Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 27, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000859070 | |
Entity Registrant Name | FIRST COMMUNITY BANKSHARES INC /VA/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-19297 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 55-0694814 | |
Entity Address, Address Line One | P.O. Box 989 | |
Entity Address, City or Town | Bluefield | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24605-0989 | |
City Area Code | 276 | |
Local Phone Number | 326-9000 | |
Title of 12(b) Security | Common Stock ($1.00 par value) | |
Trading Symbol | FCBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,717,306 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Assets | |||
Cash and due from banks | $ 49,895 | $ 66,818 | |
Federal funds sold | 323,355 | 148,000 | |
Interest-bearing deposits in banks | 2,414 | 2,191 | |
Total cash and cash equivalents | 375,664 | 217,009 | |
Debt securities available for sale | 90,972 | 169,574 | |
Loans held for sale | 0 | 263 | |
Loans held for investment, net of unearned income (includes covered loans of $10,744 and $12,861, respectively) | 2,194,995 | 2,114,460 | |
Allowance for loan losses | (27,277) | (18,425) | |
Loans held for investment, net | 2,167,718 | 2,096,035 | |
FDIC indemnification asset | 1,598 | 2,883 | |
Premises and equipment, net | 60,488 | 62,824 | |
Other real estate owned | 2,103 | 3,969 | |
Interest receivable | 9,151 | 6,677 | |
Goodwill | 129,565 | 129,565 | |
Other intangible assets | 7,433 | 8,519 | |
Other assets | 103,236 | 101,529 | |
Total assets | 2,947,928 | 2,798,847 | |
Liabilities | |||
Noninterest-bearing | 750,277 | 627,868 | |
Interest-bearing | 1,741,962 | 1,702,044 | |
Total deposits | 2,492,239 | 2,329,912 | |
Securities sold under agreements to repurchase | 956 | 1,601 | |
Interest, taxes, and other liabilities | 34,816 | 38,515 | |
Total liabilities | 2,528,011 | 2,370,028 | |
Stockholders' equity | |||
Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding | 0 | 0 | |
Common stock, $1 par value; 50,000,000 shares authorized; 24,313,091 shares issued and 17,716,522 outstanding at September 30, 2020; 24,238,907 shares issued and 18,376,991 outstanding at December 31, 2019 | 17,717 | 18,377 | |
Additional paid-in capital | 172,980 | 192,413 | |
Retained earnings | 230,464 | 219,535 | |
Accumulated other comprehensive loss | (1,244) | (1,506) | |
Total stockholders' equity | 419,917 | 428,819 | |
Total liabilities and stockholders' equity | $ 2,947,928 | $ 2,798,847 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | [1] |
Loans held for investment, covered | $ 10,744 | $ 12,861 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | |
Common stock, issued (in shares) | 24,313,091 | 24,238,907 | |
Common stock, outstanding (in shares) | 17,716,522 | 18,376,991 | |
Undesignated Par Value [Member] | |||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 | |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | |
Designated Par Value [Member] | |||
Preferred stock, authorized (in shares) | 25,000 | 25,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 27,297 | $ 22,068 | $ 82,346 | $ 66,968 |
Interest on securities -- taxable | 190 | 261 | 808 | 916 |
Interest on securities -- tax-exempt | 419 | 596 | 1,432 | 1,930 |
Interest on deposits in banks | 89 | 680 | 704 | 1,784 |
Total interest income | 27,995 | 23,605 | 85,290 | 71,598 |
Interest expense: | ||||
Interest on deposits | 1,161 | 1,383 | 4,431 | 4,080 |
Interest on short-term borrowings | 0 | 1 | 4 | 122 |
Total interest expense | 1,161 | 1,384 | 4,435 | 4,202 |
Net interest income | 26,834 | 22,221 | 80,855 | 67,396 |
Provision for loan losses | 4,703 | 675 | 12,034 | 3,480 |
Net interest income after provision for loan losses | 22,131 | 21,546 | 68,821 | 63,916 |
Noninterest income: | ||||
Net (loss) gain on sale of securities | 0 | 0 | 385 | (43) |
Net FDIC indemnification asset amortization | (383) | (719) | (1,352) | (1,787) |
Litigation settlements | 0 | 900 | 0 | 4,600 |
Other operating income | 1,114 | 709 | 3,323 | 1,935 |
Total noninterest income | 7,638 | 7,634 | 22,100 | 24,363 |
Noninterest expense: | ||||
Salaries and employee benefits | 10,485 | 9,334 | 32,886 | 27,653 |
Occupancy expense | 1,228 | 1,042 | 3,818 | 3,277 |
Furniture and equipment expense | 1,412 | 1,183 | 4,112 | 3,278 |
Service fees | 1,581 | 1,466 | 4,433 | 3,727 |
Advertising and public relations | 430 | 795 | 1,417 | 1,832 |
Professional fees | 408 | 548 | 948 | 1,290 |
Amortization of intangibles | 365 | 251 | 1,086 | 746 |
FDIC premiums and assessments | 191 | 0 | 224 | 318 |
Merger expenses | 0 | 592 | 1,893 | 592 |
Other operating expense | 3,071 | 2,233 | 8,931 | 8,167 |
Total noninterest expense | 19,171 | 17,444 | 59,748 | 50,880 |
Income before income taxes | 10,598 | 11,736 | 31,173 | 37,399 |
Income tax expense | 2,332 | 2,580 | 6,797 | 8,161 |
Net income | $ 8,266 | $ 9,156 | $ 24,376 | $ 29,238 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.47 | $ 0.59 | $ 1.37 | $ 1.86 |
Diluted (in dollars per share) | $ 0.47 | $ 0.58 | $ 1.37 | $ 1.85 |
Weighted average shares outstanding | ||||
Basic (in shares) | 17,710,283 | 15,603,992 | 17,803,369 | 15,717,678 |
Diluted (in shares) | 17,732,428 | 15,664,587 | 17,836,963 | 15,785,484 |
Fiduciary and Trust [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 909 | $ 952 | $ 2,607 | $ 2,581 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Noninterest income | 3,250 | 3,785 | 9,541 | 10,892 |
Financial Service, Other [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 2,748 | $ 2,007 | $ 7,596 | $ 6,185 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 8,266 | $ 9,156 | $ 24,376 | $ 29,238 |
Other comprehensive income, before tax | ||||
Change in net unrealized (losses) gains on debt securities without other-than-temporary impairment | (268) | 28 | 873 | 1,578 |
Reclassification adjustment for net (gains) losses recognized in net income | 0 | 0 | (385) | 43 |
Net unrealized (losses) gains on available-for-sale debt securities | (268) | 28 | 488 | 1,621 |
Employee benefit plans: | ||||
Net actuarial (loss) gain | (1) | 1 | (446) | (405) |
Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income | 97 | 67 | 290 | 207 |
Net unrealized gains (losses) on employee benefit plans | 96 | 68 | (156) | (198) |
Other comprehensive (loss) income, before tax | (172) | 96 | 332 | 1,423 |
Income tax expense | (36) | 20 | 70 | 299 |
Other comprehensive (loss) income, net of tax | (136) | 76 | 262 | 1,124 |
Total comprehensive income | $ 8,130 | $ 9,232 | $ 24,638 | $ 30,362 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2018 | $ 0 | $ 16,007 | $ 122,486 | $ 195,793 | $ (1,429) | $ 332,857 | |
Net income | 29,238 | 29,238 | |||||
Other comprehensive income (loss) | 1,124 | 1,124 | |||||
Common dividends declared | (11,165) | (11,165) | |||||
Equity-based compensation expense | 42 | 1,180 | 1,222 | ||||
Common stock options exercised | 8 | 116 | 124 | ||||
Issuance of common stock to 401(k) plan | 10 | 315 | 325 | ||||
Purchase of treasury shares | (487) | (15,875) | (16,362) | ||||
Balance at Sep. 30, 2019 | 15,580 | 108,222 | 213,866 | (305) | 337,363 | ||
Repurchase of common shares | (487) | (15,875) | (16,362) | ||||
Balance at Jun. 30, 2019 | 15,633 | 109,816 | 208,618 | (381) | 333,686 | ||
Net income | 9,156 | 9,156 | |||||
Other comprehensive income (loss) | 76 | 76 | |||||
Common dividends declared | (3,908) | (3,908) | |||||
Equity-based compensation expense | 0 | 216 | 216 | ||||
Common stock options exercised | 4 | 37 | 41 | ||||
Issuance of common stock to 401(k) plan | 4 | 95 | 99 | ||||
Purchase of treasury shares | (61) | (1,942) | (2,003) | ||||
Balance at Sep. 30, 2019 | 15,580 | 108,222 | 213,866 | (305) | 337,363 | ||
Repurchase of common shares | (61) | (1,942) | (2,003) | ||||
Balance at Dec. 31, 2019 | 18,377 | 192,413 | 219,535 | (1,506) | 428,819 | [1] | |
Net income | 24,376 | 24,376 | |||||
Other comprehensive income (loss) | 262 | 262 | |||||
Common dividends declared | (13,447) | (13,447) | |||||
Equity-based compensation expense | 57 | 1,311 | 1,368 | ||||
Issuance of common stock to 401(k) plan | 18 | 393 | 411 | ||||
Purchase of treasury shares | 0 | (735) | (21,137) | 0 | 0 | (21,872) | |
Balance at Sep. 30, 2020 | 0 | 17,717 | 172,980 | 230,464 | (1,244) | 419,917 | |
Repurchase of common shares | 0 | (735) | (21,137) | 0 | 0 | (21,872) | |
Balance at Jun. 30, 2020 | 17,710 | 172,601 | 226,627 | (1,108) | 415,830 | ||
Net income | 8,266 | 8,266 | |||||
Other comprehensive income (loss) | (136) | (136) | |||||
Common dividends declared | (4,429) | (4,429) | |||||
Equity-based compensation expense | 1 | 262 | 263 | ||||
Issuance of common stock to 401(k) plan | 6 | 117 | 123 | ||||
Balance at Sep. 30, 2020 | $ 0 | $ 17,717 | $ 172,980 | $ 230,464 | $ (1,244) | $ 419,917 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Common dividends declared, per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.71 |
Common stock options exercised, shares (in shares) | 3,407 | 7,752 | ||
Issuance of stock to 401(k) plan, shares (in shares) | 6,237 | 3,010 | 18,148 | 9,663 |
Repurchase of common shares, shares (in shares) | 60,500 | 734,653 | 487,400 | |
Repurchase of common shares, per share (in dollars per share) | $ 33.11 | $ 29.77 | $ 33.57 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities | ||
Net income | $ 24,376 | $ 29,238 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 12,034 | 3,480 |
Depreciation and amortization of premises and equipment | 3,328 | 2,491 |
Amortization of premiums on investments, net | 1,387 | 171 |
Amortization of FDIC indemnification asset, net | 1,352 | 1,787 |
Amortization of intangible assets | 1,086 | 746 |
Accretion on acquired loans | (5,221) | (2,720) |
Equity-based compensation expense | 1,368 | 1,222 |
Issuance of common stock to 401(k) plan | 411 | 325 |
Loss (gain) on sale of premises and equipment, net | 9 | (104) |
Loss on sale of other real estate owned | 299 | 791 |
(Gain) Loss on sale of securities | (385) | 43 |
(Increase) decrease in accrued interest receivable | (2,474) | 639 |
(Increase) decrease in other operating activities | (5,542) | 1,527 |
Net cash provided by operating activities | 32,028 | 39,636 |
Investing activities | ||
Proceeds from sale of securities available for sale | 51,027 | 13,897 |
Proceeds from maturities, prepayments, and calls of securities available for sale | 29,614 | 29,555 |
Proceeds from maturities and calls of securities held to maturity | 0 | 25,000 |
Payments to acquire securities available for sale | (2,553) | (4,453) |
(Originations of) proceeds from repayment of loans, net | (78,663) | 78,036 |
(Purchase of) proceeds from FHLB stock, net | (12) | 129 |
Payments to the FDIC | (67) | (137) |
Proceeds from sale of premises and equipment | 1,435 | 1,038 |
Payments to acquire premises and equipment | (2,474) | (6,225) |
Proceeds from sale of other real estate owned | 1,997 | 2,917 |
Net cash provided by investing activities | 304 | 139,757 |
Financing activities | ||
Increase in noninterest-bearing deposits, net | 122,409 | 12,928 |
Increase (decrease) in interest-bearing deposits, net | 39,918 | (31,826) |
Repayments of securities sold under agreements to repurchase, net | (645) | (27,507) |
Repayments of FHLB and other borrowings, net | (40) | 0 |
Proceeds from stock options exercised | 0 | 124 |
Payments for repurchase of common stock | (21,872) | (16,362) |
Payments of common dividends | (13,447) | (11,165) |
Net cash provided by (used in) financing activities | 126,323 | (73,808) |
Net increase in cash and cash equivalents | 158,655 | 105,585 |
Cash and cash equivalents at beginning of period | 217,009 | 76,873 |
Cash and cash equivalents at end of period | 375,664 | 182,458 |
Supplemental disclosure -- cash flow information | ||
Cash paid for interest | 4,334 | 4,308 |
Cash paid for income taxes | 5,607 | 7,083 |
Supplemental transactions -- noncash items | ||
Transfer of loans to other real estate owned | 695 | 2,883 |
Loans originated to finance other real estate owned | 265 | 484 |
Decrease in accumulated other comprehensive loss | $ 262 | $ 1,124 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1. Basis of Presentation General First Community Bankshares, Inc. (the “Company”), a financial holding company, was founded in 1989 2018. 1874. November 1, 2020, Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one not may These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10 December 31, 2019 2019 10 March 13, 2020. December 31, 2019 Reclassifications Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no Use of Estimates Preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to fair value measurements, investment securities, the allowance for loan losses, goodwill and other intangible assets, and income taxes. A discussion of the Company’s application of critical accounting estimates is included in “Critical Accounting Estimates” in Item 2 Significant Accounting Policies The Company’s significant accounting policies are included in Note 1, 8 2019 10 Risks and Uncertainties Recent COVID- 19 During the first nine 2020 19” Company Response to COVID- 19 As COVID- 19 first nine 2020 • Implemented its board-approved pandemic business continuity plan • Appointed an internal pandemic preparedness task force comprised of the Company’s management to address both operational and financial risks posed by COVID- 19 • Modified branch operations: o Branch lobbies remain available, but on a limited appointment-only basis o Most transactions conducted via drive-throughs o Increased emphasis on digital banking platforms • Implemented physical separation of critical operational workforce for Bank and non-Bank financial services subsidiaries • Expanded paid time off and health benefits for employees • Implemented work from home strategy for appropriate staff: ○ Many of the Company's non-branch, operational essential employees remain working remotely o Geographically separated work locations of Bank and Company CEO’s and most other executive management team members o Suspended non-essential work-related travel • Implemented a pay differential for employees continuing to work at branch or back office locations which ended May 31, 2020 • Adopted self-monitoring and quarantining procedures • Implemented enhanced facility cleaning protocols • Redeployed staff to critical customer service operations to expedite loan payment deferral requests, Paycheck Protection Program lending efforts, and other operations Potential Effects of COVID- 19 The adverse impact of COVID- 19 19 September 30, 2020 September 30, 2020, September 30, 2020 The general economic slowdown caused by COVID- 19 In addition to the general impact of COVID- 19, may two 1%, September 30, 2020 COVID- 19 no To date, the Company has identified no no 19. no It is impossible to predict the full extent to which COVID- 19 19, Recent Accounting Standards Standards Adopted in 2020 In August 2018, 2018 13, 820 Conceptual Framework for Financial Reporting—Chapter 8: December 15, 2019. In March 2020, 2020 04, 848 2018 March 12, 2020 December 31, 2022. March 12, 2020. not Standards Not In June 2016, 2016 13, 326 March 2020. no No. 2016 13 March 27, 2020 1 19 March 13, 2020 50 1601 2 December 31, 2020. “not 2016 13 third January 1, 2020, In December 2019, 2019 12, 740 December 15, 2020. not not The Company does not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Highlands Bankshares, Inc. On September 11, 2019, December 31, 2019 two The Highlands transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date. Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition. As recorded by Fair Value As recorded by (Amounts in thousands) Highlands Adjustments the Company Assets Cash and cash equivalents $ 25,879 $ - $ 25,879 Securities available for sale 53,732 - 53,732 Loans held for sale 263 - 263 Loans held for investment, net of allowance and mark 438,896 (11,429 ) ( a ) 427,467 Premises and equipment 16,722 (2,317 ) ( b ) 14,405 Other real estate 1,963 - 1,963 Other assets 25,556 2,250 ( c ) 27,806 Intangible assets - 4,490 ( d ) 4,490 Total assets $ 563,011 $ (7,006 ) $ 556,005 LIABILITIES Deposits: Noninterest-bearing $ 155,714 $ - $ 155,714 Interest-bearing 346,028 1,261 ( e ) 347,289 Total deposits 501,742 1,261 503,003 Long term debt 40 - 40 Other liabilities 2,938 198 ( f ) 3,136 Total liabilities 504,720 1,459 506,179 Net identifiable assets acquired over (under) liabilities assumed 58,291 (8,465 ) 49,826 Goodwill - 36,821 36,821 Net assets acquired over liabilities assumed $ 58,291 $ 28,356 $ 86,647 Consideration: First Community Bankshares, Inc. common 2,792,729 Purchase price per share of the Company's common stock $ 31.02 Fair value of Company common stock issued 86,631 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 86,647 Explanation of fair value adjustments: ( a ) - Adjustment reflects the fair value adjustments of $(14.70) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses ("ALLL") and deferred loan fees of $3.27 million recorded by Highlands. ( b ) - Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. ( c ) - Adjustment to record the deferred tax asset related to the fair value adjustments. ( d ) - Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. ( e ) - Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. ( f ) - Adjustment reflects the fair value adjustment for death benefits payable of $320 thousand, the fair value adjustment for lease liability of $(37) thousand and the fair value adjustment to the reserve for unfunded commitments of $(85) thousand. Comparative and Pro Forma Financial Information for Acquisitions As the merger date was the close of business, December 31, 2019 no September 30, 2019 The following table discloses the impact of the merger. The table also presents certain pro forma information as if Highlands had been acquired on January 1, 2019. not January 1, 2019. Residual merger-related costs of $1.89 million incurred by the Company during the nine September 30, 2020 no third 2020 No September 30, 2019 not ProForma Three months ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Total revenues (net interest income plus noninterest income) $ 34,472 $ 36,627 $ 102,955 $ 111,615 Net adjusted income available to the common shareholder $ 8,266 $ 10,225 $ 25,864 $ 33,063 |
Note 3 - Debt Securities
Note 3 - Debt Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 . Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated: September 30, 2020 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 576 $ - $ (4 ) $ 572 Municipal securities 55,036 631 - 55,667 Mortgage-backed Agency securities 33,776 999 (42 ) 34,733 Total $ 89,388 $ 1,630 $ (46 ) $ 90,972 December 31, 2019 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,038 $ - $ (4 ) $ 5,034 Municipal securities 85,992 886 - 86,878 Mortgage-backed Agency securities 77,448 380 (166 ) 77,662 Total $ 168,478 $ 1,266 $ (170 ) $ 169,574 The following table presents the amortized cost and aggregate fair value of available-for-sale debt securities by contractual maturity, as of the date indicated. Actual maturities could differ from contractual maturities because issuers may September 30, 2020 Amortized (Amounts in thousands) Cost Fair Value Available-for-sale debt securities Due within one year $ - $ - Due after one year but within five years 28,495 28,749 Due after five years but within ten years 27,117 27,490 Due after ten years - - 55,612 56,239 Mortgage-backed securities 33,776 34,733 Total debt securities available for sale $ 89,388 $ 90,972 The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 12 September 30, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ - $ - $ 565 $ (4 ) $ 565 $ (4 ) Mortgage-backed Agency securities 3,405 (42 ) - - 3,405 (42 ) Total $ 3,405 $ (42 ) $ 565 $ (4 ) $ 3,970 $ (46 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 975 $ (4 ) $ - $ - $ 975 $ (4 ) Mortgage-backed Agency securities 8,020 (48 ) 8,319 (118 ) 16,339 (166 ) Total $ 8,995 $ (52 ) $ 8,319 $ (118 ) $ 17,314 $ (170 ) There were 3 individual debt securities in an unrealized loss position as of September 30, 2020 December 31, 2019 The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”). The initial indicator of OTTI for debt securities is a decline in fair value below book value and the severity and duration of the decline. The credit-related OTTI is recognized as a charge to noninterest income and the noncredit-related OTTI is recognized in other comprehensive income (“OCI”). During the nine September 30, 2020 2019 The following table presents gross realized gains and losses from the sale of available-for-sale debt securities for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Amounts in thousands) Gross realized gains $ - - $ 419 $ 67 Gross realized losses - - (34 ) (110 ) Net Gain (Loss) on sale of securities $ - $ - $ 385 $ (43 ) The carrying amount of securities pledged for various purposes totaled $36.17 million as of September 30, 2020 December 31, 2019 |
