273,118 | (10,297) | (3,725) | (183) | (4,329) | [1] | 255,178 | |
Balance at Mar. 31, 2020 | 594 | 272,639 | (12,809) | (3,725) | (183) | (4,400) | 252,116 | ||
Net income | 2,512 | 2,512 | |||||||
Other comprehensive income, net of tax | 71 | 71 | |||||||
Stock based compensation | 479 | 479 | |||||||
Balance at Jun. 30, 2020 | $ 594 | $ 273,118 | $ (10,297) | $ (3,725) | $ (183) | $ (4,329) | [1] | $ 255,178 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Common Stock [Member] | |||
Options exercised (in shares) | 6,000 | 8,000 | 53,550 |
Options exercised (in shares) | 8,000 | 53,550 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: Basis of Presentation Republic First Bancorp, Inc. (the “Company”) is a one July 28, 2016, January 1, 2018, The Company and Republic encounter vigorous competition for market share in the geographic areas they serve from bank holding companies, national, regional and other community banks, thrift institutions, credit unions and other non-bank financial organizations, such as mutual fund companies, insurance companies and brokerage companies. The Company and Republic are subject to federal and state regulations governing virtually all aspects of their activities, including but not The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. The accompanying unaudited consolidated financial statements have been prepared in accordance with US GAAP for interim financial information and with the instructions to United States Securities and Exchange Commission (“SEC”) Form 10 10 X. not six June 30, 2020 not may December 31, 2020. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: Risks and Uncertainties The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may The coronavirus ("COVID- 19" six June 30, 2020 not December 31, 2019. 150 0.00% 0.25% March 2020. 19 The recession that has begun in the U.S. as a result of the government-mandated business closures and stay-at-home orders is significantly impacting the labor market, consumer spending, business investment and profitability. As a result, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which is the largest economic stimulus package in the nation’s history in an effort to lessen the impact of COVID- 19 may Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. Interest Rate Lock Commitments (“IRLCs”) Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging 30 90 not not 11 Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. In estimating the allowance for loan losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not not not In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. A material reduction in estimated future taxable income may Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 2005 1.5 June 30, 2020, 2005 2005 2005 one four 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 no may not June 30, 2020, 2014 six June 30, 2020, 2014 The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2020 2019 2020 201 9 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 28.61% 28.81% Risk-free interest rate (3) 0.50% to 1.22% 1.95% to 2.70% Expected life (4 ) 6.25 6.25 Assumed forfeiture rate (5 ) 5.0% 4.0% ( 1 ( 2 ( 3 five seven ( 4 ) ten ( 5 ) three During the six June 30, 2020 2019, June 30, 2020, June 30, 2019, six June 30, 2020, six June 30, 2019, Information regarding stock based compensation for the six June 30, 2020 2019 20 20 201 9 Stock based compensation expense recognized $ 1,056,000 $ 1,382,000 Number of unvested stock options 2,594,075 2,348,765 Fair value of unvested stock options $ 4,900,923 $ 6,000,570 Amount remaining to be recognized as expense $ 3,578,456 $ 4,625,447 The remaining unrecognized expense amount of $3,578,456 will be recognized ratably as expense through May 2024. Earnings per Share Earnings per share (“EPS”) consists of two six June 30, 2020 June 30, 2019. The calculation of EPS for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income - basic and diluted $ 2,512 $ 381 $ 1,919 $ 807 Weighted average shares outstanding 58,851 58,841 58,849 58,823 Net income per share – basic $ 0.04 $ 0.01 $ 0.03 $ 0.01 Weighted average shares outstanding (including dilutive CSEs) 58,883 59,401 58,911 59,501 Net income per share – diluted $ 0.04 $ 0.01 $ 0.03 $ 0.01 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods. These securities were not (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive securities Share based compensation awards 5,965 4,419 5,936 4,301 Total anti-dilutive securities 5,965 4,419 5,936 4,301 Recent Accounting Pronouncements ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, In July 2018, 2018 11, Leases (Topic 842 In December 2018, 2018 20, Leases (Topic 842 not third The Company adopted this ASU on January 1, 2019. January 1, 2019. no not 1 2 3 4 ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 may December 31, 2019 one 2016 13 January 1, 2020. 4014 not March 27, 2020 19 December 31, 2020. |
Note 3 - Legal Proceedings
Note 3 - Legal Proceedings | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 3: The Company and Republic are from time to time a party (plaintiff or defendant) to lawsuits that are in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not |
Note 4 - Segment Reporting
Note 4 - Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4: The Company has one second not |
Note 5 - Investment Securities
Note 5 - Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5: A summary of the amortized cost and market value of securities available for sale and securities held to maturity at June 30, 2020 December 31, 2019 At June 30 , 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies $ 35,312 $ - $ (216 ) $ 35,096 Collateralized mortgage obligations 224,578 3,986 (508 ) 228,056 Agency mortgage-backed securities 42,126 946 - 43,072 Municipal securities 2,637 28 - 2,665 Corporate bonds 76,295 292 (3,255 ) 73,332 Total securities available for sale $ 380,948 $ 5,252 $ (3,979 ) $ 382,221 U.S. Government agencies $ 87,958 $ 4,731 $ - $ 92,689 Collateralized mortgage obligations 350,375 16,827 (23 ) 367,179 Agency mortgage-backed securities 117,826 5,489 (1 ) 123,314 Total securities held to maturity $ 556,159 $ 27,047 $ (24 ) $ 583,182 At December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies $ 38,743 $ 1 $ (439 ) $ 38,305 Collateralized mortgage obligations 329,492 2,368 (422 ) 331,438 Agency mortgage-backed securities 98,953 82 (98 ) 98,937 Municipal securities 4,064 18 - 4,082 Corporate bonds 69,499 79 (3,298 ) 66,280 Total securities available for sale $ 540,751 $ 2,548 $ (4,257 ) $ 539,042 U.S. Government agencies $ 94,913 $ 482 $ (294 ) $ 95,101 Collateralized mortgage obligations 416,177 7,603 (793 ) 422,987 Agency mortgage-backed securities 133,752 1,782 (513 ) 135,021 Total securities held to maturity $ 644,842 $ 9,867 $ (1,600 ) $ 653,109 The following table presents investment securities by stated maturity at June 30, 2020. no Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 790 $ 792 $ - $ - After 1 year to 5 years 55,111 55,210 65,237 68,362 After 5 years to 10 years 55,343 52,426 22,721 24,327 After 10 years 3,000 2,665 - - Collateralized mortgage obligations 224,578 228,056 350,375 367,179 Agency mortgage-backed securities 42,126 43,072 117,826 123,314 Total $ 380,948 $ 382,221 $ 556,159 $ 583,182 The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and certain corporate entities. There were no June 30, 2020 December 31, 2019. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not June 30, 2020 December 31, 2019. The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position in the available for sale and held to maturity section: At June 30 , 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 35,096 $ 216 $ - $ - $ 35,096 $ 216 Collateralized mortgage obligations 116,028 365 12,946 143 128,974 508 Agency mortgage-backed securities - - - - - - Municipal securities - - - - - - Corporate bonds - - 54,745 3,255 54,745 3,255 Total Available for Sale $ 151,124 $ 581 $ 67,691 $ 3,398 $ 218,815 $ 3,979 At June 3 0 , 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 8,534 16 1,032 7 9,566 23 Agency mortgage-backed securities 6,275 1 - - 6,275 1 Total Held to Maturity $ 14,809 $ 17 $ 1,032 $ 7 $ 15,841 $ 24 At December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 28,136 $ 439 $ - $ - $ 28,136 $ 439 Collateralized mortgage obligations 63,384 328 6,164 94 69,548 422 Agency mortgage-backed securities 2,924 13 6,411 85 9,335 98 Municipal securities - - - - - - Corporate bonds 2,820 180 51,882 3,118 54,702 3,298 Total Available for Sale $ 97,264 $ 960 $ 64,457 $ 3,297 $ 161,721 $ 4,257 At December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 33,092 $ 220 $ 3,703 $ 74 $ 36,795 $ 294 Collateralized mortgage obligations 24,211 18 64,324 775 88,535 793 Agency mortgage-backed securities 14,044 33 52,132 480 66,176 513 Total Held to Maturity $ 71,347 $ 271 $ 120,159 $ 1,329 $ 191,506 $ 1,600 Unrealized losses on securities in the investment portfolio amounted to $4.0 million with a total fair value of $234.7 million as of June 30, 2020 December 31, 2019. not not The Company held four U.S. Government agency securities, twenty collateralized mortgage obligations and one agency mortgage-backed securities that were in an unrealized loss position at June 30, 2020. no June 30, 2020. All municipal securities held in the investment portfolio are reviewed on least a quarterly basis for impairment. Each bond carries an investment grade rating by either Moody’s or Standard & Poor’s. In addition, the Company periodically conducts its own independent review on each issuer to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania and New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. At June 30, 2020, no At June 30, 2020, not seven five Proceeds associated with the sale of securities available for sale during the three June 30, 2020 three June 30, 2020 six June 30, 2020 six June 30, 2020 Proceeds associated with the sale of securities available for sale during the three June 30, 2019 three June 30, 2019 six June 30, 2019 six June 30, 2019 |
Note 6 - Loans Receivable and A
Note 6 - Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6: and Allowance for Loan Losses The following table sets forth the Company’s gross loans by major category as of June 30, 2020 December 31, 2019: (dollars in thousands) June 3 0 , 2020 December 31, 2019 Commercial real estate $ 664,605 $ 613,631 Construction and land development 150,156 121,395 Commercial and industrial 224,504 223,906 Owner occupied real estate 434,422 424,400 Consumer and other 101,793 101,320 Residential mortgage 313,287 263,444 Paycheck protection program 670,912 - Total loans receivable 2,559,679 1,748,096 Deferred (fees) costs (17,431 ) 99 Allowance for loan losses (11,040 ) (9,266 ) Net loans receivable $ 2,531,208 $ 1,738,929 The Company disaggregates its loan portfolio into groups of loans with similar risk characteristics for purposes of estimating the allowance for loan losses. The Company’s loan groups include commercial real estate, construction and land development, commercial and industrial, owner occupied real estate, consumer, residential mortgages, and PPP loans. PPP loans are fully guaranteed by the U.S. Government and as such have no The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the three June 30, 2020 2019: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Three months ended June 30, 2020 Allowance for loan losses: Beginning balance: $ 3,402 $ 834 $ 1,442 $ 1,859 $ 634 $ 1,912 $ - $ 134 $ 10,217 Charge-offs - - (51 ) (48 ) (43 ) (50 ) - - (192 ) Recoveries - 2 10 1 2 - - - 15 Provisions (credits) 330 116 30 183 82 393 - (134 ) 1,000 Ending balance $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Three months ended June 30, 201 9 Allowance for loan losses: Beginning balance: $ 2,672 $ 703 $ 1,037 $ 1,867 $ 536 $ 985 $ - $ 100 $ 7,900 Charge-offs - - (1 ) - - - - - (1 ) Recoveries - - 153 - 4 - - - 157 Provisions (credits) 1 (72 ) (314 ) 291 22 139 - (67 ) - Ending balance $ 2,673 $ 631 $ 875 $ 2,158 $ 562 $ 1,124 $ - $ 33 $ 8,056 The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the six June 30, 2020 2019: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Six months ended June 30, 2020 Allowance for loan losses: Beginning balance: $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Charge-offs - - (51 ) (48 ) (65 ) (50 ) - - (214 ) Recoveries - 2 27 1 8 - - - 38 Provisions (credits) 689 262 524 (250 ) 142 600 - (17 ) 1,950 Ending balance $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Six months ended June 30, 201 9 Allowance for loan losses: Beginning balance: $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ - $ 118 $ 8,615 Charge-offs - - (930 ) (75 ) (13 ) - - - (1,018 ) Recoveries - - 154 - 5 - - - 159 Provisions (credits) 211 (146 ) (103 ) 200 (7 ) 230 - (85 ) 300 Ending balance $ 2,673 $ 631 $ 875 $ 2,158 $ 562 $ 1,124 $ - $ 33 $ 8,056 The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of June 30, 2020 December 31, 2019: (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total June 3 0 , 2020 Allowance for loan losses: Individually evaluated for impairment $ 322 $ - $ 45 $ 132 $ - $ - $ - $ - $ 499 Collectively evaluated for impairment 3,410 952 1,386 1,863 675 2,255 - - 10,541 Total allowance for loan losses $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Loans receivable: Loans evaluated individually $ 10,777 $ - $ 3,064 $ 4,015 $ 1,122 $ 835 $ - $ - $ 19,813 Loans evaluated collectively 653,828 150,156 221,440 430,407 100,671 312,452 670,912 - 2,539,866 Total loans receivable $ 664,605 $ 150,156 $ 224,504 $ 434,422 $ 101,793 $ 313,287 $ 670,912 $ - $ 2,559,679 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2019 Allowance for loan losses: Individually evaluated for impairment $ 265 $ - $ 23 $ 268 $ - $ - $ - $ - $ 556 Collectively evaluated for impairment 2,778 688 908 2,024 590 1,705 - 17 8,710 Total allowance for loan losses $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Loans receivable: Loans evaluated individually $ 10,331 $ - $ 3,087 $ 3,634 $ 1,062 $ 768 $ - $ - $ 18,882 Loans evaluated collectively 603,300 121,395 220,819 420,766 100,258 262,676 - 1,729,214 Total loans receivable $ 613,631 $ 121,395 $ 223,906 $ 424,400 $ 101,320 $ 263,444 $ - $ - $ 1,748,096 A loan is considered impaired, when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include internally classified accruing loans. The following table summarizes information with regard to impaired loans by loan portfolio class as of June 30, 2020 December 31, 2019: June 3 0 , 2020 December 31, 2019 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 6,632 $ 6,639 $ - $ 6,186 $ 6,192 $ - Construction and land development - - - - - - Commercial and industrial 2,355 2,402 - 2,719 2,989 - Owner occupied real estate 3,132 3,339 - 2,127 2,275 - Consumer and other 1,122 1,462 - 1,062 1,375 - Residential mortgage 835 888 - 768 768 - Paycheck protection program - - - - - - Total $ 14,076 $ 14,730 $ - $ 12,862 $ 13,599 $ - With an allowance recorded: Commercial real estate $ 4,145 $ 4,667 $ 322 $ 4,145 $ 4,667 $ 265 Construction and land development - - - - - - Commercial and industrial 709 880 45 368 383 23 Owner occupied real estate 883 902 132 1,507 1,521 268 Consumer and other - - - - - - Residential mortgage - - - - - - Paycheck protection program - - - - - - Total $ 5,737 $ 6,449 $ 499 $ 6,020 $ 6,571 $ 556 Total: Commercial real estate $ 10,777 $ 11,306 $ 322 $ 10,331 $ 10,859 $ 265 Construction and land development - - - - - - Commercial and industrial 3,064 3,282 45 3,087 3,372 23 Owner occupied real estate 4,015 4,241 132 3,634 3,796 268 Consumer and other 1,122 1,462 - 1,062 1,375 - Residential mortgage 835 888 - 768 768 - Paycheck protection program - - - - - - Total $ 19,813 $ 21,179 $ 499 $ 18,882 $ 20,170 $ 556 The following table presents additional information regarding the Company’s impaired loans for the three June 30, 2020 June 30, 2019: Three Months Ended June 30, 2020 2019 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,546 $ 68 $ 6,278 $ 70 Construction and land development - - - - Commercial and industrial 2,479 - 1,527 - Owner occupied real estate 2,982 6 