Note 4 - Loans
Note 4 - Loans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . Loans The Company groups loans held for investment into three September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 15, The following table presents loans, net of unearned income, within the non-covered portfolio by loan class, as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) Amount Percent Amount Percent Non-covered loans held for investment Commercial loans Construction, development, and other land $ 46,785 2.13 % $ 48,659 2.30 % Commercial and industrial 179,714 8.19 % 142,962 6.76 % Multi-family residential 105,647 4.81 % 121,840 5.76 % Single family non-owner occupied 189,265 8.62 % 163,181 7.72 % Non-farm, non-residential 748,815 34.11 % 727,261 34.39 % Agricultural 10,362 0.47 % 11,756 0.56 % Farmland 22,973 1.05 % 23,155 1.10 % Total commercial loans 1,303,561 59.38 % 1,238,814 58.59 % Consumer real estate loans Home equity lines 94,056 4.29 % 110,078 5.21 % Single family owner occupied 644,598 29.37 % 620,697 29.35 % Owner occupied construction 17,460 0.79 % 17,241 0.82 % Total consumer real estate loans 756,114 34.45 % 748,016 35.38 % Consumer and other loans Consumer loans 118,738 5.41 % 110,027 5.20 % Other 5,838 0.27 % 4,742 0.22 % Total consumer and other loans 124,576 5.68 % 114,769 5.42 % Total non-covered loans 2,184,251 99.51 % 2,101,599 99.39 % Total covered loans 10,744 0.49 % 12,861 0.61 % Total loans held for investment, net of unearned income $ 2,194,995 100.00 % $ 2,114,460 100.00 % Loans held for sale $ - $ 263 Commercial and industrial loan balances grew significantly compared to December 31, 2019 second 2020 September 30, 2020 September 30, 2020 third 2020 nine The following table presents the covered loan portfolio, by loan class, as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) Covered loans Commercial loans Construction, development, and other land $ 27 $ 28 Single family non-owner occupied 188 199 Non-farm, non-residential - 3 Total commercial loans 215 230 Consumer real estate loans Home equity lines 8,079 9,853 Single family owner occupied 2,450 2,778 Total consumer real estate loans 10,529 12,631 Total covered loans $ 10,744 $ 12,861 The Company identifies certain purchased loans as impaired when fair values are established at acquisition and groups those purchased credit impaired (“PCI”) loans into loan pools with common risk characteristics. The Company estimates cash flows to be collected on PCI loans and discounts those cash flows at a market rate of interest. Effective January 1, 2020 December 31, 2019 The following table presents the recorded investment and contractual unpaid principal balance of PCI loans, by acquisition, as of the dates indicated: September 30, 2020 December 31, 2019 Unpaid Principal Unpaid Principal (Amounts in thousands) Recorded Investment Balance Recorded Investment Balance PCI Loans, by acquisition Peoples $ - $ - $ 5,071 $ 6,431 Waccamaw - - 2,708 14,277 Highlands 43,527 53,295 53,116 64,096 Other acquired - - 352 378 Total PCI Loans $ 43,527 $ 53,295 $ 61,247 $ 85,182 The following table presents the changes in the accretable yield on PCI loans, by acquisition, during the periods indicated: Peoples Waccamaw Highlands Total (Amounts in thousands) Balance January 1, 2019 $ 2,590 $ 14,639 $ - $ 17,229 Accretion (734 ) (2,761 ) - (3,495 ) Reclassifications (to) from nonaccretable difference (1) 14 1,200 - 1,214 Other changes, net 167 141 - 308 Balance September 30, 2019 $ 2,037 $ 13,219 $ - $ 15,256 Balance January 1, 2020 $ 1,890 $ 12,574 $ 8,152 $ 22,616 Accretion - - (1,952 ) (1,952 ) Reclassifications from nonaccretable difference (1) - - - - Other changes, net (1,890 ) (12,574 ) - (14,464 ) Balance September 30, 2020 $ - $ - $ 6,200 $ 6,200 ( 1 |
Note 5 - Credit Quality
Note 5 - Credit Quality | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5 . Credit Quality The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. Loan risk ratings may ● Pass -- This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity, leverage, and industry conditions. ● Special Mention -- This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not may ● Substandard -- This grade is assigned to loans that have well defined weaknesses that may ● Doubtful -- This grade is assigned to loans that have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined. ● Loss -- This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are uncertain. This risk grade does not no not may The following tables present the recorded investment of the loan portfolio, by loan class and credit quality, as of the dates indicated. Losses on covered loans are generally reimbursable by the FDIC at the applicable loss share percentage, 80%; September 30, 2020 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 35,889 $ 8,419 $ 2,477 $ - $ - $ 46,785 Commercial and industrial 153,153 19,369 7,192 - - 179,714 Multi-family residential 81,528 20,937 3,182 - - 105,647 Single family non-owner occupied 143,235 32,649 13,368 13 - 189,265 Non-farm, non-residential 507,094 201,975 39,746 - - 748,815 Agricultural 6,804 3,216 342 - - 10,362 Farmland 13,281 5,139 4,553 - - 22,973 Consumer real estate loans - Home equity lines 89,729 1,317 3,010 - - 94,056 Single family owner occupied 607,616 3,815 33,167 - - 644,598 Owner occupied construction 16,684 202 574 - - 17,460 Consumer and other loans - Consumer loans 116,786 197 1,755 - - 118,738 Other 5,838 - - - - 5,838 Total non-covered loans 1,777,637 297,235 109,366 13 - 2,184,251 Covered loans Commercial loans Construction, development, and other land - 27 - - - 27 Single family non-owner occupied 155 33 - - - 188 Consumer real estate loans - Home equity lines 7,365 386 328 - - 8,079 Single family owner occupied 1,832 269 349 - - 2,450 Total covered loans 9,352 715 677 - - 10,744 Total loans $ 1,786,989 $ 297,950 $ 110,043 $ 13 $ - $ 2,194,995 December 31, 2019 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 45,781 $ 2,079 $ 799 $ - $ - $ 48,659 Commercial and industrial 135,651 4,327 2,984 - - 142,962 Multi-family residential 118,045 2,468 1,327 - - 121,840 Single family non-owner occupied 149,916 7,489 5,776 - - 163,181 Non-farm, non-residential 683,481 27,160 16,620 - - 727,261 Agricultural 11,299 122 335 - - 11,756 Farmland 17,609 4,107 1,439 - - 23,155 Consumer real estate loans Home equity lines 106,246 2,014 1,818 - - 110,078 Single family owner occupied 580,580 17,001 23,116 - - 620,697 Owner occupied construction 16,341 179 721 - - 17,241 Consumer and other loans Consumer loans 108,065 1,341 621 - - 110,027 Other 4,742 - - - - 4,742 Total non-covered loans 1,977,756 68,287 55,556 - - 2,101,599 Covered loans Commercial loans Construction, development, and other land - 28 - - - 28 Single family non-owner occupied 199 - - - - 199 Non-farm, non-residential - - 3 - - 3 Consumer real estate loans Home equity lines 7,177 2,327 349 - - 9,853 Single family owner occupied 2,111 275 392 - - 2,778 Total covered loans 9,487 2,630 744 - - 12,861 Total loans $ 1,987,243 $ 70,917 $ 56,300 $ - $ - $ 2,114,460 The Company identifies loans for potential impairment through a variety of means, including, but not not The following table presents the recorded investment, unpaid principal balance, and related allowance for loan losses for impaired loans, excluding PCI loans, as of the dates indicated: September 30, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (Amounts in thousands) Investment Balance Allowance Investment Balance Allowance Impaired loans with no related allowance Commercial loans Construction, development, and other land $ 869 $ 1,097 $ - $ 552 $ 768 $ - Commercial and industrial 3,242 3,302 - 576 599 - Multi-family residential 923 1,009 - 1,254 1,661 - Single family non-owner occupied 5,011 5,663 - 2,652 3,176 - Non-farm, non-residential 7,712 8,362 - 4,158 4,762 - Agricultural 267 275 - 158 164 - Farmland 1,517 1,591 - 1,437 1,500 - Consumer real estate loans Home equity lines 1,540 1,697 - 1,372 1,477 - Single family owner occupied 16,100 18,467 - 15,588 17,835 - Owner occupied construction 503 511 - 648 648 - Consumer and other loans Consumer loans 413 424 - 290 294 - Total impaired loans with no allowance 38,097 42,398 - 28,685 32,884 - Impaired loans with a related allowance Commercial loans Commercial and industrial - - - - - - Multi-family residential 944 1,278 222 - - - Single family non-owner occupied - - - - - - Non-farm, non-residential 1,779 1,970 565 1,241 1,227 292 Farmland - - - - - - Consumer real estate loans Home equity lines - - - - - - Single family owner occupied 1,418 1,522 239 1,246 1,246 353 Consumer and other loans Consumer loans - - - - - - Total impaired loans with an allowance 4,141 4,770 1,026 2,487 2,473 645 Total impaired loans (1) $ 42,238 $ 47,168 $ 1,026 $ 31,172 $ 35,357 $ 645 ( 1 Total recorded investment of impaired loans include loans totaling $33.48 million as of September 30, 2020 December 31, 2019 not The following table presents the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Average Average Average Interest Income Recorded Interest Income Recorded Interest Income Recorded Interest Income Recorded (Amounts in thousands) Recognized Investment Recognized Investment Recognized Investment Recognized Investment Impaired loans with no related allowance: Commercial loans Construction, development, and other land $ 6 $ 882 $ 5 $ 570 $ 21 $ 1,021 $ 17 $ 720 Commercial and industrial 46 3,315 2 66 135 2,845 7 277 Multi-family residential 9 967 5 1,269 38 685 21 1,385 Single family non-owner occupied 54 5,090 41 2,958 126 4,798 97 3,063 Non-farm, non-residential 79 7,786 20 4,590 206 7,115 84 4,832 Agricultural 4 272 9 223 7 247 11 108 Farmland 12 1,526 19 1,536 48 1,640 45 1,474 Consumer real estate loans Home equity lines 13 1,588 17 1,463 29 1,569 31 1,452 Single family owner occupied 120 16,328 176 16,593 410 17,044 454 16,123 Owner occupied construction 2 542 3 224 12 470 7 223 Consumer and other loans Consumer loans 8 420 6 319 19 445 10 187 Total impaired loans with no related allowance 353 38,716 303 29,811 1,051 37,879 784 29,844 Impaired loans with a related allowance: Commercial loans Construction, development, and other land - - - - - - - - Commercial and industrial - - - - - - - - Multi-family residential - 944 - - - 943 - - Single family non-owner occupied - - - - - - - - Non-farm, non-residential 8 1,789 20 1,254 22 1,670 28 602 Farmland - - - - - - - - Consumer real estate loans Home equity lines - - - - - - - - Single family owner occupied 3 1,423 (30 ) 1,253 27 1,480 35 2,177 Owner occupied construction - - - - - - - - Total impaired loans with a related allowance 11 4,156 (10 ) 2,507 49 4,093 63 2,779 Total impaired loans $ 364 $ 42,872 $ 293 $ 32,318 $ 1,100 $ 41,972 $ 847 $ 32,623 The Company generally places a loan on nonaccrual status when it is 90 not September 30, 2020 December 31, 2019 (Amounts in thousands) Non-covered Covered Total Non-covered Covered Total Commercial loans Construction, development, and other land $ 285 $ - $ 285 $ 211 $ - $ 211 Commercial and industrial 1,765 - 1,765 530 - 530 Multi-family residential 1,536 - 1,536 1,144 - 1,144 Single family non-owner occupied 3,289 - 3,289 1,286 - 1,286 Non-farm, non-residential 6,612 - 6,612 3,400 - 3,400 Agricultural 267 - 267 158 - 158 Farmland 814 - 814 713 - 713 Consumer real estate loans Home equity lines 951 313 1,264 753 220 973 Single family owner occupied 8,012 20 8,032 7,259 24 7,283 Owner occupied construction 536 - 536 428 - 428 Consumer and other loans Consumer loans 357 - 357 231 - 231 Total nonaccrual loans $ 24,424 $ 333 $ 24,757 $ 16,113 $ 244 $ 16,357 The following tables present the aging of past due loans, by loan class, as of the dates indicated. Nonaccrual loans 30 not 90 September 30, 2020 December 31, 2019 September 30, 2020 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ - $ - $ 285 $ 285 $ 46,500 $ 46,785 Commercial and industrial 1,280 163 1,061 2,504 177,210 179,714 Multi-family residential 810 334 1,202 2,346 103,301 105,647 Single family non-owner occupied 842 636 2,255 3,733 185,532 189,265 Non-farm, non-residential 608 1,856 3,619 6,083 742,732 748,815 Agricultural 1 16 84 101 10,261 10,362 Farmland 125 - 737 862 22,111 22,973 Consumer real estate loans Home equity lines 509 248 443 1,200 92,856 94,056 Single family owner occupied 2,894 1,286 3,533 7,713 636,885 644,598 Owner occupied construction 71 91 394 556 16,904 17,460 Consumer and other loans Consumer loans 1,679 436 187 2,302 116,436 118,738 Other - - - - 5,838 5,838 Total non-covered loans 8,819 5,066 13,800 27,685 2,156,566 2,184,251 Covered loans Commercial loans Construction, development, and other land - - - - 27 27 Single family non-owner occupied - - - - 188 188 Non-farm, non-residential - - - - - - Consumer real estate loans Home equity lines 123 - 263 386 7,693 8,079 Single family owner occupied 20 - - 20 2,430 2,450 Total covered loans 143 - 263 406 10,338 10,744 Total loans $ 8,962 $ 5,066 $ 14,063 $ 28,091 $ 2,166,904 $ 2,194,995 December 31, 2019 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 63 $ 65 $ 211 $ 339 $ 48,320 $ 48,659 Commercial and industrial 1,913 238 507 2,658 140,304 142,962 Multi-family residential 375 - 1,144 1,519 120,321 121,840 Single family non-owner occupied 754 267 661 1,682 161,499 163,181 Non-farm, non-residential 917 1,949 3,027 5,893 721,368 727,261 Agricultural 86 164 - 250 11,506 11,756 Farmland 856 349 664 1,869 21,286 23,155 Consumer real estate loans Home equity lines 1,436 165 503 2,104 107,974 110,078 Single family owner occupied 7,728 2,390 3,766 13,884 606,813 620,697 Owner occupied construction 207 - 428 635 16,606 17,241 Consumer and other loans Consumer loans 1,735 439 202 2,376 107,651 110,027 Other 22 - - 22 4,720 4,742 Total non-covered loans 16,092 6,026 11,113 33,231 2,068,368 2,101,599 Covered loans Commercial loans Construction, development, and other land - - - - 28 28 Single family non-owner occupied - - - - 199 199 Non-farm, non-residential - - - - 3 3 Consumer real estate loans Home equity lines 144 28 - 172 9,681 9,853 Single family owner occupied - 50 - 50 2,728 2,778 Total covered loans 144 78 - 222 12,639 12,861 Total loans $ 16,236 $ 6,104 $ 11,113 $ 33,453 $ 2,081,007 $ 2,114,460 The Company may $500 six not No September 30, 2020 December 31, 2019 The CARES Act included a provision allowing banks to not 19 March 1, 2020 December 31, 2020 60 19 not 30 December 31, 2019 Through September 30, 2020 19 not 19 not September, 30, 2020, The following table presents loans modified as TDRs, by loan class and accrual status, as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) Nonaccrual(1) Accruing Total Nonaccrual(1) Accruing Total Commercial loans Construction, development, and other land $ - $ - $ - $ - $ - $ - Commercial and industrial - 1,342 1,342 - - - Single family non-owner occupied 538 1,274 1,812 552 595 1,147 Non-farm, non-residential - 2,419 2,419 - 307 307 Consumer real estate loans Home equity lines - 81 81 - 115 115 Single family owner occupied 1,535 5,573 7,108 1,790 5,305 7,095 Owner occupied construction - 217 217 - 221 221 Consumer and other loans Consumer loans - 30 30 - 32 32 Total TDRs $ 2,073 $ 10,936 $ 13,009 $ 2,342 $ 6,575 $ 8,917 Allowance for loan losses related to TDRs $ 347 $ 353 ( 1 Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. The following table presents interest income recognized on TDRs for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Interest income recognized $ 122 $ 56 $ 372 $ 203 The following tables present loans modified as TDRs, by type of concession made and loan class, that were restructured during the periods indicated: Three Months Ended September 30, 2020 2019 Post-modification Post-modification Total Pre-modification Recorded Total Pre-modification Recorded (Amounts in thousands) Contracts Recorded Investment Investment(1) Contracts Recorded Investment Investment(1) Below market interest rate and extended payment term Single family non-owner occupied - - - - - - Single family owner occupied - - - Total below market interest rate and extended payment term - - - - - - Payment deferral Commercial and industrial - - - - - - Non-farm, non-residential - - - - - - Single family owner occupied - - - 1 33 29 Total principal deferral - - - 1 33 29 Total - $ - $ - 1 $ 33 $ 29 ( 1 Represents the loan balance immediately following modification Nine Months Ended September 30, 2020 2019 Post-modification Post-modification Total Pre-modification Recorded Total Pre-modification Recorded (Amounts in thousands) Contracts Recorded Investment Investment(1) Contracts Recorded Investment Investment(1) Below market interest rate Single family non-owner occupied 1 50 50 - $ - $ - Total below market interest rate 1 50 50 - - - Below market interest rate and extended payment term Single family non-owner occupied - - - 2 221 218 Single family owner occupied - - - 2 488 480 Total below market interest rate and extended payment term - - - 4 709 698 Payment deferral Construction, development, and other land 1 63 63 - - - Commercial and industrial 3 1,708 1,708 - - - Single family non-owner occupied 1 529 529 - - - Non-farm, non-residential 3 2,115 2,115 - - - Single family owner occupied 3 742 726 1 33 29 Home equity lines - - - - - - Total principal deferral 11 5,157 5,141 1 33 29 Total 12 $ 5,207 $ 5,191 5 $ 742 $ 727 ( 1 Represents the loan balance immediately following modification Payment defaults on loans modified as TDRs restructured within the previous 12 September 30, 2020 one none 2019 The following table provides information about other real estate owned (“OREO”), which consists of properties acquired through foreclosure, as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) OREO $ 2,103 $ 3,969 OREO secured by residential real estate $ 767 $ 2,232 Residential real estate loans in the foreclosure process (1) 2,938 1,539 ( 1 The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Loan Los