1,867 14 Consumer and other 1,149 5 917 6 Residential mortgage 812 1 512 1 Paycheck protection program - - - - Total $ 13,968 $ 80 $ 11,101 $ 91 With an allowance recorded: Commercial real estate $ 4,147 $ - $ 4,214 $ - Construction and land development - - - - Commercial and industrial 614 - 842 - Owner occupied real estate 1,191 10 860 6 Consumer and other - - 26 - Residential mortgage 20 1 - - Paycheck protection program - - - - Total $ 5,972 $ 11 $ 5,942 $ 6 Total: Commercial real estate $ 10,693 $ 68 $ 10,492 $ 70 Construction and land development - - - - Commercial and industrial 3,093 - 2,369 - Owner occupied real estate 4,173 16 2,727 20 Consumer and other 1,149 5 943 6 Residential mortgage 832 2 512 1 Paycheck protection program - - - - Total $ 19,940 $ 91 $ 17,043 $ 97 The following table presents additional information regarding the Company’s impaired loans for the six June 30, 2020 June 30, 2019: Six Months Ended June 30, 2020 201 9 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,459 $ 138 $ 6,296 $ 140 Construction and land development - - - - Commercial and industrial 2,603 1 1,591 - Owner occupied real estate 2,831 8 1,879 28 Consumer and other 1,177 7 841 8 Residential mortgage 790 1 256 1 Paycheck protection program - - - - Total $ 13,860 $ 155 $ 10,863 $ 177 With an allowance recorded: Commercial real estate $ 4,146 $ - $ 4,414 $ - Construction and land development - - - - Commercial and industrial 520 - 1,148 - Owner occupied real estate 1,500 16 697 12 Consumer and other - - 51 - Residential mortgage 40 1 - - Paycheck protection program - - - - Total $ 6,206 $ 17 $ 6,310 $ 12 Total: Commercial real estate $ 10,605 $ 138 $ 10,710 $ 140 Construction and land development - - - - Commercial and industrial 3,123 1 2,739 - Owner occupied real estate 4,331 24 2,576 40 Consumer and other 1,177 7 892 8 Residential mortgage 830 2 256 1 Paycheck protection program - - - - Total $ 20,066 $ 172 $ 17,173 $ 189 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2020 December 31, 2019: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At June 3 0 , 2020 Commercial real estate $ - $ 72 $ 4,581 $ 4,653 $ 659,952 $ 664,605 $ - Construction and land development - - - - 150,156 150,156 - Commercial and industrial - - 3,064 3,064 221,440 224,504 - Owner occupied real estate - - 3,115 3,115 431,307 434,422 - Consumer and other 75 34 1,122 1,231 100,562 101,793 - Residential mortgage - - 835 835 312,452 313,287 - Paycheck protection program - - - - 670,912 670,912 - Total $ 75 $ 106 $ 12,717 $ 12,898 $ 2,546,781 $ 2,559,679 $ - (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2019 Commercial real estate $ - $ 313 $ 4,159 $ 4,472 $ 609,159 $ 613,631 $ - Construction and land development - - - - 121,395 121,395 - Commercial and industrial - 50 3,087 3,137 220,769 223,906 - Owner occupied real estate - 1,219 3,337 4,556 419,844 424,400 - Consumer and other 112 241 1,062 1,415 99,905 101,320 - Residential mortgage - - 768 768 262,676 263,444 - Total $ 112 $ 1,823 $ 12,413 $ 14,348 $ 1,733,748 $ 1,748,096 $ - The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2020 December 31, 2019: (dollars in thousands) Pass Special Mention Substandard Doubtful Total At June 3 0 , 2020: Commercial real estate $ 659,841 $ 86 $ 4,678 $ - $ 664,605 Construction and land development 150,156 - - - 150,156 Commercial and industrial 221,440 - 3,064 - 224,504 Owner occupied real estate 429,872 535 4,015 - 434,422 Consumer and other 100,671 - 1,122 - 101,793 Residential mortgage 312,452 - 835 - 313,287 Paycheck protection program 670,912 - - - 670,912 Total $ 2,545,344 $ 621 $ 13,714 $ - $ 2,559,679 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2019: Commercial real estate $ 609,382 $ 90 $ 4,159 $ - $ 613,631 Construction and land development 121,395 - - - 121,395 Commercial and industrial 220,819 - 3,087 - 223,906 Owner occupied real estate 418,997 1,770 3,633 - 424,400 Consumer and other 100,258 - 1,062 - 101,320 Residential mortgage 262,555 121 768 - 263,444 Total $ 1,733,406 $ 1,981 $ 12,709 $ - $ 1,748,096 The following table shows non-accrual loans by class as of June 30, 2020 December 31, 2019: (dollars in thousands) June 3 0 , 2020 December 31, 2019 Commercial real estate $ 4,581 $ 4,159 Construction and land development - - Commercial and industrial 3,064 3,087 Owner occupied real estate 3,115 3,337 Consumer and other 1,122 1,062 Residential mortgage 835 768 Paycheck protection program - - Total $ 12,717 $ 12,413 If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $173,000 and $397,000 for the three six June 30, 2020, three six June 30, 2019, Troubled Debt Restructurings A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not may Pursuant to the CARES Act, loan modifications made between March 1, 2020 December 30, 2020 60 19 not not 30 December 31, 2019. June 30, 2020, third 2020. The following table summarizes information with regard to outstanding troubled debt restructurings at June 30, 2020 December 31, 2019: (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs June 30, 2020 Commercial real estate 1 $ 6,099 $ - $ 6,099 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 1 $ 6,099 $ - $ 6,099 December 31, 2019 Commercial real estate 1 $ 6,173 $ - $ 6,173 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 1 $ 6,173 $ - $ 6,173 All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may not There were no three six June 30, 2020 June 30, 2019 After a loan is determined to be a TDR, the Company continues to track its performance under the most recent restructured terms. There were no TDRs that subsequently defaulted during the three six June 30, 2020. December 31, 2019. There was one residential mortgage in the process of foreclosure as of June 30, 2020 December 31, 2019. June 30, 2020 December 31, 2019. |
Note 7 - Short-term Borrowings
Note 7 - Short-term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 7: The following is a summary of short-term borrowings by type. June 30, 2020 December 31, 2019 (dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings Paycheck Protection Program Liquidity Facility borrowings $ 438,478 0.35 % $ - - % As part of the CARES Act, the Federal Reserve Bank of Philadelphia offered secured discounted borrowings to banks that originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. At June 30, 2020, 0.35%. |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 8 : Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not not may The Company follows the guidance issued under ASC 820, Fair Value Measurement , ASC 820 1 3 three 820 Level 1 Level 2 not Level 3 no An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2020 December 31, 2019 (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs June 30, 2020 Assets: U.S. Government agencies $ 35,096 $ - $ 35,096 $ - Collateralized mortgage obligations 228,056 - 228,056 - Agency mortgage-backed securities 43,072 - 43,072 - Municipal securities 2,665 - 2,665 - Corporate bonds 73,332 - 70,667 2,665 Securities Available for Sale $ 382,221 $ - $ 379,556 $ 2,665 Mortgage Loans Held for Sale $ 24,744 $ - $ 24,744 $ - SBA Servicing Assets 4,604 - - 4,604 Interest Rate Lock Commitments 1,642 - 1,642 - Best Efforts Forward Loan Sales Commitments 8 - 8 - Mandatory Forward Loan Sales Commitments - - - - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 654 - 654 - Mandatory Forward Loan Sales Commitments 326 - 326 - December 31, 2019 Assets: U.S. Government agencies $ 38,305 $ - $ 38,305 $ - Collateralized mortgage obligations 331,438 - 331,438 - Agency mortgage-backed securities 98,937 - 98,937 - Municipal securities 4,082 - 4,082 - Corporate bonds 66,280 - 63,460 2,820 Securities Available for Sale $ 539,042 $ - $ 536,222 $ 2,820 Mortgage Loans Held for Sale $ 10,345 $ - $ 10,345 $ - SBA Servicing Assets 4,447 - - 4,447 Interest Rate Lock Commitments 362 - 362 - Best Efforts Forward Loan Sales Commitments 4 - 4 - Mandatory Forward Loan Sales Commitments 2 - 2 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 133 - 133 - Mandatory Forward Loan Sales Commitments 83 - 83 - The following tables present an analysis of the activity related to the SBA servicing asset balance for the three six June 30, 2020 2019: Three Months Ended June 30, (dollars in thousands) 2020 201 9 Beginning balance, April 1 st $ 4,644 $ 4,631 Additions 77 342 Fair value adjustments (117 ) (380 ) Ending balance, June 30 th $ 4,604 $ 4,593 Six Months Ended June 30, (dollars in thousands) 20 20 201 9 Beginning balance, January 1 st $ 4,447 $ 4,785 Additions 315 553 Fair value adjustments (158 ) (745 ) Ending balance, June 30 th $ 4,604 $ 4,593 Fair value adjustments are recorded as loan and servicing fees on the statement of income. Servicing fee income, not three June 30, 2020 2019, not six June 30, 2020 2019, June 30, 2020 December 31, 2019 The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3 three six June 30, 2020 2019: Three Months Ended June 30, 2020 Three Months Ended June 30, 201 9 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, April 1 st $ 2,649 $ 3,034 Unrealized gains (losses) 16 (35 ) Proceeds from sales - - Realized losses - - Balance, June 30 th $ 2,665 $ 2,999 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,819 $ 3,069 Unrealized gains (losses) (154 ) (70 ) Proceeds from sales - - Realized losses - - Balance, June 30 th $ 2,665 $ 2,999 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2020 December 31, 2019 (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs June 30, 2020 Impaired loans $ 5,973 $ - $ - $ 5,973 Other real estate owned - - - - December 31, 2019 Impaired loans $ 5,730 $ - $ - $ 5,730 Other real estate owned 899 - - 899 The table below presents additional quantitative information about level 3 Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range ( Weighted Average ) June 30, 2020 Corporate bonds $ 2,665 Discounted Cash Flows Discount Rate (3.59%) Conditional Prepayment Rate (13.47%) SBA servicing assets $ 4,604 Discounted Cash Flows Discount Rate (10.00%) Impaired loans $ 5,973 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 20% (12%) (3) December 31, 201 9 Corporate bonds $ 2,820 Discounted Cash Flows Discount Rate (6.66%) Conditional Prepayment Rate (13.53%) SBA servicing assets $ 4,447 Discounted Cash Flows Discount Rate (10.75%) Impaired loans $ 5,730 Appraised Value of Collateral (1) Liquidation expenses (2) 9% - 20% (12%) (3) Other real estate owned $ 899 Appraised Value of Collateral (1) Liquidation expenses (2) 6% - 20% (8%) (3) ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 not ( 2 Appraisals may ( 3 The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. The significant unobservable inputs for impaired loans and other real estate owned are the appraised value or an agreed upon sales price. These values are adjusted for estimated costs to sell which are incremental direct costs to transact a sale such as broker commissions, legal fees, closing costs and title transfer fees. The costs must be considered essential to the sale and would not not Fair Value Assumptions The following information should not may not June 30, 2020 December 31, 2019. Investment Securities The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1 2 not 3 3 3 The types of instruments valued based on matrix pricing in active markets include all of the Company’s U.S. government and agency securities, corporate bonds, asset backed securities, and municipal obligations held in the investment securities portfolio. Such instruments are generally classified within Level 2 820 10, not Level 3 not may 3 third one 3 The corporate bond included in Level 3 2 2010 not Mortgage Loans Held for Sale (Carried at Fair Value) The fair value of mortgage loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 three six June 30, 2020, three six June 30, 2019, The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that Republic is contractually entitled to receive at maturity as of June 30, 2020 December 31, 2019. Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance June 30, 2020 $ 24,744 $ 23,793 $ 951 December 31, 2019 $ 10,345 $ 9,983 $ 362 Changes in the excess carrying amount over aggregate unpaid principal balance are recorded in the statement of income in mortgage banking income. Republic did not 90 June 30, 2020 December 31, 2019. Interest Rate Lock Commitments (“IRLC”) The Company determines the value of IRLCs by comparing the market price to the price locked in with the customer, adding fees or points to be collected at closing, subtracting commissions to be paid at closing, and subtracting estimated remaining loan origination costs to the bank based on the processing status of the loan, The Company also considers pull-through as it determines the fair value of IRLCs. Factors that affect pull-through rates include the origination channel, current mortgage interest rates in the market versus the interest rate incorporated in the IRLC, the purpose of the mortgage (purchase versus financing), the stage of completion of the underlying application and underwriting process, and the time remaining until the IRLC expires. IRLCs are classified within Level 2 Best Efforts Forward Loan Sales Commitments Best efforts forward loan sales commitments are classified within Level 2 Mandatory Forward Loan Sales Commitments Fair values for mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Due to the observable inputs used by Republic, best efforts mandatory loan sales commitments are classified within Level 2 Impaired Loans (Carried at Lower of Cost or Fair Value) Impaired loans are those that the Company has measured impairment based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third 3 Other Real Estate Owned (Carried at Lower of Cost or Fair Value) These assets are carried at the lower of cost or fair value. Fair value is determined through valuations periodically performed by third SBA Servicing Asset (Carried at Fair Value) The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet. An updated fair value is obtained from an independent third The Company uses assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. At June 30, 2020 December 31, 2019, (dollars in thousands) June 3 0 , 2020 December 31, 2019 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,604 $ 4,447 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 2 % 2 % Adjustable-rate SBA loans 98 % 98 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.4 20.7 Prepayment Speed 13.47 % 13.53 % Effect on fair value of a 10% increase $ (160 ) $ (175 ) Effect on fair value of a 20% increase (309 ) (338 ) Weighted Average Discount Rate 10.00 % 10.75 % Effect on fair value of a 10% increase $ (148 ) $ (154 ) Effect on fair value of a 20% increase (288 ) (298 ) The sensitivity calculations above are hypothetical and should not may not one may Off-Balance Sheet Financial Instruments (Disclosed at notional amounts) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Company’s financial instruments at June 30, 2020 Fair Value Measurements at June 30, 2020 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 691,244 $ 691,244 $ 691,244 $ - $ - Investment securities available for sale 382,221 382,221 - 379,556 2,665 Investment securities held to maturity 556,159 583,182 - 583,182 - Restricted stock 3,789 3,789 - 3,789 - Loans held for sale 26,126 26,205 - 24,744 1,461 Loans receivable, net 2,531,208 2,513,942 - - 2,513,942 SBA servicing assets 4,604 4,604 - - 4,604 Accrued interest receivable 12,393 12,393 - 12,393 - Interest rate lock commitments 1,642 1,642 - 1,642 - Best efforts forward loan sales commitments 8 8 - 8 - Mandatory forward loan sales commitments - - - - - Financial liabilities: Deposits Demand, savings and money market $ 3,433,508 $ 3,433,508 $ - $ 3,433,508 $ - Time 210,446 211,900 - 211,900 - Short-term borrowings 438,478 438,478 - 438,478 - Subordinated debt 11,268 7,438 - - 7,438 Accrued interest payable 1,403 1,403 - 1,403 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 654 654 - 654 - Mandatory forward loan sales commitments 326 326 - 326 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - The estimated fair values of the Company’s financial instruments at December 31, 2019 Fair Value M easurements at December 31, 2019 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 168,319 $ 168,319 $ 168,319 $ - $ - Investment securities available for sale 539,042 539,042 - 536,222 2,820 Investment securities held to maturity 644,842 653,109 - 653,109 - Restricted stock 2,746 2,746 - 2,746 - Loans held for sale 13,349 13,349 - 10,345 3,004 Loans receivable, net 1,738,929 1,731,876 - - 1,731,876 SBA servicing assets 4,447 4,447 - - 4,447 Accrued interest receivable 9,934 9,934 - 9,934 - Interest rate lock commitments 362 362 - 362 - Best efforts forward loan sales commitments 4 4 - 4 - Mandatory forward loan sales commitments 2 2 - 2 - Financial liabilities: Deposits Demand, savings and money market $ 2,775,584 $ 2,775,584 $ - $ 2,775,584 $ - Time 223,579 224,095 - 224,095 - Subordinated debt 11,265 8,540 - - 8,540 Accrued interest payable 1,630 1,630 - 1,630 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 133 133 - 133 - Mandatory forward loan sales commitments 83 83 - 83 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 9 - Changes in Accumulated