Note 6 - Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6 . Allowance for Loan Losses The following tables present the changes in the allowance for loan losses, by loan segment, during the periods indicated. There was no September 30, 2020 Three Months Ended September 30, 2020 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 13,909 $ 7,294 $ 2,555 $ 23,758 Provision for (recovery of) loan losses charged to operations 1,972 1,975 756 4,703 Charge-offs (501 ) (188 ) (874 ) (1,563 ) Recoveries 169 38 172 379 Net charge-offs (332 ) (150 ) (702 ) (1,184 ) Ending balance $ 15,549 $ 9,119 $ 2,609 $ 27,277 Three Months Ended September 30, 2019 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,215 $ 6,881 $ 1,444 $ 18,540 Provision for (Recovery of) loan losses charged to operations 203 (338 ) 810 675 Charge-offs (159 ) (253 ) (552 ) (964 ) Recoveries 40 96 106 242 Net (charge-offs) recoveries (119 ) (157 ) (446 ) (722 ) Ending balance $ 10,299 $ 6,386 $ 1,808 $ 18,493 Nine Months Ended September 30, 2020 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 Provision for loan losses charged to operations 6,577 2,899 2,558 12,034 Charge-offs (1,647 ) (430 ) (2,352 ) (4,429 ) Recoveries 384 325 538 1,247 Net (charge-offs) recoveries (1,263 ) (105 ) (1,814 ) (3,182 ) Ending balance $ 15,549 $ 9,119 $ 2,609 $ 27,277 Nine Months Ended September 30, 2019 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,499 $ 6,732 $ 1,036 $ 18,267 Provision for loan losses charged to operations 1,359 411 1,710 3,480 Charge-offs (2,165 ) (1,203 ) (1,332 ) (4,700 ) Recoveries 606 446 394 1,446 Net (charge-offs) recoveries (1,559 ) (757 ) (938 ) (3,254 ) Ending balance $ 10,299 $ 6,386 $ 1,808 $ 18,493 The following tables present the allowance for loan losses and recorded investment in loans evaluated for impairment, excluding PCI loans, by loan class, as of the dates indicated: September 30, 2020 Loans Individually Allowance for Loans Loans Collectively Allowance for Loans Evaluated for Individually Evaluated for Collectively (Amounts in thousands) Impairment Evaluated Impairment Evaluated Commercial loans Construction, development, and other land $ - $ - $ 45,517 $ 630 Commercial and industrial 767 - 177,396 1,102 Multi-family residential 944 222 103,087 1,299 Single family non-owner occupied 1,054 - 183,088 1,974 Non-farm, non-residential 3,774 565 726,741 9,360 Agricultural - - 10,341 174 Farmland - - 19,940 225 Total commercial loans 6,539 787 1,266,110 14,764 Consumer real estate loans Home equity lines - - 101,276 871 Single family owner occupied 2,259 239 634,021 7,815 Owner occupied construction - - 17,460 194 Total consumer real estate loans 2,259 239 752,757 8,880 Consumer and other loans Consumer loans - - 117,965 2,607 Other - - 5,838 - Total consumer and other loans - - 123,803 2,607 Total loans, excluding PCI loans $ 8,798 $ 1,026 $ 2,142,670 $ 26,251 December 31, 2019 Loans Individually Allowance for Loans Loans Collectively Allowance for Loans Evaluated for Individually Evaluated for Collectively (Amounts in thousands) Impairment Evaluated Impairment Evaluated Commercial loans Construction, development, and other land $ - $ - $ 30,334 $ 245 Commercial and industrial - - 95,659 699 Multi-family residential 944 - 98,201 969 Single family non-owner occupied - - 128,520 1,323 Non-farm, non-residential 2,575 292 591,520 6,361 Agricultural - - 9,458 145 Farmland - - 16,146 201 Total commercial loans 3,519 292 969,838 9,943 Consumer real estate loans Home equity lines - - 91,999 673 Single family owner occupied 3,016 353 490,712 5,175 Owner occupied construction - - 16,144 124 Total consumer real estate loans 3,016 353 598,855 5,972 Consumer and other loans Consumer loans - - 99,199 1,865 Other - - 4,742 - Total consumer and other loans - - 103,941 1,865 Total loans, excluding PCI loans $ 6,535 $ 645 $ 1,672,634 $ 17,780 The following table presents the recorded investment in PCI loans and the allowance for loan losses on PCI loans, by loan pool, as of the dates indicated: September 30, 2020 December 31, 2019 Allowance for Loan Allowance for Loan Recorded Pools With Recorded Pools With (Amounts in thousands) Investment Impairment Investment Impairment Commercial loans Waccamaw commercial $ - $ - $ - $ - Peoples commercial - - 4,371 - Highlands: 1-4 family, senior-commercial 5,311 - 4,564 - Construction & land development 1,295 - 1,956 - Farmland and other agricultural 3,054 - 3,722 - Multifamily 1,616 - 1,663 - Commercial real estate 18,300 - 21,710 - Commercial and industrial 1,551 - 2,829 - Other - - 352 - Total commercial loans 31,127 - 41,167 - Consumer real estate loans Waccamaw serviced home equity lines - - 2,121 - Waccamaw residential - - 587 - Highlands: - - - - 1-4 family, junior and HELOCS 859 - 2,157 - 1-4 family, senior-consumer 10,768 - 13,174 - Consumer 773 - 1,341 - Peoples residential - - 700 - Total consumer real estate loans 12,400 - 20,080 - Total PCI loans $ 43,527 $ - $ 61,247 $ - Management believed the allowance was adequate to absorb probable loan losses inherent in the loan portfolio as of September 30, 2020 |
Note 7 - FDIC Indemnification A
Note 7 - FDIC Indemnification Asset | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
FDIC Loss Share Agreement Receivable [Text Block] | Note 7 . FDIC Indemnification Asset In connection with the FDIC-assisted acquisition of Waccamaw Bank in 2012, June 30, 2017, June 30, 2020. June 30, 2022. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 1,943 $ 4,020 $ 2,883 $ 5,108 Reimbursable expenses to the FDIC - - - - Net amortization (383 ) (719 ) (1,352 ) (1,787 ) Payments to the FDIC 38 157 67 137 Ending balance $ 1,598 $ 3,458 $ 1,598 $ 3,458 |
Note 8 - Deposits
Note 8 - Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 . Deposits The following table presents the components of deposits as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) Noninterest-bearing demand deposits $ 750,277 $ 627,868 Interest-bearing deposits: Interest-bearing demand deposits 576,731 497,470 Money market accounts 241,843 235,712 Savings deposits 486,506 453,240 Certificates of deposit 307,267 372,821 Individual retirement accounts 129,615 142,801 Total interest-bearing deposits 1,741,962 1,702,044 Total deposits $ 2,492,239 $ 2,329,912 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 . Leases Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability. The ROU asset is recorded in other assets, while the lease liability is recorded in other liabilities on the condensed balance sheet beginning January 1, 2019, 2016 02, 2016 02. The Company’s current operating leases relate primarily to bank branches. The Company’s ROU asset was $852 thousand as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 December 31, 2019 September 30, 2020 not December 31, 2019 Future minimum lease payments as of the dates indicated are as follows: Year September 30, 2020 (Amounts in thousands) 2021 $ 154 2022 140 2023 119 2024 119 2025 and thereafter 490 Total lease payments 1,022 Less: Interest (102 ) Present value of lease liabilities $ 920 Year December 31, 2019 (Amounts in thousands) 2020 $ 154 2021 154 2022 131 2023 119 2024 and thereafter 580 Total lease payments 1,138 Less: Interest (129 ) Present value of lease liabilities $ 1,009 |
Note 10 - Borrowings
Note 10 - Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 . Borrowings The following table presents the components of borrowings as of the dates indicated: September 30, 2020 December 31, 2019 Weighted Weighted (Amounts in thousands) Balance Average Rate Balance Average Rate Retail repurchase agreements $ 956 0.14 % $ 1,601 0.14 % Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. As of September 30, 2020 no Unused borrowing capacity with the FHLB totaled $322.82 million, net of FHLB letters of credit of $169.64 million, as of September 30, 2020 September 30, 2020 The Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution with an interest rate of one April 2021. September 30, 2020 December 31, 2019 |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 1 1 . Derivative Instruments and Hedging Activities Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors will adversely affect economic value or net interest income. The Company uses interest rate swap contracts to modify its exposure to interest rate risk caused by changes in the LIBOR curve in relation to certain designated fixed rate loans. These instruments are used to convert these fixed rate loans to an effective floating rate. If the LIBOR rate falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between LIBOR and the stated fixed rate. If LIBOR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between LIBOR and the stated fixed rate. The Company’s interest rate swaps qualify and are designated as fair value hedging instruments; therefore, fair value changes in the derivative and hedged item attributable to the hedged risk are recognized in earnings in the same period. The fair value hedges were effective as of September 30, 2020 September 30, 2020 December 31, 2019 Notional or Fair Value Notional or Fair Value Contractual Derivative Derivative Contractual Derivative Derivativ (Amounts in thousands) Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedges Interest rate swaps $ 16,889 $ - $ 1,261 $ 17,432 $ - $ 510 Total derivatives $ 16,889 $ - $ 1,261 $ 17,432 $ - $ 510 The following table presents the effect of derivative and hedging activity, if applicable, on the consolidated statements of income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2020 2019 2020 2019 Income Statement Location Derivatives designated as hedges Interest rate swaps $ 80 $ 1 $ 172 $ 1 Interest and fees on loans Total derivative expense $ 80 $ 1 $ 172 $ 1 |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 1 2 . Employee Benefit Plans The Company maintains two Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Income Statement Location (Amounts in thousands) Service cost $ 77 $ 80 $ 232 $ 240 Salaries and employee benefits Interest cost 88 101 266 303 Other expense Amortization of prior service cost 51 65 151 193 Other expense Amortization of losses 46 5 139 16 Other expense Net periodic cost $ 262 $ 251 $ 788 $ 752 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 1 3 . Earnings per Share The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Amounts in thousands, except share and per share data) Net income $ 8,266 $ 9,156 $ 24,376 $ 29,238 Weighted average common shares outstanding, basic 17,710,283 15,603,992 17,803,369 15,717,678 Dilutive effect of potential common shares Stock options 16,163 52,360 23,711 55,898 Restricted stock 5,982 8,235 9,883 11,908 Total dilutive effect of potential common shares 22,145 60,595 33,594 67,806 Weighted average common shares outstanding, diluted 17,732,428 15,664,587 17,836,963 15,785,484 Basic earnings per common share $ 0.47 $ 0.59 $ 1.37 $ 1.86 Diluted earnings per common share 0.47 0.58 1.37 1.85 Antidilutive potential common shares Stock options 78,016 - 61,241 - Restricted stock 26,012 - 27,874 - Total potential antidilutive shares 104,028 - 89,115 - |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 1 4 . Accumulated Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax and by component, during the periods indicated: Three Months Ended September 30, 2020 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 1,464 $ (2,572 ) $ (1,108 ) Other comprehensive income (loss) before reclassifications (213 ) 1 (212 ) Reclassified from AOCI - 76 76 Other comprehensive (loss) income, net (213 ) 77 (136 ) Ending balance $ 1,251 $ (2,495 ) $ (1,244 ) Three Months Ended September 30, 2019 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 973 $ (1,354 ) $ (381 ) Other comprehensive income (loss) before reclassifications 23 (2 ) 21 Reclassified from AOCI - 55 55 Other comprehensive income, net 23 53 76 Ending balance $ 996 $ (1,301 ) $ (305 ) Nine Months Ended September 30, 2020 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 866 $ (2,372 ) $ (1,506 ) Other comprehensive income (loss) before reclassifications 689 (352 ) 337 Reclassified from AOCI (304 ) 229 (75 ) Other comprehensive income (loss), net 385 (123 ) 262 Ending balance $ 1,251 $ (2,495 ) $ (1,244 ) Nine Months Ended September 30, 2019 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ (285 ) $ (1,144 ) $ (1,429 ) Other comprehensive income (loss) before reclassifications 1,247 (322 ) 925 Reclassified from AOCI 34 165 199 Other comprehensive income (loss), net 1,281 (157 ) 1,124 Ending balance $ 996 $ (1,301 ) $ (305 ) The following table presents reclassifications out of AOCI, by component, during the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Income Statement (Amounts in thousands) 2020 2019 2020 2019 Line Item Affected Available-for-sale securities Gain recognized $ - $ - $ (385 ) $ 43 Net loss on sale of securities Reclassified out of AOCI, before tax - - (385 ) 43 Income before income taxes Income tax expense - - (81 ) 9 Income tax expense Reclassified out of AOCI, net of tax - - (304 ) 34 Net income Employee benefit plans Amortization of prior service cost $ 51 $ 65 $ 150 $ 193 (1) Amortization of net actuarial benefit cost 46 5 140 16 (1) Reclassified out of AOCI, before tax 97 70 290 209 Income before income taxes Income tax expense 21 15 61 44 Income tax expense Reclassified out of AOCI, net of tax 76 55 229 165 Net income Total reclassified out of AOCI, net of tax $ 76 $ 55 $ (75 ) $ 199 Net income ( 1 Amortization is included in net periodic pension cost. See Note 11, |
Note 15 - Fair Value
Note 15 - Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 1 5 . Fair Value Financial Instruments Measured at Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy ranks the inputs used in measuring fair value as follows: ● Level 1 ● Level 2 1 ● Level 3 no The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may may not Assets and Liabilities Reported at Fair Value on a Recurring Basis Available-for-Sale Debt Securities 1 not 2 may 2 3 Fair value models may not not 3 third 3 third Equity Securities. 1 not 2. Loans Held for Investment third Deferred Compensation Assets and Liabilities 1 Derivative Assets and Liabilities 2 The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: September 30, 2020 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 572 $ - $ 572 $ - Municipal securities 55,667 - 55,667 - Mortgage-backed Agency securities 34,733 - 34,733 - Total available-for-sale debt securities 90,972 - 90,972 - Equity securities 55 55 - - Fair value loans 15,628 - - 15,628 Deferred compensation assets 3,752 3,752 - - Deferred compensation liabilities 3,752 3,752 - - Derivative liabilities 1,261 - 1,261 - December 31, 2019 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,034 $ - $ 5,034 $ - Municipal securities 86,878 - 86,878 - Mortgage-backed Agency securities 77,662 - 77,662 - Total available-for-sale debt securities 169,574 - 169,574 - Equity securities 55 55 - - Fair value loans 16,922 - - 16,922 Deferred compensation assets 3,990 3,990 - - Deferred compensation liabilities 3,990 3,990 - - Derivative liabilities 510 510 Assets Measured at Fair Value on a Nonrecurring Basis Impaired Loans 3 The Company maintains an active and robust problem credit identification system. The impairment review includes obtaining third two four third thirty forty-five third not Specific reserves are generally recorded for impaired loans while third third not not not may OREO 3 The following tables present assets measured at fair value on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: September 30, 2020 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 3,114 $ - $ - $ 3,114 OREO 2,103 - - 2,103 December 31, 2019 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 1,828 $ - $ - $ 1,828 OREO 3,969 - - 3,969 Quantitative Information about Level 3 The following table provides quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 Valuation Unobservable Discount Range (Weighted Average) Technique Input September 30, 2020 December 31, 2019 Impaired loans, non-covered Discounted appraisals(1) Appraisal adjustments(2) 3% to 42% (25%) 22% to 36% (26%) OREO Discounted appraisals(1) Appraisal adjustments(2) 0% to 77% (24%) 15% to 100% (8%) ( 1 Fair value is generally based on appraisals of the underlying collateral. ( 2 Appraisals may Fair Value of Financial Instruments The Company uses various methodologies and assumptions to estimate the fair value of certain financial instruments. A description of valuation methodologies used for instruments not Cash and Cash Equivalents FDIC Indemnification Asset Accrued Interest Receivable/Payable Deposits and Securities Sold Under Agreements to Repurchase FHLB and Other Borrowings Off-Balance Sheet Instruments not not not 16, The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: September 30, 2020 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 375,664 $ 375,664 $ 375,664 $ - $ - Debt securities available for sale 90,972 90,972 - 90,972 - Equity securities 55 55 55 - - Loans held for investment, net of allowance 2,167,718 2,123,823 - - 2,123,823 FDIC indemnification asset 1,598 666 - - 666 Interest receivable 9,151 9,151 - 9,151 - Deferred compensation assets 3,752 3,752 3,752 - - Liabilities Time deposits 436,882 440,283 - 440,283 - Securities sold under agreements to repurchase 956 956 - 956 - Interest payable 719 719 - 719 - Derivative financial liabilities 1,261 1,261 - 1,261 - Deferred compensation liabilities 3,752 3,752 3,752 - - December 31, 2019 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 217,009 $ 217,009 $ 217,009 $ - $ - Debt securities available for sale 169,574 169,574 - 169,574 - Equity securities 55 55 55 - - Loans held for sale 263 263 - - 263 Loans held for investment, net of allowance 2,096,035 2,068,257 - - 2,068,257 FDIC indemnification asset 2,883 1,201 - - 1,201 Interest receivable 6,677 6,677 - 6,677 - Deferred compensation assets 3,990 3,990 3,990 - - Liabilities Time deposits 515,622 512,134 - 512,134 - Securities sold under agreements to repurchase 1,601 1,601 - 1,601 - Interest payable 472 472 - 472 - Derivative liabilities 510 510 - 510 - Deferred compensation liabilities 3,990 3,990 3,990 - - |
Note 16 - Litigation, Commitmen
Note 16 - Litigation, Commitments, and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 6 . Litigation, Commitments , and Contingencies Litigation In the normal course of business, the Company is a defendant in various legal actions and asserted claims. While the Company and its legal counsel are unable to assess the ultimate outcome of each of these matters with certainty, the Company believes the resolution of these actions, singly or in the aggregate, should not Commitments and Contingencies The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and financial guarantees. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized in the consolidated balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. If the other party to a financial instrument does not Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third The following table presents the off-balance sheet financial instruments as of the dates indicated: September 30, 2020 December 31, 2019 (Amounts in thousands) Commitments to extend credit $ 219,297 $ 228,716 Standby letters of credit and financial guarantees (1) 173,925 167,612 Total off-balance sheet risk $ 393,222 $ 396,328 Reserve for unfunded commitments $ 66 $ 66 ( 1 Includes FHLB letters of credit |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one not may These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10 December 31, 2019 2019 10 March 13, 2020. December 31, 2019 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to fair value measurements, investment securities, the allowance for loan losses, goodwill and other intangible assets, and income taxes. A discussion of the Company’s application of critical accounting estimates is included in “Critical Accounting Estimates” in Item 2 |
Risks and Uncertainties Policy [Policy Text Block] | Risks and Uncertainties Recent COVID- 19 During the first nine 2020 19” Company Response to COVID- 19 As COVID- 19 first nine 2020 • Implemented its board-approved pandemic business continuity plan • Appointed an internal pandemic preparedness task force comprised of the Company’s management to address both operational and financial risks posed by COVID- 19 • Modified branch operations: o Branch lobbies remain available, but on a limited appointment-only basis o Most transactions conducted via drive-throughs o Increased emphasis on digital banking platforms • Implemented physical separation of critical operational workforce for Bank and non-Bank financial services subsidiaries • Expanded paid time off and health benefits for employees • Implemented work from home strategy for appropriate staff: ○ Many of the Company's non-branch, operational essential employees remain working remotely o Geographically separated work locations of Bank and Company CEO’s and most other executive management team members o Suspended non-essential work-related travel • Implemented a pay differential for employees continuing to work at branch or back office locations which ended May 31, 2020 • Adopted self-monitoring and quarantining procedures • Implemented enhanced facility cleaning protocols • Redeployed staff to critical customer service operations to expedite loan payment deferral requests, Paycheck Protection Program lending efforts, and other operations Potential Effects of COVID- 19 The adverse impact of COVID- 19 19 September 30, 2020 September 30, 2020, September 30, 2020 The general economic slowdown caused by COVID- 19 In addition to the general impact of COVID- 19, may two 1%, September 30, 2020 COVID- 19 no To date, the Company has identified no no 19. no It is impossible to predict the full extent to which COVID- 19 19, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Standards Adopted in 2020 In August 2018, 2018 13, 820 Conceptual Framework for Financial Reporting—Chapter 8: December 15, 2019. In March 2020, 2020 04, 848 2018 March 12, 2020 December 31, 2022. March 12, 2020. not Standards Not In June 2016, 2016 13, 326 March 2020. no No. 2016 13 March 27, 2020 1 19 March 13, 2020 50 1601 2 December 31, 2020. “not 2016 13 third January 1, 2020, In December 2019, 2019 12, 740 December 15, 2020. not not The Company does not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As recorded by Fair Value As recorded by (Amounts in thousands) Highlands Adjustments the Company Assets Cash and cash equivalents $ 25,879 $ - $ 25,879 Securities available for sale 53,732 - 53,732 Loans held for sale 263 - 263 Loans held for investment, net of allowance and mark 438,896 (11,429 ) ( a ) 427,467 Premises and equipment 16,722 (2,317 ) ( b ) 14,405 Other real estate 1,963 - 1,963 Other assets 25,556 2,250 ( c ) 27,806 Intangible assets - 4,490 ( d ) 4,490 Total assets $ 563,011 $ (7,006 ) $ 556,005 LIABILITIES Deposits: Noninterest-bearing $ 155,714 $ - $ 155,714 Interest-bearing 346,028 1,261 ( e ) 347,289 Total deposits 501,742 1,261 503,003 Long term debt 40 - 40 Other liabilities 2,938 198 ( f ) 3,136 Total liabilities 504,720 1,459 506,179 Net identifiable assets acquired over (under) liabilities assumed 58,291 (8,465 ) 49,826 Goodwill - 36,821 36,821 Net assets acquired over liabilities assumed $ 58,291 $ 28,356 $ 86,647 Consideration: First Community Bankshares, Inc. common 2,792,729 Purchase price per share of the Company's common stock $ 31.02 Fair value of Company common stock issued 86,631 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 86,647 |