Note 9 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 9 : Changes in Accumu lated Other Comprehensive Income ( Loss ) By Component ( 1 The following table presents the changes in accumulated other comprehensive loss by component for the six June 30, 2020 2019, December 31, 2019. Unrealized Gains (Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2020 $ (1,275 ) $ (6,066 ) $ (7,341 ) Unrealized gain on securities 4,077 - 4,077 Amounts reclassified from accumulated other comprehensive income to net income (2) (1,852 ) 787 (1,065 ) Net current-period other comprehensive income 2,225 787 3,012 Total change in accumulated other comprehensive income 2,225 787 3,012 Balance June 30, 2020 $ 950 $ (5,279 ) $ (4,329 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 3,672 - 3,672 Amounts reclassified from accumulated other comprehensive income to net income (2) (448 ) 495 47 Net current-period other comprehensive income 3,224 495 3,719 Total change in accumulated other comprehensive income 3,224 495 3,719 Balance June 30, 2019 $ (1,512 ) $ (6,696 ) $ (8,208 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 4,284 - 4,284 Amounts reclassified from accumulated other comprehensive income to net income (2) (823 ) 1,125 302 Net current-period other comprehensive income 3,461 1,125 4,586 Total change in accumulated other comprehensive income 3,461 1,125 4,586 Balance December 31, 2019 $ (1,275 ) $ (6,066 ) $ (7,341 ) ( 1 All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. ( 2 Reclassification amounts are reported as gains on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 10 - Goodwill and Other In
Note 10 - Goodwill and Other Intangibles | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10 : Goodwill and Other Intangibles In July 2016, Three Months Ended June 30, (dollars in thousands) 20 20 201 9 Balance, April 1st $ 5,011 $ 5,011 Additions/Adjustments - - Amortization - - Balance, June 30th $ 5,011 $ 5,011 Amortization Period (in years) Indefinite Indefinite Six Months Ended June 30, (dollars in thousands) 2020 2019 Balance, January 1st $ 5,011 $ 5,011 Additions/Adjustments - - Amortization - - Balance, June 30 th $ 5,011 $ 5,011 Amortization Period (in years) Indefinite Indefinite The Company completed an annual impairment test for goodwill as of July 31, 2019. July 31 first 2020, one 19 March 31, 2020. 19 second 2020, June 30, 2020. not June 30, 2020. not June 30, 2020. The COVID- 19 may no |
Note 11 - Derivatives and Risk
Note 11 - Derivatives and Risk Management Activities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 1 1 : Derivatives and Risk Management Activities Republic did not six June 30, 2020 six June 30, 2019. not June 30, 2020 December 31, 2019 ( June 3 0 , 2020 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 1,642 $ 56,340 Best efforts forward loan sales commitments Other Assets 8 1,875 Mandatory forward loan sales commitments Other Assets - - Liability derivatives: IRLCs Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 654 54,465 Mandatory forward loan sales commitments Other Liabilities 326 23,612 December 31, 2019 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 362 $ 14,586 Best efforts forward loan sales commitments Other Assets 4 875 Mandatory forward loan sales commitments Other Assets 2 288 Liability derivatives: IRLCs Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 133 13,711 Mandatory forward loan sales commitments Other Liabilities 83 9,614 The following tables summarize the amounts recorded in Republic’s statement of income for derivative instruments not three six June 30, 2020 2019 Income Statement Presentation Three Months Ended June 30, 2020 Gain/(Loss) Six Months Ended June 30, 2020 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 1,114 $ 1,280 Best efforts forward loan sales commitments Mortgage banking income (1,049 ) 4 Mandatory forward loan sales commitments Mortgage banking income (271 ) (2 ) Liability derivatives: IRLCs Mortgage banking income $ 718 $ - Best efforts forward loan sales commitments Mortgage banking income (596 ) (521 ) Mandatory forward loan sales commitments Mortgage banking income (297 ) (243 ) Income Statement Presentation Three Months Ended June 30, 201 9 Gain/(Loss) Six Months Ended June 30, 201 9 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (66 ) $ 297 Best efforts forward loan sales commitments Mortgage banking income 15 12 Mandatory forward loan sales commitments Mortgage banking income - (10 ) Liability derivatives: IRLCs Mortgage banking income $ - $ - Best efforts forward loan sales commitments Mortgage banking income 85 (69 ) Mandatory forward loan sales commitments Mortgage banking income (39 ) 3 The fair value of Republic’s IRLCs, best efforts forward loan sales commitments, and mandatory forward loan sales commitments are based upon the estimated value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for ( 1 2 |
Note 12 - Revenue Recognition
Note 12 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 1 2 : Revenue Recognition On January 1, 2018, 2014 09 Revenue from Contracts with Customers (Topic 606 606. 2 Summary of Significant Accounting Policies, not not January 1, 2018 606, not 605. Topic 606 not not 606 not 606. 606 Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), ATM fees, NSF fees, and other deposit related fees. The Company’s performance obligation for account analysis fees and monthly services fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided, which is typically one ATM fees, NSF fees, and other deposit related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and the related revenue recognized, at a point in time. Payment for these service charges are received immediately through a direct charge to customers’ accounts. For the Company, there are no 606. The following tables present non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, three six June 30, 2020 2019. Three Months Ended June 30, (dollars in thousands) 20 20 201 9 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 2,328 $ 1,848 Other non-interest income 34 50 Non-interest income (in-scope of Topic 606) 2,362 1,898 Non-interest income (out-of-scope of Topic 606) 6,062 5,128 Total non-interest income $ 8,424 $ 7,026 Six Months Ended June 30, (dollars in thousands) 20 20 201 9 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 4,392 $ 3,460 Other non-interest income 96 129 Non-interest income (in-scope of Topic 606) 4,488 3,589 Non-interest income (out-of-scope of Topic 606) 10,481 8,382 Total non-interest income $ 14,969 $ 11,971 Contract Balances A contract assets balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s non-interest revenue streams are largely based on transaction activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not not June 30, 2020 December 31, 2019, not Contract Acquisition Costs In connection with the adoption of Topic 606, not not one 606, not |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 1 3 : Leases In February 2016, 2016 02, Leases (Topic 842 2016 02” January 1, 2019. 2016 02 2016 02 January 1, 2019) not 2016 02 twenty-three not not not At June 30, 2020, not one December 2020 August 2059 five ten No June 30, 2020 At June 30, 2019, one December 2019 December 2058 five ten No June 30, 2019. The discount rate used in determining the operating lease liability obligation for each individual lease was the assumed incremental borrowing rate for the Company that corresponded with the remaining lease term as of January 1, 2019 June 30, 2020 2019, The following tables presents operating lease costs net of sublease income for the three six June 30, 2020 2019. Three Months Ended June 3 0, 2020 Three Months Ended June 3 0 , 2019 (dollars in thousands) Operating lease cost $ 1,917 $ 1,664 Sublease income - (80 ) Total lease cost $ 1,917 $ 1,584 Six Months Ended June 3 0 , 2020 Six Months Ended June 3 0 , 2019 (dollars in thousands) Operating lease cost $ 3,834 $ 3,030 Sublease income - (161 ) Total lease cost $ 3,834 $ 2,869 The following table presents a maturity analysis of total operating lease liability obligations and reconciliation of the undiscounted cash flows to total operating lease liability obligations at June 30, 2020 2019. June 30, 2020 June 30, 2019 (dollars in thousands) Operating lease payments due: Within one year $ 6,675 $ 6,644 One to three years 11,571 12,143 Three to five years 10,110 10,212 More than five years 72,394 73,262 Total undiscounted cash flows 100,750 102,261 Discount on cash flows (31,704 ) (31,724 ) Total operating lease liability obligations $ 69,046 $ 70,537 The following tables presents cash and non-cash activities for the three six June 30, 2020 2019. Three Months Ended June 3 0, 2020 Three Months Ended June 3 0 , 2019 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,835 $ 1,046 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 49 $ 13,971 Six Months Ended June 30 , 2020 Six Months Ended June 30, 2019 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,579 $ 2,049 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 189 $ 72,356 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may The coronavirus ("COVID- 19" six June 30, 2020 not December 31, 2019. 150 0.00% 0.25% March 2020. 19 The recession that has begun in the U.S. as a result of the government-mandated business closures and stay-at-home orders is significantly impacting the labor market, consumer spending, business investment and profitability. As a result, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which is the largest economic stimulus package in the nation’s history in an effort to lessen the impact of COVID- 19 may |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. Management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. |
Derivatives, Policy [Policy Text Block] | Interest Rate Lock Commitments (“IRLCs”) Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging 30 90 not not 11 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. In estimating the allowance for loan losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. Subsequent to foreclosure, an estimate for the carrying value of other real estate owned is normally determined through valuations that are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Because the allowance for loan losses and carrying value of other real estate owned are dependent, to a great extent, on the general economy and other conditions that may In estimating OTTI of investment securities, securities are evaluated on at least a quarterly basis and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not not not In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including the past operating results and forecasts of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about the future taxable income and are consistent with the plans and estimates used to manage the business. A material reduction in estimated future taxable income may |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 2005 November 14, 1995, 2005 2005 2005 1.5 June 30, 2020, 2005 2005 2005 one four 2005 November 14, 2015 On April 29, 2014 2014 “2014 may 2014 no may not June 30, 2020, 2014 six June 30, 2020, 2014 The Company utilizes the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2020 2019 2020 201 9 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 28.61% 28.81% Risk-free interest rate (3) 0.50% to 1.22% 1.95% to 2.70% Expected life (4 ) 6.25 6.25 Assumed forfeiture rate (5 ) 5.0% 4.0% ( 1 ( 2 ( 3 five seven ( 4 ) ten ( 5 ) three During the six June 30, 2020 2019, June 30, 2020, June 30, 2019, six June 30, 2020, six June 30, 2019, Information regarding stock based compensation for the six June 30, 2020 2019 20 20 201 9 Stock based compensation expense recognized $ 1,056,000 $ 1,382,000 Number of unvested stock options 2,594,075 2,348,765 Fair value of unvested stock options $ 4,900,923 $ 6,000,570 Amount remaining to be recognized as expense $ 3,578,456 $ 4,625,447 The remaining unrecognized expense amount of $3,578,456 will be recognized ratably as expense through May 2024. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) consists of two six June 30, 2020 June 30, 2019. The calculation of EPS for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income - basic and diluted $ 2,512 $ 381 $ 1,919 $ 807 Weighted average shares outstanding 58,851 58,841 58,849 58,823 Net income per share – basic $ 0.04 $ 0.01 $ 0.03 $ 0.01 Weighted average shares outstanding (including dilutive CSEs) 58,883 59,401 58,911 59,501 Net income per share – diluted $ 0.04 $ 0.01 $ 0.03 $ 0.01 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods. These securities were not (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive securities Share based compensation awards 5,965 4,419 5,936 4,301 Total anti-dilutive securities 5,965 4,419 5,936 4,301 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2016 02 In February 2016, No. 2016 02, Leases. 12 December 15, 2018, In July 2018, 2018 11, Leases (Topic 842 In December 2018, 2018 20, Leases (Topic 842 not third The Company adopted this ASU on January 1, 2019. January 1, 2019. no not 1 2 3 4 ASU 2016 13 In June 2016, 2016 13, Financial Instruments-Credit Losses (Topic 326 may December 31, 2019 one 2016 13 January 1, 2020. 4014 not March 27, 2020 19 December 31, 2020. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 201 9 Dividend yield (1) 0.0% 0.0% Expected volatility (2) 28.61% 28.81% Risk-free interest rate (3) 0.50% to 1.22% 1.95% to 2.70% Expected life (4 ) 6.25 6.25 Assumed forfeiture rate (5 ) 5.0% 4.0% |
Share-based Payment Arrangement, Activity [Table Text Block] | 20 20 201 9 Stock based compensation expense recognized $ 1,056,000 $ 1,382,000 Number of unvested stock options 2,594,075 2,348,765 Fair value of unvested stock options $ 4,900,923 $ 6,000,570 Amount remaining to be recognized as expense $ 3,578,456 $ 4,625,447 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income - basic and diluted $ 2,512 $ 381 $ 1,919 $ 807 Weighted average shares outstanding 58,851 58,841 58,849 58,823 Net income per share – basic $ 0.04 $ 0.01 $ 0.03 $ 0.01 Weighted average shares outstanding (including dilutive CSEs) 58,883 59,401 58,911 59,501 Net income per share – diluted $ 0.04 $ 0.01 $ 0.03 $ 0.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Anti-dilutive securities Share based compensation awards 5,965 4,419 5,936 4,301 Total anti-dilutive securities 5,965 4,419 5,936 4,301 |
Note 5 - Investment Securities