Business Acquisition, Pro Forma Information [Table Text Block] | ProForma Three months ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Total revenues (net interest income plus noninterest income) $ 34,472 $ 36,627 $ 102,955 $ 111,615 Net adjusted income available to the common shareholder $ 8,266 $ 10,225 $ 25,864 $ 33,063 |
Note 3 - Debt Securities (Table
Note 3 - Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 30, 2020 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 576 $ - $ (4 ) $ 572 Municipal securities 55,036 631 - 55,667 Mortgage-backed Agency securities 33,776 999 (42 ) 34,733 Total $ 89,388 $ 1,630 $ (46 ) $ 90,972 December 31, 2019 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,038 $ - $ (4 ) $ 5,034 Municipal securities 85,992 886 - 86,878 Mortgage-backed Agency securities 77,448 380 (166 ) 77,662 Total $ 168,478 $ 1,266 $ (170 ) $ 169,574 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2020 Amortized (Amounts in thousands) Cost Fair Value Available-for-sale debt securities Due within one year $ - $ - Due after one year but within five years 28,495 28,749 Due after five years but within ten years 27,117 27,490 Due after ten years - - 55,612 56,239 Mortgage-backed securities 33,776 34,733 Total debt securities available for sale $ 89,388 $ 90,972 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ - $ - $ 565 $ (4 ) $ 565 $ (4 ) Mortgage-backed Agency securities 3,405 (42 ) - - 3,405 (42 ) Total $ 3,405 $ (42 ) $ 565 $ (4 ) $ 3,970 $ (46 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 975 $ (4 ) $ - $ - $ 975 $ (4 ) Mortgage-backed Agency securities 8,020 (48 ) 8,319 (118 ) 16,339 (166 ) Total $ 8,995 $ (52 ) $ 8,319 $ (118 ) $ 17,314 $ (170 ) |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Amounts in thousands) Gross realized gains $ - - $ 419 $ 67 Gross realized losses - - (34 ) (110 ) Net Gain (Loss) on sale of securities $ - $ - $ 385 $ (43 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Amount Percent Amount Percent Non-covered loans held for investment Commercial loans Construction, development, and other land $ 46,785 2.13 % $ 48,659 2.30 % Commercial and industrial 179,714 8.19 % 142,962 6.76 % Multi-family residential 105,647 4.81 % 121,840 5.76 % Single family non-owner occupied 189,265 8.62 % 163,181 7.72 % Non-farm, non-residential 748,815 34.11 % 727,261 34.39 % Agricultural 10,362 0.47 % 11,756 0.56 % Farmland 22,973 1.05 % 23,155 1.10 % Total commercial loans 1,303,561 59.38 % 1,238,814 58.59 % Consumer real estate loans Home equity lines 94,056 4.29 % 110,078 5.21 % Single family owner occupied 644,598 29.37 % 620,697 29.35 % Owner occupied construction 17,460 0.79 % 17,241 0.82 % Total consumer real estate loans 756,114 34.45 % 748,016 35.38 % Consumer and other loans Consumer loans 118,738 5.41 % 110,027 5.20 % Other 5,838 0.27 % 4,742 0.22 % Total consumer and other loans 124,576 5.68 % 114,769 5.42 % Total non-covered loans 2,184,251 99.51 % 2,101,599 99.39 % Total covered loans 10,744 0.49 % 12,861 0.61 % Total loans held for investment, net of unearned income $ 2,194,995 100.00 % $ 2,114,460 100.00 % Loans held for sale $ - $ 263 |
Schedule of Covered Loans Held for Investment Net of Unearned Income [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Covered loans Commercial loans Construction, development, and other land $ 27 $ 28 Single family non-owner occupied 188 199 Non-farm, non-residential - 3 Total commercial loans 215 230 Consumer real estate loans Home equity lines 8,079 9,853 Single family owner occupied 2,450 2,778 Total consumer real estate loans 10,529 12,631 Total covered loans $ 10,744 $ 12,861 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | September 30, 2020 December 31, 2019 Unpaid Principal Unpaid Principal (Amounts in thousands) Recorded Investment Balance Recorded Investment Balance PCI Loans, by acquisition Peoples $ - $ - $ 5,071 $ 6,431 Waccamaw - - 2,708 14,277 Highlands 43,527 53,295 53,116 64,096 Other acquired - - 352 378 Total PCI Loans $ 43,527 $ 53,295 $ 61,247 $ 85,182 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Accretable Yield [Table Text Block] | Peoples Waccamaw Highlands Total (Amounts in thousands) Balance January 1, 2019 $ 2,590 $ 14,639 $ - $ 17,229 Accretion (734 ) (2,761 ) - (3,495 ) Reclassifications (to) from nonaccretable difference (1) 14 1,200 - 1,214 Other changes, net 167 141 - 308 Balance September 30, 2019 $ 2,037 $ 13,219 $ - $ 15,256 Balance January 1, 2020 $ 1,890 $ 12,574 $ 8,152 $ 22,616 Accretion - - (1,952 ) (1,952 ) Reclassifications from nonaccretable difference (1) - - - - Other changes, net (1,890 ) (12,574 ) - (14,464 ) Balance September 30, 2020 $ - $ - $ 6,200 $ 6,200 |
Note 5 - Credit Quality (Tables
Note 5 - Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2020 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 35,889 $ 8,419 $ 2,477 $ - $ - $ 46,785 Commercial and industrial 153,153 19,369 7,192 - - 179,714 Multi-family residential 81,528 20,937 3,182 - - 105,647 Single family non-owner occupied 143,235 32,649 13,368 13 - 189,265 Non-farm, non-residential 507,094 201,975 39,746 - - 748,815 Agricultural 6,804 3,216 342 - - 10,362 Farmland 13,281 5,139 4,553 - - 22,973 Consumer real estate loans - Home equity lines 89,729 1,317 3,010 - - 94,056 Single family owner occupied 607,616 3,815 33,167 - - 644,598 Owner occupied construction 16,684 202 574 - - 17,460 Consumer and other loans - Consumer loans 116,786 197 1,755 - - 118,738 Other 5,838 - - - - 5,838 Total non-covered loans 1,777,637 297,235 109,366 13 - 2,184,251 Covered loans Commercial loans Construction, development, and other land - 27 - - - 27 Single family non-owner occupied 155 33 - - - 188 Consumer real estate loans - Home equity lines 7,365 386 328 - - 8,079 Single family owner occupied 1,832 269 349 - - 2,450 Total covered loans 9,352 715 677 - - 10,744 Total loans $ 1,786,989 $ 297,950 $ 110,043 $ 13 $ - $ 2,194,995 December 31, 2019 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Non-covered loans Commercial loans Construction, development, and other land $ 45,781 $ 2,079 $ 799 $ - $ - $ 48,659 Commercial and industrial 135,651 4,327 2,984 - - 142,962 Multi-family residential 118,045 2,468 1,327 - - 121,840 Single family non-owner occupied 149,916 7,489 5,776 - - 163,181 Non-farm, non-residential 683,481 27,160 16,620 - - 727,261 Agricultural 11,299 122 335 - - 11,756 Farmland 17,609 4,107 1,439 - - 23,155 Consumer real estate loans Home equity lines 106,246 2,014 1,818 - - 110,078 Single family owner occupied 580,580 17,001 23,116 - - 620,697 Owner occupied construction 16,341 179 721 - - 17,241 Consumer and other loans Consumer loans 108,065 1,341 621 - - 110,027 Other 4,742 - - - - 4,742 Total non-covered loans 1,977,756 68,287 55,556 - - 2,101,599 Covered loans Commercial loans Construction, development, and other land - 28 - - - 28 Single family non-owner occupied 199 - - - - 199 Non-farm, non-residential - - 3 - - 3 Consumer real estate loans Home equity lines 7,177 2,327 349 - - 9,853 Single family owner occupied 2,111 275 392 - - 2,778 Total covered loans 9,487 2,630 744 - - 12,861 Total loans $ 1,987,243 $ 70,917 $ 56,300 $ - $ - $ 2,114,460 |
Impaired Financing Receivables [Table Text Block] | September 30, 2020 December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (Amounts in thousands) Investment Balance Allowance Investment Balance Allowance Impaired loans with no related allowance Commercial loans Construction, development, and other land $ 869 $ 1,097 $ - $ 552 $ 768 $ - Commercial and industrial 3,242 3,302 - 576 599 - Multi-family residential 923 1,009 - 1,254 1,661 - Single family non-owner occupied 5,011 5,663 - 2,652 3,176 - Non-farm, non-residential 7,712 8,362 - 4,158 4,762 - Agricultural 267 275 - 158 164 - Farmland 1,517 1,591 - 1,437 1,500 - Consumer real estate loans Home equity lines 1,540 1,697 - 1,372 1,477 - Single family owner occupied 16,100 18,467 - 15,588 17,835 - Owner occupied construction 503 511 - 648 648 - Consumer and other loans Consumer loans 413 424 - 290 294 - Total impaired loans with no allowance 38,097 42,398 - 28,685 32,884 - Impaired loans with a related allowance Commercial loans Commercial and industrial - - - - - - Multi-family residential 944 1,278 222 - - - Single family non-owner occupied - - - - - - Non-farm, non-residential 1,779 1,970 565 1,241 1,227 292 Farmland - - - - - - Consumer real estate loans Home equity lines - - - - - - Single family owner occupied 1,418 1,522 239 1,246 1,246 353 Consumer and other loans Consumer loans - - - - - - Total impaired loans with an allowance 4,141 4,770 1,026 2,487 2,473 645 Total impaired loans (1) $ 42,238 $ 47,168 $ 1,026 $ 31,172 $ 35,357 $ 645 |
Schedule of Impaired Financing Receivable, Average Recorded Investment and Interest Income Recognized [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Average Average Average Interest Income Recorded Interest Income Recorded Interest Income Recorded Interest Income Recorded (Amounts in thousands) Recognized Investment Recognized Investment Recognized Investment Recognized Investment Impaired loans with no related allowance: Commercial loans Construction, development, and other land $ 6 $ 882 $ 5 $ 570 $ 21 $ 1,021 $ 17 $ 720 Commercial and industrial 46 3,315 2 66 135 2,845 7 277 Multi-family residential 9 967 5 1,269 38 685 21 1,385 Single family non-owner occupied 54 5,090 41 2,958 126 4,798 97 3,063 Non-farm, non-residential 79 7,786 20 4,590 206 7,115 84 4,832 Agricultural 4 272 9 223 7 247 11 108 Farmland 12 1,526 19 1,536 48 1,640 45 1,474 Consumer real estate loans Home equity lines 13 1,588 17 1,463 29 1,569 31 1,452 Single family owner occupied 120 16,328 176 16,593 410 17,044 454 16,123 Owner occupied construction 2 542 3 224 12 470 7 223 Consumer and other loans Consumer loans 8 420 6 319 19 445 10 187 Total impaired loans with no related allowance 353 38,716 303 29,811 1,051 37,879 784 29,844 Impaired loans with a related allowance: Commercial loans Construction, development, and other land - - - - - - - - Commercial and industrial - - - - - - - - Multi-family residential - 944 - - - 943 - - Single family non-owner occupied - - - - - - - - Non-farm, non-residential 8 1,789 20 1,254 22 1,670 28 602 Farmland - - - - - - - - Consumer real estate loans Home equity lines - - - - - - - - Single family owner occupied 3 1,423 (30 ) 1,253 27 1,480 35 2,177 Owner occupied construction - - - - - - - - Total impaired loans with a related allowance 11 4,156 (10 ) 2,507 49 4,093 63 2,779 Total impaired loans $ 364 $ 42,872 $ 293 $ 32,318 $ 1,100 $ 41,972 $ 847 $ 32,623 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Non-covered Covered Total Non-covered Covered Total Commercial loans Construction, development, and other land $ 285 $ - $ 285 $ 211 $ - $ 211 Commercial and industrial 1,765 - 1,765 530 - 530 Multi-family residential 1,536 - 1,536 1,144 - 1,144 Single family non-owner occupied 3,289 - 3,289 1,286 - 1,286 Non-farm, non-residential 6,612 - 6,612 3,400 - 3,400 Agricultural 267 - 267 158 - 158 Farmland 814 - 814 713 - 713 Consumer real estate loans Home equity lines 951 313 1,264 753 220 973 Single family owner occupied 8,012 20 8,032 7,259 24 7,283 Owner occupied construction 536 - 536 428 - 428 Consumer and other loans Consumer loans 357 - 357 231 - 231 Total nonaccrual loans $ 24,424 $ 333 $ 24,757 $ 16,113 $ 244 $ 16,357 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2020 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ - $ - $ 285 $ 285 $ 46,500 $ 46,785 Commercial and industrial 1,280 163 1,061 2,504 177,210 179,714 Multi-family residential 810 334 1,202 2,346 103,301 105,647 Single family non-owner occupied 842 636 2,255 3,733 185,532 189,265 Non-farm, non-residential 608 1,856 3,619 6,083 742,732 748,815 Agricultural 1 16 84 101 10,261 10,362 Farmland 125 - 737 862 22,111 22,973 Consumer real estate loans Home equity lines 509 248 443 1,200 92,856 94,056 Single family owner occupied 2,894 1,286 3,533 7,713 636,885 644,598 Owner occupied construction 71 91 394 556 16,904 17,460 Consumer and other loans Consumer loans 1,679 436 187 2,302 116,436 118,738 Other - - - - 5,838 5,838 Total non-covered loans 8,819 5,066 13,800 27,685 2,156,566 2,184,251 Covered loans Commercial loans Construction, development, and other land - - - - 27 27 Single family non-owner occupied - - - - 188 188 Non-farm, non-residential - - - - - - Consumer real estate loans Home equity lines 123 - 263 386 7,693 8,079 Single family owner occupied 20 - - 20 2,430 2,450 Total covered loans 143 - 263 406 10,338 10,744 Total loans $ 8,962 $ 5,066 $ 14,063 $ 28,091 $ 2,166,904 $ 2,194,995 December 31, 2019 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans Non-covered loans Commercial loans Construction, development, and other land $ 63 $ 65 $ 211 $ 339 $ 48,320 $ 48,659 Commercial and industrial 1,913 238 507 2,658 140,304 142,962 Multi-family residential 375 - 1,144 1,519 120,321 121,840 Single family non-owner occupied 754 267 661 1,682 161,499 163,181 Non-farm, non-residential 917 1,949 3,027 5,893 721,368 727,261 Agricultural 86 164 - 250 11,506 11,756 Farmland 856 349 664 1,869 21,286 23,155 Consumer real estate loans Home equity lines 1,436 165 503 2,104 107,974 110,078 Single family owner occupied 7,728 2,390 3,766 13,884 606,813 620,697 Owner occupied construction 207 - 428 635 16,606 17,241 Consumer and other loans Consumer loans 1,735 439 202 2,376 107,651 110,027 Other 22 - - 22 4,720 4,742 Total non-covered loans 16,092 6,026 11,113 33,231 2,068,368 2,101,599 Covered loans Commercial loans Construction, development, and other land - - - - 28 28 Single family non-owner occupied - - - - 199 199 Non-farm, non-residential - - - - 3 3 Consumer real estate loans Home equity lines 144 28 - 172 9,681 9,853 Single family owner occupied - 50 - 50 2,728 2,778 Total covered loans 144 78 - 222 12,639 12,861 Total loans $ 16,236 $ 6,104 $ 11,113 $ 33,453 $ 2,081,007 $ 2,114,460 |
Trouble Debt Restructuring Accrual Status [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Nonaccrual(1) Accruing Total Nonaccrual(1) Accruing Total Commercial loans Construction, development, and other land $ - $ - $ - $ - $ - $ - Commercial and industrial - 1,342 1,342 - - - Single family non-owner occupied 538 1,274 1,812 552 595 1,147 Non-farm, non-residential - 2,419 2,419 - 307 307 Consumer real estate loans Home equity lines - 81 81 - 115 115 Single family owner occupied 1,535 5,573 7,108 1,790 5,305 7,095 Owner occupied construction - 217 217 - 221 221 Consumer and other loans Consumer loans - 30 30 - 32 32 Total TDRs $ 2,073 $ 10,936 $ 13,009 $ 2,342 $ 6,575 $ 8,917 Allowance for loan losses related to TDRs $ 347 $ 353 |
Interest Income Related to Troubled Debt Restructurings [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Interest income recognized $ 122 $ 56 $ 372 $ 203 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Three Months Ended September 30, 2020 2019 Post-modification Post-modification Total Pre-modification Recorded Total Pre-modification Recorded (Amounts in thousands) Contracts Recorded Investment Investment(1) Contracts Recorded Investment Investment(1) Below market interest rate and extended payment term Single family non-owner occupied - - - - - - Single family owner occupied - - - Total below market interest rate and extended payment term - - - - - - Payment deferral Commercial and industrial - - - - - - Non-farm, non-residential - - - - - - Single family owner occupied - - - 1 33 29 Total principal deferral - - - 1 33 29 Total - $ - $ - 1 $ 33 $ 29 Nine Months Ended September 30, 2020 2019 Post-modification Post-modification Total Pre-modification Recorded Total Pre-modification Recorded (Amounts in thousands) Contracts Recorded Investment Investment(1) Contracts Recorded Investment Investment(1) Below market interest rate Single family non-owner occupied 1 50 50 - $ - $ - Total below market interest rate 1 50 50 - - - Below market interest rate and extended payment term Single family non-owner occupied - - - 2 221 218 Single family owner occupied - - - 2 488 480 Total below market interest rate and extended payment term - - - 4 709 698 Payment deferral Construction, development, and other land 1 63 63 - - - Commercial and industrial 3 1,708 1,708 - - - Single family non-owner occupied 1 529 529 - - - Non-farm, non-residential 3 2,115 2,115 - - - Single family owner occupied 3 742 726 1 33 29 Home equity lines - - - - - - Total principal deferral 11 5,157 5,141 1 33 29 Total 12 $ 5,207 $ 5,191 5 $ 742 $ 727 |
Other Real Estate Owned [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) OREO $ 2,103 $ 3,969 OREO secured by residential real estate $ 767 $ 2,232 Residential real estate loans in the foreclosure process (1) 2,938 1,539 |
Note 6 - Allowance for Loan L_2
Note 6 - Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, 2020 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 13,909 $ 7,294 $ 2,555 $ 23,758 Provision for (recovery of) loan losses charged to operations 1,972 1,975 756 4,703 Charge-offs (501 ) (188 ) (874 ) (1,563 ) Recoveries 169 38 172 379 Net charge-offs (332 ) (150 ) (702 ) (1,184 ) Ending balance $ 15,549 $ 9,119 $ 2,609 $ 27,277 Three Months Ended September 30, 2019 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,215 $ 6,881 $ 1,444 $ 18,540 Provision for (Recovery of) loan losses charged to operations 203 (338 ) 810 675 Charge-offs (159 ) (253 ) (552 ) (964 ) Recoveries 40 96 106 242 Net (charge-offs) recoveries (119 ) (157 ) (446 ) (722 ) Ending balance $ 10,299 $ 6,386 $ 1,808 $ 18,493 Nine Months Ended September 30, 2020 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,235 $ 6,325 $ 1,865 $ 18,425 Provision for loan losses charged to operations 6,577 2,899 2,558 12,034 Charge-offs (1,647 ) (430 ) (2,352 ) (4,429 ) Recoveries 384 325 538 1,247 Net (charge-offs) recoveries (1,263 ) (105 ) (1,814 ) (3,182 ) Ending balance $ 15,549 $ 9,119 $ 2,609 $ 27,277 Nine Months Ended September 30, 2019 Consumer Real Consumer and Total (Amounts in thousands) Commercial Estate Other Allowance Total allowance Beginning balance $ 10,499 $ 6,732 $ 1,036 $ 18,267 Provision for loan losses charged to operations 1,359 411 1,710 3,480 Charge-offs (2,165 ) (1,203 ) (1,332 ) (4,700 ) Recoveries 606 446 394 1,446 Net (charge-offs) recoveries (1,559 ) (757 ) (938 ) (3,254 ) Ending balance $ 10,299 $ 6,386 $ 1,808 $ 18,493 |