Note 5 - Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | At June 30 , 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies $ 35,312 $ - $ (216 ) $ 35,096 Collateralized mortgage obligations 224,578 3,986 (508 ) 228,056 Agency mortgage-backed securities 42,126 946 - 43,072 Municipal securities 2,637 28 - 2,665 Corporate bonds 76,295 292 (3,255 ) 73,332 Total securities available for sale $ 380,948 $ 5,252 $ (3,979 ) $ 382,221 U.S. Government agencies $ 87,958 $ 4,731 $ - $ 92,689 Collateralized mortgage obligations 350,375 16,827 (23 ) 367,179 Agency mortgage-backed securities 117,826 5,489 (1 ) 123,314 Total securities held to maturity $ 556,159 $ 27,047 $ (24 ) $ 583,182 At December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Government agencies $ 38,743 $ 1 $ (439 ) $ 38,305 Collateralized mortgage obligations 329,492 2,368 (422 ) 331,438 Agency mortgage-backed securities 98,953 82 (98 ) 98,937 Municipal securities 4,064 18 - 4,082 Corporate bonds 69,499 79 (3,298 ) 66,280 Total securities available for sale $ 540,751 $ 2,548 $ (4,257 ) $ 539,042 U.S. Government agencies $ 94,913 $ 482 $ (294 ) $ 95,101 Collateralized mortgage obligations 416,177 7,603 (793 ) 422,987 Agency mortgage-backed securities 133,752 1,782 (513 ) 135,021 Total securities held to maturity $ 644,842 $ 9,867 $ (1,600 ) $ 653,109 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity (dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in 1 year or less $ 790 $ 792 $ - $ - After 1 year to 5 years 55,111 55,210 65,237 68,362 After 5 years to 10 years 55,343 52,426 22,721 24,327 After 10 years 3,000 2,665 - - Collateralized mortgage obligations 224,578 228,056 350,375 367,179 Agency mortgage-backed securities 42,126 43,072 117,826 123,314 Total $ 380,948 $ 382,221 $ 556,159 $ 583,182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | At June 30 , 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 35,096 $ 216 $ - $ - $ 35,096 $ 216 Collateralized mortgage obligations 116,028 365 12,946 143 128,974 508 Agency mortgage-backed securities - - - - - - Municipal securities - - - - - - Corporate bonds - - 54,745 3,255 54,745 3,255 Total Available for Sale $ 151,124 $ 581 $ 67,691 $ 3,398 $ 218,815 $ 3,979 At June 3 0 , 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ - $ - $ - $ - $ - $ - Collateralized mortgage obligations 8,534 16 1,032 7 9,566 23 Agency mortgage-backed securities 6,275 1 - - 6,275 1 Total Held to Maturity $ 14,809 $ 17 $ 1,032 $ 7 $ 15,841 $ 24 At December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 28,136 $ 439 $ - $ - $ 28,136 $ 439 Collateralized mortgage obligations 63,384 328 6,164 94 69,548 422 Agency mortgage-backed securities 2,924 13 6,411 85 9,335 98 Municipal securities - - - - - - Corporate bonds 2,820 180 51,882 3,118 54,702 3,298 Total Available for Sale $ 97,264 $ 960 $ 64,457 $ 3,297 $ 161,721 $ 4,257 At December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agencies $ 33,092 $ 220 $ 3,703 $ 74 $ 36,795 $ 294 Collateralized mortgage obligations 24,211 18 64,324 775 88,535 793 Agency mortgage-backed securities 14,044 33 52,132 480 66,176 513 Total Held to Maturity $ 71,347 $ 271 $ 120,159 $ 1,329 $ 191,506 $ 1,600 |
Note 6 - Loans Receivable and_2
Note 6 - Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) June 3 0 , 2020 December 31, 2019 Commercial real estate $ 664,605 $ 613,631 Construction and land development 150,156 121,395 Commercial and industrial 224,504 223,906 Owner occupied real estate 434,422 424,400 Consumer and other 101,793 101,320 Residential mortgage 313,287 263,444 Paycheck protection program 670,912 - Total loans receivable 2,559,679 1,748,096 Deferred (fees) costs (17,431 ) 99 Allowance for loan losses (11,040 ) (9,266 ) Net loans receivable $ 2,531,208 $ 1,738,929 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Three months ended June 30, 2020 Allowance for loan losses: Beginning balance: $ 3,402 $ 834 $ 1,442 $ 1,859 $ 634 $ 1,912 $ - $ 134 $ 10,217 Charge-offs - - (51 ) (48 ) (43 ) (50 ) - - (192 ) Recoveries - 2 10 1 2 - - - 15 Provisions (credits) 330 116 30 183 82 393 - (134 ) 1,000 Ending balance $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Three months ended June 30, 201 9 Allowance for loan losses: Beginning balance: $ 2,672 $ 703 $ 1,037 $ 1,867 $ 536 $ 985 $ - $ 100 $ 7,900 Charge-offs - - (1 ) - - - - - (1 ) Recoveries - - 153 - 4 - - - 157 Provisions (credits) 1 (72 ) (314 ) 291 22 139 - (67 ) - Ending balance $ 2,673 $ 631 $ 875 $ 2,158 $ 562 $ 1,124 $ - $ 33 $ 8,056 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total Six months ended June 30, 2020 Allowance for loan losses: Beginning balance: $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Charge-offs - - (51 ) (48 ) (65 ) (50 ) - - (214 ) Recoveries - 2 27 1 8 - - - 38 Provisions (credits) 689 262 524 (250 ) 142 600 - (17 ) 1,950 Ending balance $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Six months ended June 30, 201 9 Allowance for loan losses: Beginning balance: $ 2,462 $ 777 $ 1,754 $ 2,033 $ 577 $ 894 $ - $ 118 $ 8,615 Charge-offs - - (930 ) (75 ) (13 ) - - - (1,018 ) Recoveries - - 154 - 5 - - - 159 Provisions (credits) 211 (146 ) (103 ) 200 (7 ) 230 - (85 ) 300 Ending balance $ 2,673 $ 631 $ 875 $ 2,158 $ 562 $ 1,124 $ - $ 33 $ 8,056 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total June 3 0 , 2020 Allowance for loan losses: Individually evaluated for impairment $ 322 $ - $ 45 $ 132 $ - $ - $ - $ - $ 499 Collectively evaluated for impairment 3,410 952 1,386 1,863 675 2,255 - - 10,541 Total allowance for loan losses $ 3,732 $ 952 $ 1,431 $ 1,995 $ 675 $ 2,255 $ - $ - $ 11,040 Loans receivable: Loans evaluated individually $ 10,777 $ - $ 3,064 $ 4,015 $ 1,122 $ 835 $ - $ - $ 19,813 Loans evaluated collectively 653,828 150,156 221,440 430,407 100,671 312,452 670,912 - 2,539,866 Total loans receivable $ 664,605 $ 150,156 $ 224,504 $ 434,422 $ 101,793 $ 313,287 $ 670,912 $ - $ 2,559,679 (dollars in thousands) Commercial Real Estate Construction and Land Development Commercial and Industrial Owner Occupied Real Estate Consumer and Other Residential Mortgage Paycheck Protection Program Unallocated Total December 31, 2019 Allowance for loan losses: Individually evaluated for impairment $ 265 $ - $ 23 $ 268 $ - $ - $ - $ - $ 556 Collectively evaluated for impairment 2,778 688 908 2,024 590 1,705 - 17 8,710 Total allowance for loan losses $ 3,043 $ 688 $ 931 $ 2,292 $ 590 $ 1,705 $ - $ 17 $ 9,266 Loans receivable: Loans evaluated individually $ 10,331 $ - $ 3,087 $ 3,634 $ 1,062 $ 768 $ - $ - $ 18,882 Loans evaluated collectively 603,300 121,395 220,819 420,766 100,258 262,676 - 1,729,214 Total loans receivable $ 613,631 $ 121,395 $ 223,906 $ 424,400 $ 101,320 $ 263,444 $ - $ - $ 1,748,096 |
Impaired Financing Receivables [Table Text Block] | June 3 0 , 2020 December 31, 2019 (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate $ 6,632 $ 6,639 $ - $ 6,186 $ 6,192 $ - Construction and land development - - - - - - Commercial and industrial 2,355 2,402 - 2,719 2,989 - Owner occupied real estate 3,132 3,339 - 2,127 2,275 - Consumer and other 1,122 1,462 - 1,062 1,375 - Residential mortgage 835 888 - 768 768 - Paycheck protection program - - - - - - Total $ 14,076 $ 14,730 $ - $ 12,862 $ 13,599 $ - With an allowance recorded: Commercial real estate $ 4,145 $ 4,667 $ 322 $ 4,145 $ 4,667 $ 265 Construction and land development - - - - - - Commercial and industrial 709 880 45 368 383 23 Owner occupied real estate 883 902 132 1,507 1,521 268 Consumer and other - - - - - - Residential mortgage - - - - - - Paycheck protection program - - - - - - Total $ 5,737 $ 6,449 $ 499 $ 6,020 $ 6,571 $ 556 Total: Commercial real estate $ 10,777 $ 11,306 $ 322 $ 10,331 $ 10,859 $ 265 Construction and land development - - - - - - Commercial and industrial 3,064 3,282 45 3,087 3,372 23 Owner occupied real estate 4,015 4,241 132 3,634 3,796 268 Consumer and other 1,122 1,462 - 1,062 1,375 - Residential mortgage 835 888 - 768 768 - Paycheck protection program - - - - - - Total $ 19,813 $ 21,179 $ 499 $ 18,882 $ 20,170 $ 556 |
Impaired Financing Receivables, Average Recorded Investment and Interest Income, Accrual Method [Table Text Block] | Three Months Ended June 30, 2020 2019 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,546 $ 68 $ 6,278 $ 70 Construction and land development - - - - Commercial and industrial 2,479 - 1,527 - Owner occupied real estate 2,982 6 1,867 14 Consumer and other 1,149 5 917 6 Residential mortgage 812 1 512 1 Paycheck protection program - - - - Total $ 13,968 $ 80 $ 11,101 $ 91 With an allowance recorded: Commercial real estate $ 4,147 $ - $ 4,214 $ - Construction and land development - - - - Commercial and industrial 614 - 842 - Owner occupied real estate 1,191 10 860 6 Consumer and other - - 26 - Residential mortgage 20 1 - - Paycheck protection program - - - - Total $ 5,972 $ 11 $ 5,942 $ 6 Total: Commercial real estate $ 10,693 $ 68 $ 10,492 $ 70 Construction and land development - - - - Commercial and industrial 3,093 - 2,369 - Owner occupied real estate 4,173 16 2,727 20 Consumer and other 1,149 5 943 6 Residential mortgage 832 2 512 1 Paycheck protection program - - - - Total $ 19,940 $ 91 $ 17,043 $ 97 Six Months Ended June 30, 2020 201 9 (dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,459 $ 138 $ 6,296 $ 140 Construction and land development - - - - Commercial and industrial 2,603 1 1,591 - Owner occupied real estate 2,831 8 1,879 28 Consumer and other 1,177 7 841 8 Residential mortgage 790 1 256 1 Paycheck protection program - - - - Total $ 13,860 $ 155 $ 10,863 $ 177 With an allowance recorded: Commercial real estate $ 4,146 $ - $ 4,414 $ - Construction and land development - - - - Commercial and industrial 520 - 1,148 - Owner occupied real estate 1,500 16 697 12 Consumer and other - - 51 - Residential mortgage 40 1 - - Paycheck protection program - - - - Total $ 6,206 $ 17 $ 6,310 $ 12 Total: Commercial real estate $ 10,605 $ 138 $ 10,710 $ 140 Construction and land development - - - - Commercial and industrial 3,123 1 2,739 - Owner occupied real estate 4,331 24 2,576 40 Consumer and other 1,177 7 892 8 Residential mortgage 830 2 256 1 Paycheck protection program - - - - Total $ 20,066 $ 172 $ 17,173 $ 189 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At June 3 0 , 2020 Commercial real estate $ - $ 72 $ 4,581 $ 4,653 $ 659,952 $ 664,605 $ - Construction and land development - - - - 150,156 150,156 - Commercial and industrial - - 3,064 3,064 221,440 224,504 - Owner occupied real estate - - 3,115 3,115 431,307 434,422 - Consumer and other 75 34 1,122 1,231 100,562 101,793 - Residential mortgage - - 835 835 312,452 313,287 - Paycheck protection program - - - - 670,912 670,912 - Total $ 75 $ 106 $ 12,717 $ 12,898 $ 2,546,781 $ 2,559,679 $ - (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing At December 31, 2019 Commercial real estate $ - $ 313 $ 4,159 $ 4,472 $ 609,159 $ 613,631 $ - Construction and land development - - - - 121,395 121,395 - Commercial and industrial - 50 3,087 3,137 220,769 223,906 - Owner occupied real estate - 1,219 3,337 4,556 419,844 424,400 - Consumer and other 112 241 1,062 1,415 99,905 101,320 - Residential mortgage - - 768 768 262,676 263,444 - Total $ 112 $ 1,823 $ 12,413 $ 14,348 $ 1,733,748 $ 1,748,096 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) Pass Special Mention Substandard Doubtful Total At June 3 0 , 2020: Commercial real estate $ 659,841 $ 86 $ 4,678 $ - $ 664,605 Construction and land development 150,156 - - - 150,156 Commercial and industrial 221,440 - 3,064 - 224,504 Owner occupied real estate 429,872 535 4,015 - 434,422 Consumer and other 100,671 - 1,122 - 101,793 Residential mortgage 312,452 - 835 - 313,287 Paycheck protection program 670,912 - - - 670,912 Total $ 2,545,344 $ 621 $ 13,714 $ - $ 2,559,679 (dollars in thousands) Pass Special Mention Substandard Doubtful Total At December 31, 2019: Commercial real estate $ 609,382 $ 90 $ 4,159 $ - $ 613,631 Construction and land development 121,395 - - - 121,395 Commercial and industrial 220,819 - 3,087 - 223,906 Owner occupied real estate 418,997 1,770 3,633 - 424,400 Consumer and other 100,258 - 1,062 - 101,320 Residential mortgage 262,555 121 768 - 263,444 Total $ 1,733,406 $ 1,981 $ 12,709 $ - $ 1,748,096 |
Financing Receivable, Nonaccrual [Table Text Block] | (dollars in thousands) June 3 0 , 2020 December 31, 2019 Commercial real estate $ 4,581 $ 4,159 Construction and land development - - Commercial and industrial 3,064 3,087 Owner occupied real estate 3,115 3,337 Consumer and other 1,122 1,062 Residential mortgage 835 768 Paycheck protection program - - Total $ 12,717 $ 12,413 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | (dollars in thousands) Number of Loans Accrual Status Non- Accrual Status Total TDRs June 30, 2020 Commercial real estate 1 $ 6,099 $ - $ 6,099 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 1 $ 6,099 $ - $ 6,099 December 31, 2019 Commercial real estate 1 $ 6,173 $ - $ 6,173 Construction and land development - - - - Commercial and industrial - - - - Owner occupied real estate - - - - Consumer and other - - - - Residential mortgage - - - - Total 1 $ 6,173 $ - $ 6,173 |
Note 7 - Short-term Borrowings
Note 7 - Short-term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | June 30, 2020 December 31, 2019 (dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings Paycheck Protection Program Liquidity Facility borrowings $ 438,478 0.35 % $ - - % |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs June 30, 2020 Assets: U.S. Government agencies $ 35,096 $ - $ 35,096 $ - Collateralized mortgage obligations 228,056 - 228,056 - Agency mortgage-backed securities 43,072 - 43,072 - Municipal securities 2,665 - 2,665 - Corporate bonds 73,332 - 70,667 2,665 Securities Available for Sale $ 382,221 $ - $ 379,556 $ 2,665 Mortgage Loans Held for Sale $ 24,744 $ - $ 24,744 $ - SBA Servicing Assets 4,604 - - 4,604 Interest Rate Lock Commitments 1,642 - 1,642 - Best Efforts Forward Loan Sales Commitments 8 - 8 - Mandatory Forward Loan Sales Commitments - - - - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 654 - 654 - Mandatory Forward Loan Sales Commitments 326 - 326 - December 31, 2019 Assets: U.S. Government agencies $ 38,305 $ - $ 38,305 $ - Collateralized mortgage obligations 331,438 - 331,438 - Agency mortgage-backed securities 98,937 - 98,937 - Municipal securities 4,082 - 4,082 - Corporate bonds 66,280 - 63,460 2,820 Securities Available for Sale $ 539,042 $ - $ 536,222 $ 2,820 Mortgage Loans Held for Sale $ 10,345 $ - $ 10,345 $ - SBA Servicing Assets 4,447 - - 4,447 Interest Rate Lock Commitments 362 - 362 - Best Efforts Forward Loan Sales Commitments 4 - 4 - Mandatory Forward Loan Sales Commitments 2 - 2 - Liabilities: Interest Rate Lock Commitments - - - - Best Efforts Forward Loan Sales Commitments 133 - 133 - Mandatory Forward Loan Sales Commitments 83 - 83 - |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Three Months Ended June 30, (dollars in thousands) 2020 201 9 Beginning balance, April 1 st $ 4,644 $ 4,631 Additions 77 342 Fair value adjustments (117 ) (380 ) Ending balance, June 30 th $ 4,604 $ 4,593 Six Months Ended June 30, (dollars in thousands) 20 20 201 9 Beginning balance, January 1 st $ 4,447 $ 4,785 Additions 315 553 Fair value adjustments (158 ) (745 ) Ending balance, June 30 th $ 4,604 $ 4,593 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended June 30, 2020 Three Months Ended June 30, 201 9 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, April 1 st $ 2,649 $ 3,034 Unrealized gains (losses) 16 (35 ) Proceeds from sales - - Realized losses - - Balance, June 30 th $ 2,665 $ 2,999 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Level 3 Investments Only (dollars in thousands) Corporate Bonds Corporate Bonds Balance, January 1 st $ 2,819 $ 3,069 Unrealized gains (losses) (154 ) (70 ) Proceeds from sales - - Realized losses - - Balance, June 30 th $ 2,665 $ 2,999 |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs June 30, 2020 Impaired loans $ 5,973 $ - $ - $ 5,973 Other real estate owned - - - - December 31, 2019 Impaired loans $ 5,730 $ - $ - $ 5,730 Other real estate owned 899 - - 899 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level 3 Fair Value Measurements Asset Description Fair Value Valuation Technique Unobservable Input Range ( Weighted Average ) June 30, 2020 Corporate bonds $ 2,665 Discounted Cash Flows Discount Rate (3.59%) Conditional Prepayment Rate (13.47%) SBA servicing assets $ 4,604 Discounted Cash Flows Discount Rate (10.00%) Impaired loans $ 5,973 Appraised Value of Collateral (1) Liquidation expenses (2) 0% - 20% (12%) (3) December 31, 201 9 Corporate bonds $ 2,820 Discounted Cash Flows Discount Rate (6.66%) Conditional Prepayment Rate (13.53%) SBA servicing assets $ 4,447 Discounted Cash Flows Discount Rate (10.75%) Impaired loans $ 5,730 Appraised Value of Collateral (1) Liquidation expenses (2) 9% - 20% (12%) (3) Other real estate owned $ 899 Appraised Value of Collateral (1) Liquidation expenses (2) 6% - 20% (8%) (3) |