Allowance for Credit Losses and Recorded Investment in Loans by Segment and Class [Table Text Block] | September 30, 2020 Loans Individually Allowance for Loans Loans Collectively Allowance for Loans Evaluated for Individually Evaluated for Collectively (Amounts in thousands) Impairment Evaluated Impairment Evaluated Commercial loans Construction, development, and other land $ - $ - $ 45,517 $ 630 Commercial and industrial 767 - 177,396 1,102 Multi-family residential 944 222 103,087 1,299 Single family non-owner occupied 1,054 - 183,088 1,974 Non-farm, non-residential 3,774 565 726,741 9,360 Agricultural - - 10,341 174 Farmland - - 19,940 225 Total commercial loans 6,539 787 1,266,110 14,764 Consumer real estate loans Home equity lines - - 101,276 871 Single family owner occupied 2,259 239 634,021 7,815 Owner occupied construction - - 17,460 194 Total consumer real estate loans 2,259 239 752,757 8,880 Consumer and other loans Consumer loans - - 117,965 2,607 Other - - 5,838 - Total consumer and other loans - - 123,803 2,607 Total loans, excluding PCI loans $ 8,798 $ 1,026 $ 2,142,670 $ 26,251 December 31, 2019 Loans Individually Allowance for Loans Loans Collectively Allowance for Loans Evaluated for Individually Evaluated for Collectively (Amounts in thousands) Impairment Evaluated Impairment Evaluated Commercial loans Construction, development, and other land $ - $ - $ 30,334 $ 245 Commercial and industrial - - 95,659 699 Multi-family residential 944 - 98,201 969 Single family non-owner occupied - - 128,520 1,323 Non-farm, non-residential 2,575 292 591,520 6,361 Agricultural - - 9,458 145 Farmland - - 16,146 201 Total commercial loans 3,519 292 969,838 9,943 Consumer real estate loans Home equity lines - - 91,999 673 Single family owner occupied 3,016 353 490,712 5,175 Owner occupied construction - - 16,144 124 Total consumer real estate loans 3,016 353 598,855 5,972 Consumer and other loans Consumer loans - - 99,199 1,865 Other - - 4,742 - Total consumer and other loans - - 103,941 1,865 Total loans, excluding PCI loans $ 6,535 $ 645 $ 1,672,634 $ 17,780 |
Schedule of Information Related to Purchased Credit Impaired Loans [Table Text Block] | September 30, 2020 December 31, 2019 Allowance for Loan Allowance for Loan Recorded Pools With Recorded Pools With (Amounts in thousands) Investment Impairment Investment Impairment Commercial loans Waccamaw commercial $ - $ - $ - $ - Peoples commercial - - 4,371 - Highlands: 1-4 family, senior-commercial 5,311 - 4,564 - Construction & land development 1,295 - 1,956 - Farmland and other agricultural 3,054 - 3,722 - Multifamily 1,616 - 1,663 - Commercial real estate 18,300 - 21,710 - Commercial and industrial 1,551 - 2,829 - Other - - 352 - Total commercial loans 31,127 - 41,167 - Consumer real estate loans Waccamaw serviced home equity lines - - 2,121 - Waccamaw residential - - 587 - Highlands: - - - - 1-4 family, junior and HELOCS 859 - 2,157 - 1-4 family, senior-consumer 10,768 - 13,174 - Consumer 773 - 1,341 - Peoples residential - - 700 - Total consumer real estate loans 12,400 - 20,080 - Total PCI loans $ 43,527 $ - $ 61,247 $ - |
Note 7 - FDIC Indemnification_2
Note 7 - FDIC Indemnification Asset (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
FDIC Indemnification Asset Roll Forward [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 1,943 $ 4,020 $ 2,883 $ 5,108 Reimbursable expenses to the FDIC - - - - Net amortization (383 ) (719 ) (1,352 ) (1,787 ) Payments to the FDIC 38 157 67 137 Ending balance $ 1,598 $ 3,458 $ 1,598 $ 3,458 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Noninterest-bearing demand deposits $ 750,277 $ 627,868 Interest-bearing deposits: Interest-bearing demand deposits 576,731 497,470 Money market accounts 241,843 235,712 Savings deposits 486,506 453,240 Certificates of deposit 307,267 372,821 Individual retirement accounts 129,615 142,801 Total interest-bearing deposits 1,741,962 1,702,044 Total deposits $ 2,492,239 $ 2,329,912 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year September 30, 2020 (Amounts in thousands) 2021 $ 154 2022 140 2023 119 2024 119 2025 and thereafter 490 Total lease payments 1,022 Less: Interest (102 ) Present value of lease liabilities $ 920 Year December 31, 2019 (Amounts in thousands) 2020 $ 154 2021 154 2022 131 2023 119 2024 and thereafter 580 Total lease payments 1,138 Less: Interest (129 ) Present value of lease liabilities $ 1,009 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2020 December 31, 2019 Weighted Weighted (Amounts in thousands) Balance Average Rate Balance Average Rate Retail repurchase agreements $ 956 0.14 % $ 1,601 0.14 % |
Note 11 - Derivative Instrume_2
Note 11 - Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2020 December 31, 2019 Notional or Fair Value Notional or Fair Value Contractual Derivative Derivative Contractual Derivative Derivativ (Amounts in thousands) Amount Assets Liabilities Amount Assets Liabilities Derivatives designated as hedges Interest rate swaps $ 16,889 $ - $ 1,261 $ 17,432 $ - $ 510 Total derivatives $ 16,889 $ - $ 1,261 $ 17,432 $ - $ 510 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2020 2019 2020 2019 Income Statement Location Derivatives designated as hedges Interest rate swaps $ 80 $ 1 $ 172 $ 1 Interest and fees on loans Total derivative expense $ 80 $ 1 $ 172 $ 1 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Income Statement Location (Amounts in thousands) Service cost $ 77 $ 80 $ 232 $ 240 Salaries and employee benefits Interest cost 88 101 266 303 Other expense Amortization of prior service cost 51 65 151 193 Other expense Amortization of losses 46 5 139 16 Other expense Net periodic cost $ 262 $ 251 $ 788 $ 752 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Amounts in thousands, except share and per share data) Net income $ 8,266 $ 9,156 $ 24,376 $ 29,238 Weighted average common shares outstanding, basic 17,710,283 15,603,992 17,803,369 15,717,678 Dilutive effect of potential common shares Stock options 16,163 52,360 23,711 55,898 Restricted stock 5,982 8,235 9,883 11,908 Total dilutive effect of potential common shares 22,145 60,595 33,594 67,806 Weighted average common shares outstanding, diluted 17,732,428 15,664,587 17,836,963 15,785,484 Basic earnings per common share $ 0.47 $ 0.59 $ 1.37 $ 1.86 Diluted earnings per common share 0.47 0.58 1.37 1.85 Antidilutive potential common shares Stock options 78,016 - 61,241 - Restricted stock 26,012 - 27,874 - Total potential antidilutive shares 104,028 - 89,115 - |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, 2020 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 1,464 $ (2,572 ) $ (1,108 ) Other comprehensive income (loss) before reclassifications (213 ) 1 (212 ) Reclassified from AOCI - 76 76 Other comprehensive (loss) income, net (213 ) 77 (136 ) Ending balance $ 1,251 $ (2,495 ) $ (1,244 ) Three Months Ended September 30, 2019 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 973 $ (1,354 ) $ (381 ) Other comprehensive income (loss) before reclassifications 23 (2 ) 21 Reclassified from AOCI - 55 55 Other comprehensive income, net 23 53 76 Ending balance $ 996 $ (1,301 ) $ (305 ) Nine Months Ended September 30, 2020 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ 866 $ (2,372 ) $ (1,506 ) Other comprehensive income (loss) before reclassifications 689 (352 ) 337 Reclassified from AOCI (304 ) 229 (75 ) Other comprehensive income (loss), net 385 (123 ) 262 Ending balance $ 1,251 $ (2,495 ) $ (1,244 ) Nine Months Ended September 30, 2019 Unrealized Gains (Losses) on Available- for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Beginning balance $ (285 ) $ (1,144 ) $ (1,429 ) Other comprehensive income (loss) before reclassifications 1,247 (322 ) 925 Reclassified from AOCI 34 165 199 Other comprehensive income (loss), net 1,281 (157 ) 1,124 Ending balance $ 996 $ (1,301 ) $ (305 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Income Statement (Amounts in thousands) 2020 2019 2020 2019 Line Item Affected Available-for-sale securities Gain recognized $ - $ - $ (385 ) $ 43 Net loss on sale of securities Reclassified out of AOCI, before tax - - (385 ) 43 Income before income taxes Income tax expense - - (81 ) 9 Income tax expense Reclassified out of AOCI, net of tax - - (304 ) 34 Net income Employee benefit plans Amortization of prior service cost $ 51 $ 65 $ 150 $ 193 (1) Amortization of net actuarial benefit cost 46 5 140 16 (1) Reclassified out of AOCI, before tax 97 70 290 209 Income before income taxes Income tax expense 21 15 61 44 Income tax expense Reclassified out of AOCI, net of tax 76 55 229 165 Net income Total reclassified out of AOCI, net of tax $ 76 $ 55 $ (75 ) $ 199 Net income |
Note 15 - Fair Value (Tables)
Note 15 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2020 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 572 $ - $ 572 $ - Municipal securities 55,667 - 55,667 - Mortgage-backed Agency securities 34,733 - 34,733 - Total available-for-sale debt securities 90,972 - 90,972 - Equity securities 55 55 - - Fair value loans 15,628 - - 15,628 Deferred compensation assets 3,752 3,752 - - Deferred compensation liabilities 3,752 3,752 - - Derivative liabilities 1,261 - 1,261 - December 31, 2019 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,034 $ - $ 5,034 $ - Municipal securities 86,878 - 86,878 - Mortgage-backed Agency securities 77,662 - 77,662 - Total available-for-sale debt securities 169,574 - 169,574 - Equity securities 55 55 - - Fair value loans 16,922 - - 16,922 Deferred compensation assets 3,990 3,990 - - Deferred compensation liabilities 3,990 3,990 - - Derivative liabilities 510 510 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2020 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 3,114 $ - $ - $ 3,114 OREO 2,103 - - 2,103 December 31, 2019 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Impaired loans, non-covered $ 1,828 $ - $ - $ 1,828 OREO 3,969 - - 3,969 Valuation Unobservable Discount Range (Weighted Average) Technique Input September 30, 2020 December 31, 2019 Impaired loans, non-covered Discounted appraisals(1) Appraisal adjustments(2) 3% to 42% (25%) 22% to 36% (26%) OREO Discounted appraisals(1) Appraisal adjustments(2) 0% to 77% (24%) 15% to 100% (8%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 375,664 $ 375,664 $ 375,664 $ - $ - Debt securities available for sale 90,972 90,972 - 90,972 - Equity securities 55 55 55 - - Loans held for investment, net of allowance 2,167,718 2,123,823 - - 2,123,823 FDIC indemnification asset 1,598 666 - - 666 Interest receivable 9,151 9,151 - 9,151 - Deferred compensation assets 3,752 3,752 3,752 - - Liabilities Time deposits 436,882 440,283 - 440,283 - Securities sold under agreements to repurchase 956 956 - 956 - Interest payable 719 719 - 719 - Derivative financial liabilities 1,261 1,261 - 1,261 - Deferred compensation liabilities 3,752 3,752 3,752 - - December 31, 2019 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 217,009 $ 217,009 $ 217,009 $ - $ - Debt securities available for sale 169,574 169,574 - 169,574 - Equity securities 55 55 55 - - Loans held for sale 263 263 - - 263 Loans held for investment, net of allowance 2,096,035 2,068,257 - - 2,068,257 FDIC indemnification asset 2,883 1,201 - - 1,201 Interest receivable 6,677 6,677 - 6,677 - Deferred compensation assets 3,990 3,990 3,990 - - Liabilities Time deposits 515,622 512,134 - 512,134 - Securities sold under agreements to repurchase 1,601 1,601 - 1,601 - Interest payable 472 472 - 472 - Derivative liabilities 510 510 - 510 - Deferred compensation liabilities 3,990 3,990 3,990 - - |
Note 16 - Litigation, Commitm_2
Note 16 - Litigation, Commitments, and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | September 30, 2020 December 31, 2019 (Amounts in thousands) Commitments to extend credit $ 219,297 $ 228,716 Standby letters of credit and financial guarantees (1) 173,925 167,612 Total off-balance sheet risk $ 393,222 $ 396,328 Reserve for unfunded commitments $ 66 $ 66 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 9 Months Ended | |||||||
Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Number of Operating Segments | 1 | |||||||
Financing Receivable, Number of Payment Deferrals | 3,362 | |||||||
Financing Receivable, Deferred Payments | $ 426,450 | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 230,464 | $ 219,535 | [1] | |||||
Loans and Leases Receivable, Allowance, Ending Balance | 27,277 | $ 23,758 | 18,425 | [1] | $ 18,493 | $ 18,540 | $ 18,267 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | |||||||
Accounting Standards Update 2016-13 [Member] | Forecast [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 2,890 | |||||||
Accounting Standards Update 2016-13 [Member] | Forecast [Member] | Highlands [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | 4,440 | |||||||
Accounting Standards Update 2016-13 [Member] | Forecast [Member] | Highlands [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | 7,040 | |||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Forecast [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 5,610 | |||||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Deferred Payments | 102,540 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 15,549 | 13,909 | 10,235 | 10,299 | 10,215 | 10,499 | ||
Commercial Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Financing Receivable, Deferred Payments | 69,320 | |||||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Deferred Payments | 13,090 | |||||||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Financing Receivable, Deferred Payments | 5,090 | |||||||
Consumer Real Estate Portfolio Segment [Member] | ||||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 9,119 | $ 7,294 | $ 6,325 | $ 6,386 | $ 6,881 | $ 6,732 | ||
Consumer Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||||
Financing Receivable, Number Closed Under Paycheck Protection Program Under CARES Act | 803 | |||||||
Loans and Leases Receivable, Gross, Total | $ 62,740 | |||||||
[1] | Derived from audited financial statements |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) $ in Thousands | Sep. 11, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Provision for Loan and Lease Losses, Total | $ 4,703 | $ 675 | $ 12,034 | $ 3,480 | |
Highlands Bankshares, Inc. [Member] | |||||
Business Combination, Stock Conversion Ratio | 0.2703 | ||||
Business Combination, Consideration Transferred, Total | $ 86,647 | ||||
Acquired Loan, Fair Value Adjustments | (14,700) | ||||
Deferred Loan Fees Excluded from Fair Value Adjustment of Acquired Loan | 3,270 | ||||
Death Benefits Payable, Fair Value Adjustment | 320 | ||||
Lease Liability, Fair Value Adjustment | (37) | ||||
Reserve for Unfunded Commitments, Fair Value Adjustment | $ (85) | ||||
Business Combination, Acquisition Related Costs | $ 1,890 | ||||
Provision for Loan and Lease Losses, Total | $ 548 | $ 1,490 |
Note 2 - Acquisitions - Acquisi
Note 2 - Acquisitions - Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 11, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | [1] | |
Goodwill | $ 129,565 | $ 129,565 | |||
Highlands Bankshares, Inc. [Member] | |||||
Cash and cash equivalents | $ 25,879 | ||||
Securities available for sale | 53,732 | ||||
Loans held for sale | 263 | ||||
Loans held for investment, net of allowance and mark | 427,467 | ||||
Premises and equipment | 14,405 | ||||
Other real estate | 1,963 | ||||
Other assets | 27,806 | ||||
Intangible assets | 4,490 | ||||
Total assets | 556,005 | ||||
Noninterest-bearing | 155,714 | ||||
Interest-bearing | 347,289 | ||||
Total deposits | 503,003 | ||||
Long term debt | 40 | ||||
Other liabilities | 3,136 | ||||
Total liabilities | 506,179 | ||||
Net identifiable assets acquired over (under) liabilities assumed | 49,826 | ||||
Goodwill | 36,821 | ||||
Net assets acquired over liabilities assumed | $ 86,647 | ||||
First Community Bankshares, Inc. common (in shares) | 2,792,729 | ||||
Purchase price per share of the Company's common stock (in dollars per share) | $ 31.02 | ||||
Fair value of Company common stock issued | $ 86,631 | ||||
Cash paid for fractional shares | 16 | ||||
Fair Value of total consideration transferred | 86,647 | ||||
Highlands Bankshares, Inc. [Member] | Recorded by Acquiree [Member] | |||||
Cash and cash equivalents | 25,879 | ||||
Securities available for sale | 53,732 | ||||
Loans held for sale | 263 | ||||
Loans held for investment, net of allowance and mark | 438,896 | ||||
Premises and equipment | 16,722 | ||||
Other real estate | 1,963 | ||||
Other assets | 25,556 | ||||
Intangible assets | 0 | ||||
Total assets | 563,011 | ||||
Noninterest-bearing | 155,714 | ||||
Interest-bearing | 346,028 | ||||
Total deposits | 501,742 | ||||
Long term debt | 40 | ||||
Other liabilities | 2,938 | ||||
Total liabilities | 504,720 | ||||
Net identifiable assets acquired over (under) liabilities assumed | 58,291 | ||||
Goodwill | 0 | ||||
Net assets acquired over liabilities assumed | 58,291 | ||||
Highlands Bankshares, Inc. [Member] | Fair Value Adjustments [Member] | |||||
Cash and cash equivalents | 0 | ||||
Securities available for sale | 0 | ||||
Loans held for sale | 0 | ||||
Loans held for investment, net of allowance and mark | [2] | (11,429) | |||
Premises and equipment | [3] | (2,317) | |||
Other real estate | 0 | ||||
Other assets | [4] | 2,250 | |||
Intangible assets | [5] | 4,490 | |||
Total assets | (7,006) | ||||
Noninterest-bearing | 0 | ||||
Interest-bearing | [6] | 1,261 | |||
Total deposits | 1,261 | ||||
Long term debt | 0 | ||||
Other liabilities | [7] | 198 | |||
Total liabilities | 1,459 | ||||
Net identifiable assets acquired over (under) liabilities assumed | (8,465) | ||||
Goodwill | 36,821 | ||||
Net assets acquired over liabilities assumed | $ 28,356 | ||||
[1] | Derived from audited financial statements | ||||
[2] | Adjustment reflects the fair value adjustments of $(14.70) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for loan losses ("ALLL") and deferred loan fees of $3.27 million recorded by Highlands. | ||||
[3] | Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. | ||||
[4] | Adjustment to record the deferred tax asset related to the fair value adjustments. | ||||
[5] | Adjustment reflects the recording of the core deposit intangible on the acquired deposit accounts. | ||||
[6] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. | ||||
[7] | Adjustment reflects the fair value adjustment for death benefits payable of $320 thousand, the fair value adjustment for lease liability of $(37) thousand and the fair value adjustment to the reserve for unfunded commitments of $(85) thousand. |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Total revenues (net interest income plus noninterest income) | $ 34,472 | $ 36,627 | $ 102,955 | $ 111,615 |
Net adjusted income available to the common shareholder | $ 8,266 | $ 10,225 | $ 25,864 | $ 33,063 |
Note 3 - Debt Securities (Detai
Note 3 - Debt Securities (Details Textual) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Securities in Unrealized Loss Position | 3 | 17 |
Percentage of Combined Depreciation of Combined Reported Value of Aggregate Securities Portfolio | 0.05% | 0.10% |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings, Total | $ 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 36,170 | $ 27,870 |
Note 3 - Debt Securities - Secu
Note 3 - Debt Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Securities available for sale, amortized cost | $ 89,388 | $ 168,478 | |
Securities available for sale, unrealized gains | 1,630 | 1,266 | |
Securities available for sale, unrealized losses | (46) | (170) | |
Securities available for sale, fair value | 90,972 | 169,574 | [1] |
US Government Agencies Debt Securities [Member] | |||
Securities available for sale, amortized cost | 576 | 5,038 | |
Securities available for sale, unrealized gains | 0 | 0 | |
Securities available for sale, unrealized losses | (4) | (4) | |
Securities available for sale, fair value | 572 | 5,034 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Securities available for sale, amortized cost | 55,036 | 85,992 | |
Securities available for sale, unrealized gains | 631 | 886 | |
Securities available for sale, unrealized losses | 0 | 0 | |
Securities available for sale, fair value | 55,667 | 86,878 | |
Mortgage-backed Agency Securities [Member] | |||
Securities available for sale, amortized cost | 33,776 | 77,448 | |
Securities available for sale, unrealized gains | 999 | 380 | |
Securities available for sale, unrealized losses | (42) | (166) | |
Securities available for sale, fair value | $ 34,733 | $ 77,662 | |
[1] | Derived from audited financial statements |
Note 3 - Debt Securities - Se_2
Note 3 - Debt Securities - Securities by Contractual Maturity (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Securities available for sale, due within one year, amortized cost | $ 0 |
Securities available for sale, due within one year, fair value | 0 |
Securities available for sale, due after one year but within five years, amortized cost | 28,495 |
Securities available for sale, due after one year but within five years, fair value | 28,749 |