Fair Value Option, Disclosures [Table Text Block] | Carrying Amount Aggregate Unpaid Principal Balance Excess Carrying Amount Over Aggregate Unpaid Principal Balance June 30, 2020 $ 24,744 $ 23,793 $ 951 December 31, 2019 $ 10,345 $ 9,983 $ 362 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | (dollars in thousands) June 3 0 , 2020 December 31, 2019 SBA Servicing Asset Fair Value of SBA Servicing Asset $ 4,604 $ 4,447 Composition of SBA Loans Serviced for Others Fixed-rate SBA loans 2 % 2 % Adjustable-rate SBA loans 98 % 98 % Total 100 % 100 % Weighted Average Remaining Term (in years) 20.4 20.7 Prepayment Speed 13.47 % 13.53 % Effect on fair value of a 10% increase $ (160 ) $ (175 ) Effect on fair value of a 20% increase (309 ) (338 ) Weighted Average Discount Rate 10.00 % 10.75 % Effect on fair value of a 10% increase $ (148 ) $ (154 ) Effect on fair value of a 20% increase (288 ) (298 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at June 30, 2020 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 691,244 $ 691,244 $ 691,244 $ - $ - Investment securities available for sale 382,221 382,221 - 379,556 2,665 Investment securities held to maturity 556,159 583,182 - 583,182 - Restricted stock 3,789 3,789 - 3,789 - Loans held for sale 26,126 26,205 - 24,744 1,461 Loans receivable, net 2,531,208 2,513,942 - - 2,513,942 SBA servicing assets 4,604 4,604 - - 4,604 Accrued interest receivable 12,393 12,393 - 12,393 - Interest rate lock commitments 1,642 1,642 - 1,642 - Best efforts forward loan sales commitments 8 8 - 8 - Mandatory forward loan sales commitments - - - - - Financial liabilities: Deposits Demand, savings and money market $ 3,433,508 $ 3,433,508 $ - $ 3,433,508 $ - Time 210,446 211,900 - 211,900 - Short-term borrowings 438,478 438,478 - 438,478 - Subordinated debt 11,268 7,438 - - 7,438 Accrued interest payable 1,403 1,403 - 1,403 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 654 654 - 654 - Mandatory forward loan sales commitments 326 326 - 326 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - Fair Value M easurements at December 31, 2019 (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Sheet Data Financial assets: Cash and cash equivalents $ 168,319 $ 168,319 $ 168,319 $ - $ - Investment securities available for sale 539,042 539,042 - 536,222 2,820 Investment securities held to maturity 644,842 653,109 - 653,109 - Restricted stock 2,746 2,746 - 2,746 - Loans held for sale 13,349 13,349 - 10,345 3,004 Loans receivable, net 1,738,929 1,731,876 - - 1,731,876 SBA servicing assets 4,447 4,447 - - 4,447 Accrued interest receivable 9,934 9,934 - 9,934 - Interest rate lock commitments 362 362 - 362 - Best efforts forward loan sales commitments 4 4 - 4 - Mandatory forward loan sales commitments 2 2 - 2 - Financial liabilities: Deposits Demand, savings and money market $ 2,775,584 $ 2,775,584 $ - $ 2,775,584 $ - Time 223,579 224,095 - 224,095 - Subordinated debt 11,265 8,540 - - 8,540 Accrued interest payable 1,630 1,630 - 1,630 - Interest rate lock commitments - - - - - Best efforts forward loan sales commitments 133 133 - 133 - Mandatory forward loan sales commitments 83 83 - 83 - Off-Balance Sheet Data Commitments to extend credit - - - - - Standby letters-of-credit - - - - - |
Note 9 - Changes in Accumulat_2
Note 9 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available- For-Sale Securities Unrealized Holding Losses on Securities Transferred From Available-For-Sale To Held-To-Maturity Total (dollars in thousands) Balance January 1, 2020 $ (1,275 ) $ (6,066 ) $ (7,341 ) Unrealized gain on securities 4,077 - 4,077 Amounts reclassified from accumulated other comprehensive income to net income (2) (1,852 ) 787 (1,065 ) Net current-period other comprehensive income 2,225 787 3,012 Total change in accumulated other comprehensive income 2,225 787 3,012 Balance June 30, 2020 $ 950 $ (5,279 ) $ (4,329 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 3,672 - 3,672 Amounts reclassified from accumulated other comprehensive income to net income (2) (448 ) 495 47 Net current-period other comprehensive income 3,224 495 3,719 Total change in accumulated other comprehensive income 3,224 495 3,719 Balance June 30, 2019 $ (1,512 ) $ (6,696 ) $ (8,208 ) Balance January 1, 2019 $ (4,736 ) $ (7,191 ) $ (11,927 ) Unrealized gain on securities 4,284 - 4,284 Amounts reclassified from accumulated other comprehensive income to net income (2) (823 ) 1,125 302 Net current-period other comprehensive income 3,461 1,125 4,586 Total change in accumulated other comprehensive income 3,461 1,125 4,586 Balance December 31, 2019 $ (1,275 ) $ (6,066 ) $ (7,341 ) |
Note 10 - Goodwill and Other _2
Note 10 - Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Three Months Ended June 30, (dollars in thousands) 20 20 201 9 Balance, April 1st $ 5,011 $ 5,011 Additions/Adjustments - - Amortization - - Balance, June 30th $ 5,011 $ 5,011 Amortization Period (in years) Indefinite Indefinite Six Months Ended June 30, (dollars in thousands) 2020 2019 Balance, January 1st $ 5,011 $ 5,011 Additions/Adjustments - - Amortization - - Balance, June 30 th $ 5,011 $ 5,011 Amortization Period (in years) Indefinite Indefinite |
Note 11 - Derivatives and Ris_2
Note 11 - Derivatives and Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] | June 3 0 , 2020 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 1,642 $ 56,340 Best efforts forward loan sales commitments Other Assets 8 1,875 Mandatory forward loan sales commitments Other Assets - - Liability derivatives: IRLCs Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 654 54,465 Mandatory forward loan sales commitments Other Liabilities 326 23,612 December 31, 2019 Balance Sheet Presentation Fair Value Notional Amount Asset derivatives: IRLCs Other Assets $ 362 $ 14,586 Best efforts forward loan sales commitments Other Assets 4 875 Mandatory forward loan sales commitments Other Assets 2 288 Liability derivatives: IRLCs Other Liabilities $ - $ - Best efforts forward loan sales commitments Other Liabilities 133 13,711 Mandatory forward loan sales commitments Other Liabilities 83 9,614 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | Income Statement Presentation Three Months Ended June 30, 2020 Gain/(Loss) Six Months Ended June 30, 2020 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ 1,114 $ 1,280 Best efforts forward loan sales commitments Mortgage banking income (1,049 ) 4 Mandatory forward loan sales commitments Mortgage banking income (271 ) (2 ) Liability derivatives: IRLCs Mortgage banking income $ 718 $ - Best efforts forward loan sales commitments Mortgage banking income (596 ) (521 ) Mandatory forward loan sales commitments Mortgage banking income (297 ) (243 ) Income Statement Presentation Three Months Ended June 30, 201 9 Gain/(Loss) Six Months Ended June 30, 201 9 Gain/(Loss) Asset derivatives: IRLCs Mortgage banking income $ (66 ) $ 297 Best efforts forward loan sales commitments Mortgage banking income 15 12 Mandatory forward loan sales commitments Mortgage banking income - (10 ) Liability derivatives: IRLCs Mortgage banking income $ - $ - Best efforts forward loan sales commitments Mortgage banking income 85 (69 ) Mandatory forward loan sales commitments Mortgage banking income (39 ) 3 |
Note 12 - Revenue Recognition (
Note 12 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, (dollars in thousands) 20 20 201 9 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 2,328 $ 1,848 Other non-interest income 34 50 Non-interest income (in-scope of Topic 606) 2,362 1,898 Non-interest income (out-of-scope of Topic 606) 6,062 5,128 Total non-interest income $ 8,424 $ 7,026 Six Months Ended June 30, (dollars in thousands) 20 20 201 9 Non-interest income In-scope of Topic 606 Service charges on deposit accounts $ 4,392 $ 3,460 Other non-interest income 96 129 Non-interest income (in-scope of Topic 606) 4,488 3,589 Non-interest income (out-of-scope of Topic 606) 10,481 8,382 Total non-interest income $ 14,969 $ 11,971 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 3 0, 2020 Three Months Ended June 3 0 , 2019 (dollars in thousands) Operating lease cost $ 1,917 $ 1,664 Sublease income - (80 ) Total lease cost $ 1,917 $ 1,584 Six Months Ended June 3 0 , 2020 Six Months Ended June 3 0 , 2019 (dollars in thousands) Operating lease cost $ 3,834 $ 3,030 Sublease income - (161 ) Total lease cost $ 3,834 $ 2,869 Three Months Ended June 3 0, 2020 Three Months Ended June 3 0 , 2019 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,835 $ 1,046 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 49 $ 13,971 Six Months Ended June 30 , 2020 Six Months Ended June 30, 2019 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,579 $ 2,049 Non-cash investing and financing activities Additions to Operating leases – right of use asset New operating lease liability obligation $ 189 $ 72,356 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | June 30, 2020 June 30, 2019 (dollars in thousands) Operating lease payments due: Within one year $ 6,675 $ 6,644 One to three years 11,571 12,143 Three to five years 10,110 10,212 More than five years 72,394 73,262 Total undiscounted cash flows 100,750 102,261 Discount on cash flows (31,704 ) (31,724 ) Total operating lease liability obligations $ 69,046 $ 70,537 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jun. 30, 2020 |
Number of Wholly Owned Subsidiary | 1 |
Number of Unconsolidated Subsidiaries | 2 |
Number of Trust Preferred Securities Issued | 2 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 29, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | [1] | 0.00% | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Period for Determining Forfeiture Rate (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 907,790 | 808,898 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 5,997,450 | 4,979,350 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 102,000 | $ 2,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 3,403,375 | 2,630,585 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 102,000 | $ 2,400,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 8,000 | 53,550 | |||||
Proceeds from Stock Options Exercised | $ 23,000 | $ 261,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 179,625 | 44,250 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Options Forfeited, Weighted Average Grant Date Fair Value, Amount | $ 340,931 | $ 130,983 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 3,578,456 | 4,625,447 | |||||
Operating Lease, Right-of-Use Asset | 64,693,000 | $ 64,805,000 | |||||
Operating Lease, Liability, Total | 69,046,000 | $ 70,537,000 | 68,856,000 | ||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 11,040,000 | $ 9,266,000 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 34,200,000 | ||||||
Operating Lease, Liability, Total | $ 35,100,000 | ||||||
Minimum [Member] | |||||||
Treasury Bond Term On Which Risk Free Interest Rate is Based (Year) | 5 years | ||||||
Minimum [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Percentage of Allowance for Loan and Lease Losses, Limitation | 0.00% | ||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | ||||||
Maximum [Member] | |||||||
Treasury Bond Term On Which Risk Free Interest Rate is Based (Year) | 7 years | ||||||
Maximum [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Percentage of Allowance for Loan and Lease Losses, Limitation | 11.00% | ||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 1,000,000 | ||||||
The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
The 2005 Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
The 2005 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,600,000 | ||||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 1,205,600 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Amount | $ 1,058,853 | ||||||
Stock Options and Restricted Stock Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Valuation Assumptions (Details) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Dividend yield | [1] | 0.00% | 0.00% |
Expected volatility | [2] | 28.61% | 28.81% |
Expected life (Year) | [3] | 6 years 3 months | 6 years 3 months |
Assumed forfeiture rate | [4] | 5.00% | 4.00% |
Minimum [Member] | |||
Risk-free interest rate | [5] | 0.50% | 1.95% |
Maximum [Member] | |||
Risk-free interest rate | [5] | 1.22% | 2.70% |
[1] | A dividend yield of 0.0% is utilized because cash dividends have never been paid. | ||
[2] | The expected volatility was based on the historical volatility of the Company’s common stock price as adjusted for certain historical periods of extraordinary volatility in order to estimate expected volatility. | ||
[3] | The expected life reflects a 1 to 4 year vesting period, the maximum ten year term and review of historical behavior. | ||
[4] | Forfeiture rate is determined through forfeited and expired options as a percentage of options granted over the current three year period. | ||
[5] | The risk-free interest rate is based on the five to seven year Treasury bond. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock based compensation expense recognized | $ 1,056,000 | $ 1,382,000 |
Number of unvested stock options (in shares) | 2,594,075 | 2,348,765 |
Fair value of unvested stock options | $ 4,900,923 | $ 6,000,570 |
Amount remaining to be recognized as expense | $ 3,578,456 | $ 4,625,447 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income - basic and diluted | $ 2,512 | $ 381 | $ 1,919 | $ 807 |
Weighted average shares outstanding (in shares) | 58,851 | 58,841 | 58,849 | 58,823 |
Net income per share – basic (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.01 |
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 58,883 | 59,401 | 58,911 | 59,501 |
Net income per share – diluted (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.01 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Anti-dilutive securities (in shares) | 5,965 | 4,419 | 5,936 | 4,301 |
Share-based Payment Arrangement, Option [Member] | ||||
Anti-dilutive securities (in shares) | 5,965 | 4,419 | 5,936 | 4,301 |
Note 5 - Investment Securitie_2
Note 5 - Investment Securities (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | ||||
Securities, Continuous Loss Position, Accumulated Loss | $ 4,000,000 | 4,000,000 | $ 5,900,000 | ||
Securities, Continuous Unrealized Loss Position, Fair Value | 234,700,000 | 234,700,000 | $ 353,200,000 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 65,900,000 | $ 18,200,000 | 92,800,000 | $ 43,200,000 | |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 1,600,000 | 261,000 | 2,500,000 | 583,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ 416,000 | $ 61,000 | $ 629,000 | 135,000 | |
Debt Securities, Available-for-sale, Realized Gain | 650,000 | ||||
Debt Securities, Available-for-sale, Realized Loss | $ 67,000 | ||||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
US Government Agencies Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 4 | 4 | |||
Collateralized Mortgage Obligations [Member] | |||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 20 | 20 | |||
Agency Mortgage-backed Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 1 | |||
Corporate Debt Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 7 | 7 |
Note 5 - Investment Securitie_3
Note 5 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment securities available for sale, at amortized cost | $ 380,948 | $ 540,751 |
Investment securities available for sale, gross unrealized gains | 5,252 | 2,548 |
Investment securities available for sale, gross unrealized losses | (3,979) | (4,257) |
Investment securities available for sale, at fair value | 382,221 | 539,042 |
Investment securities held to maturity, at amortized cost | 556,159 | 644,842 |
Investment securities held to maturity, gross unrealized gains | 27,047 | 9,867 |
Investment securities held to maturity, gross unrealized losses | (24) | (1,600) |
Investment securities held to maturity, at fair value | 583,182 | 653,109 |