Securities available for sale, due after five years but within ten years, amortized cost | 27,117 |
Securities available for sale, due after five years but within ten years, fair value | 27,490 |
Securities available for sale, due after ten years, amortized cost | 0 |
Securities available for sale, due after ten years, fair value | 0 |
Securities available for sale, single maturity date, amortized cost | 55,612 |
Securities available for sale, single maturity date, fair value (US | 56,239 |
Total debt securities available for sale, amortized cost | 89,388 |
Total debt securities available for sale, fair value | 90,972 |
Collateralized Mortgage Backed Securities [Member] | |
Securities available for sale, no single maturity date, amortized cost | 33,776 |
Securities available for sale, no single maturity date, fair value | $ 34,733 |
Note 3 - Debt Securities - Avai
Note 3 - Debt Securities - Available For Sale Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available for sale, less than 12 months, fair value | $ 3,405 | $ 8,995 |
Securities available for sale, less than 12 months, unrealized losses | (42) | (52) |
Securities available for sale, 12 months or longer, fair value | 565 | 8,319 |
Securities available for sale, 12 months or longer, unrealized losses | (4) | (118) |
Securities available for sale, total fair value | 3,970 | 17,314 |
Securities available for sale, total unrealized losses | (46) | (170) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 0 | 975 |
Securities available for sale, less than 12 months, unrealized losses | 0 | (4) |
Securities available for sale, 12 months or longer, fair value | 565 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | (4) | 0 |
Securities available for sale, total fair value | 565 | 975 |
Securities available for sale, total unrealized losses | (4) | (4) |
Mortgage-backed Agency Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 3,405 | 8,020 |
Securities available for sale, less than 12 months, unrealized losses | (42) | (48) |
Securities available for sale, 12 months or longer, fair value | 0 | 8,319 |
Securities available for sale, 12 months or longer, unrealized losses | 0 | (118) |
Securities available for sale, total fair value | 3,405 | 16,339 |
Securities available for sale, total unrealized losses | $ (42) | $ (166) |
Note 3 - Debt Securities - Gros
Note 3 - Debt Securities - Gross Realized Gains and Losses from Sale of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Gross realized gains | $ 0 | $ 0 | $ 419 | $ 67 |
Gross realized losses | 0 | 0 | (34) | (110) |
Net Gain (Loss) on sale of securities | $ 0 | $ 0 | $ 385 | $ (43) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Bank Overdrafts | $ 1,670 | $ 1,670 | $ 2,200 |
Deferred Loan Fees | 7,470 | 7,470 | $ 4,600 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||
Loans and Leases Receivable, Gross, Total | 61,000 | 61,000 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 2,300 | 2,300 | |
Amortization of Deferred Loan Origination Fees, Net | $ 287 | $ 479 |
Note 4 - Loans - Loans by Class
Note 4 - Loans - Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Non-covered loans | $ 2,184,251 | $ 2,101,599 | |
Non-covered loans, percent | 99.51% | 99.39% | |
Covered loans | $ 10,744 | $ 12,861 | [1] |
Covered loans, percent | 0.49% | 0.61% | |
Total loans held for investment, net of unearned income | $ 2,194,995 | $ 2,114,460 | [1] |
Total loans held for investment, net of unearned income, percent | 100.00% | 100.00% | |
Loans held for sale | $ 0 | $ 263 | [1] |
Commercial Portfolio Segment [Member] | |||
Non-covered loans | $ 1,303,561 | $ 1,238,814 | |
Non-covered loans, percent | 59.38% | 58.59% | |
Covered loans | $ 215 | $ 230 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | $ 46,785 | $ 48,659 | |
Non-covered loans, percent | 2.13% | 2.30% | |
Covered loans | $ 27 | $ 28 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | $ 179,714 | $ 142,962 | |
Non-covered loans, percent | 8.19% | 6.76% | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | $ 105,647 | $ 121,840 | |
Non-covered loans, percent | 4.81% | 5.76% | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | $ 189,265 | $ 163,181 | |
Non-covered loans, percent | 8.62% | 7.72% | |
Covered loans | $ 188 | $ 199 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | $ 748,815 | $ 727,261 | |
Non-covered loans, percent | 34.11% | 34.39% | |
Covered loans | $ 0 | $ 3 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | $ 10,362 | $ 11,756 | |
Non-covered loans, percent | 0.47% | 0.56% | |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | $ 22,973 | $ 23,155 | |
Non-covered loans, percent | 1.05% | 1.10% | |
Consumer Real Estate Portfolio Segment [Member] | |||
Non-covered loans | $ 756,114 | $ 748,016 | |
Non-covered loans, percent | 34.45% | 35.38% | |
Covered loans | $ 10,529 | $ 12,631 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | $ 94,056 | $ 110,078 | |
Non-covered loans, percent | 4.29% | 5.21% | |
Covered loans | $ 8,079 | $ 9,853 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | $ 644,598 | $ 620,697 | |
Non-covered loans, percent | 29.37% | 29.35% | |
Covered loans | $ 2,450 | $ 2,778 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | $ 17,460 | $ 17,241 | |
Non-covered loans, percent | 0.79% | 0.82% | |
Consumer and Other Portfolio Segment [Member] | |||
Non-covered loans | $ 124,576 | $ 114,769 | |
Non-covered loans, percent | 5.68% | 5.42% | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | $ 118,738 | $ 110,027 | |
Non-covered loans, percent | 5.41% | 5.20% | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | $ 5,838 | $ 4,742 | |
Non-covered loans, percent | 0.27% | 0.22% | |
[1] | Derived from audited financial statements |
Note 4 - Loans - Covered Loans
Note 4 - Loans - Covered Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Covered loans | $ 10,744 | $ 12,861 | [1] |
Commercial Portfolio Segment [Member] | |||
Covered loans | 215 | 230 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Covered loans | 27 | 28 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Covered loans | 188 | 199 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Covered loans | 0 | 3 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Covered loans | 10,529 | 12,631 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Covered loans | 8,079 | 9,853 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Covered loans | $ 2,450 | $ 2,778 | |
[1] | Derived from audited financial statements |
Note 4 - Loans - PCI loans (Det
Note 4 - Loans - PCI loans (Details) - Financial Asset Acquired with Credit Deterioration [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
PCI loans, recorded investment | $ 43,527 | $ 61,247 |
PCI loans, unpaid principal balance | 53,295 | 85,182 |
Peoples Bank of Virginia [Member] | ||
PCI loans, recorded investment | 0 | 5,071 |
PCI loans, unpaid principal balance | 0 | 6,431 |
Waccamaw Bank [Member] | ||
PCI loans, recorded investment | 0 | 2,708 |
PCI loans, unpaid principal balance | 0 | 14,277 |
Highlands [Member] | ||
PCI loans, recorded investment | 43,527 | 53,116 |
PCI loans, unpaid principal balance | 53,295 | 64,096 |
Other Receivables [Member] | ||
PCI loans, recorded investment | 0 | 352 |
PCI loans, unpaid principal balance | $ 0 | $ 378 |
Note 4 - Loans - Activity in Ac
Note 4 - Loans - Activity in Accretable Yield on PCI loans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Beginning balance | $ 22,616 | $ 17,229 | |
Accretion | (1,952) | (3,495) | |
Reclassifications (to) from nonaccretable difference(1) | [1] | 0 | 1,214 |
Other changes, net | (14,464) | 308 | |
Ending balance | 6,200 | 15,256 | |
Peoples Bank of Virginia [Member] | |||
Beginning balance | 1,890 | 2,590 | |
Accretion | 0 | (734) | |
Reclassifications (to) from nonaccretable difference(1) | [1] | 0 | 14 |
Other changes, net | (1,890) | 167 | |
Ending balance | 0 | 2,037 | |
Waccamaw Bank [Member] | |||
Beginning balance | 12,574 | 14,639 | |
Accretion | 0 | (2,761) | |
Reclassifications (to) from nonaccretable difference(1) | [1] | 0 | 1,200 |
Other changes, net | (12,574) | 141 | |
Ending balance | 0 | 13,219 | |
Highlands [Member] | |||
Beginning balance | 8,152 | 0 | |
Accretion | (1,952) | 0 | |
Reclassifications (to) from nonaccretable difference(1) | [1] | 0 | 0 |
Other changes, net | 0 | 0 | |
Ending balance | $ 6,200 | $ 0 | |
[1] | Represents changes attributable to expected loss assumptions |
Note 5 - Credit Quality (Detail
Note 5 - Credit Quality (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Collectively Evaluated for Impairment | $ 2,142,670 | $ 1,672,634 |
Restructured Loans, Reserves | $ 500 | |
Performing Status Returned Period (Month) | 6 months | |
Financing Receivable, Troubled Debt Restructuring | $ 13,009 | 8,917 |
Financing Receivable, Number of Payment Deferrals | 3,362 | |
Financing Receivable, Deferred Payments | $ 426,450 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 100 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,266,110 | 969,838 |
Financing Receivable, Deferred Payments | 102,540 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Deferred Payments | 13,090 | |
Impaired Loans [Member] | ||
Financing Receivable, Collectively Evaluated for Impairment | 33,480 | 24,640 |
Non-covered Loans [Member] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 43 | 144 |
Covered Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 0 |
Note 5 - Credit Quality - Loans
Note 5 - Credit Quality - Loans by Credit Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Non-covered loans | $ 2,184,251 | $ 2,101,599 | |
Covered loans | 10,744 | 12,861 | [1] |
Total loans | 2,194,995 | 2,114,460 | [1] |
Commercial Portfolio Segment [Member] | |||
Non-covered loans | 1,303,561 | 1,238,814 | |
Covered loans | 215 | 230 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 46,785 | 48,659 | |
Covered loans | 27 | 28 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 179,714 | 142,962 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 105,647 | 121,840 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 189,265 | 163,181 | |
Covered loans | 188 | 199 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 748,815 | 727,261 | |
Covered loans | 3 | ||
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 10,362 | 11,756 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 22,973 | 23,155 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Non-covered loans | 756,114 | 748,016 | |
Covered loans | 10,529 | 12,631 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 94,056 | 110,078 | |
Covered loans | 8,079 | 9,853 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 644,598 | 620,697 | |
Covered loans | 2,450 | 2,778 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 17,460 | 17,241 | |
Consumer and Other Portfolio Segment [Member] | |||
Non-covered loans | 124,576 | 114,769 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 118,738 | 110,027 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | 5,838 | 4,742 | |
Pass [Member] | |||
Non-covered loans | 1,777,637 | 1,977,756 | |
Covered loans | 9,352 | 9,487 | |
Total loans | 1,786,989 | 1,987,243 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 35,889 | 45,781 | |
Covered loans | 0 | 0 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 153,153 | 135,651 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 81,528 | 118,045 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 143,235 | 149,916 | |
Covered loans | 155 | 199 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 507,094 | 683,481 | |
Covered loans | 0 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 6,804 | 11,299 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 13,281 | 17,609 | |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 89,729 | 106,246 | |
Covered loans | 7,365 | 7,177 | |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 607,616 | 580,580 | |
Covered loans | 1,832 | 2,111 | |
Pass [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 16,684 | 16,341 | |
Pass [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 116,786 | 108,065 | |
Pass [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | 5,838 | 4,742 | |
Special Mention [Member] | |||
Non-covered loans | 297,235 | 68,287 | |
Covered loans | 715 | 2,630 | |
Total loans | 297,950 | 70,917 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 8,419 | 2,079 | |
Covered loans | 27 | 28 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 19,369 | 4,327 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 20,937 | 2,468 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 32,649 | 7,489 | |
Covered loans | 33 | 0 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 201,975 | 27,160 | |
Covered loans | 0 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 3,216 | 122 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 5,139 | 4,107 | |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 1,317 | 2,014 | |
Covered loans | 386 | 2,327 | |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 3,815 | 17,001 | |
Covered loans | 269 | 275 | |
Special Mention [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 202 | 179 | |
Special Mention [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 197 | 1,341 | |
Special Mention [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | 0 | 0 | |
Substandard [Member] | |||
Non-covered loans | 109,366 | 55,556 | |
Covered loans | 677 | 744 | |
Total loans | 110,043 | 56,300 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 2,477 | 799 | |
Covered loans | 0 | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 7,192 | 2,984 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 3,182 | 1,327 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 13,368 | 5,776 | |
Covered loans | 0 | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 39,746 | 16,620 | |
Covered loans | 3 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 342 | 335 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 4,553 | 1,439 | |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 3,010 | 1,818 | |
Covered loans | 328 | 349 | |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 33,167 | 23,116 | |
Covered loans | 349 | 392 | |
Substandard [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 574 | 721 | |
Substandard [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 1,755 | 621 | |
Substandard [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | |||
Non-covered loans | 13 | 0 | |
Covered loans | 0 | 0 | |
Total loans | 13 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 13 | 0 | |
Covered loans | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Doubtful [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 0 | 0 | |
Doubtful [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Total loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | ||
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered loans | 0 | 0 | |
Covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered loans | 0 | 0 | |
Unlikely to be Collected Financing Receivable [Member] | Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered loans | $ 0 | $ 0 | |
[1] | Derived from audited financial statements |
Note 5 - Credit Quality - Recor
Note 5 - Credit Quality - Recorded Investment and Interest Income Recognized on Impaired Loans Excluding Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
Impaired loans with no related allowance, recorded investment | $ 38,097 | $ 28,685 | |
Impaired loans with no related allowance, unpaid principal balance | 42,398 | 32,884 | |
Impaired loans with a related allowance, recorded investment | 4,141 | 2,487 | |
Impaired loans with a related allowance, unpaid principal balance | 4,770 | 2,473 | |
Impaired loans, related allowance | [1] | 1,026 | 645 |
Total impaired loans, recorded investment | [1] | 42,238 | 31,172 |
Total impaired loans, unpaid principal balance | [1] | 47,168 | 35,357 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Impaired loans with no related allowance, recorded investment | 869 | 552 | |
Impaired loans with no related allowance, unpaid principal balance | 1,097 | 768 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Impaired loans with no related allowance, recorded investment | 3,242 | 576 | |
Impaired loans with no related allowance, unpaid principal balance | 3,302 | 599 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Impaired loans with no related allowance, recorded investment | 923 | 1,254 | |
Impaired loans with no related allowance, unpaid principal balance | 1,009 | 1,661 | |
Impaired loans with a related allowance, recorded investment | 944 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 1,278 | 0 | |
Impaired loans, related allowance | 222 | 0 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Impaired loans with no related allowance, recorded investment | 5,011 | 2,652 | |
Impaired loans with no related allowance, unpaid principal balance | 5,663 | 3,176 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Impaired loans with no related allowance, recorded investment | 7,712 | 4,158 | |
Impaired loans with no related allowance, unpaid principal balance | 8,362 | 4,762 | |
Impaired loans with a related allowance, recorded investment | 1,779 | 1,241 | |
Impaired loans with a related allowance, unpaid principal balance | 1,970 | 1,227 | |
Impaired loans, related allowance | 565 | 292 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Impaired loans with no related allowance, recorded investment | 267 | 158 | |
Impaired loans with no related allowance, unpaid principal balance | 275 | 164 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Impaired loans with no related allowance, recorded investment | 1,517 | 1,437 | |
Impaired loans with no related allowance, unpaid principal balance | 1,591 | 1,500 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Impaired loans with no related allowance, recorded investment | 1,540 | 1,372 | |
Impaired loans with no related allowance, unpaid principal balance | 1,697 | 1,477 | |
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Impaired loans with no related allowance, recorded investment | 16,100 | 15,588 | |
Impaired loans with no related allowance, unpaid principal balance | 18,467 | 17,835 | |
Impaired loans with a related allowance, recorded investment | 1,418 | 1,246 | |
Impaired loans with a related allowance, unpaid principal balance | 1,522 | 1,246 | |
Impaired loans, related allowance | 239 | 353 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Impaired loans with no related allowance, recorded investment | 503 | 648 | |
Impaired loans with no related allowance, unpaid principal balance | 511 | 648 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Impaired loans with a related allowance, recorded investment | 0 | 0 | |
Impaired loans with a related allowance, unpaid principal balance | 0 | 0 | |
Impaired loans, related allowance | 0 | 0 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Impaired loans with no related allowance, recorded investment | 413 | 290 | |
Impaired loans with no related allowance, unpaid principal balance | $ 424 | $ 294 | |
[1] | Total recorded investment of impaired loans include loans totaling $33.48 million as of September 30, 2020, and $24.64 million as of December 31, 2019, that do not meet the Company's evaluation threshold for individual impairment and are therefore collectively evaluated for impairment. |
Note 5 - Credit Quality - Avera
Note 5 - Credit Quality - Average Annual Recorded Investment and Interest Income Recognized on Impaired Loans Excluding Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Impaired loans with no related allowance, interest income recognized | $ 353 | $ 303 | $ 1,051 | $ 784 |
Impaired loans with no related allowance, average recorded investment | 38,716 | 29,811 | 37,879 | 29,844 |
Impaired loans with a related allowance, interest income recognized | 11 | 10 | 49 | 63 |
Impaired loans with a related allowance, average recorded investment | 4,156 | 2,507 | 4,093 | 2,779 |
Impaired loans with a related allowance, interest income recognized | (11) | (10) | (49) | (63) |
Total impaired loans, average recorded investment | 364 | 293 | 1,100 | 847 |
Total impaired loans, average recorded investment | 42,872 | 32,318 | 41,972 | 32,623 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 6 | 5 | 21 | 17 |
Impaired loans with no related allowance, average recorded investment | 882 | 570 | 1,021 | 720 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 46 | 2 | 135 | 7 |
Impaired loans with no related allowance, average recorded investment | 3,315 | 66 | 2,845 | 277 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 9 | 5 | 38 | 21 |
Impaired loans with no related allowance, average recorded investment | 967 | 1,269 | 685 | 1,385 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 944 | 0 | 943 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 54 | 41 | 126 | 97 |
Impaired loans with no related allowance, average recorded investment | 5,090 | 2,958 | 4,798 | 3,063 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 79 | 20 | 206 | 84 |
Impaired loans with no related allowance, average recorded investment | 7,786 | 4,590 | 7,115 | 4,832 |
Impaired loans with a related allowance, interest income recognized | 8 | 20 | 22 | 28 |
Impaired loans with a related allowance, average recorded investment | 1,789 | 1,254 | 1,670 | 602 |
Impaired loans with a related allowance, interest income recognized | (8) | (20) | (22) | (28) |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 4 | 9 | 7 | 11 |
Impaired loans with no related allowance, average recorded investment | 272 | 223 | 247 | 108 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 12 | 19 | 48 | 45 |
Impaired loans with no related allowance, average recorded investment | 1,526 | 1,536 | 1,640 | 1,474 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 13 | 17 | 29 | 31 |
Impaired loans with no related allowance, average recorded investment | 1,588 | 1,463 | 1,569 | 1,452 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 120 | 176 | 410 | 454 |
Impaired loans with no related allowance, average recorded investment | 16,328 | 16,593 | 17,044 | 16,123 |
Impaired loans with a related allowance, interest income recognized | 3 | 30 | 27 | 35 |
Impaired loans with a related allowance, average recorded investment | 1,423 | 1,253 | 1,480 | 2,177 |
Impaired loans with a related allowance, interest income recognized | (3) | (30) | (27) | (35) |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 2 | 3 | 12 | 7 |
Impaired loans with no related allowance, average recorded investment | 542 | 224 | 470 | 223 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, average recorded investment | 0 | 0 | 0 | 0 |
Impaired loans with a related allowance, interest income recognized | 0 | 0 | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||||
Impaired loans with no related allowance, interest income recognized | 8 | 6 | 19 | 10 |
Impaired loans with no related allowance, average recorded investment | $ 420 | $ 319 | $ 445 | $ 187 |
Note 5 - Credit Quality - Nonac
Note 5 - Credit Quality - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total nonaccrual loans | $ 24,757 | $ 16,357 |
Non-covered Loans [Member] | ||
Total nonaccrual loans | 24,424 | 16,113 |
Covered Loans [Member] | ||
Total nonaccrual loans | 333 | 244 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Total nonaccrual loans | 285 | 211 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 285 | 211 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonaccrual loans | 1,765 | 530 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 1,765 | 530 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Total nonaccrual loans | 1,536 | 1,144 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 1,536 | 1,144 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Total nonaccrual loans | 3,289 | 1,286 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 3,289 | 1,286 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Total nonaccrual loans | 6,612 | 3,400 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 6,612 | 3,400 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Total nonaccrual loans | 267 | 158 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 267 | 158 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Total nonaccrual loans | 814 | 713 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 814 | 713 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Total nonaccrual loans | 1,264 | 973 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 951 | 753 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 313 | 220 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Total nonaccrual loans | 8,032 | 7,283 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 8,012 | 7,259 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 20 | 24 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Total nonaccrual loans | 536 | 428 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 536 | 428 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Total nonaccrual loans | 357 | 231 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Non-covered Loans [Member] | ||
Total nonaccrual loans | 357 | 231 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Covered Loans [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 5 - Credit Quality - Aging
Note 5 - Credit Quality - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Past due | $ 28,091 | $ 33,453 | |
Current loans | 2,166,904 | 2,081,007 | |
Non-covered | 2,184,251 | 2,101,599 | |
Loans held for investment, covered | 10,744 | 12,861 | [1] |
Loans held for investment, net of unearned income (includes covered loans of $10,744 and $12,861, respectively) | 2,194,995 | 2,114,460 | [1] |
Non-covered Loans [Member] | |||
Past due | 27,685 | 33,231 | |
Current loans | 2,156,566 | 2,068,368 | |
Covered Loans [Member] | |||
Past due | 406 | 222 | |
Current loans | 10,338 | 12,639 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 8,962 | 16,236 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 8,819 | 16,092 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 143 | 144 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 5,066 | 6,104 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 5,066 | 6,026 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 78 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Past due | 14,063 | 11,113 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 13,800 | 11,113 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 263 | 0 | |
Commercial Portfolio Segment [Member] | |||
Non-covered | 1,303,561 | 1,238,814 | |
Loans held for investment, covered | 215 | 230 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Non-covered | 46,785 | 48,659 | |
Loans held for investment, covered | 27 | 28 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Non-covered Loans [Member] | |||
Past due | 285 | 339 | |
Current loans | 46,500 | 48,320 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Current loans | 27 | 28 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 63 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 65 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 285 | 211 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Non-covered | 179,714 | 142,962 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Non-covered Loans [Member] | |||
Past due | 2,504 | 2,658 | |
Current loans | 177,210 | 140,304 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,280 | 1,913 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 163 | 238 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,061 | 507 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | |||
Non-covered | 105,647 | 121,840 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Non-covered Loans [Member] | |||
Past due | 2,346 | 1,519 | |
Current loans | 103,301 | 120,321 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 810 | 375 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 334 | 0 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,202 | 1,144 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Non-covered | 189,265 | 163,181 | |
Loans held for investment, covered | 188 | 199 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Non-covered Loans [Member] | |||
Past due | 3,733 | 1,682 | |
Current loans | 185,532 | 161,499 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Current loans | 188 | 199 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 842 | 754 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 636 | 267 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 2,255 | 661 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Non-covered | 748,815 | 727,261 | |
Loans held for investment, covered | 0 | 3 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Non-covered Loans [Member] | |||
Past due | 6,083 | 5,893 | |
Current loans | 742,732 | 721,368 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Current loans | 0 | 3 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 608 | 917 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,856 | 1,949 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 3,619 | 3,027 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | |||
Non-covered | 10,362 | 11,756 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Non-covered Loans [Member] | |||
Past due | 101 | 250 | |
Current loans | 10,261 | 11,506 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1 | 86 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 16 | 164 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 84 | 0 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | |||
Non-covered | 22,973 | 23,155 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Non-covered Loans [Member] | |||
Past due | 862 | 1,869 | |
Current loans | 22,111 | 21,286 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 125 | 856 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 349 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 737 | 664 | |
Consumer Real Estate Portfolio Segment [Member] | |||
Non-covered | 756,114 | 748,016 | |
Loans held for investment, covered | 10,529 | 12,631 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Non-covered | 94,056 | 110,078 | |
Loans held for investment, covered | 8,079 | 9,853 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Non-covered Loans [Member] | |||
Past due | 1,200 | 2,104 | |
Current loans | 92,856 | 107,974 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Covered Loans [Member] | |||
Past due | 386 | 172 | |
Current loans | 7,693 | 9,681 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 509 | 1,436 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 123 | 144 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 248 | 165 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 28 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 443 | 503 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 263 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Non-covered | 644,598 | 620,697 | |
Loans held for investment, covered | 2,450 | 2,778 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Non-covered Loans [Member] | |||
Past due | 7,713 | 13,884 | |
Current loans | 636,885 | 606,813 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Covered Loans [Member] | |||
Past due | 20 | 50 | |
Current loans | 2,430 | 2,728 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 2,894 | 7,728 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 20 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,286 | 2,390 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 50 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 3,533 | 3,766 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Covered Loans [Member] | |||
Past due | 0 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Non-covered | 17,460 | 17,241 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Non-covered Loans [Member] | |||
Past due | 556 | 635 | |
Current loans | 16,904 | 16,606 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 71 | 207 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 91 | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 394 | 428 | |
Consumer and Other Portfolio Segment [Member] | |||
Non-covered | 124,576 | 114,769 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Non-covered | 118,738 | 110,027 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Non-covered Loans [Member] | |||
Past due | 2,302 | 2,376 | |
Current loans | 116,436 | 107,651 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 1,679 | 1,735 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 436 | 439 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 187 | 202 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | |||
Non-covered | 5,838 | 4,742 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 22 | |
Current loans | 5,838 | 4,720 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 22 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | 0 | 0 | |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | |||
Past due | $ 0 | $ 0 | |
[1] | Derived from audited financial statements |
Note 5 - Credit Quality - Loa_2
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings by Loan Class and Accrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Nonaccrual | [1] | $ 2,073 | $ 2,342 |
Accrual | 10,936 | 6,575 | |
TDRs | 13,009 | 8,917 | |
Allowance for loan losses related to TDRs | 347 | 353 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 0 | 0 | |
TDRs | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 1,342 | 0 | |
TDRs | 1,342 | 0 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | |||
Nonaccrual | [1] | 538 | 552 |
Accrual | 1,274 | 595 | |
TDRs | 1,812 | 1,147 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 2,419 | 307 | |
TDRs | 2,419 | 307 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 81 | 115 | |
TDRs | 81 | 115 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | |||
Nonaccrual | [1] | 1,535 | 1,790 |
Accrual | 5,573 | 5,305 | |
TDRs | 7,108 | 7,095 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 217 | 221 | |
TDRs | 217 | 221 | |
Consumer and Other Portfolio Segment [Member] | |||
TDRs | 32 | ||
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | |||
Nonaccrual | [1] | 0 | 0 |
Accrual | 30 | $ 32 | |
TDRs | $ 30 | ||
[1] | Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. |
Note 5 - Credit Quality - Balan
Note 5 - Credit Quality - Balance and Interest Income Related to Impaired Loan Pools (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income recognized | $ 364 | $ 293 | $ 1,100 | $ 847 |
Troubled Debt Restructurings [Member] | Purchased Credit Impaired Loans [Member] | ||||
Interest income recognized | $ 122 | $ 56 | $ 372 | $ 203 |
Note 5 - Credit Quality - Loa_3
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | ||
Total contracts | 0 | 1 | 12 | 5 | |
Pre-modification recorded investment | $ 0 | $ 33 | $ 5,207 | $ 742 | |
Post-modification recorded investment | [1] | $ 0 | $ 29 | $ 5,191 | $ 727 |
Below Market Interest Rate [Member] | |||||
Total contracts | 1 | ||||
Pre-modification recorded investment | $ 50 | ||||
Post-modification recorded investment | [1] | $ 50 | |||
Below Market Interest Rate [Member] | Single Family Owner Occupied [Member] | |||||
Total contracts | 0 | 1 | |||
Pre-modification recorded investment | $ 0 | $ 50 | |||
Post-modification recorded investment | [1] | $ 0 | $ 50 | ||
Below Market Interest Rate and Extended Payment Term [Member] | |||||
Total contracts | 0 | 4 | |||
Pre-modification recorded investment | $ 0 | $ 709 | |||
Post-modification recorded investment | [1] | $ 0 | $ 698 | ||
Below Market Interest Rate and Extended Payment Term [Member] | Single Family Owner Occupied [Member] | |||||
Total contracts | 0 | 1 | 2 | ||
Pre-modification recorded investment | $ 0 | $ 529 | $ 221 | ||
Post-modification recorded investment | [1] | $ 0 | $ 529 | $ 218 | |
Below Market Interest Rate and Extended Payment Term [Member] | Single Family Non-owner Occupied [Member] | |||||
Total contracts | 0 | 2 | |||
Pre-modification recorded investment | $ 0 | $ 488 | |||
Post-modification recorded investment | [1] | $ 0 | $ 480 | ||
Payment Deferral [Member] | |||||
Total contracts | 0 | 11 | 1 | ||
Pre-modification recorded investment | $ 0 | $ 5,157 | $ 33 | ||
Post-modification recorded investment | [1] | $ 0 | $ 5,141 | $ 29 | |
Payment Deferral [Member] | Single Family Non-owner Occupied [Member] | |||||
Total contracts | 3 | 1 | |||
Pre-modification recorded investment | $ 742 | $ 33 | |||
Post-modification recorded investment | [1] | $ 726 | $ 29 | ||
Payment Deferral [Member] | Commercial and Industrial [Member] | |||||
Total contracts | 0 | 3 | |||
Pre-modification recorded investment | $ 0 | $ 1,708 | |||
Post-modification recorded investment | [1] | $ 0 | $ 1,708 | ||
Payment Deferral [Member] | Non-farm, Non-residential [Member] | |||||
Total contracts | 0 | 3 | |||
Pre-modification recorded investment | $ 0 | $ 2,115 | |||
Post-modification recorded investment | [1] | $ 0 | $ 2,115 | ||
Payment Deferral [Member] | Construction, Development and Other Land [Member] | |||||
Total contracts | 1 | ||||
Pre-modification recorded investment | $ 63 | ||||
Post-modification recorded investment | [1] | $ 63 | |||
Payment Deferral [Member] | Home Equity Lines [Member] | |||||
Total contracts | 0 | ||||
Pre-modification recorded investment | $ 0 | ||||
Post-modification recorded investment | [1] | $ 0 | |||
[1] | Represents the loan balance immediately following modification |
Note 5 - Credit Quality - Other
Note 5 - Credit Quality - Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2002 | |
OREO | $ 3,969 | $ 2,103 | |
OREO secured by residential real estate | 2,232 | 767 | |
Residential real estate loans in the foreclosure process(1) | [1] | $ 1,539 | $ 2,938 |
[1] | The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Loan L_3
Note 6 - Allowance for Loan Losses (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Allowance, Ending Balance | $ 27,277 | $ 23,758 | $ 18,425 | $ 18,493 | $ 18,540 | $ 18,267 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | ||||||
[1] | Derived from audited financial statements |
Note 6 - Allowance for Loan L_4
Note 6 - Allowance for Loan Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Beginning balance | $ 23,758 | $ 18,540 | $ 18,425 | [1] | $ 18,267 |
Provision for (recovery of) loan losses charged to operations | 4,703 | 675 | 12,034 | 3,480 | |
Charge-offs | (1,563) | (964) | (4,429) | (4,700) | |
Recoveries | 379 | 242 | 1,247 | 1,446 | |
Net charge-offs | (1,184) | (722) | (3,182) | (3,254) | |
Ending balance | 27,277 | 18,493 | 27,277 | 18,493 | |
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 13,909 | 10,215 | 10,235 | 10,499 | |
Provision for (recovery of) loan losses charged to operations | 1,972 | 203 | 6,577 | 1,359 | |
Charge-offs | (501) | (159) | (1,647) | (2,165) | |
Recoveries | 169 | 40 | 384 | 606 | |
Net charge-offs | (332) | (119) | (1,263) | (1,559) | |
Ending balance | 15,549 | 10,299 | 15,549 | 10,299 | |
Consumer Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 7,294 | 6,881 | 6,325 | 6,732 | |
Provision for (recovery of) loan losses charged to operations | 1,975 | (338) | 2,899 | 411 | |
Charge-offs | (188) | (253) | (430) | (1,203) | |
Recoveries | 38 | 96 | 325 | 446 | |
Net charge-offs | (150) | (157) | (105) | (757) | |
Ending balance | 9,119 | 6,386 | 9,119 | 6,386 | |
Consumer and Other Portfolio Segment [Member] | |||||
Beginning balance | 2,555 | 1,444 | 1,865 | 1,036 | |
Provision for (recovery of) loan losses charged to operations | 756 | 810 | 2,558 | 1,710 | |
Charge-offs | (874) | (552) | (2,352) | (1,332) | |
Recoveries | 172 | 106 | 538 | 394 | |
Net charge-offs | (702) | (446) | (1,814) | (938) | |
Ending balance | $ 2,609 | $ 1,808 | $ 2,609 | $ 1,808 | |
[1] | Derived from audited financial statements |
Note 6 - Allowance for Loan L_5
Note 6 - Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans, Evaluated for Impairment Excluding PCI Loans, by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans individually evaluated for impairment | $ 8,798 | $ 6,535 |
Allowance for loans individually evaluated | 1,026 | 645 |
Loans collectively evaluated for impairment | 2,142,670 | 1,672,634 |
Allowance for loans collectively evaluated | 26,251 | 17,780 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 6,539 | 3,519 |
Allowance for loans individually evaluated | 787 | 292 |
Loans collectively evaluated for impairment | 1,266,110 | 969,838 |
Allowance for loans collectively evaluated | 14,764 | 9,943 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 45,517 | 30,334 |