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 35,312 | 38,743 |
Investment securities available for sale, gross unrealized gains | 0 | 1 |
Investment securities available for sale, gross unrealized losses | (216) | (439) |
Investment securities available for sale, at fair value | 35,096 | 38,305 |
Investment securities held to maturity, at amortized cost | 87,958 | 94,913 |
Investment securities held to maturity, gross unrealized gains | 4,731 | 482 |
Investment securities held to maturity, gross unrealized losses | 0 | (294) |
Investment securities held to maturity, at fair value | 92,689 | 95,101 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 224,578 | 329,492 |
Investment securities available for sale, gross unrealized gains | 3,986 | 2,368 |
Investment securities available for sale, gross unrealized losses | (508) | (422) |
Investment securities available for sale, at fair value | 228,056 | 331,438 |
Investment securities held to maturity, at amortized cost | 350,375 | 416,177 |
Investment securities held to maturity, gross unrealized gains | 16,827 | 7,603 |
Investment securities held to maturity, gross unrealized losses | (23) | (793) |
Investment securities held to maturity, at fair value | 367,179 | 422,987 |
Agency Mortgage-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 42,126 | 98,953 |
Investment securities available for sale, gross unrealized gains | 946 | 82 |
Investment securities available for sale, gross unrealized losses | 0 | (98) |
Investment securities available for sale, at fair value | 43,072 | 98,937 |
Investment securities held to maturity, at amortized cost | 117,826 | 133,752 |
Investment securities held to maturity, gross unrealized gains | 5,489 | 1,782 |
Investment securities held to maturity, gross unrealized losses | (1) | (513) |
Investment securities held to maturity, at fair value | 123,314 | 135,021 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 2,637 | 4,064 |
Investment securities available for sale, gross unrealized gains | 28 | 18 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 2,665 | 4,082 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 76,295 | 69,499 |
Investment securities available for sale, gross unrealized gains | 292 | 79 |
Investment securities available for sale, gross unrealized losses | (3,255) | (3,298) |
Investment securities available for sale, at fair value | $ 73,332 | $ 66,280 |
Note 5 - Investment Securitie_4
Note 5 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Due in 1 year or less, available for sale, amortized cost | $ 790 | |
Due in 1 year or less, available for sale, fair value | 792 | |
Due in 1 year or less, held to maturity, amortized cost | 0 | |
Due in 1 year or less, held to maturity, fair value | 0 | |
After 1 year to 5 years, available for sale, amortized cost | 55,111 | |
After 1 year to 5 years, available for sale, fair value | 55,210 | |
After 1 year to 5 years, held to maturity, amortized cost | 65,237 | |
After 1 year to 5 years, held to maturity, fair value | 68,362 | |
After 5 years to 10 years, available for sale, amortized cost | 55,343 | |
After 5 years to 10 years, available for sale, fair value | 52,426 | |
After 5 years to 10 years, held to maturity, amortized cost | 22,721 | |
After 5 years to 10 years, held to maturity, fair value | 24,327 | |
After 10 years, available for sale, amortized cost | 3,000 | |
After 10 years, available for sale, fair value | 2,665 | |
After 10 years, held to maturity, amortized cost | 0 | |
After 10 years, held to maturity, fair value | 0 | |
Total, available for sale, amortized cost | 380,948 | $ 540,751 |
Total, available for sale, fair value | 382,221 | 539,042 |
Total, held to maturity, amortized cost | 556,159 | 644,842 |
Total, held to maturity, fair value | 583,182 | 653,109 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 224,578 | |
No specific maturity date, available for sale, fair value | 228,056 | |
No specific maturity date, held to maturity, amortized cost | 350,375 | |
No specific maturity date, held to maturity, fair value | 367,179 | |
Total, available for sale, amortized cost | 224,578 | 329,492 |
Total, available for sale, fair value | 228,056 | 331,438 |
Total, held to maturity, amortized cost | 350,375 | 416,177 |
Total, held to maturity, fair value | 367,179 | $ 422,987 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 42,126 | |
No specific maturity date, available for sale, fair value | 43,072 | |
No specific maturity date, held to maturity, amortized cost | 117,826 | |
No specific maturity date, held to maturity, fair value | $ 123,314 |
Note 5 - Investment Securitie_5
Note 5 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 151,124 | $ 97,264 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 581 | 960 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 67,691 | 64,457 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,398 | 3,297 |
Available for sale securities in a continuous unrealized loss position, fair value | 218,815 | 161,721 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 3,979 | 4,257 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 14,809 | 71,347 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 17 | 271 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 1,032 | 120,159 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 7 | 1,329 |
Held to maturity securities in a continuous unrealized loss position, fair value | 15,841 | 191,506 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 24 | 1,600 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 35,096 | 28,136 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 216 | 439 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 35,096 | 28,136 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 216 | 439 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 33,092 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 220 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 3,703 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 74 |
Held to maturity securities in a continuous unrealized loss position, fair value | 0 | 36,795 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 0 | 294 |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 116,028 | 63,384 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 365 | 328 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 12,946 | 6,164 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 143 | 94 |
Available for sale securities in a continuous unrealized loss position, fair value | 128,974 | 69,548 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 508 | 422 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 8,534 | 24,211 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 16 | 18 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 1,032 | 64,324 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 7 | 775 |
Held to maturity securities in a continuous unrealized loss position, fair value | 9,566 | 88,535 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 23 | 793 |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 2,924 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 13 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 6,411 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 85 |
Available for sale securities in a continuous unrealized loss position, fair value | 0 | 9,335 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 0 | 98 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 6,275 | 14,044 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 1 | 33 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 52,132 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 480 |
Held to maturity securities in a continuous unrealized loss position, fair value | 6,275 | 66,176 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 1 | 513 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, fair value | 0 | 0 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 0 | 2,820 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 180 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 54,745 | 51,882 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,255 | 3,118 |
Available for sale securities in a continuous unrealized loss position, fair value | 54,745 | 54,702 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 3,255 | $ 3,298 |
Note 6 - Loans Receivable and_3
Note 6 - Loans Receivable and Allowance for Loan Losses (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jul. 30, 2020USD ($) | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 173,000 | $ 121,000 | $ 397,000 | $ 233,000 | ||
Financing Receivable, Number of Payment Deferrals | 491 | 491 | ||||
Financing Receivable, Deferred Payments | $ 444,000,000 | $ 444,000,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||||
Number of Mortgage Loans in Process of Foreclosure | 1 | 1 | ||||
Real Estate Acquired Through Foreclosure | $ 1,144,000 | $ 1,144,000 | $ 1,730,000 | |||
Residential Portfolio Segment [Member] | ||||||
Real Estate Acquired Through Foreclosure | $ 0 | $ 0 | $ 0 | |||
Subsequent Event [Member] | ||||||
Number of Customers Continuing with Deferral of Loan Payments | 205 | |||||
Financing Receivable, Customers with Deferred Loan Payments, Percentage of Total Loans | 3.00% | |||||
Financing Receivable, Principal and Interest Deferred Payments | $ 197,000,000 | |||||
Financing Receivable, Principal and Interest Payment, Deferrals Percentage of Total Loans | 10.00% | |||||
Subsequent Event [Member] | Minimum [Member] | ||||||
Financing Receivable, Percentage Of Customers Approved for Deferral of Loan Payments with Resumed Payments | 58.00% |
Note 6 - Loans Receivable and_4
Note 6 - Loans Receivable and Allowance for Loan Losses - Gross Loans by Major Category (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans receivable | $ 2,559,679 | $ 1,748,096 |
Deferred (fees) costs | (17,431) | 99 |
Allowance for loan losses | (11,040) | (9,266) |
Net loans receivable | 2,531,208 | 1,738,929 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 664,605 | 613,631 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 150,156 | 121,395 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 224,504 | 223,906 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 434,422 | 424,400 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 101,793 | 101,320 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 313,287 | 263,444 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable | $ 670,912 | $ 0 |
Note 6 - Loans Receivable and_5
Note 6 - Loans Receivable and Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Beginning balance | $ 10,217 | $ 7,900 | $ 9,266 | $ 8,615 | ||
Charge-offs | (192) | (1) | (214) | (1,018) | ||
Recoveries | 15 | 157 | 38 | 159 | ||
Provision for loan losses | 1,000 | 0 | 1,950 | 300 | ||
Ending balance | 11,040 | 8,056 | 11,040 | 8,056 | ||
Allowance for loan losses, individually evaluated for impairment | $ 499 | $ 556 | ||||
Allowance for loan losses, collectively evaluated for impairment | 10,541 | 8,710 | ||||
Total allowance for loan losses | 11,040 | 8,056 | 9,266 | 8,615 | 11,040 | 9,266 |
Loans evaluated individually | 19,813 | 18,882 | ||||
Loans evaluated collectively | 2,539,866 | 1,729,214 | ||||
Total loans receivable | 2,559,679 | 1,748,096 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Beginning balance | 3,402 | 2,672 | 3,043 | 2,462 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | 330 | 1 | 689 | 211 | ||
Ending balance | 3,732 | 2,673 | 3,732 | 2,673 | ||
Allowance for loan losses, individually evaluated for impairment | 322 | 265 | ||||
Allowance for loan losses, collectively evaluated for impairment | 3,410 | 2,778 | ||||
Total allowance for loan losses | 3,732 | 2,673 | 3,043 | 2,462 | 3,732 | 3,043 |
Loans evaluated individually | 10,777 | 10,331 | ||||
Loans evaluated collectively | 653,828 | 603,300 | ||||
Total loans receivable | 664,605 | 613,631 | ||||
Construction and Land Development Portfolio Segment [Member] | ||||||
Beginning balance | 834 | 703 | 688 | 777 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 2 | 0 | 2 | 0 | ||
Provision for loan losses | 116 | (72) | 262 | (146) | ||
Ending balance | 952 | 631 | 952 | 631 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, collectively evaluated for impairment | 952 | 688 | ||||
Total allowance for loan losses | 952 | 631 | 688 | 777 | 952 | 688 |
Loans evaluated individually | 0 | 0 | ||||
Loans evaluated collectively | 150,156 | 121,395 | ||||
Total loans receivable | 150,156 | 121,395 | ||||
Commercial Portfolio Segment [Member] | ||||||
Beginning balance | 1,442 | 1,037 | 931 | 1,754 | ||
Charge-offs | (51) | (1) | (51) | (930) | ||
Recoveries | 10 | 153 | 27 | 154 | ||
Provision for loan losses | 30 | (314) | 524 | (103) | ||
Ending balance | 1,431 | 875 | 1,431 | 875 | ||
Allowance for loan losses, individually evaluated for impairment | 45 | 23 | ||||
Allowance for loan losses, collectively evaluated for impairment | 1,386 | 908 | ||||
Total allowance for loan losses | 1,431 | 875 | 931 | 1,754 | 1,431 | 931 |
Loans evaluated individually | 3,064 | 3,087 | ||||
Loans evaluated collectively | 221,440 | 220,819 | ||||
Total loans receivable | 224,504 | 223,906 | ||||
Owner Occupied Real Estate [Member] | ||||||
Beginning balance | 1,859 | 1,867 | 2,292 | 2,033 | ||
Charge-offs | (48) | 0 | (48) | (75) | ||
Recoveries | 1 | 0 | 1 | 0 | ||
Provision for loan losses | 183 | 291 | (250) | 200 | ||
Ending balance | 1,995 | 2,158 | 1,995 | 2,158 | ||
Allowance for loan losses, individually evaluated for impairment | 132 | 268 | ||||
Allowance for loan losses, collectively evaluated for impairment | 1,863 | 2,024 | ||||
Total allowance for loan losses | 1,995 | 2,158 | 2,292 | 2,033 | 1,995 | 2,292 |
Loans evaluated individually | 4,015 | 3,634 | ||||
Loans evaluated collectively | 430,407 | 420,766 | ||||
Total loans receivable | 434,422 | 424,400 | ||||
Consumer Portfolio Segment [Member] | ||||||
Beginning balance | 634 | 536 | 590 | 577 | ||
Charge-offs | (43) | 0 | (65) | (13) | ||
Recoveries | 2 | 4 | 8 | 5 | ||
Provision for loan losses | 82 | 22 | 142 | (7) | ||
Ending balance | 675 | 562 | 675 | 562 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, collectively evaluated for impairment | 675 | 590 | ||||
Total allowance for loan losses | 675 | 562 | 590 | 577 | 675 | 590 |
Loans evaluated individually | 1,122 | 1,062 | ||||
Loans evaluated collectively | 100,671 | 100,258 | ||||
Total loans receivable | 101,793 | 101,320 | ||||
Residential Portfolio Segment [Member] | ||||||
Beginning balance | 1,912 | 985 | 1,705 | 894 | ||
Charge-offs | (50) | 0 | (50) | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | 393 | 139 | 600 | 230 | ||
Ending balance | 2,255 | 1,124 | 2,255 | 1,124 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, collectively evaluated for impairment | 2,255 | 1,705 | ||||
Total allowance for loan losses | 2,255 | 1,124 | 1,705 | 894 | 2,255 | 1,705 |
Loans evaluated individually | 835 | 768 | ||||
Loans evaluated collectively | 312,452 | 262,676 | ||||
Total loans receivable | 313,287 | 263,444 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Beginning balance | 0 | 0 | 0 | 0 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, collectively evaluated for impairment | 0 | 0 | ||||
Total allowance for loan losses | 0 | 0 | 0 | 0 | 0 | 0 |
Loans evaluated individually | 0 | 0 | ||||
Loans evaluated collectively | 670,912 | |||||
Total loans receivable | 670,912 | 0 | ||||
Unallocated Financing Receivables [Member] | ||||||
Beginning balance | 134 | 100 | 17 | 118 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | (134) | (67) | (17) | (85) | ||
Ending balance | 0 | 33 | 0 | 33 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, collectively evaluated for impairment | 0 | 17 | ||||
Total allowance for loan losses | $ 0 | $ 33 | $ 17 | $ 118 | 0 | 17 |
Loans evaluated individually | 0 | 0 | ||||
Loans evaluated collectively | 0 | 0 | ||||
Total loans receivable | $ 0 | $ 0 |
Note 6 - Loans Receivable and_6
Note 6 - Loans Receivable and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
With no related allowance - Recorded investment | $ 14,076 | $ 12,862 |