Allowance for loans collectively evaluated | 630 | 245 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans individually evaluated for impairment | 767 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 177,396 | 95,659 |
Allowance for loans collectively evaluated | 1,102 | 699 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Loans individually evaluated for impairment | 944 | 944 |
Allowance for loans individually evaluated | 222 | 0 |
Loans collectively evaluated for impairment | 103,087 | 98,201 |
Allowance for loans collectively evaluated | 1,299 | 969 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Loans individually evaluated for impairment | 1,054 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 183,088 | 128,520 |
Allowance for loans collectively evaluated | 1,974 | 1,323 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Loans individually evaluated for impairment | 3,774 | 2,575 |
Allowance for loans individually evaluated | 565 | 292 |
Loans collectively evaluated for impairment | 726,741 | 591,520 |
Allowance for loans collectively evaluated | 9,360 | 6,361 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 10,341 | 9,458 |
Allowance for loans collectively evaluated | 174 | 145 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 19,940 | 16,146 |
Allowance for loans collectively evaluated | 225 | 201 |
Consumer Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 2,259 | 3,016 |
Allowance for loans individually evaluated | 239 | 353 |
Loans collectively evaluated for impairment | 752,757 | 598,855 |
Allowance for loans collectively evaluated | 8,880 | 5,972 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 101,276 | 91,999 |
Allowance for loans collectively evaluated | 871 | 673 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Loans individually evaluated for impairment | 2,259 | 3,016 |
Allowance for loans individually evaluated | 239 | 353 |
Loans collectively evaluated for impairment | 634,021 | 490,712 |
Allowance for loans collectively evaluated | 7,815 | 5,175 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 17,460 | 16,144 |
Allowance for loans collectively evaluated | 194 | 124 |
Consumer and Other Portfolio Segment [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 123,803 | 103,941 |
Allowance for loans collectively evaluated | 2,607 | 1,865 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 117,965 | 99,199 |
Allowance for loans collectively evaluated | 2,607 | 1,865 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Loans individually evaluated for impairment | 0 | 0 |
Allowance for loans individually evaluated | 0 | 0 |
Loans collectively evaluated for impairment | 5,838 | 4,742 |
Allowance for loans collectively evaluated | $ 0 | $ 0 |
Note 6 - Allowance for Loan L_6
Note 6 - Allowance for Loan Losses - Allowance for Loan Losses on PCI Loans and Recorded Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Acquired impaired loans evaluated for impairment | $ 43,527 | $ 61,247 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Acquired impaired loans evaluated for impairment | 31,127 | 41,167 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Waccamaw Commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 0 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Peoples Commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 4,371 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | 1-4 family, Senior-commercial [Member] | ||
Acquired impaired loans evaluated for impairment | 5,311 | 4,564 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Acquired impaired loans evaluated for impairment | 1,295 | 1,956 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland and Other Agricultural [Member] | ||
Acquired impaired loans evaluated for impairment | 3,054 | 3,722 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Multifamily [Member] | ||
Acquired impaired loans evaluated for impairment | 1,616 | 1,663 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Acquired impaired loans evaluated for impairment | 18,300 | 21,710 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Acquired impaired loans evaluated for impairment | 1,551 | 2,829 |
Allowance for acquired impaired loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Commercial Loan [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 352 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | ||
Acquired impaired loans evaluated for impairment | 12,400 | 20,080 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Waccamaw Serviced Home Equity Lines [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 2,121 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Waccamaw Residential [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 587 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | 1-4 Family, Junior and HELOCS [Member] | ||
Acquired impaired loans evaluated for impairment | 859 | 2,157 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | 1-4 Family, Senior-consumer [Member] | ||
Acquired impaired loans evaluated for impairment | 10,768 | 13,174 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Consumer Loan [Member] | ||
Acquired impaired loans evaluated for impairment | 773 | 1,341 |
Allowance for acquired impaired loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Peoples Residential [Member] | ||
Acquired impaired loans evaluated for impairment | 0 | 700 |
Allowance for acquired impaired loans | $ 0 | $ 0 |
Note 7 - FDIC Indemnification_3
Note 7 - FDIC Indemnification Asset (Details Textual) | Dec. 31, 2012 |
Percentage of Loss Covered by FDIC | 80.00% |
Note 7 - FDIC Indemnification_4
Note 7 - FDIC Indemnification Asset - Changes in Receivable From FDIC (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Beginning balance | $ 1,943 | $ 4,020 | $ 2,883 | [1] | $ 5,108 |
Reimbursable expenses to the FDIC | 0 | 0 | 0 | 0 | |
Net FDIC indemnification asset amortization | (383) | (719) | (1,352) | (1,787) | |
Payments to the FDIC | 38 | 157 | 67 | 137 | |
Ending balance | $ 1,598 | $ 3,458 | $ 1,598 | $ 3,458 | |
[1] | Derived from audited financial statements |
Note 8 - Deposits - Components
Note 8 - Deposits - Components of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Noninterest-bearing demand deposits | $ 750,277 | $ 627,868 | [1] |
Interest-bearing demand deposits | 576,731 | 497,470 | |
Money market accounts | 241,843 | 235,712 | |
Savings deposits | 486,506 | 453,240 | |
Certificates of deposit | 307,267 | 372,821 | |
Individual retirement accounts | 129,615 | 142,801 | |
Total interest-bearing deposits | 1,741,962 | 1,702,044 | [1] |
Total deposits | $ 2,492,239 | $ 2,329,912 | [1] |
[1] | Derived from audited financial statements |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Lease, Right-of-Use Asset | $ 852 | $ 917 |
Operating Lease, Liability, Total | $ 920 | $ 1,009 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.22% | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | 2 years |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years | 10 years |
Note 9 - Leases - Minimum Lease
Note 9 - Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2021 | $ 154 | $ 154 |
2022 | 140 | 154 |
2023 | 119 | 131 |
2024 | 119 | 119 |
2025 and thereafter | 490 | 580 |
Total lease payments | 1,022 | 1,138 |
Less: Interest | (102) | (129) |
Operating Lease, Liability, Total | $ 920 | $ 1,009 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Long-term Debt, Total | $ 0 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 322,820 | |
Deposit Liabilities, Collateral Issued, Financial Instruments | 169,640 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 891,450 | |
Unsecured Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 10 - Borrowings - Componen
Note 10 - Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Securities sold under agreements to repurchase | $ 956 | $ 1,601 | [1] |
Retail Repurchase Agreements [Member] | |||
Securities sold under agreements to repurchase | $ 956 | $ 1,601 | |
Weighted average rate | 0.14% | 0.14% | |
[1] | Derived from audited financial statements |
Note 11 - Derivative Instrume_3
Note 11 - Derivative Instruments and Hedging Activities - Notional or Contractual Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Notional or contractual amount | $ 16,889 | $ 17,432 |
Derivative assets | 0 | 0 |
Derivative liabilities | 1,261 | 510 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Notional or contractual amount | 16,889 | 17,432 |
Derivative assets | 0 | 0 |
Derivative liabilities | $ 1,261 | $ 510 |
Note 11 - Derivative Instrume_4
Note 11 - Derivative Instruments and Hedging Activities - Effect of Derivative and Hedging Activity, on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - Interest and Fees on Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative expense | $ 80 | $ 1 | $ 172 | $ 1 |
Designated as Hedging Instrument [Member] | ||||
Derivative expense | $ 80 | $ 1 | $ 172 | $ 1 |
Note 12 - Employee Benefit Pl_3
Note 12 - Employee Benefit Plans - Components of Net Periodic Pension Cost and Assumed Discount Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Service cost | $ 77 | $ 80 | $ 232 | $ 240 |
Interest cost | 88 | 101 | 266 | 303 |
Amortization of prior service cost | 51 | 65 | 151 | 193 |
Amortization of losses | 46 | 5 | 139 | 16 |
Net periodic cost | $ 262 | $ 251 | $ 788 | $ 752 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 8,266 | $ 9,156 | $ 24,376 | $ 29,238 |
Weighted average common shares outstanding, basic (in shares) | 17,710,283 | 15,603,992 | 17,803,369 | 15,717,678 |
Total dilutive effect of potential common shares (in shares) | 22,145 | 60,595 | 33,594 | 67,806 |
Weighted average common shares outstanding, diluted (in shares) | 17,732,428 | 15,664,587 | 17,836,963 | 15,785,484 |
Basic earnings per common share (in dollars per share) | $ 0.47 | $ 0.59 | $ 1.37 | $ 1.86 |
Diluted earnings per common share (in dollars per share) | $ 0.47 | $ 0.58 | $ 1.37 | $ 1.85 |
Antidilutive potential common shares (in shares) | 104,028 | 0 | 89,115 | 0 |
Share-based Payment Arrangement, Option [Member] | ||||
Dilutive effect of potential common shares (in shares) | 16,163 | 52,360 | 23,711 | 55,898 |
Antidilutive potential common shares (in shares) | 78,016 | 0 | 61,241 | 0 |
Restricted Stock [Member] | ||||
Dilutive effect of potential common shares (in shares) | 5,982 | 8,235 | 9,883 | 11,908 |
Antidilutive potential common shares (in shares) | 26,012 | 0 | 27,874 | 0 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Balance | $ 415,830 | $ 333,686 | $ 428,819 | [1] | $ 332,857 |
Other comprehensive (loss) income, net of tax | (136) | 76 | 262 | 1,124 | |
Balance | 419,917 | 337,363 | 419,917 | 337,363 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance | 1,464 | 973 | 866 | (285) | |
Other comprehensive income (loss) before reclassifications | (213) | 23 | 689 | 1,247 | |
Reclassified from AOCI | 0 | 0 | (304) | 34 | |
Other comprehensive (loss) income, net of tax | (213) | 23 | 385 | 1,281 | |
Balance | 1,251 | 996 | 1,251 | 996 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Balance | (2,572) | (1,354) | (2,372) | (1,144) | |
Other comprehensive income (loss) before reclassifications | 1 | (2) | (352) | (322) | |
Reclassified from AOCI | 76 | 55 | 229 | 165 | |
Other comprehensive (loss) income, net of tax | 77 | 53 | (123) | (157) | |
Balance | (2,495) | (1,301) | (2,495) | (1,301) | |
AOCI Attributable to Parent [Member] | |||||
Balance | (1,108) | (381) | (1,506) | (1,429) | |
Other comprehensive income (loss) before reclassifications | (212) | 21 | 337 | 925 | |
Reclassified from AOCI | 76 | 55 | (75) | 199 | |
Other comprehensive (loss) income, net of tax | (136) | 76 | 262 | 1,124 | |
Balance | $ (1,244) | $ (305) | $ (1,244) | $ (305) | |
[1] | Derived from audited financial statements |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Gain recognized | $ 0 | $ 0 | $ 385 | $ (43) | |
Income before income taxes | 10,598 | 11,736 | 31,173 | 37,399 | |
Income tax expense | 2,332 | 2,580 | 6,797 | 8,161 | |
Net income | 8,266 | 9,156 | 24,376 | 29,238 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Net income | 76 | 55 | (75) | 199 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Gain recognized | 0 | 0 | (385) | 43 | |
Income before income taxes | 0 | 0 | (385) | 43 | |
Income tax expense | 0 | 0 | (81) | 9 | |
Net income | 0 | 0 | (304) | 34 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Other operating expense | [1] | 51 | 65 | 150 | 193 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Other operating expense | [1] | 46 | 5 | 140 | 16 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Income before income taxes | 97 | 70 | 290 | 209 | |
Income tax expense | 21 | 15 | 61 | 44 | |
Net income | $ 76 | $ 55 | $ 229 | $ 165 | |
[1] | Amortization is included in net periodic pension cost. See Note 11, "Employee Benefit Plans." |
Note 15 - Fair Value - Assets a
Note 15 - Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Available-for-sale debt securities | $ 90,972 | $ 169,574 | [1] |
Derivative liabilities | 1,261 | 510 | |
Fair Value, Recurring [Member] | |||
Available-for-sale debt securities | 90,972 | 169,574 | |
Equity securities | 55 | 55 | |
Fair value loans | 15,628 | 16,922 | |
Deferred compensation assets | 3,752 | 3,990 | |
Deferred compensation liabilities | 3,752 | 3,990 | |
Derivative liabilities | 1,261 | 510 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Equity securities | 55 | 55 | |
Fair value loans | 0 | 0 | |
Deferred compensation assets | 3,752 | 3,990 | |
Deferred compensation liabilities | 3,752 | 3,990 | |
Derivative liabilities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities | 90,972 | 169,574 | |
Equity securities | 0 | 0 | |
Fair value loans | 0 | 0 | |
Deferred compensation assets | 0 | 0 | |
Deferred compensation liabilities | 0 | 0 | |
Derivative liabilities | 1,261 | 510 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Equity securities | 0 | 0 | |
Fair value loans | 15,628 | 16,922 | |
Deferred compensation assets | 0 | 0 | |
Deferred compensation liabilities | 0 | 0 | |
Derivative liabilities | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | |||
Available-for-sale debt securities | 572 | 5,034 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities | 572 | 5,034 | |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Available-for-sale debt securities | 55,667 | 86,878 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities | 55,667 | 86,878 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | |||
Available-for-sale debt securities | 34,733 | 77,662 | |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale debt securities | 0 | 0 | |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale debt securities | 34,733 | 77,662 | |
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale debt securities | $ 0 | $ 0 | |
[1] | Derived from audited financial statements |
Note 15 - Fair Value - Assets M
Note 15 - Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Non-covered Loans [Member] $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Impaired Loans [Member] | ||
Total Fair Value | $ 3,114 | $ 1,828 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 3,114 | $ 1,828 |
Impaired loans, non-covered | 0.25 | 0.26 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||
Impaired loans, non-covered | 0.03 | 0.22 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||
Impaired loans, non-covered | 0.42 | 0.36 |
OREO [Member] | ||
Total Fair Value | $ 2,103 | $ 3,969 |
OREO [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 2,103 | $ 3,969 |
OREO | 0.24 | 0.08 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||
OREO | 0 | 0.15 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||
OREO | 0.77 | 1 |
Note 15 - Fair Value - Financia
Note 15 - Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt securities available for sale | $ 90,972 | $ 169,574 | [1] | ||||
FDIC indemnification asset | 1,598 | $ 1,943 | 2,883 | [1] | $ 3,458 | $ 4,020 | $ 5,108 |
Interest receivable | 9,151 | 6,677 | [1] | ||||
Derivative liabilities | 1,261 | 510 | |||||
Derivative liabilities | 1,261 | 510 | |||||
Reported Value Measurement [Member] | |||||||
Cash and cash equivalents | 375,664 | 217,009 | |||||
Debt securities available for sale | 90,972 | 169,574 | |||||
Equity securities | 55 | 55 | |||||
Loans held for investment, net of allowance | 2,167,718 | 2,096,035 | |||||
FDIC indemnification asset | 1,598 | 2,883 | |||||
Interest receivable | 9,151 | 6,677 | |||||
Deferred compensation assets | 3,752 | 3,990 | |||||
Securities sold under agreements to repurchase | 956 | 1,601 | |||||
Interest payable | 719 | 472 | |||||
Derivative liabilities | 1,261 | 510 | |||||
Deferred compensation liabilities | 3,752 | 3,990 | |||||
Loans held for sale | 263 | ||||||
Derivative liabilities | 1,261 | 510 | |||||
Reported Value Measurement [Member] | Bank Time Deposits [Member] | |||||||
Deposits fair value | 436,882 | 515,622 | |||||
Estimate of Fair Value Measurement [Member] | |||||||
Cash and cash equivalents | 375,664 | 217,009 | |||||
Debt securities available for sale | 90,972 | 169,574 | |||||
Equity securities | 55 | 55 | |||||
Loans held for investment, net of allowance | 2,123,823 | 2,068,257 | |||||
FDIC indemnification asset | 666 | 1,201 | |||||
Interest receivable | 9,151 | 6,677 | |||||
Deferred compensation assets | 3,752 | 3,990 | |||||
Securities sold under agreements to repurchase | 956 | 1,601 | |||||
Interest payable | 719 | 472 | |||||
Derivative liabilities | 1,261 | 510 | |||||
Deferred compensation liabilities | 3,752 | 3,990 | |||||
Loans held for sale | 263 | ||||||
Derivative liabilities | 1,261 | 510 | |||||
Estimate of Fair Value Measurement [Member] | Bank Time Deposits [Member] | |||||||
Deposits fair value | 440,283 | 512,134 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Cash and cash equivalents | 375,664 | 217,009 | |||||
Debt securities available for sale | 0 | 0 | |||||
Equity securities | 55 | 55 | |||||
Loans held for investment, net of allowance | 0 | 0 | |||||
FDIC indemnification asset | 0 | 0 | |||||
Interest receivable | 0 | 0 | |||||
Deferred compensation assets | 3,752 | 3,990 | |||||
Securities sold under agreements to repurchase | 0 | 0 | |||||
Interest payable | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Deferred compensation liabilities | 3,752 | 3,990 | |||||
Loans held for sale | 0 | ||||||
Derivative liabilities | 0 | 0 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member] | |||||||
Deposits fair value | 0 | 0 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Debt securities available for sale | 90,972 | 169,574 | |||||
Equity securities | 0 | 0 | |||||
Loans held for investment, net of allowance | 0 | 0 | |||||
FDIC indemnification asset | 0 | 0 | |||||
Interest receivable | 9,151 | 6,677 | |||||
Deferred compensation assets | 0 | 0 | |||||
Securities sold under agreements to repurchase | 956 | 1,601 | |||||
Interest payable | 719 | 472 | |||||
Derivative liabilities | 1,261 | 510 | |||||
Deferred compensation liabilities | 0 | 0 | |||||
Loans held for sale | 0 | ||||||
Derivative liabilities | 1,261 | 510 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits [Member] | |||||||
Deposits fair value | 440,283 | 512,134 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Debt securities available for sale | 0 | 0 | |||||
Equity securities | 0 | 0 | |||||
Loans held for investment, net of allowance | 2,123,823 | 2,068,257 | |||||
FDIC indemnification asset | 666 | 1,201 | |||||
Interest receivable | 0 | 0 | |||||
Deferred compensation assets | 0 | 0 | |||||
Securities sold under agreements to repurchase | 0 | 0 | |||||
Interest payable | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Deferred compensation liabilities | 0 | 0 | |||||
Loans held for sale | 263 | ||||||
Derivative liabilities | 0 | 0 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Bank Time Deposits [Member] | |||||||
Deposits fair value | $ 0 | $ 0 | |||||
[1] | Derived from audited financial statements |
Note 16 - Litigation, Commitm_3
Note 16 - Litigation, Commitments, and Contingencies - Off-balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments to extend credit | $ 219,297 | $ 228,716 | |
Standby letters of credit and financial guarantees(1) | [1] | 173,925 | 167,612 |
Total off-balance sheet risk | 393,222 | 396,328 | |
Reserve for unfunded commitments | $ 66 | $ 66 | |
[1] | Includes FHLB letters of credit |