With no related allowance - Unpaid principal balance | 14,730 | 13,599 |
With an related allowance - Recorded investment | 5,737 | 6,020 |
With related allowance, Unpaid principal balance | 6,449 | 6,571 |
Related allowance | 499 | 556 |
Recorded investment | 19,813 | 18,882 |
Unpaid principal balance | 21,179 | 20,170 |
Commercial Real Estate Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 6,632 | 6,186 |
With no related allowance - Unpaid principal balance | 6,639 | 6,192 |
With an related allowance - Recorded investment | 4,145 | 4,145 |
With related allowance, Unpaid principal balance | 4,667 | 4,667 |
Related allowance | 322 | 265 |
Recorded investment | 10,777 | 10,331 |
Unpaid principal balance | 11,306 | 10,859 |
Construction and Land Development Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 0 | 0 |
With no related allowance - Unpaid principal balance | 0 | 0 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 2,355 | 2,719 |
With no related allowance - Unpaid principal balance | 2,402 | 2,989 |
With an related allowance - Recorded investment | 709 | 368 |
With related allowance, Unpaid principal balance | 880 | 383 |
Related allowance | 45 | 23 |
Recorded investment | 3,064 | 3,087 |
Unpaid principal balance | 3,282 | 3,372 |
Owner Occupied Real Estate [Member] | ||
With no related allowance - Recorded investment | 3,132 | 2,127 |
With no related allowance - Unpaid principal balance | 3,339 | 2,275 |
With an related allowance - Recorded investment | 883 | 1,507 |
With related allowance, Unpaid principal balance | 902 | 1,521 |
Related allowance | 132 | 268 |
Recorded investment | 4,015 | 3,634 |
Unpaid principal balance | 4,241 | 3,796 |
Consumer Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 1,122 | 1,062 |
With no related allowance - Unpaid principal balance | 1,462 | 1,375 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 1,122 | 1,062 |
Unpaid principal balance | 1,462 | 1,375 |
Residential Portfolio Segment [Member] | ||
With no related allowance - Recorded investment | 835 | 768 |
With no related allowance - Unpaid principal balance | 888 | 768 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 835 | 768 |
Unpaid principal balance | 888 | 768 |
Paycheck Protection Program CARES Act [Member] | ||
With no related allowance - Recorded investment | 0 | 0 |
With no related allowance - Unpaid principal balance | 0 | 0 |
With an related allowance - Recorded investment | 0 | 0 |
With related allowance, Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | $ 0 | $ 0 |
Note 6 - Loans Receivable and_7
Note 6 - Loans Receivable and Allowance for Loan Losses - Impaired Loans, Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
With no related allowance recorded - Average recorded investment | $ 13,968 | $ 11,101 | $ 13,860 | $ 10,863 |
With no related allowance recorded - Interest income recognized | 80 | 91 | 155 | 177 |
With related allowance - Average recorded investment | 5,972 | 5,942 | 6,206 | 6,310 |
With related allowance - Interest income recognized | 11 | 6 | 17 | 12 |
Average recorded investment | 19,940 | 17,043 | 20,066 | 17,173 |
Interest income recognized | 91 | 97 | 172 | 189 |
Commercial Real Estate Portfolio Segment [Member] | ||||
With no related allowance recorded - Average recorded investment | 6,546 | 6,278 | 6,459 | 6,296 |
With no related allowance recorded - Interest income recognized | 68 | 70 | 138 | 140 |
With related allowance - Average recorded investment | 4,147 | 4,214 | 4,146 | 4,414 |
With related allowance - Interest income recognized | 0 | 0 | 0 | 0 |
Average recorded investment | 10,693 | 10,492 | 10,605 | 10,710 |
Interest income recognized | 68 | 70 | 138 | 140 |
Construction and Land Development Portfolio Segment [Member] | ||||
With no related allowance recorded - Average recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded - Interest income recognized | 0 | 0 | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 | 0 | 0 |
Average recorded investment | 0 | 0 | 0 | 0 |
Interest income recognized | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | ||||
With no related allowance recorded - Average recorded investment | 2,479 | 1,527 | 2,603 | 1,591 |
With no related allowance recorded - Interest income recognized | 0 | 0 | 1 | 0 |
With related allowance - Average recorded investment | 614 | 842 | 520 | 1,148 |
With related allowance - Interest income recognized | 0 | 0 | 0 | 0 |
Average recorded investment | 3,093 | 2,369 | 3,123 | 2,739 |
Interest income recognized | 0 | 0 | 1 | 0 |
Owner Occupied Real Estate [Member] | ||||
With no related allowance recorded - Average recorded investment | 2,982 | 1,867 | 2,831 | 1,879 |
With no related allowance recorded - Interest income recognized | 6 | 14 | 8 | 28 |
With related allowance - Average recorded investment | 1,191 | 860 | 1,500 | 697 |
With related allowance - Interest income recognized | 10 | 6 | 16 | 12 |
Average recorded investment | 4,173 | 2,727 | 4,331 | 2,576 |
Interest income recognized | 16 | 20 | 24 | 40 |
Consumer Portfolio Segment [Member] | ||||
With no related allowance recorded - Average recorded investment | 1,149 | 917 | 1,177 | 841 |
With no related allowance recorded - Interest income recognized | 5 | 6 | 7 | 8 |
With related allowance - Average recorded investment | 0 | 26 | 0 | 51 |
With related allowance - Interest income recognized | 0 | 0 | 0 | 0 |
Average recorded investment | 1,149 | 943 | 1,177 | 892 |
Interest income recognized | 5 | 6 | 7 | 8 |
Residential Portfolio Segment [Member] | ||||
With no related allowance recorded - Average recorded investment | 812 | 512 | 790 | 256 |
With no related allowance recorded - Interest income recognized | 1 | 1 | 1 | 1 |
With related allowance - Average recorded investment | 20 | 0 | 40 | 0 |
With related allowance - Interest income recognized | 1 | 0 | 1 | 0 |
Average recorded investment | 832 | 512 | 830 | 256 |
Interest income recognized | 2 | 1 | 2 | 1 |
Paycheck Protection Program CARES Act [Member] | ||||
With no related allowance recorded - Average recorded investment | 0 | 0 | 0 | 0 |
With no related allowance recorded - Interest income recognized | 0 | 0 | 0 | 0 |
With related allowance - Average recorded investment | 0 | 0 | 0 | 0 |
With related allowance - Interest income recognized | 0 | 0 | 0 | 0 |
Average recorded investment | 0 | 0 | 0 | 0 |
Interest income recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Loans Receivable and_8
Note 6 - Loans Receivable and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans receivable, total past due | $ 12,898 | $ 14,348 |
Loans receivable, current | 2,546,781 | 1,733,748 |
Loans receivable | 2,559,679 | 1,748,096 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 75 | 112 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 106 | 1,823 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 12,717 | 12,413 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 4,653 | 4,472 |
Loans receivable, current | 659,952 | 609,159 |
Loans receivable | 664,605 | 613,631 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 72 | 313 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 4,581 | 4,159 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | 0 | 0 |
Loans receivable, current | 150,156 | 121,395 |
Loans receivable | 150,156 | 121,395 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, total past due | 3,064 | 3,137 |
Loans receivable, current | 221,440 | 220,769 |
Loans receivable | 224,504 | 223,906 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 50 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,064 | 3,087 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 3,115 | 4,556 |
Loans receivable, current | 431,307 | 419,844 |
Loans receivable | 434,422 | 424,400 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Owner Occupied Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Owner Occupied Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 1,219 |
Owner Occupied Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,115 | 3,337 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 1,231 | 1,415 |
Loans receivable, current | 100,562 | 99,905 |
Loans receivable | 101,793 | 101,320 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 75 | 112 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 34 | 241 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 1,122 | 1,062 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 835 | 768 |
Loans receivable, current | 312,452 | 262,676 |
Loans receivable | 313,287 | 263,444 |
Loans receivable greater than 90 days and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 835 | 768 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable, total past due | 0 | |
Loans receivable, current | 670,912 | |
Loans receivable | 670,912 | $ 0 |
Loans receivable greater than 90 days and accruing | $ 0 |
Note 6 - Loans Receivable and_9
Note 6 - Loans Receivable and Allowance for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans receivable | $ 2,559,679 | $ 1,748,096 |
Pass [Member] | ||
Loans receivable | 2,545,344 | 1,733,406 |
Special Mention [Member] | ||
Loans receivable | 621 | 1,981 |
Substandard [Member] | ||
Loans receivable | 13,714 | 12,709 |
Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 664,605 | 613,631 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 659,841 | 609,382 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 86 | 90 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 4,678 | 4,159 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 150,156 | 121,395 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 150,156 | 121,395 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 224,504 | 223,906 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 221,440 | 220,819 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,064 | 3,087 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 434,422 | 424,400 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 429,872 | 418,997 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 535 | 1,770 |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 4,015 | 3,633 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 101,793 | 101,320 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 100,671 | 100,258 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 1,122 | 1,062 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 313,287 | 263,444 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 312,452 | 262,555 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 121 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 835 | 768 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Paycheck Protection Program CARES Act [Member] | ||
Loans receivable | 670,912 | $ 0 |
Paycheck Protection Program CARES Act [Member] | Pass [Member] | ||
Loans receivable | 670,912 | |
Paycheck Protection Program CARES Act [Member] | Special Mention [Member] | ||
Loans receivable | 0 | |
Paycheck Protection Program CARES Act [Member] | Substandard [Member] | ||
Loans receivable | 0 | |
Paycheck Protection Program CARES Act [Member] | Doubtful [Member] | ||
Loans receivable | $ 0 |
Note 6 - Loans Receivable an_10
Note 6 - Loans Receivable and Allowance for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Non-accrual loans | $ 12,717 | $ 12,413 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 4,581 | 4,159 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,064 | 3,087 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 3,115 | 3,337 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 1,122 | 1,062 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans | 835 | 768 |
Paycheck Protection Program CARES Act [Member] | ||
Non-accrual loans | $ 0 | $ 0 |
Note 6 - Loans Receivable an_11
Note 6 - Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 6,099 | $ 6,173 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 6,099 | $ 6,173 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 6,099 | $ 6,173 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 6,099 | $ 6,173 |
Construction and Land Development Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | ||
Number of Loans | 0 | 0 |
Troubled debt restructurings, accrual status | $ 0 | $ 0 |
Troubled debt restructurings, non-accrual status | 0 | 0 |
Troubled debt restructurings | $ 0 | $ 0 |
Note 7 - Short-term Borrowing_2
Note 7 - Short-term Borrowings (Details Textual) - Federal Reserve Bank Advances [Member] - Paycheck Protection Program Liquidity Facility [Member] $ in Millions | Jun. 30, 2020USD ($) |
Debt Instrument, Collateral Amount | $ 438.5 |
Debt Instrument, Face Amount | $ 438.5 |
Note 7 - Short-term Borrowing_3
Note 7 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Liquidity Facility borrowings, balance | $ 438,478 | $ 0 |
Paycheck Protection Program Liquidity Facility [Member] | Federal Reserve Bank Advances [Member] | ||
Liquidity Facility borrowings, balance | $ 438,478 | $ 0 |
Liquidity Facility borrowings, weighted average interest rate | 0.35% | 0.00% |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 2,362,000 | $ 1,898,000 | $ 4,488,000 | $ 3,589,000 | |
Servicing Asset, Total | 207,700,000 | 207,700,000 | $ 201,700,000 | ||
Interest and Fee Income, Loans Held-for-sale, Mortgages | $ 166,000 | 126,000 | $ 249,000 | 256,000 | |
SBA Servicing Assets [Member] | |||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10.00% | 10.00% | 10.00% | ||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20.00% | 20.00% | 20.00% | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Mortgages Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||
Servicing Fee Income [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 482,000 | $ 479,000 | $ 912,000 | $ 937,000 |
Note 8 - Fair Value of Financ_4
Note 8 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Total, available for sale, fair value | $ 382,221 | $ 539,042 | ||||
SBA Servicing Assets | 4,604 | $ 4,644 | 4,447 | $ 4,593 | $ 4,631 | $ 4,785 |
US Government Agencies Debt Securities [Member] | ||||||
Total, available for sale, fair value | 35,096 | 38,305 | ||||
Collateralized Mortgage Obligations [Member] | ||||||
Total, available for sale, fair value | 228,056 | 331,438 | ||||
Agency Mortgage-backed Securities [Member] | ||||||
Total, available for sale, fair value | 43,072 | 98,937 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Total, available for sale, fair value | 2,665 | 4,082 | ||||
Corporate Debt Securities [Member] | ||||||
Total, available for sale, fair value | 73,332 | 66,280 | ||||
Fair Value, Recurring [Member] | ||||||
Total, available for sale, fair value | 382,221 | 539,042 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 24,744 | 10,345 | ||||
SBA Servicing Assets | 4,604 | 4,447 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 | ||||
SBA Servicing Assets | 0 | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 379,556 | 536,222 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 24,744 | 10,345 | ||||
SBA Servicing Assets | 0 | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 2,665 | 2,820 | ||||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 | ||||
SBA Servicing Assets | 4,604 | 4,447 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||||||
Total, available for sale, fair value | 35,096 | 38,305 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 35,096 | 38,305 | ||||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||||||
Total, available for sale, fair value | 228,056 | 331,438 | ||||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 228,056 | 331,438 | ||||
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||||||
Total, available for sale, fair value | 43,072 | 98,937 | ||||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 43,072 | 98,937 | ||||
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||||
Total, available for sale, fair value | 2,665 | 4,082 | ||||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 2,665 | 4,082 | ||||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||||
Total, available for sale, fair value | 73,332 | 66,280 | ||||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Total, available for sale, fair value | 0 | 0 | ||||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Total, available for sale, fair value | 70,667 | 63,460 | ||||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Total, available for sale, fair value | 2,665 | 2,820 | ||||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Asset | 1,642 | 362 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Derivative Asset | 1,642 | 362 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative Asset | 8 | 4 | ||||
Derivative Liability | 654 | 133 | ||||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Derivative Asset | 8 | 4 | ||||
Derivative Liability | 654 | 133 | ||||
Fair Value, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative Asset | 0 | 2 | ||||
Derivative Liability | 326 | 83 | ||||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Derivative Asset | 0 | 2 | ||||
Derivative Liability | 326 | 83 | ||||
Fair Value, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | $ 0 | $ 0 |
Note 8 - Fair Value of Financ_5
Note 8 - Fair Value of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 4,644 | $ 4,631 | $ 4,447 | $ 4,785 |
Additions | 77 | 342 | 315 | 553 |
Fair value adjustments | (117) | (380) | (158) | (745) |
Balance | $ 4,604 | $ 4,593 | $ 4,604 | $ 4,593 |
Note 8 - Fair Value of Financ_6
Note 8 - Fair Value of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - Corporate Debt Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 2,649 | $ 3,034 | $ 2,819 | $ 3,069 |
Unrealized gains (losses) | 16 | (35) | (154) | (70) |
Proceeds from sales | 0 | 0 | 0 | 0 |
Realized losses | 0 | 0 | 0 | 0 |
Balance | $ 2,665 | $ 2,999 | $ 2,665 | $ 2,999 |
Note 8 - Fair Value of Financ_7
Note 8 - Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired loans | $ 5,973 | $ 5,730 |
Other real estate owned | 0 | 899 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 5,973 | 5,730 |
Other real estate owned | $ 0 | $ 899 |
Note 8 - Fair Value of Financ_8
Note 8 - Fair Value of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | |||
Fair Value | $ 2,665 | $ 2,820 | |
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Securities, unobservable input | 0.0359 | 0.0666 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | |||
Fair Value | $ 4,604 | $ 4,447 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
SBA servicing assets | 0.1000 | 0.1075 | |
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | |||
SBA servicing assets | 0.1347 | 0.1353 | |
Valuation, Market Approach [Member] | Impaired Loans [Member] | |||
Fair Value | [1],[2] | $ 5,973 | $ 5,730 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Impaired loans | [3] | 0.12 | 0.12 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Impaired loans | [3] | 0 | 0.09 |
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Impaired loans | [3] | 0.20 | 0.20 |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | |||
Fair Value | [1],[2] | $ 899 | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||
Other real estate owned | [3] | 0.08 | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||
Other real estate owned | [3] | 0.06 | |
Valuation, Market Approach [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||
Other real estate owned | [3] | 0.20 | |
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | ||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs that are not identifiable. | ||
[3] | The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are presented as a percent of the appraised value. |
Note 8 - Fair Value of Financ_9
Note 8 - Fair Value of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Aggregate Unpaid Principal Balance | $ 23,793 | $ 9,983 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 951 | 362 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 24,744 | $ 10,345 |
Note 8 - Fair Value of Finan_10
Note 8 - Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value of SBA Servicing Asset | $ 4,604 | $ 4,447 | $ 4,644 | $ 4,593 | $ 4,631 | $ 4,785 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||||
Weighted Average Remaining Term (in years) (Year) | 20 years 4 months 24 days | 20 years 8 months 12 days | ||||
Prepayment Speed | 13.47% | 13.53% | ||||
Effect on fair value of a 10% increase | $ (160) | $ (175) | ||||
Effect on fair value of a 20% increase | $ (309) | $ (338) | ||||
Weighted Average Discount Rate | 10.00% | 10.75% | ||||
Effect on fair value of a 10% increase | $ (148) | $ (154) | ||||
Effect on fair value of a 20% increase | $ (288) | $ (298) | ||||
Fixed Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 2.00% | 2.00% | ||||
Adjustable Rate SBA Loans [Member] | ||||||
Composition of SBA loans serviced for others | 98.00% | 98.00% |
Note 8 - Fair Value of Finan_11
Note 8 - Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale, at fair value | $ 382,221 | $ 539,042 | ||||
Fair Value of SBA Servicing Asset | 4,604 | $ 4,644 | 4,447 | $ 4,593 | $ 4,631 | $ 4,785 |
Reported Value Measurement [Member] | ||||||
Cash and cash equivalents | 691,244 | 168,319 | ||||
Investment securities available for sale, at fair value | 382,221 | 539,042 | ||||
Investment securities held to maturity | 556,159 | 644,842 | ||||
Restricted stock | 3,789 | 2,746 | ||||
Loans held for sale | 26,126 | 13,349 | ||||
Loans receivable, net | 2,531,208 | 1,738,929 | ||||
Fair Value of SBA Servicing Asset | 4,604 | 4,447 | ||||
Accrued interest receivable | 12,393 | 9,934 | ||||
Demand, savings and money market | 3,433,508 | 2,775,584 | ||||
Time | 210,446 | 223,579 | ||||
Short-term borrowings | 438,478 | |||||
Subordinated debt | 11,268 | 11,265 | ||||
Accrued interest payable | 1,403 | 1,630 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 1,642 | 362 | ||||
Derivative liability | 0 | 0 | ||||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 8 | 4 | ||||
Derivative liability | 654 | 133 | ||||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 0 | 2 | ||||
Derivative liability | 326 | 83 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Cash and cash equivalents | 691,244 | 168,319 | ||||
Investment securities available for sale, at fair value | 382,221 | 539,042 | ||||
Investment securities held to maturity | 583,182 | 653,109 | ||||
Restricted stock | 3,789 | 2,746 | ||||
Loans held for sale | 26,205 | 13,349 | ||||
Loans receivable, net | 2,513,942 | 1,731,876 | ||||
Fair Value of SBA Servicing Asset | 4,604 | 4,447 | ||||
Accrued interest receivable | 12,393 | 9,934 | ||||
Demand, savings and money market | 3,433,508 | 2,775,584 | ||||
Time | 211,900 | 224,095 | ||||
Short-term borrowings | 438,478 | |||||
Subordinated debt | 7,438 | 8,540 | ||||
Accrued interest payable | 1,403 | 1,630 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 1,642 | 362 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 8 | 4 | ||||
Derivative liability | 654 | 133 | ||||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 0 | 2 | ||||
Derivative liability | 326 | 83 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Cash and cash equivalents | 691,244 | 168,319 | ||||
Investment securities available for sale, at fair value | 0 | 0 | ||||
Investment securities held to maturity | 0 | 0 | ||||
Restricted stock | 0 | 0 | ||||
Loans held for sale | 0 | 0 | ||||
Loans receivable, net | 0 | 0 | ||||
Fair Value of SBA Servicing Asset | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Demand, savings and money market | 0 | 0 | ||||
Time | 0 | 0 | ||||
Short-term borrowings | 0 | |||||
Subordinated debt | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Investment securities available for sale, at fair value | 379,556 | 536,222 | ||||
Investment securities held to maturity | 583,182 | 653,109 | ||||
Restricted stock | 3,789 | 2,746 | ||||
Loans held for sale | 24,744 | 10,345 | ||||
Loans receivable, net | 0 | 0 | ||||
Fair Value of SBA Servicing Asset | 0 | 0 | ||||
Accrued interest receivable | 12,393 | 9,934 | ||||
Demand, savings and money market | 3,433,508 | 2,775,584 | ||||
Time | 211,900 | 224,095 | ||||
Short-term borrowings | 438,478 | |||||
Subordinated debt | 0 | 0 | ||||
Accrued interest payable | 1,403 | 1,630 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 1,642 | 362 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 8 | 4 | ||||
Derivative liability | 654 | 133 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 0 | 2 | ||||
Derivative liability | 326 | 83 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Investment securities available for sale, at fair value | 2,665 | 2,820 | ||||
Investment securities held to maturity | 0 | 0 | ||||
Restricted stock | 0 | 0 | ||||
Loans held for sale | 1,461 | 3,004 | ||||
Loans receivable, net | 2,513,942 | 1,731,876 | ||||
Fair Value of SBA Servicing Asset | 4,604 | 4,447 | ||||
Accrued interest receivable | 0 | 0 | ||||
Demand, savings and money market | 0 | 0 | ||||
Time | 0 | 0 | ||||
Short-term borrowings | 0 | |||||
Subordinated debt | 7,438 | 8,540 | ||||
Accrued interest payable | 0 | 0 | ||||
Commitments to extend credit | 0 | 0 | ||||
Standby letters-of-credit | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | 0 | 0 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||||
Derivative asset | 0 | 0 | ||||
Derivative liability | $ 0 | $ 0 |
Note 9 - Changes in Accumulat_3
Note 9 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |||||
Balance | $ 252,116 | $ 248,385 | $ 249,168 | $ 245,189 | $ 245,189 | ||||
Unrealized gain (loss) on securities | (411) | 1,702 | 2,225 | 3,224 | |||||
Total other comprehensive income (loss) | 71 | 1,957 | 3,012 | 3,719 | |||||
Total other comprehensive income (loss) | 71 | 1,957 | 3,012 | 3,719 | |||||
Balance | 255,178 | 251,358 | 255,178 | 251,358 | 249,168 | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||||||
Balance | [1] | (1,275) | (4,736) | (4,736) | |||||
Unrealized gain (loss) on securities | [1] | 4,077 | 3,672 | 4,284 | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (1,852) | (448) | (823) | |||||
Total other comprehensive income (loss) | [1] | 2,225 | 3,224 | 3,461 | |||||
Total change in accumulated other comprehensive income | [1] | 2,225 | 3,224 | 3,461 | |||||
Total other comprehensive income (loss) | [1] | 2,225 | 3,224 | 3,461 | |||||
Total change in accumulated other comprehensive income | [1] | 2,225 | 3,224 | 3,461 | |||||
Balance | [1] | 950 | (1,512) | 950 | (1,512) | (1,275) | |||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | |||||||||
Balance | [1] | (6,066) | (7,191) | (7,191) | |||||
Unrealized gain (loss) on securities | [1] | 0 | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 787 | 495 | 1,125 | |||||
Total other comprehensive income (loss) | [1] | 787 | 495 | 1,125 | |||||
Total change in accumulated other comprehensive income | [1] | 787 | 495 | 1,125 | |||||
Total other comprehensive income (loss) | [1] | 787 | 495 | 1,125 | |||||
Total change in accumulated other comprehensive income | [1] | 787 | 495 | 1,125 | |||||
Balance | [1] | (5,279) | (6,696) | (5,279) | (6,696) | (6,066) | |||
AOCI Attributable to Parent [Member] | |||||||||
Balance | (4,400) | (10,165) | (7,341) | [1] | (11,927) | [1] | (11,927) | [1] | |
Unrealized gain (loss) on securities | [1] | 4,077 | 3,672 | 4,284 | |||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | (1,065) | 47 | 302 | |||||
Total other comprehensive income (loss) | 71 | 1,957 | 3,012 | [1] | 3,719 | [1] | 4,586 | [1] | |
Total change in accumulated other comprehensive income | [1] | 3,012 | 3,719 | 4,586 | |||||
Total other comprehensive income (loss) | 71 | 1,957 | 3,012 | [1] | 3,719 | [1] | 4,586 | [1] | |
Total change in accumulated other comprehensive income | [1] | 3,012 | 3,719 | 4,586 | |||||
Balance | [1] | $ (4,329) | $ (8,208) | $ (4,329) | $ (8,208) | $ (7,341) | |||
[1] | All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income. | ||||||||
[2] | Reclassification amounts are reported as gains on sales of investment securities, impairment losses, and amortization of net unrealized losses on the Consolidated Statement of Income. |
Note 10 - Goodwill and Other _3
Note 10 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 5,011 | $ 5,011 | $ 5,011 | $ 5,011 |
Additions/Adjustments | 0 | 0 | 0 | 0 |
Balance | $ 5,011 | $ 5,011 | $ 5,011 | $ 5,011 |
Note 11 - Derivatives and Ris_3
Note 11 - Derivatives and Risk Management Activities (Details Textual) Pure in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 11 - Derivatives and Ris_4
Note 11 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 8 | $ 4 |
Derivative Asset, Notional Amount | 1,875 | 875 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 0 | 2 |
Derivative Asset, Notional Amount | 0 | 288 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 1,642 | 362 |
Derivative Asset, Notional Amount | 56,340 | 14,586 |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 654 | 133 |
Derivative Liability, Notional Amount | 54,465 | 13,711 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 326 | 83 |
Derivative Liability, Notional Amount | 23,612 | 9,614 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | 0 | 0 |
Derivative Liability, Notional Amount | $ 0 | $ 0 |
Note 11 - Derivatives and Ris_5
Note 11 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Mortgage Banking Income [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | $ (596) | $ 85 | $ (521) | $ (69) |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | (297) | (39) | (243) | 3 |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | (1,049) | 15 | 4 | 12 |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative Gain (Loss), Net | (271) | 0 | (2) | (10) |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | ||||
Derivative Gain (Loss), Net | 718 | 0 | 0 | 0 |
Interest Rate Lock Commitments [Member] | Asset Derivatives [Member] | ||||
Derivative Gain (Loss), Net | $ 1,114 | $ (66) | $ 1,280 | $ 297 |
Note 12 - Revenue Recognition_2
Note 12 - Revenue Recognition (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) |
Contract Acquisition Costs [Member] | |
Capitalized Contract Cost, Net, Total | $ 0 |
Note 12 - Revenue Recognition -
Note 12 - Revenue Recognition - Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Non-interest income | $ 2,362 | $ 1,898 | $ 4,488 | $ 3,589 |
Non-interest income (out-of-scope of Topic 606) | 6,062 | 5,128 | 10,481 | 8,382 |
Total non-interest income | 8,424 | 7,026 | 14,969 | 11,971 |
Deposit Account [Member] | ||||
Non-interest income | 2,328 | 1,848 | 4,392 | 3,460 |
Other Non-interest Income From Customers [Member] | ||||
Non-interest income | $ 34 | $ 50 | $ 96 | $ 129 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jan. 01, 2019USD ($) |
Operating Lease, Liability, Total | $ 69,046 | $ 68,856 | $ 70,537 | |
Operating Lease, Right-of-Use Asset | $ 64,693 | $ 64,805 | ||
Lessee, Finance Lease, Number of Leases | 0 | |||
Lessee, Operating Lease, Number of Leases | 40 | 36 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 19 years 8 months 12 days | 19 years 2 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.58% | 3.58% | ||
Minimum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | 10 years | ||
Branch Stores [Member] | ||||
Lessee, Operating Lease, Number of Leases | 18 | 17 | ||
Offices [Member] | ||||
Lessee, Operating Lease, Number of Leases | 7 | 8 | ||
Leases for Equipment [Member] | ||||
Lessee, Operating Lease, Number of Leases | 15 | 11 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 35,100 | |||
Operating Lease, Right-of-Use Asset | $ 34,200 |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating lease cost | $ 1,917 | $ 1,664 | $ 3,834 | $ 3,030 |
Sublease income | 0 | (80) | 0 | (161) |
Total lease cost | 1,917 | 1,584 | 3,834 | 2,869 |
Operating cash flows from operating leases | 1,835 | 1,046 | 3,579 | 2,049 |
New operating lease liability obligation | $ 49 | $ 13,971 | $ 189 | $ 72,356 |
Note 13 - Leases - Maturity Ana
Note 13 - Leases - Maturity Analysis of Operating Lease Liability Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Within one year | $ 6,675 | $ 6,644 | |
One to three years | 11,571 | 12,143 | |
Three to five years | 10,110 | 10,212 | |
More than five years | 72,394 | 73,262 | |
Total undiscounted cash flows | 100,750 | 102,261 | |
Discount on cash flows | (31,704) | (31,724) | |
Operating Lease, Liability, Total | $ 69,046 | $ 68,856 | $ 70,537 |